eCrypt Technologies, Inc. (OTCBB:ECRY) Tanks Hard

In yesterday’s session the share price of eCrypt Technologies, Inc. (OTCBB:ECRY) got sliced by more than a half. ECRY was trading in its usual volumes up till noon, then all hell broke loose and by the closing bell the stock had tanked 56% on a massive volume spike.

By the close of the session over 9.8 million ECRY shares had changed hands and the stock was flattened to $0.011 per share. There is no obvious immediate trigger that dragged ECRY under. That’s not to say that things are going particularly well for the company. Its latest filing from mid-May informed that its CFO and COO, Mr. Brad Lever, quit both of those positions.

For those who come across the stock just now, it’s worth repeating that ECRY was the last 2014 pick of stock promoters Stock Tips, who disclosed a ludicrous $5.1 million supposedly paid to promote the stock back in December. Pulling up a 7-month chart of the ticker shows just where the pump kicked in, the furious volume it brought and the subsequent horrendous crash.

We took a look at the company’s last available balance sheet in a previous article and things were not exactly rosy:

• $58 thousand in cash
• $67 thousand in total company assets
• $2.3 million in current liabilities
• ZERO in revenues for the nine months ended Dec 2014
• $453 thousand in quarterly net loss

ECRY‘s fiscal year ends in March, so it won’t be until late June that its next report will become available. We have also previously gone over the convertible debt ECRY has, which turns into shares at a fixed discount from market prices.

All things considered, ECRY has dipped into oversold territory so a bounce from these new lows is not impossible.