ICOA, Inc. (OTC: ICOA) is venturing into the Defi, blockchain, crypto, and NFT space through multiple acquisitions. Although the company is constantly delivering financial growth, ICOA stock price has been greatly impacted by the CE tag it received earlier this year. With the company actively working to resolve that matter, investors are bullish ICOA stock could soar once the CE tag is removed. Until then, Canadian investors could be well-positioned to take advantage of ICOA’s beaten down PPS by securing cheap shares in anticipation of the CE tag removal.
ICOA Stock News
Known for its widely compatible network, ICOA owns and operates broadband access installations in high-traffic locations – including airports, travel plazas, and hotels – across 40 states. To facilitate its growth and new business direction, the company is continuously reorganizing its structure. Q4 was an especially eventful quarter for ICOA with several changes in the management team.
Management
ICOA appointed Hadria Wong as CEO upon the resignation of its founder – George Strouthopoulos – earlier this year. Wong is a seasoned investor and operator in Silicon Valley who spearheaded venture capital investments in technology and consumer products throughout his 10 years in the field.
Additionally, ICOA recently appointed Kim Sue Halvorson as a consultant. With a twenty-year track record of smart and scalable investments, Halvorson has a background in all aspects of publicly traded companies. With her guidance through mergers, acquisitions, and raising funding, ICOA could be well-positioned to deliver impeccable results.
ICOA is already seeing massive growth under Wong’s leadership. On December 15th, the company delivered on yet another stage in its roadmap announcing the settlement and write-off of $1.76 million of accrued convertible debt. This, along with the previously completed debt settlement of $1.24 million, marks the company’s final step in cleaning up its balance sheet and positions it for growth as it pursues this new business direction.
For 38 years, ICOA has been transforming America’s digital landscape. Now the company is redoubling its efforts with plans to venture into the massive Defi, blockchain, crypto, and NFT space. Highlighting this Wong said, “With Defi, NFT, and Metaverse space as our new focus, we have strong confidence in the solid foundation that we have laid.” This bullish perspective is supported by the company’s strong balance sheet going into 2022.
iBG Finance Acquisition
ICOA is also riding high after acquiring iBG Finance – the world’s 1st and only insured Defi project – for $185 million. Commenting on the acquisition, iBG Finance’s CEO and Co-Founder – Aneesha Reihana – said “The outlook for iBG and ICOA is very positive” before adding that they “expect this merger to pave the way for the rise of a leader in the Defi space and for worldwide growth.”
BGBF Acquisition
Yet, ICOA did not stop there. Shortly after its iBG acquisition, the company executed a $240 million LOI to acquire BGBF – Asia’s first insured Bitcoin Denominated Fund. ICOA has since closed its acquisition of BGBF and is moving ahead with the transaction of restricted preferred shares of ICOA equivalent to $240 million.
With both acquisitions complete, ICOA is working on “the foundation for what we intend to make ICOA into a strategic and thought leader in the Crypto, Defi, NFT and Metaverse space”. Now, investors are expecting updates from ICOA regarding its plans going forward.
Future Plans
According to the company’s roadmap, ICOA will have the public launch of the iBG Robo Advisor in Q1 2022. Designed as an automated investment recommendation service powered by artificial intelligence, iBG Robo Advisor is intended to be a smart wealth management app that directs users to alternative assets and Defi.
Following the rollout of this promising service, ICOA plans to potentially pursue RegA fundraising in Q1 followed by the launch of its NFT platform. While the company has not determined the timeline for its Crypto Fund launch, it is currently on the horizon for 2022 as well.
*Updated March 11th, 2022
ICOA is quickly becoming a favorite among investors after already making significant progress in 2022 with an acquisition strategy focused on acquiring and capitalizing on the most promising opportunities in the blockchain ecosystem. The fintech, blockchain, Defi, and crypto-focused company were at the forefront of the wired and wireless broadband network revolution – introducing the technology to hundreds of millions of people, across forty states.
Seeing the future of blockchain, ICOA intends to catch the next wave of technological revolutions with a mission to bring digital assets to everyone. The company is in the process of developing its own blockchain-enabled products while also partnering with blockchain-based projects and companies. ICOA is also exploring methods of diversifying its portfolio – including Metaverse opportunities – to attract both retail and institutional investors. Currently, it is focused on 6 verticals: Defi, crypto fund management, NFTs, services that support the industry, wealth management, and play-to-earn.
NFT Project
The company is already making progress in one of these verticals as it develops an NFT project in collaboration with the Transforming Education Donor Fund and Scholas Occurrentes to help foster education across the globe. According to the agreement, ICOA will tokenize and distribute two paintings from Scholas Occurrentes – an international organization created by His Holiness Pope Francis – as NFTs.
