Eventure Interactive Inc (OTCBB:EVTI) Drops to One Cent
After getting steamrolled in yesterday’s late session, the share price of Eventure Interactive Inc (OTCBB:EVTI) stopped at exactly $0.01 per share. The stock had 30% shaved off its top in one fell swoop. Over the last three trading session EVTI is down 50% from $0.02 per share last Thursday.
This time around, EVTI is not crashing because of yet another fresh pump. As a matter of fact, the last promotional email for the company came through on June 29. The promotional history of EVTI stretches back to early 2014 when the company was first targeted by paid pumps. Since then, over 130 pump emails have been sent advertising its stock.
The company is not in a particularly great shape regardless of the stock promotions. Here is what EVTI had to show for itself as of its last quarterly for the three months ended March 2015:
- $1 thousand in cash
- $76 thousand in total assets
- $2.2 million in current liabilities
- ZERO in revenues
- $4.3 million in quarterly net loss
It should be noted that EVTI has not generated a dime in revenues for fiscal 2013 and 2014. According to its own estimates, the company expects meaningful revenues sometime in mid-2016.
Rider Capital Corp did follow through with the financing announced earlier. A Schedule 13G disclosed Rider owned 6.5 million EVTI shares, or 9.8% of the company’s 65.9 million shares of outstanding common stock as of June 17.
Somewhat disturbingly, EVTI also upped its authorized shares to ONE BILLION, even though it had another 234 million before maxing out its old authorized cap of 300,000,000.
This was followed by another round of financing with convertibles worth $225,000 that convert into common shares at a fixed 50% discount from the lowest closing price 20 days prior to conversion.
The combination of over a hundred paid pumps, brand new space to issue a lot of new shares and fresh discounted convertibles could be one way to explain why EVTI is sliding the way it is.
