ITonis Inc (OTCMKTS:ITNS) The Dumping Continues
It seems that ITonis Inc (OTCMKTS:ITNS)’s insiders have awakened once again. In yesterday’s trade session we saw a really high volume of stock traded that was accompanied by a little boost in price from the previous day.
Yesterday when market opened the price per share of ITNS‘s stock was $0.0042 and it climbed to a peak of $0.0052. However, accompanied by the heavy dumping which we saw in yesterday’s trade session the $0.0052 price quickly diminished and ITNS‘s stock closed at $0.0037.
The total volume of stock traded was a whopping 48 million shares which helped the total trade value for the day to end at $222 thousand. When you compare that volume to the avarage of 5 million shares traded it all starts to become clear.
This isn’t the first time that we see such heavy fluctuations in ITNS‘s stock. When we last covered them on May 7 we wrote about the May 5 trade session when their stock traded in a volume of 125 million shares at a total trade value of $757 thousand which is mind boggling when you take a look at the company’s financial reports, from which the numbers of prime interest are listed below.
- cash: $1.1 thousand
- prepaid expenses: $914 thousand
- current liabilities: $369 thousand
- revenue: $0
- net loss: $413 thousand
We still can’t figure out why the company stopped to file with the SEC in 2011, however, usually when a business does that it becomes shady. On the other hand they seem to at least provide some financial information, but while filing under the alternative reporting standard we still can’t take them seriously as there are no mandatory fields and you can basically write whatever you come up with.
Furthermore in the last 3 months we have seen movements in their stock volumes that were similar to yesterday’s, but bigger. In just one day the volume of trades rockets to the sky even reaching as much as 182 million traded shares and then it calms for a while until the next big dumping.
With all that in mind ITNS is as risky as a stock can get so be sure to do your due diligence before you decide if you are going to invest in the company.