Max Sound Corp (OTCBB:MAXD) Down in Double Digits Again
After another big red session Max Sound Corp (OTCMKTS:MAXD) stopped at $0.028 per share yesterday. The price slipped some 16%, dropping in double digits again. Volume swelled back to over 7 million shares and was more than twice the monthly average.
MAXD became heavily overbought after dropping a loud and proud press release about its intentions to continue the “pursuit of justice” by paying court fees to have a final hearing in its lawsuit against Google and its subsidiaries. MAXD claims infringing use of its patents, including use in one of YouTube’s important codecs.
Traders were quick to jump on the excitement bandwagon, thrilled about the possibility of the German court ruling in MAXD‘s favor. This in turn, should it happen, might lead to considerable settlement payment. This possibility was enough for traders to buy MAXD up from its six-month lows in October and push it to nearly five cents per share.
It seems there is an equal amount of people who would simply cash out their shares, given some breathing room on the chart, as the excursion to $0.045 was followed by three sessions of heavy selling. Given the figures MAXD put up in its latest quarterly report, those selling can’t really be blamed for their decision. Here is the brief version of the balance sheet figures as of June 2015:
- $6 thousand in cash
- $6 million in current liabilities
- ZERO in Q1 and Q2 revenues
- $4.8 million in net loss for Jan – Jun 2015
Those figures speak volumes on their own. With the court’s final session to rule on the patent infringement matter a month into the future, it seems MAXD might be in for more rough times on the chart before there is any closure on the matter with Google.
