Technologies Scan Corp. (OTCBB:TENP) – A New Player in The Game of Pumps
Technologies Scan Corp. (OTCBB:TENP) are a company that started with the idea of selling a touch screen product with extensive database about natural products to pharmacies. When that plan didn’t work out they sign a letter of intent with iSpeedzone, is a social network driven by arts, sports and recreational activities. In order to finalize this reverse merger the company had to issue 50 million of its common shares. But in the end on April 12 they decided to back out of the deal.
Now they are trying to spread the news about another letter of intent with Social Geek Media for the exclusive sales, marketing and commercialization of the weight loss product – Proteina21. This time TENP have to pay with 200 million common shares in addition to a financing of $100,000. We were a bit skeptical whether the company had such funds and that’s why we opened their latest financial report. It is a 10-Q for the period ending December 31 and in it they disclosed having:
- $3536 cash
- $54 thousand total current assets
- $253 thousand total current liabilities
- no revenue
- $21 thousand net loss
Exactly as we thought the situation is quite negative and it is quite unlikely that they have improved dramatically since the start of this year. Not only will they need to find the required sum but also the issuance of such a vast amount of shares will put them at 360 million shares out of 400 million authorized. And just to mention that we were unable to find the official site of the company if it even exists.
And the worse is still to come. The company just yesterday started trading actively and it immediately was targeted by a paid pump. Global Marketing Media, LLC through all of its affiliates – TheStockScout, PennyStockPlayers, PennyStockPros, PennyStockCircle and 123StockAlerts, received $35 thousand as compensation for a two-day promotional campaign for TENP. Despite all the praises and promises the ticker crashed hard losing more than 57% of its value on the same day. Another StockScout pick crashed spectacularly was Solar America Corporation (OTCBB:SOLX).TENP have all the red flags you could expect form a penny company. They have negligable amounts of cash, no revenues and pump job going on. Investing in them should be reconsidered unless you are prepared for the possible losses.
