Fastfunds Financial Corp. (OTCMKTS:FFFC) Breaks Through a Penny on Record Buying
After 2012 ended with a fiasco after a paid promotion, Fastfunds Financial Corp. (OTCMKTS:FFFC) does not dare to promote itself through professional mailers. Still, the company is not shy with press releases, and this attracted enough attention for a sharp sudden spike in the past week. A long time trading in the double-zero range, FFFC breached the one-cent level on several days with buying records.
In October, the promotion took FFFC to a height of 6 cents, and in a little more than a month the ticker had slid below a penny. Historically, FFFC has not attempted a recovery, and the high volumes speak that this might be it. On Monday, the company added more than 85% to $0.013.
The company’s market value is currently a little above $2 million, with around 153 million shares outstanding. The latest financial filing from May 20th shows:
- $568 cash
- $66,252 total current assets
- $9.7 million total current liabilities
- $8,701 revenues
- $244,039 net loss
Currently, FFFC relies on several subsidiaries to process mortgage products from the financial industry. It is unknown just what kinds of mortgages we are speaking of, and if they are related to the fallout of the financial industry. But for the ticker, a price of one penny means movements can be erratic, exaggerated and in either direction. There is some chance that FEEC could be taken up by pumpers.
This is the second financial stock making a comeback that we see these days. Recently, out of the blue, Triad Guaranty, Inc. (OTCMKTS:TGIC) made a similar move, spiking upward and correcting somehow. This pink sheet company is a defunct mortgage insurer with very limited trading on the lowest-tier pink sheet markets, but due to its low price, it attracts investors.
The company’s director, Barry S. Hollander, also is listed as a CFO of MediSwipe, Inc. (OTCMKTS:MWIP), one of the heavily promoted newcomers to the medical marijuana bubble. So far, MWIP has been doing quite well, even though the most active portion of the promotions has stopped. Yet FFFC has a habit of hiring CEOs linked to heavy promotions of their penny stock companies. The previous officer, Mr. Henry Fong, drove AlumiFuel Power Corp. (OTCMKTS:AFPW) to the ground. So far, FFFC survived him, but still hangs on a thread.
The next few days will show how FFFC deals with naturally rising. There still seems to be potential, although it is best to stay away unless you can afford the slide back.