Coates International Ltd (OTCMKTS:COTE) Losing More Altitude

[[tagnumber 0]][[tagnumber 1]]The stock of Coates International Ltd (OTCMKTS:COTE) has suffered a lot in the past so it was a big surprise after we saw it surge up the charts in the beginning of the month, gaining a massive 741% in just two explosive sessions.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The reason for the impressive performance of [[tagnumber 6]]COTE[[tagnumber 7]] is quite clear. – a press release from June 2 that announced four updated firm orders totaling more than $50 million. Let’s not forget, however, that we have heard similar news more than two and a half years ago. This would suggest that [[tagnumber 6]]COTE[[tagnumber 7]] is in a pretty good financial state, right? Wrong. Here is what the company had to show in its financial report covering the first quarter of the year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 13]] [[tagnumber 14]]cash: $72 thousand[[tagnumber 15]] [[tagnumber 14]]current assets: $190 thousand[[tagnumber 15]] [[tagnumber 14]]current liabilities: $7.1 million[[tagnumber 15]] [[tagnumber 14]]total revenues: $4.8 thousand[[tagnumber 15]] [[tagnumber 14]]net loss: $2.8 million[[tagnumber 15]] [[tagnumber 24]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Evidently, things didn’t work out the way they should have in the past, so what is the reason for which we are to believe that they are going to work out this time. This notion has obviously hit investors pretty fast as we see [[tagnumber 6]]COTE[[tagnumber 7]] sinking at alarming levels.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This week started very badly for [[tagnumber 6]]COTE[[tagnumber 7]] who lost 30% in Monday’s session. Yesterday the ticker dropped another 17.14% in value and finished the session at $0.0058, which made the total loss from the high of $0.0143 come to 59%.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]It seems that the management has taken this seriously and we saw a fluff PR piece come out earlier today. It managed to stabilize the stock for a moment, but [[tagnumber 6]]COTE[[tagnumber 7]] is still in the red as of the writing of this article.[[tagnumber 2]]