Healthient, Inc. (OTCMKTS:SNAX) Climbs Sharply
Yesterday Healthient, Inc. (OTCMKTS:SNAX) suddenly surged an unexpected 64% to a close of $0.14 per share. The stock traded in smaller volumes over the previous sessions and there have been no significant news or filings coming out recently.
With the accumulation that SNAX stock saw over the last two sessions and the price movement, the ticker is looking like a very likely candidate for a proper dose of pumping. No alerts have been sent out for SNAX yet but the sudden movement that looks difficult to explain can easily put the stock in the sights of promoters.
SNAX have only come up with a lone May 20 press release that was followed by no further news. The company’s latest filing dated March 31 contains the following deflating numbers:
- ZERO cash
- $596 thousand in current liabilities
- $6 thousand in quarterly revenues
- $5.9 million in quarterly net loss
In addition to those dismal numbers, the company also has one other disconcerting item in its balance sheet. Long term liabilities comprise of a $477 thousand settlement payable. SNAX was the target of a lawsuit for breach of contract in 2011 and the 2012 court ruled against the company, which resulted in SNAX being part of a settlement agreement, which requires the company to pay the total amount of $1.7 million. Over the three quarters ending March 2013 the company issued 13.8 million common shares at $0.09 per share to clear a portion of the settlement sum, with $477 thousand being the remainder.
Additionally, SNAX did a reverse split decreasing its shares in a 1-for-50 ratio in October 2012, then went back to issuing more shares. The outstanding common share count has nearly doubled in no time, going from 18 million shares in February 2013 to 31 million in March 2013.
Despite all this, a possible promotional campaign hitting the stock in the immediate future may drive the price even higher, so investors are advised to be extra careful and do their own due diligence before they sink their hard-earned money into any stock.
