Imogo Mobile Technologies Corp. (OTCMKTS:IMTC) Jumps High on PR
The start of 2014 went very well for the stock of Imogo Mobile Technologies Corp. (OTCMKTS:IMTC) as it made a great run on January 6, which led it above the 10 cents per share mark.
The next sessions were also good, but the momentum was halted around the middle of the month and the stock was swaying in both directions, hovering around $0.15. The incredible run from the beginning of the month was rather a mistery, but yesterday’s wasn’t.
After seeing the success of the company stock, their PR team livened up as well and IMTC finally issued some new press releases after nearly 3 months of silence. The latest news were that they are enhancing ZAOffice, a platform for mobile devices that allows secure email and data transfer similar to Gmail.
This attracted investor interest and we saw IMTC jump a good 42.42% in yesterday’s session, closing at $0.235 PPS. The volume was also increased and we saw a total of 1.5 million shares switch hands, generating $319 thousand in trade value.
It seems, however, that a lot of investors have actually forgotten that it’s not a bad idea to investigate a stock before making an investment decision. What leads us to this thought is the financial situation in the company expressed in the numbers of their quarterly report covering the period ended August 31, 2013 and the fact that IMTC is still able to make such a jump when it contained these numbers.
- cash: $0
- total assets: $0
- current liabilities: $143 thousand
- revenues since inception: $0
- net loss: $857
Looking at these numbers we start to wonder if we should laugh or cry when reading that the latest developmants place IMTC “at the forefront of the secure mobile email market”. We don’t really know how exactly they think they can compete against companies like Google (NASDAQ:GOOG) with this sort of financials.
Furthermore, the company has a history of being promoted and they seem to have no sort of development or any operations whatsoever. Well, it really can’t be any other way judging by their balance sheet.
In a few words, IMTC is a company with no cash, no assets, no revenues and no apparent operations that is probably worth looking at only if you trade in the OTC markets as a gambler.
RightSmile, Inc. (OTCMKTS:RIGH) is another company that made a big jump yesterday as they added a whopping 212% to their stock’s price. Alternative Energy Partners Inc. (OTCBB:AEGY) on the other hand were not so fortunate and the ticker dropped 22.95% in value.
