Mind Solutions Inc (OTCMKTS:VOIS) Remains Flat
During yesterday’s trading the stock of Mind Solutions Inc (OTCMKTS:VOIS) barely avoided losing more of its value. For nearly the entire session the ticker was sitting below Friday’s close of $0.0021 going as low as $0.0017 per share. It was able to move upwards minutes before the closing bell and even with this last-minute upwards swing the stock couldn’t log in even a small gain closing at exactly the same price – $0.0021.
If you take a look at the last couple of PR’s published by the company you will see that they are actually quite positive. Mind Solutions’ NeuroSync, a Brain-Computer Interface device that according to the company is going to be the smallest of its kind, is now in production and should be available in 8-10 weeks. In fact shareholders of the company can now pre-order the device at a discounted price of $99. Not to mention that just five days ago VOIS announced that they have entered into a master distribution agreement that will allow the NeuroSync to be sold on Amazon.com.
Instead of soaring up the chart however the ticker seems to be having trouble maintaining its current price. Well, you too might be rather hesitant to invest in a company that issued around 1.1 BILLION shares at a conversion price of $0.0008 in 2014. With the start of 2015 the dilution hasn’t even slowed down and another 304 million shares priced even lower at $0.00048 were issued by the end of February. As of March 10 VOIS had 1.74 BILLION outstanding shares out of the 5 BILLION authorized. By May 15 the company should submit its financial report for the first quarter of the year and it will show exactly how many shares have been printed so far.
The report will also reveal if VOIS is still in such a dreadful financial state. The annual report for 2014 showed that at the end of last year the company had the following:
• $113 thousand cash
• $166 thousand total assets
• $3.1 million total liabilities
• $100 thousand annual revenues
• $1.4 million annual loss from operations
In order to fund its operations the company has been relying primarily on the sale of convertible notes. If they are still doing so the outstanding convertible debt and the corresponding dilution may not be coming to an end any time soon.
A Form 4 filing submitted on April 23 revealed that the between April 1 and April 22 the CEO of the company sold over 14 million shares on the open market. At least he decided to mitigate the effect of his sells and the last trade found in the Form 4 was a buy – approximately 3.4 million shares at $0.0022 each.
Ultimately the fate of the company is going to depend on the success of their BCI device. The problem is that by the time the NeuroSync is launched the fundamentals of the company might have deteriorated even more.
