Persistent Publicity Keeps iTonis, Inc. (OTCMKTS:ITNS) Above the Water
Almost having it made- this is the story of iTonis, Inc. (OTCMKTS:ITNS), the company that has a payment system for medical marijuana transactions, and yet shows no indication of any actual medical marijuana products. After two days in the red, where we almost wrote ITNS off, Friday came with a significant recovery of 30%, as the company is relentless with reiterations of its PR message. ITNS reached $0.0208 on mid-range buying volumes of above $449,000. The buying is still a far cry from the strongest days of enthusiasm at the beginning of the month.
The even better news is that ITNS is taking another ticker for a ride- MyECheck, Inc. (OTCMKTS:MYEC), the company that will be providing the proprietary payment system software. With this development, ITNS has let its one and only product, an anti-nausea treatment, slip to the sidelines. While the mention of cannabis works wonders for a stock price, it is easy to see that like many other OTC businesses, ITNS is not a proper legal marijuana company.
- cash: $2,410
- current assets: $278 thousand
- current liabilities: $342 thousand
- no revenue
- yearly net loss: $773 thousand
This report is unaudited, and only provided for the OTC profile page of the company, so now ITNS will also have to work toward auditing and straightening out its record with the SEC before stricter regulations for filing unroll this May.
To the credit of ITNS, the company rises without a concerted effort from promoters. Also, the given business address in California looks feasible, as the location looks like a group of smaller office buildings.
But ITNS has not always been successful with its ventures. Its app website is not running. Its pharmaceutical division has existed only since 2012, and is betting on the fame of Charles B. Hensley, Ph. D., famous for the Zicam cold remedy. We can have no assurance, however, that the Entinox therapy would repeat the success of the Zicam nasal sprays, or that the presence of Dr. Hensley and his biophysics expertise will lead ITNS into the medical marijuana business.
For companies like Creative Edge Nutrition, Inc. (OTCMKTS:FITX), there is a more credible match between their previous products and the application of cannabis. FITX is still constructing a therapy, though at least it has a rather large expertise in the field of food supplements. Unfortunately, the rapid rise of FITX seems to have fizzled out, and the price remains flat for many days, around $0.08.
If you like ITNS for its accessible price, keep in mind that the spike is the most significant one since the beginning of 2013. For a while, ITNS has not been above the range of a few cents, and the mention of marijuana may be the ticket to a higher price range- or the doorway to a downward spiral. It is best to choose ITNS only if the losses are easily affordable.