Aqua Power Systems Inc. (OTCBB:APSI) Sinks Even Lower
Aqua Power Systems Inc. (OTCBB:APSI) lost a soul-crushing 80.43% of its market cap yesterday in what is turning out to be the ugliest crash in the company’s history.
It was completely reasonable to predict that APSI will lose some ground after the end of its relatively unsuccessful pump a few days back. However, this tumble has taken the ticker lower than anyone expected faster than anyone anticipated.
Although, in hindsight, investors probably should have seen it coming.
After all, the reason for its free fall is the fact that the company doesn’t have anything holding it up. Its latest financial report paints a picture of appalling mediocrity:
- Cash – $51 thousand
- Total Current Assets – $626 thousand
- Total Liabilities – $222 thousand
- Revenue – $354 NUMBER NOT IN THOUSANDS
- Net Loss – $175 thousand
And while the company certainly doesn’t appear to have anything significant to boast about, its report certainly shows some details that could warrant investor distress.
Like the fact that APSI has a total of 24 different convertible notes outstanding at the time of said report’s filing. The total debt on said notes exceeded $0.7 million, and all that debt could be turned into stock at a fixed rate of $0.20 per share.
Could it be that some of said debt getting turned into shares and dumped on the market that crashed APSI yesterday? There’s no way to know for certain, but that theory certainly seems plausible, especially in light of all of the company’s stock-related shenanigans APSI has pulled to date.
Since that is the case, is it really any wonder that APSI crashed as hard as it did yesterday?
