CodeSmart Holdings, Inc. (OTCBB:ITEN) Drops to $4, OTCMarkets Error Puts Them Briefly in OTC Pink tier
Yesterday wasn’t a good day for the shareholders of CodeSmart Holdings, Inc. (OTCBB:ITEN). Not only did the stock crash down by 9%, or exactly 40 cents, but for several unfortunate minutes the company was mistakenly downgraded to the lower OTC Pink tier.
The correction was hardly caused by this though as the stock started sliding downwards right from the get-go. How sharp are the corrections going to be remains to be seen but a little more than a week ago the company was traded for $2 per share.
ITEN operate in a rather specific area offering ICD-10 education and compliance in the United States. All medical practices and health centers in the US should switch to the new ICD-10 system of coding before October 1, 2014. For now they are doing quite well for themselves having in mind they started active trading a couple of months ago. In the financial report for the second quarter of 2013 they announced:
- $261 thousand cash
- $264 thousand total current assets
- $1.2 million total liabilities
- $24 thousand revenues
- $1.2 million loss from operations
Although they have a negative working capital and significant net loss the fact that they are already capable of generating revenues puts them ahead of most of the other pennystocks. But apparently the management of the company has set its eyes on much higher numbers announcing on July 3 that they expect $6 million in revenues by the end of the year and $2 million net income.
How realistic these projections are is up to you to decide. For now the company is slowly expanding its customer base and partners with the latest news coming right before market opened today. In it they announced partnering with IOS Health 
Systems in order to further their consulting services. Investors don’t seem very impressed though and the stock is 1.2% down in early trading.
Yesterday Liquidmetal Technology, Inc. (OTCMKTS:LQMT) surged upwards but the enthusiasm seems to have died out and today they have already retraced their steps down. Medical Marijuana, Inc. (OTCMKTS:MJNA) is slowly sliding down after the huge industry-wide boost they received after the latest Attorney general decision.
