eLayaway, Inc. (OTCMKTS:ELAY) Jumps Out Of Nowhere
eLayaway, Inc. (OTCMKTS:ELAY)’s stock was trading in tripple zero land for quite a long time until the end of last week when it began to climb up. At first it started reaching for the double zeros on Thursday and it passed the $0.001 per share mark on Friday.
What is interesting is that there were no news from the company and it all seemed like the stock was moving on its own. That, however, happens rarely and it turned out that there was a promotional email campaign.
We couldn’t find out if there was compensation for the promoters or they did it to clear past records, but it worked out well for the company stock, as it attracted the needed investor attention, expressed in the price gains and increased volumes.
In Friday’s session ELAY recorded the highest volume in its trading history as it gained a good 75%, to a close at $0.0014. We saw a massive 1.2 billion shares switch their owners, which managed to generate $1.5 million in dollar volume, despite the low price.
Still, the company stock is rather overpriced, considering the numbers contained in ELAY‘s quarterly financial report for the quarterly period ended September 30, 2013.
- cash: $1,495
- current assets: $67 thousand
- current liabilities: $2.7 million
- revenues: $28 thousand
- net loss: $545 thousand
Furthermore, there is a lot of controversy surrounding the company’s management. There are some people who seem to have a sour experience from dealing with companies connected to CEO, Sergio Pinon and are calling ELAY a scam.
There isn’t a lot of good word put out for the company CFO and Treasurer, Bruce Harmon either, who was also involved with Omni Ventures, Inc. (OTCMKTS:OMVE), Green Innovations Ltd. (OTCBB:GNIN) and many other ventures.
Both of the above companies have been digging down the charts for quite some time now and have failed to prove profitable obliterating investor fortunes, while Mr. Harmon was allegedly trading stock he got for free to his own profit. This is enough reason for you to do your due diligence and weigh out the risks before making an investment decision.
