The Pump for Bayside Corp. (OTCMKTS:BYSD) Finally Worked
We haven’t heard anything about Bayside Corp. (OTCMKTS:BYSD) for quite a while now. This is probably because there isn’t that much going on with the company. Even though they have a questionable business their stock is at a peak, volume-wise, while in the same time it is not doing very good with its price considering where they were in the past years.
It seems that some of the insiders want to dump stock, while the value of BYSD shares rises and all things are pointing to that. Recently the company activated a major PR action and is issuing press releases based on facts that we can’t really consider to be true. We are not saying that they are lying or anything, but there is just no evidence on stuff that we find in their press releases. For instance we couldnt find any information about C-Trade Group, Inc., which is a company that they claim to have entered into agreement with for financing and logistics.
Furthermore, they are relying on a practice that we don’t think of as trustworthy by paying promoters to distribute pump emails. The promotional effort is rather big with more than 35 emails that have already entered our inbox from July 17 to this day. This pump campaign combined with the fresh press releases are the probable cause for yesterday’s mind-blowing 186% jump in their price.
Yesterday the dumping was really heavy and it started from the early hours of the day. The stock’s price gapped up and opened at $0.0049. Heavy trades in the early hours threatened to bring the price down from its jump, but after things quieted down BYSD were able to close at $0.0132 exiting the double zero market in which they were traded. The jump combined with the outrageous amount of 143 million shares (considering their average of 1.2 million) that switched hands helped to generate a trade value of $1.5 million for the day.
An interesting move that BYSD made was to announce that they are reducing their authorized capital to 2 billion common shares. They had 3.6 billion authorized shares and we think that this statement came as assurance for people who wanted to buy their stock to do so in higher and higher prices. However, what exactly do they have to support their current market value of $12 million.
- cash: $0
- total assets: $2.5 million
- total liabilities: $765 thousand
- revenue: $0
- net loss: $0
The big amount of zeros in their financial statements tells us one thing: They are not doing anything. They are basically a shell company that reports under the alternative reporting standard, claims to have oil & gas leaseholds that are valued at $2.3 million and boosts its share price with massive pump campaigns, you do the math from here. If you don’t find the facts worthy for you to stay away from the company be sure to do your due diligence and weigh out all the risks.
On the other hand the recent pump for Multi-Corp International Inc. (OTCMKTS:MULI) hasn’t worked yet as they registered little movement of 1.39% up and are currently traded at $0.720. Another company that was recently pumped was Resource Ventures Inc. (OTCMKTS:REVI), whose price didn’t fair well after the promotional campaign and the major attention the stock received. The dumping of REVI‘s stock brought its value 28% down in yesterday’s trade session and they are currently nested at $0.0050.