On The Move Systems Corp (OTCMKTS:OMVS) Sinks Lower

[[tagnumber 0]][[tagnumber 1]]The stock of On The move Systems Corp (OTCMKTS:OMVS) has had its up and downs in the past month, but it has mostly lost ground when it comes down to price. The times when it was able to hike up the charts were usually accompanied by paid promotions and hefty PR, which is never a good sign.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Overall, it’s not only the stock that is doing badly. [[tagnumber 6]]OMVS[[tagnumber 7]] itself is in quite a dire state. This is quite clear to see when you take a quick look at the company’s financial report covering the quarterly period ended May 31, 2015.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 11]] [[tagnumber 12]]cash: $7 thousand[[tagnumber 13]] [[tagnumber 12]]current assets: $15 thousand[[tagnumber 13]] [[tagnumber 12]]current liabilities: $1.1 million[[tagnumber 13]] [[tagnumber 12]]quarterly revenues: $2 thousand[[tagnumber 13]] [[tagnumber 12]]quarterly net loss: $337 thousand[[tagnumber 13]] [[tagnumber 22]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]When you add the toxic debt the situation becomes even worse. As we have previously written there is evidence that the company has [[tagnumber 6]]$1.3 million in convertible debt[[tagnumber 7]] that has fixed rated between [[tagnumber 6]]$0.001 and $0.015 per share[[tagnumber 7]]. This debt is from the time before the [[tagnumber 6]]1 for 500 reverse split[[tagnumber 7]] that was executed in March this year and the terms haven’t been altered afterwards.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This is why the latest 17.74% drop from yesterday comes as no surprise. The ticker was closing in to fall below the $1 per share mark, but it managed to stay at $1.02 as a total of 99 thousand shares changed their owners and generated $97 thousand in daily dollar volume due to the fact that [[tagnumber 6]]OMVS[[tagnumber 7]] hit $0.85 around noon.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]It seems that it will drop below $1 after today’s close as it is currently sitting at $0.90 per share and it doesn’t look like things can get any better. Still, be sure to do your due diligence and weigh out the risks before putting any money on the line.[[tagnumber 2]]