MyEcheck Inc (OTCMKTS:MYEC)’s Resurgence Continues
Out of the past six sessions the stock of MyEcheck Inc (OTCMKTS:MYEC) has closed in the green 5 times. The daily gains have been equally as impressive – after surging by another 12.8% yesterday the ticker is currently sitting at $0.0088 per share. Despite the extremely positive chart performance jumping into the stock is still as dangerous as ever.
The reason for this is the fact that there is absolutely nothing supporting the current upwards trend. On the contrary, there are plenty of new red flags that have cropped up around MYEC. Let’s start with the complete silence of the company – the last PRs published by it are now over two months old. At the same time the SEC filings do not inspire much confidence either.
On March 31 MYEC submitted a notification of late filing for its annual report for 2015 while on May 17 it did the same for the quarterly report covering the first three months of 2016. In both cases it was stated that the reports should be filed within the allowed “grace” period but there is still no trace of them. Even in its attempt to give investors a bit of guidance the company only managed to create more confusion – in the notification of late filing for the first quarter of the year MYEC announced that they anticipate reporting a net loss of $161,903, compared to a net loss of $338 thousand a year ago. Despite the numbers actually shrinking the filing states that the change is due to “an increase in operating and other expenses”. The wording is not that important though, no, the bigger problem here is that in its filings MYEC had reported a net loss of around $102 thousand for the quarter ended March 31, 2015, and not $338 thousand.
If you have read any of our previous articles about MYEC you should know that investors have been waiting for nearly a year to learn the identity of the company’s African bank partner. In a Facebook post on May 16 MYEC expected the Africa project to be announced in a week. As we are currently past that period this is going to be yet another disappointment in the long line of missed deadlines.
Ultimately, it is up to you to decide if MYEC is a solid choice for investment. Before you put any money on the line, however, it might be for the best to take all of the red flags into consideration – the missing reports, the dreadful financials, the over 4 billion outstanding shares at the end of September 30, 2015, the paid pumps, and to adjust your trades accordingly.
