Will Eventure Interactive Inc. (OTCBB:EVTI) Hold Its Ground?
Eventure Interactive Inc. (OTCBB:EVTI)’s Tuesday jump looked like a dead cat bounce – but is that really the case?
Yesterday brought the company another, smaller up of just 4.48% – however it seems that the climb on heavy volume was only made possible by the publicity afforded the company by its coverage by popular stock commenters such as traders350 and Coral Gables. Said coverage certainly got the investors’ attention – but does EVTI‘s current state of affairs really warrant excitement.
Well, for starters, a bit of due diligence reveals that the company’s current financial state looks downright awful:
- Cash – $1 thousand
- Total Assets – $76 thousand
- Current Liabilities – $2.2 million
- NO REVENUES TO DATE
- Quarterly Net Loss – $4.3 million
Further reading determines that the crushing debt and failure to make a profit is not the only pressing matter that investors should definitely note. EVTI is positively swimming in toxic debt – just its latest round of convertibles was worth $225,000 and could be turned into common shares at a fixed 50% discount from the lowest closing price 20 days prior to conversion.
Further, the possibility of monstrous amounts of stock hitting the market at any time is probably why the company upped its authorized shares all the way up to 1 BILLION recently.
This, combined with the fact that EVTI has over a hundred paid pumps in recent months, should pretty much tell you all you need to know about the company.
Investors should take notice of this state of developments and act accordingly.