CodeSmart Holdings Inc (OTCBB:ITEN) Cuts Another Fifth of Its Value

It seems that CodeSmart Holdings Inc. (OTCBB:ITEN) is going further down despite its own PR efforts. Yesterday the stock bombed by another 20% to close at it lowest point of the day – $2.3 Although such a price level is quite high for a pennystock the company has lost a significant portion of its value. At the start of the month they traded for $4.5 per share while in July they were hovering at $7.

The company has a rather unique business plan among publicly traded companies – they offer education and training in the new international ICD-10 system of coding. All healthcare providers in the USA are presently using the old ICD-9 system and will have to switch over before October 1, 2014. ITEN are going to attract possible clients through their CODESMART UNIVERSITY, an on-line education platform.

Their CEO is so enthusiastic about their future that he expects by the end of the year revenues amounting to $6 million and net income of $2 million. That is why we are eagerly awaiting the next financial report to be filed because the numbers for the previous one are far from encouraging:

• $261 thousand cash
• $264 thousand current assets
• $1.2 million current liabilities
• $24 thousand quarterly revenue
• $1.9 million quarterly net loss

In the latest press release ITEN announced that they were picked as the exclusive provider of ICD-10 training for Oakton Community College in Illinois which is going to bring some much needed funds to their balance sheet. Still the stock has a lot of room to fall and in early trading today it is doing just that, despite opening with a gap up it currently trades for $2.2.

Yesterday Indo Global Exchange(s) PteLtd (OTCMKTS:IGEX) managed to do a small climb closing 2% up at $0.81 but today is whole different story. The stock plummeted almost immediately and is now 17% down. Earlier this week a $3 million pump for the company was initiated. But the big news that hit the market yesterday was the suspension of PacWest Equities Inc (OTCMKTS:PWEI). The company was the latest pick of Awesome Penny Stocks, who have decided to disregard the whole situation and move on to their next target.