Eventure Interactive Inc (OTCMKTS:EVTI) Wipes Friday Surge in Full

After spiking 25% in the green last Friday, over the course of the current week Eventure Interactive Inc (OTCMKTS:EVTI) wiped all those gains, and then some. After another double-digit red session yesterday the share price stopped at $0.0013 by the bell on double the Thursday share volume, at 80 million shares changing hands.

Eventure is an entity that was previously trying to make it in the GPS systems business but gave up on this line of work in 2012 and switched to the hot topic of the decade – social media. How successful has this switch been so far? It’s safe to say, not awfully successful. The company’s app for organizing events has a total of 16 user ratings on the Google Play store. Here is what EVTI‘s latest quarterly contains:

• $13 thousand in cash a/o June 2015
• $3 million in current liabilities
• $348 (three hundred and forty-eight US dollars) in revenues for Jan-Jun 2015
• $7 million in net loss for Jan-Jun 2015

Those numbers might be enough to give more careful investors heartburn. There’s also the matter with EVTI‘s convertible debt. Among the convertible noteholders there are infamous toxic financier names such as JMJ Financial, Tangiers Investment Group and KBM Worldwide, who received notes with attached fixed discounts from lowest trading prices over a certain time period prior to conversion.

Having this sort of debt on your books leads to one inevitable outcome – crushing dilution. In mid-May 2015, EVTI had 61 million outstanding common shares. According to the latest official filing, an 8-K dated October 1, the number of OS had grown to a staggering 672 million by Sep 29.

This essentially means EVTI diluted its common stock about 1000% within the span of less than five months – a considerable feat for anyone on the OTC. This dreadful dilution also explains why EVTI was trading at over $0.10 per share in may and is barely clinging on to double zeroes at the moment.

The mystery pop from last Friday wiped out completely, there’s no telling where EVTI is headed next.