Strikeforce Technologies Inc (OTC:SFOR) recently reported on the State of the Union, and its 2016 Form 10K showed growth in the company’s revenues. For the fiscal year ended on December 31, 2016, Strikeforce Technologies had revenue of $384K, compared to $271.56K during the 2015 fiscal year. Consequently, the company grew its revenues by over 40% year over year.
According to Strikeforce Technologies, “The increase in revenues was due to the increase in demand for our ProtectID, GuardedID, and MobileTrust security software, maintenance and support sales. Mediation took place in May 2015 to discuss a potential settlement of our out-of-band authentication patents, and on January 15, 2016, the parties reached a settlement in the matter. As part of the settlement, the Company received a payment in January 2016 of a substantial amount. This year we also announced that seven new patent litigations, all based on our three Out-of-Band Authentication Patents, were initiated by our two law firms (Blank Rome LLP and Ropes & Gray LLP).”
Strikeforce believes that, through its channel partners, it could potentially continue its revenue growth. In its report, the company stated, “This year we also have progressed with our retail consumer sales through those we listed in social media and our new TV airing this month for GuardedID and MobileTrust, with all leading to possible strong success in 2017. We are now growing in the Enterprise and Retail Markets in a big way and are on target to sell licenses for all of our products.”
The company projects 2017 to be a strong year for the company, and believes it could increase its enterprise and retail sales due to the increase in data breaches and cyber theft, and consumers placing more emphasis on cyber security.
Strikeforce Technologies Inc (OTC:SFOR) is a STRONG BUY & HOLD
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