Singlepoint Inc (OTCMKTS:SING) Gaining More Altitude
The last time we wrote about Singlepoint Inc (OTCMKTS:SING) was back in February when the company stock burst up the charts, gaining a massive amount of value on serious volume over the course of just a single sessions.
Unfortunately, the excitement didn’t last long and SING quickly began to slip down the charts. This wasn’t such a big surprise, considering the fact that the company is in a pretty bad shape. One quick look at the latest financial report shows just that.
- cash: $1,478
- current assets: $1,478
- total assets: $1,478
- current liabilities: $707,186
- revenues: $205
- net loss: $96,464
These numbers are pretty awful, even by OTC standards. Yet, the company still manages to have a market valuation of more than $5 million. Things have also started to look pretty good recently. The ticker has been climbing up the charts for some time now and has managed to regain its early-February levels and even go well above them.
The reason for the excitement can be easily found in a recent press release announcing $3 million in funding that the company has secured. The thing is that the cash will be provided by well-known toxic debt provider Blackbridge Capital, LLC and we don’t really have a lot of information of the impact that the deal will have on the common shareholder.
Still, that hasn’t stopped SING from climbing and the company stock gained another 15.87% yesterday, closing at $0.015. A total of 5.72 million shares changed their owners, but managed to generate only $86 thousand in daily dollar volume at those prices.
While SING is still going up today it shows signs of hesitation. In any case, be sure to do your due diligence and weigh out the risks before putting any money on the line.