ImageWare Systems, Inc. (OTCMKTS:IWSY) Inches Upwards
After poking over the two-dollar line again, the price of ImageWare Systems, Inc. (OTCMKTS:IWSY) turned volatile once more and swung back to $1.55 per share in just seven sessions, with a brief green interruption among them. Now, after a flat session on Thursday, IWSY is moving up again, trying to make up what was lost during the slip.
The biometrics and data security company posted its third quarter results in mid-November. The report showed a significant boost in revenues generated by product sales. This led to an vast improvement over the previous quarter when IWSY logged loss from operations even before expenses were factored in. The brief summary of the numbers is as follows:
- $3.4 million in cash
- $4.2 million in current liabilities
- $2.5 million in quarterly revenues
- $339 thousand in net income
The previous two quarters saw IWSY generate considerably smaller product revenues and log far greater figures under ‘change in fair value of derivative liabilities’, which in turn contributed to a bottom line of net loss on the reports. However, the increase in revenue is driven by a single customer, who accounted for 69% of Q3 revenues, which would mean the potential loss of that customer could impact IWSY considerably.
The company is not pressed for cash at the moment and the report states the management’s belief that cash raised up to the end of Q3 will be sufficient to fund the company for another 12 months. Thankfully, IWSY has also not been pumped through email campaigns and whichever way the stock has gone, that movement was caused by news, excitement, anxiety or actual performance.
Investors on discussion boards are still mostly optimistic about the comany’s future, with buzz being generated about IWSY‘s participation in the Fujitsu Forum that was held in early November but it’s all wishful thinking at this point.
Other major movers in Friday’s session include Nevada Gold Corp. (OTCBB:NVGC) who tanked over 36% yesterday as the pump that pushed the stock up lost its footing. Life Stem Genetics, Inc. (OTCBB:LIFS) – another ongoing pump job, crashed even worse, dropping 55% to a close of $0.64 per share as the pump came to its logical conclusion.
