ScripsAmerica, Inc. (OTCBB:SCRC) Reaches New Volume High
Yesterday morning ScripsAmerica, Inc. (OTCBB:SCRC) got close to the top of the most actively traded list, after issuing a press release.
The company announced that its due diligence would go to China next month to start formal negotiations for the distribution of its RapiMed children’s pain reliever and fever reducer. SCRC claims it’s preparing to launch the product in the Chinese OTC market.
The news sparked a frenzy of trading activity. SCRC finished the session with a new volume high with more than 3.6 million shares changing hands. The initial excitement drove the price to a high of $0.42 per share, but that lasted just a moment. As the session progressed, the price slumped back down to $0.28 at the close for a 21.74% gain.
So far today, things don’t look too good for SCRC with the price down to about $0.26.
Earlier this year, SCRC had a huge run. In June and July the price ran from about $0.2 to $1, but then it crashed hard losing approximately 60% in a single session. The run seemed to be fueled by the optimistic press releases of SCRC, and the belief of shareholders.
The latest quarterly report was filed on Aug. 16, and it looked much worse than the previous one. SCRC‘s assets had dwindled down to just $163,707 with just over $12 thousand in cash. There were no product revenues for the quarter, leaving SCRC with just $91 thousand in revenues from contract packager.
While the company has been very keen on announcing every payment or prepayment, which it made in order to prevent potential dilutive effect, the fact remains, that the OS had gone from 56.4 million at the beginning of 2013 to 70.4 million as of August 14, 2013.
The next quarterly report is due in about two weeks. It may make for an interesting read for shareholders. The derivative liability and the convertible notes payable lines may prove to be of significant interest.