MyEcheck Inc (OTCMKTS:MYEC) Drops Down
When the closing bell put an end to yesterday’s trading the stock of MyEcheck Inc (OTCMKTS:MYEC) was sitting at $0.0075, for loss of over 6.25%. The company is still holding on to its recent price gains, though, which seems a bit surprising. After all, even a cursory due diligence is enough to uncover a throng of red flags surrounding the company.
MYEC have not issued a new PR about their operations in months. At the same time the SEC filings of the company do not offer much more in terms of up-to-date information. In fact, at the moment MYEC‘s OTCMarkets profile page carries the Pink Limited Information sign due to the company failing to submit its annual report for 2015 as well as the first quarterly report for 2016. This means that investors are left to rely on data that is 8 months old – MYEC finished the quarter ended September 30, 2015, with:
• $4,534 cash
• $138 thousand total current assets
• $2.7 million total current liabilities
• $82 thousand revenues
• $1.9 million net loss
We believe that the numbers found on the balance sheet are enough to show just how bleak MYEC‘s financial state was at the time.
So, without any PRs and two missing financial reports the only way you could get any updates about the company is its Facebook profile. And it is here that things get beyond comical. We are going to focus on just the last couple of messages – on May 27 the company posted that its auditors had signed off on the audited numbers and that the 10-K is expected to be filed on that day. Not surprisingly this once again turned out to be wishful thinking and the same can be said about the latest post. Yesterday MYEC were hopeful that the annual report would be filed but, alas, it wasn’t.
The same story, albeit with a lot more missed dates, goes for the African bank partner of the company. As we have often informed you in our articles the identity of this partner was supposed to be revealed way back in August 2015.
We may not know what MYEC has in terms of financial resources at the moment but it seems to not be that much. The reason we say this is the fact that apparently Mr. Jim Fancher, the COO of MYEC, has decided to resign due to MYEC‘s inability to meet his compensation requirements.
The risks surrounding MYEC are far too serious and far too numerous to be taken lightly. That is why any trades involving the stock should be preceded by doing thorough research and careful planning.
