FutureWorld Corp. (OTCMKTS:FWDG) Crashes Horribly
FutureWorld Corp. (OTCMKTS:FWDG) managed to lose another 28.57% in yesterday’s selling-intensive session.
Although not all that impressive, even by the standards of the OTC Markets, yesterday’s trading brought FWDG an annual record. No less than 199 million shares changed hands over the span of a single session. Unfortunately for the company’s supporters, said whirlwind of activity only took it further down on the path it had already taken – deeper and deeper into the red.
Still, such a turn of events is not really surprising. After all, FWDG‘s recent history includes the spectacular fiasco of Infrax Systems Inc (OTCMKTS:IFXY)’s failed acquisition. The following efforts on FWDG‘s part seemed like a desperate attempt to sweep that failure under the rug – an announcement was made that loyal FWDG investors would be rewarded with dividends. Many people got excited about that, and it was only when the buying frenzy had subsided somewhat and heads cooled that investors realized that the promised dividends would be paid in the form of illiquid FutureLand Corp (OTCMKTS:FUTL) stock.
This is why it is no wonder that the ticker is currently headed down hard – there are just too many things dragging it down.
Truth be told, FWDG has never been a very impressive company, as far as financials were concerned. The company’s annual report for 2014 was downright horrifying, and its latest quarterly is only marginally better:
- Cash – $150 thousand
- Total current assets – $732 thousand
- Total current liabilities – $2 million
- Revenues – $362 thousand
- Net loss – $816 thousand
And that’s not all – as we’ve said on occasion in the past, there are some disturbing discrepancies in the figures the company has provided under “common stock issued and outstanding” in different places in said financial report.
Is FWDG really uncertain as to how many shares it has? Is it so lax in its filing to make a mistake on that account in an official filing? Or was said confusion just some trick, the likes of which we often see in the filings of OTC Markets Pinksheets companies?
Whatever the case, the result is clear. Investors seem to have taken all the red flags to heart, and as a result the ticker is drawing an ugly red line to the bottom of the charts, and it will probably do so for a while, until something about FWDG changes dramatically.