ICOA will likely be using its recent acquisition, iBG, to facilitate the blockchain project and the iBG token for the distribution of these NFTs. Commenting on the partnership, ICOA CEO – Hadria Wong – shared that “This partnership will kickstart the launch of our NFT platform,” and the launch will likely be a huge event considering the collaboration of prominent artists like Martha Saenz, Mr. Brainwash, Domingo Zapata who will be tokenizing their work on the upcoming NFT platform which is expected to launch in Q2.
Roboviser
iBG is expected to play an important role in this launch and investors feel confident that it is up for the challenge with Samuel Chong leading it as CEO. This wealth management platform brings a Defi Utility token and Defi Robo Advisor to ICOA along with expertise and experience for developing an environment dedicated for newcomers to the crypto sphere as well as crypto investors. After rigorous testing, its Roboviser is expected to launch this month and will help users invest in the latest crypto trends.
iBG Investment Platform
Meanwhile, iBG’s investment platform – which will function similarly to a diversified mutual fund in the form of a DAO – is expected to launch its first phase in April or May. This platform will provide additional utility to the token while the company works to bring in more liquidity through negotiations with a 100 BTC fund, which would help stabilize the iBG token price. It has also finalized a partnership between iBG and its other acquisition – BGBF – to add liquidity to the iBG ecosystem.
BGBF
BGBF is the first Public Offering Securities Insured Bitcoin denominated funds in South East Asia. Catering to crypto-bullish accredited investors has two funds – one in Malaysia which manages 3240 BTC – and another which is expected to launch later this month. This sub-fund of a VCC structure is regulated under the Monetary Authority of Singapore and has a commitment of 2000 BTC currently.
ICOA acquired these funds through its acquisition of BCMG Holdings which receives 2% of the AUM in management fees, and 20% of the funds’ annual net performance. In light of the funds’ potential, this could be a notable revenue stream for the company and its website is expected to launch as soon as March 15th.
Ad Platform
According to the company’s roadmap, ICOA is also developing an ad platform through a strategic joint venture to create an open programmatic platform for digital out-of-home
media. Expected to launch this month, the goal is to create a global advertising network of digital billboards for blockchain. At the moment ICOA projects that this will bring in $4.3 million in 2022.
It’s worth noting that the company has gained some publicity after the signing of an MOU for its NFT platform at Expo 2020 in Dubai and more recently, the company’s advisor Dr. Vin Menon represented ICOA and Majic Wheels Corp. (OTC: MJWL) at the Wall Street Conference 2022 panel for FinTech, Crypto, Defi, NFT, and Metaverse panel. Famous investors like Kevin O’Leary of Shark Tank and Brock Pierce of EOS and Tether also took part in the panel. It wasn’t long ago that the company was featured on a billboard in Times Square which further highlights ICOA’s ambitions for the future.
Future Plans
The company recently released its revenue projections for 2022 to 2026 which shows that ICOA anticipates an impressive $35 million in revenue for the year for a net income of roughly $12 million. $14 million of this is expected to come from its NFT platform while iBG contributes another $12 million. In 2023 ICOA is targeting $57 million in revenue with continued growth leading up to 2026.
Overall, ICOA is putting the pedal to the metal as it works to make progress on this year’s roadmap. The company has been transparent with its shareholders sharing that it is “in the process of fundraising to fund new projects, target acquisitions, and to fund the company’s growth”. While this means existing shareholders “will inevitably be diluted” the company is confident that it bring greater value to its shareholders through this growth.
ICOA has also highlighted that its acquisitions of iBG and BGBF totaled $425 million despite its market cap remaining at $48 million. With this in mind, many investors believe ICOA is undervalued and are hopeful that its annual report – set to be released March 31st – and completed audit will improve the company’s valuation.
*Updated May 11th, 2022
iBG Diversified Investment Portal
With ICOA utilizing iBG for blockchain services, the subsidiary revealed its tools to provide investors with simple and safe access to the growing world of DeFi. As is there are a number of barriers that limit DeFi from reaching its true potential. Considering the opportunities in this market, iBG intends to remove these barriers by introducing creative solutions simplifying the interfaces of DeFi.
Through iBG’s Wealth Management portal, investors can easily access 100 different investment protocols. Users can also invest across different chains and pools using just Ethereum or USDT, and on the BSC chain using BNB or USDC.
Aiming to simplify the investment process and lower the barriers to entry for DeFi, iBG’s platform performs risk management research for investors and verifies the legitimacy of each protocol’s smart contracts. In this way, investors will not have to conduct research on their own and can use one portal instead of becoming spread across multiple portals.
All these features are positioning ICOA for success given the synergies between its different services. In light of this, ICOA could be set for additional growth in 2022 as it begins realizing revenues from its new platforms.
The ICOA Fund
Meanwhile, ICOA is capitalizing on the success of its subsidiary – BGBF – by planning to launch a similar fund. Branded as The ICOA Fund, this anticipated fund will be regulated by the Monetary Authority of Singapore (MAS). While this fund was often referred to as BGBF-2, BGBF decided to brand it as The ICOA Fund to demonstrate its collaboration with its parent company. With this in mind, ICOA and The ICOA Fund will greatly benefit from each other’s reputation and networks.
