CodeSmart Holdings Inc (OTCBB:ITEN) Delivers a Phenomenal Session

After rolling downhill for about a month, on Friday CodeSmart Holdings Inc (OTCBB:ITEN) got its first significant bounce.

ITEN delivered a solid performance trading actively throughout the session with a gradual price increase, ultimately resulting in a 33.33% gain and a close at $3 per share on 226 thousand shares.

The positive market performance didn’t seem to be the result of some particular development. Last week, throughout the week, ITEN slowed its descent and trading volumes increased significantly leading up to Friday’s spectacular session.

Nevertheless, it maybe too early for cheer. ITEN has a very short business history and at this point the positive points concerning ITEN are mostly forward-looking statements.

In its recent financial report, the company reported revenue, but $24 thousand in revenue doesn’t stack up too well against operating expenses in excess of $1.2 million. Then there’s the issue with the derivative liability of ITEN, which could be an obstacle for price appreciation. The same goes for the limited cash position of the company.

While ITEN hasn’t been in the focus of an ordinary paid pump, and strictly speaking it isn’t a pump job, there have been some promotional activities in the form of paid research reports. The company’s management has also been tooting its own horn, projecting $12 million in revenues for the next 12 months.

If those projections are even close to reality ITEN can turn out to be a very exciting stock, but at this point there’s very little evidence to support those numbers. ITEN provides on-line education for healthcare professionals in connection with the transition from ICD-9 to ICD-10. While it’s a relatively new market, it’s hardly an open niche and ITEN will have significant competition.