Eventure Interactive Inc (OTCBB:EVTI) Gathering Speed
Eventure Interactive Inc (OTCBB:EVTI) has been one of the most heavily promoted OTC stocks since the beginning of the year. It has also been among the most volatile. The hype from the hundreds of emails that have hit our inbox over the last seven months resulted in more than a few jumps, but unfortunately, all of the surges in the right direction were followed by some quite heavy crashes.
Right now, the stock is headed north again. Over the last couple of sessions, it managed to gain a total of 30% and yesterday’s closing bell stopped it at a breath under $0.005 per share. You might be thinking at this point that it could lose momentum without warning and it could sink rather quickly. Let’s not jump to conclusions, though.
First of all, it must be said that this time, EVTI isn’t moving in the right direction because of a paid pump. This time, it’s being fueled by a press release which informed us that the company’s mobile application will soon have some new features. EVTI have apparently established a partnership with Reve Technologies Inc (OTCBB:BSSP) whose Hush Chat technology will allow them to incorporate anonymous chat and cash transfer into the Eventure app.
Theoretically, the new features should make the application more versatile and hopefully, it will make it more attractive, but will this be enough to sort out all of EVTI‘s problems?
The people behind the two penny stock companies seem to be quite excited. David Forster, BSSP‘s CEO and the owner of the Hush Chat technology even said that it could one day rival Snapchat and its Snapcash service.
In reality, EVTI, the focus of today’s article, will really need a Snapchat-like success if it is to stay afloat. Especially with a 10-Q that looks like this:
- cash: $1,512
- current assets: $16,708
- current liabilities: $2,251,422
- NO revenue
- quarterly net loss: $4,349,990
Although the people at the helm appear to be happy, EVTI has taught us that following their optimism blindly might not be your best bet sometimes. The company entered into numerous toxic financing agreements over the years and at the beginning of 2015, the effects were becoming more and more evident.
On June 15, EVTI‘s management team issued a press release and they led a lot of people to believe that they are doing everything they can to stop the dilution. They said that an entity called Rider Capital Corporation (which, as we mentioned in some of our previous articles, isn’t the best known financing provider) has agreed to invest up to $1.5 million. This was supposed to improve EVTI‘s cash reserves, but it was also supposed to help them eliminate some of the toxic debt.
Curiously enough, EVTI then forgot to file an 8-K form detailing the Rider Capital agreement. Instead, they published an 8-K which informed us that they have issued some more notes convertible at a 50% discount.
Not surprisingly, the number of issued and outstanding shares grew from just over 61 million on May 14 all the way to more than 112 million at the end of last week.