As a result, ICOA’s reach could expand as it attracts more investors due this fund. With a hard commitment of 2000 Bitcoin, the fund will only invest in Bitcoin and Bitcoin derivatives. At the same time, the fund will offer insurance coverage as well as underwriting for public offering security insurance services. With these services in mind, ICOA appears to be on the right track to become a global leader in DeFi services. Based on this, many investors remain bullish on ICOA stock’s upside potential despite its dip. With this fund expected to launch this May, ICOA stock could run with this catalyst.
Considering that the company is focused on transparency with its shareholders, ICOA entered into a $500 thousand deal with SRAX to improve its communications with investors. Through this deal, ICOA will utilize SRAX’s solutions to maintain and expand its shareholder base. Using SRAX’s product Sequire, ICOA will have instant trading data including level two trading data, current share price, volume, in addition to change percentages. Moreover, this product is expected to increase shareholder engagement with the company through optimized media utilization.
In light of this partnership, ICOA is confident it can provide transparent, informative, and immediate communications to its shareholders. Additionally, this partnership will allow ICOA to better understand the market which could help drive shareholder confidence in ICOA stock.
*Updated December 28th, 2022
CE Tag
Although the company has significant long-term potential, ICOA stock has been beaten down following its Caveat Emptor status that was placed on the stock earlier this year. Since the stock is not available for US investors to purchase, many investors believe ICOA is extremely undervalued in the meantime considering its market cap of only $10.7 million. With this in mind, ICOA has been working to resolve this matter as soon as possible and has engaged a specialist lawyer to help remove the CE tag. As investors are anticipating the company to release a number of business updates following the CE removal, ICOA stock could be poised to soar once the CE tag is removed.
ICOA Stock Financials
2021 Report
In its latest annual report, ICOA showed tremendous financial growth in a number of key metrics. ICOA reported $2.2 million in revenues and $513 thousand in operating costs. These impressive numbers yielded a net profit of $3.9 million thanks to a write off of $3,244,035 – a significant improvement from its net loss of $63.7 thousand in 2020.
Considering the company’s aggressive approach to acquisitions, it is no surprise that ICOA reported $483.7 million in assets. Moreover, ICOA reduced its liabilities significantly from $3.1 million to only $663.5 thousand. In light of these numbers, ICOA stock could be undervalued at its current market cap of $25.7 million. Considering the company’s upcoming launch of the ICOA Fund, ICOA has the potential to report financial growth in 2022.
Q3 Financials
Despite its CE tag, ICOA continued to witness financial growth as it realized $3.5 million in revenues and reported a gross profit of $875 thousand. ICOA also reported operating costs of only $354.4 thousand – leading the company to report $520.6 thousand in net profit. With investors confident that the company could close additional acquisitions after resolving the CE tag, ICOA could be poised for further financial growth in the future.
Meanwhile, ICOA has $488.1 million in assets – including $4.5 million in cash and cash equivalents, in addition to $481.4 million in goodwill. Considering the company’s cash balance, ICOA could actively pursue acquisition opportunities to further grow its business. As for liabilities, ICOA reported $3.9 million where $2.3 million are current liabilities. Since the company’s cash balance exceeds its liabilities, ICOA appears to be in a solid position financially – reducing its chances of diluting to raise capital. As the company is constantly delivering impressive results financially, ICOA stock could be one to buy once the CE tag is removed.
Media Sentiment
@DB_Daytrades expects ICOA stock to run near $.35 on a break if it breaks through its resistance.
@YEGtrades1 is excited about potential ICOA updates upon the removal of the CE tag.
Technical Analysis
ICOA stock is trading at $.0018 and has supports at .0015 and .0010. Meanwhile, ICOA shows resistances near .0021 and .0042. After the CE tag was placed on the stock, ICOA dropped more than 94% as the stock is no longer available for US investors to purchase. Despite this, the company’s long-term potential has made it attractive to Canadian investors who are well-positioned to capitalize on a potential CE removal which could see ICOA stock return to its previous price levels.
In the meantime, ICOA is retesting its 50 MA resistance which has been showing to be a strong resistance level. For this reason, investors could wait for retests of the support which appears to be strong. ICOA also shows a strong resistance at $.0021 which the stock failed to break through several times. If the stock witnesses strong momentum and breaks through this resistance, ICOA could run near $.4 to fill the gap formed upon receiving the CE tag. With the company working extensively to resolve that matter, ICOA stock could be an extremely profitable buy for eligible investors. ICOA has an OS of 5.9 billion and a float near 5 billion.
ICOA Stock Forecast
Although the stock is trading with a CE designation, ICOA stock presents an intriguing opportunity for eligible investors thanks to the company constantly delivering financial growth. With the company working diligently to remove the CE tag, ICOA stock could be poised to soar in 2023 once this matter is resolved. Considering the company’s long-term potential and impressive financials, many investors are bullish ICOA could push past a penny upon the removal of the CE tag.
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