iHookup Social, Inc. (OTCMKTS:HKUP) Gets Pumped
iHookup Social, Inc. (OTCMKTS:HKUP) gained 147.50% and almost managed to leave triple zero land yesterday, driven up the charts by a paid pump and a press release.
Infamous pumping outfits such as The Stock Psycho and Darth Trader did an amazing job of pushing the company’s stock sky-high, in spite of being offered compensations that could be called meager at best.
Yesterday’s session registered record volumes and the jump that resulted from the activity could be called nothing less than impressive. However, this seems to be the time when investors should be most careful with HKUP. Why?
Because a bit of due diligence reveals the pumpers’ boastful claims and praise for HKUP to be hollow. As we’ve discussed on multiple occasions in the past, before the ticker faded into obscurity, this company has a history of unrelenting commercial failures. Its latest product release was a commercial disaster, and there is no way to sugarcoat that.
Its balance sheets don’t really show a better picture, either:
- Cash – $1 thousand
- Total current assets – $101 thousand
- Total liabilities – $903 thousand
- Revenues – $37 thousand
- Net loss – $657 thousand
And with regard to the company’s share structure…
- 91,415,087 shares of common stock and 22,286 shares of preferred stock outstanding as of May 15, 2015.
- 46,872,968 shares of common stock and 2,500,000 shares of preferred stock outstanding as of April 29, 2014.
When combined, all of these factors paint a pretty grim picture even if you ignore the huge red flag that a paid pump is. This is why investors are advised to tread lightly when dealing with HKUP.
