Eventure Interactive Inc (OTCMKTS:EVTI) Bounces Off 52-Week Low
After a five-day red streak that pushed the share price of Eventure Interactive Inc (OTCMKTS:EVTI) into triple zeroes and to the ticker’s lowest close for the last 52 weeks, yesterday the price managed a 62% bounce. Volume increased significantly to 132 million shares changing hands.
EVTI chimes in with its latest press release on October 19. Sadly, despite the pompous tone of the PR that spoke of signing an agreement to “create a first-mover advantage” in everyone’s favorite marijuana market, the price failed to go anywhere. That may have something to do with the nature of the partnership.
The other party under the agreement, a certain FastFunds Financial Corporation (OTCMKTS:FFFC) happens to be a pink sheet trading at rock bottom, at $0.0001 per share as of yesterday’s closing bell, with $37 thousand in cash to its name. At the very least, FFFC is a revenue monster compared to EVTI, who generated just $348 in revenue over its last reported quarter. Here is the brief version of EVTI‘s Q2 balance sheet:
- $13 thousand in cash
- $3 million in current liabilities
- $348 in quarterly revenues
- $2.6 million in quarterly net loss
As a matter of fact, for the first six months of 2015, EVTI managed to stack a whopping $7 million in net loss. Other red flags to watch out for in the report is the presence of well-known toxic OTC financiers, including JMJ Financial and KMB Worldwide. Those parties hold EVTI convertibles with attached fixed discounts.
There’s also the matter with EVTI‘s outstanding shares, or rather with the OS figure increasing more than tenfold, from 61 million in May 2015, to 672 million in September. Diluting your common stock over 1000% within four months is indeed one for the books.