MyECheck, Inc. (OTCMKTS:MYEC) Recovers Some Of The Lost Value
MyECheck, Inc. (OTCMKTS:MYEC)’s stock has had a rough period lately and had lost a lot of the value that it gained in the end of February. The company was trying hard to reverse the movement with regular optimistic press releases.
The first drop in the beginning of March was countered after the company hired a new Vice President of Finance and announced plans to become a fully reporting SEC filer after an audit by L.L. Bradford Certified Public Accountants.
The company is currently reporting under the alternative reporting standard in the OTC markets and the latest numbers from the report covering the period ended September 30, 2013 are as follows.
- cash: $51 thousand
- total assets: $53 thousand
- total current liabilities: $302 thousand
- revenue: $78 thousand
- net income: $51 thousand
It also appears that MYEC got somewhat involved in the medical marijuana business after it was announced on March 17 that they have signed a letter of intent with Itonis, Inc. (OTCMKTS:ITNS) who want to acquire software license of the company’s mobile payment app that will be used for medical marijuana, general retail sales and gambling transactions.
This didn’t manage to change the direction in which MYEC was headed, but the volume of traded stock increased. Yesterday, the company announced that they are launching an application for government-to-government transactions and the PR finally did its job.
The ticker managed to reverse its direction and gained a good 40%, closing with a price of $0.0338. Trading was around the average for MYEC as 49 million shares switched hands and generated $1.2 million in dollar volume.
Still, with a market cap of $122 million, which is quite high considering the book value, there is room for further corrections, so be sure to do your due diligence and weigh out the risks before making an investment decision.
Yesterday, we saw some drama in the medical cannabis sector as Growlife, Inc. (OTCBB:PHOT) closed a second session in the red and CannaBusiness Group, Inc. (OTCMKTS:CBGI) dropped a hefty 29% in value.
