MyEcheck Inc (OTCMKTS:MYEC) Pushed Up By Social Media

[[tagnumber 0]][[tagnumber 1]]The performance of MyEcheck  Inc (OTCMKTS:MYEC) has been pretty bad throughout most of this year and we have seen quite a lot of sessions end in the red for the company stock. Lately, however, there has been some upward movement that wasn’t explainable at first sight.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The company hasn’t issued very optimistic press releases, apart from a debt exchange agreement with TCA Fund Management Group. The company’s financial state also doesn’t provide much investor confidence. Here is what [[tagnumber 6]]MYEC[[tagnumber 7]] had to show in the balance sheet of its report for the second quarter of the year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 11]] [[tagnumber 12]]cash: $22 thousand[[tagnumber 13]] [[tagnumber 12]]current assets: $153 thousand[[tagnumber 13]] [[tagnumber 12]]current liabilities: $2.09 million[[tagnumber 13]] [[tagnumber 12]]quarterly revenues: $181 thousand[[tagnumber 13]] [[tagnumber 12]]quarterly net loss: $1.65 million[[tagnumber 13]] [[tagnumber 22]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Looking at these numbers we are not amazed by the poor performance of [[tagnumber 6]]MYEC.[[tagnumber 7]] The cash reserves have gone down alongside the assets while the liabilities have grown. The revenues have also dropped significantly compared to previous quarter while the net loss has gone up.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Most importantly, however, [[tagnumber 6]]MYEC’s[[tagnumber 7]] latest positive movement relies on a Facebook post that wasn’t filled with any concrete information. It basically read that a bank in Africa was using the company’s transaction systems, but the name of the bank was not revealed due to a confidentiality agreement.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This manage to provide the company with a good start of the week in which [[tagnumber 6]]MYEC[[tagnumber 7]] climbed 15.94% and finished yesterday’s session with a price of $0.016. The 12.49 million shares that were traded were nearly three times the 30 day average, but only generated $197 thousand in daily dollar volume at those prices.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]It appears the social media–generated hype will be short lived as we already see [[tagnumber 6]]MYEC[[tagnumber 7]] 5% in the red in today’s trading. Doing your due diligence and weighing out the risks is absolutely crucial.[[tagnumber 2]]