Published On: Fri, May 27th, 2016

Chess Supersite Corp (OTCMKTS:CHZP) Plans to File Patent For New Competition

Chess Supersite Corp (OTCMKTS:CHZP) has announced that it would be filing a patent application, for a new type of chess competition. “Choose Your Moves and Win”, as the competition is called, is being used by the company on its website. During the competition, participants try to guess the next moves of professional players, during the course of the actual game.

CHZP owns a comprehensive, online chess portal, which offers players with a number of features. The company believes that the format of Choose Your Moves makes it very difficult for someone to actually cheat, thus creating a level field. Moreover, CHZP believes that the competition would also serve as an educational experience, for players, who can learn strategies, by watching and anticipating the pros. The competition would be held on live chess broadcasts. Initial tests for the competition have already been completed and the company has begun the patent filing process.

Chess Supersite recently filed its 1Q2016 financial results, reporting an increase in the company’s cash position, from $838 to $203,440. The company reported that this was primarily due contributions from investors and shareholders. Furthermore, there has also been an increase in the company’s expenses for the quarter. At the end of the quarter, CHZP reported a deficit of $906,000, in its working capital. Chess Supersite plans to seek further financial funding to meet the capital requirements.

Unfortunately, Chess Supersite has not generated any revenues till date. This has led to doubts from auditors and independent accountants, for the company to continue as a going concern. The company is also building a more user friendly website, for its users, with the domain name of www.Chesscoliseum.com. However, the website is still in its infancy and only the beta version has been made available to the public, as yet.

Chess Supersite Corp (OTCMKTS:CHZP) closed at a share price of $0.68, at the end of the May 26 trading session, 4.24% lower than the day before. The stock had a trade volume of 53,016.

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