As I was scrolling through LinkedIn tonight, I saw something shared by a long time due diligence writer, Roland Rick Perry. It was a comment made by another man who is simply listed as “Investor” on his own LinkedIn page. His post said:
I don’t think any company is better suited to distribute/facilitate #cryptocurrency and #blockchain in #India when conditions are right than MoneyOnMobile (OTCQB: MOMT – $0.38), the most widely available #digitalpayments and mobile money system in India, with 350,000+ locations.
Quite frankly, this post sparked my curiosity in MOMT. We all know Cryptocurrency is a hot buzzword these days and India has 1.3 billion people. So, I searched through Mr. Perry’s Seeking Alpha list and came across his write-up from April 2017.
One of the main things for me was seeing that Jim McKelvey, one of the original founders of Square, is on the Board of Directors at MoneyOnMobile, Inc. (OTC QB: MOMT).
MOMT currently has a market value of $27 million with approximately 72 million Outstanding Shares, according to OTCmarkets.com. Most recently, they announced the restructuring of debt. Just before the New Year, they announced success in raising $3,372,500 in new money from accredited investors.
MOMT has been bringing in more than $4.2 million in annual revenue, though still reporting an official loss.
Since I didn’t have much time tonight, this blog is fairly short and to the point. But, I also wanted to refer you to another write-up on Trailwinds Research Group called “MOMT: Banking on the Unbanked“. You can decide if it seems like a long term beauty or a quick trade. It’s looking promising to me.
As of January 7th, 2018, I have no position in MOMT, but I’m definitely going to start paying attention. Maybe I’ll see if Mr. Perry wants to share his next due diligence update with OwnTheFloat.com as well. 🙂