CodeSmart Holdings, Inc. (OTCMKTS:ITEN) Finds Itself Below $2 per Share Once More
Yesterday the stock of CodeSmart Holdings, Inc. (OTCMKTS:ITEN) continued its downwards decent for a fourth consecutive session. The company dropped by another 11% and closed at $1.95 on trade volume doubling the average of 66 thousand shares. But more importantly during the day the stock fell to a new 52 week low of $1.81.
Back in mid-July when ITEN started being traded on the market their shares were valued at $7 each but since then they have depreciated significantly. Interest in the company is also diminishing despite the onslaught of PR articles that are being released every couple of days.
As we have said in our previous articles ITEN have a rather unique business compared to the other pennystocks. They are offering online education in the new healthcare ICD-10 code system. All USA healthcare providers will have to transition to the new system no later than October 1,2014. Despite the undeniable potential ITEN are just one of the many companies that offer training and their financial results for the quarter ending June 30 were rather disappointing – they managed to generate only $24 thousand in revenues while the net loss was close to $2 million. Since then ITEN have been able to vastly expand their customer base, well, at least according to their own words. The management team has been speaking about projected net income amounting to millions.
The latest news came on November 7 and announced a partnership with Jasper Group Holdings, Inc., owner of the JobChannelNetwork.com, CandidateXchange.com and NameYourFee.com. Jasper Group are going to provide outplacement services for all those who finish the ICD-10 course. As part of the deal a share exchange transaction was completed giving ITEN a 10% stake in Jasper.
Ultimately, their fate will be decided by the figures contained in the next financial report. The stock is equally as capable of surging towards the sky and dropping to the bottom of the chart so be sure to do your own research prior to any trades.
Yesterday the disaster for the shareholders of Global Earth Energy Inc (OTCMKTS:GLER) continued with another 24% loss. TheDirectory.com, Inc. (OTCMKTS:SEEK) also ended the day in the red sliding by 11% to $0.0048.
