NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Falls Back Down
On Friday the stock of NanoTech Entertainment, Inc. (OTCMKTS:NTEK) posted one of its best sessions for the year after it surged by more than 41% and reached $0.077 per share. The impressive jump was sparked by a PR article announcing that NTEK‘s Nuvola NP-1 media player had passed Google’s Compatibility Test Suite (CTS).
During the weekend though the positive momentum seems to have completely disappeared and yesterday the stock crashed by more than 12% dropping back down to $0.067 per share. The company has been unable to keep its gains for quite some time and compared to the highs posted in February they are down by close to 50%.
At a first glance NTEK seems like a solid company. At the end of the first quarter of the year the company reported the following results:
• $34 thousand cash
• $1.5 million total current assets
• $582 thousand total current liabilities
• $5.1 million gross sales
• $314 thousand net profit
• $1.5 million total current assets
• $582 thousand total current liabilities
• $5.1 million gross sales
• $314 thousand net profit
Back in April the company even announced that they will be paying a quarterly dividend of $0.00024 per share but investors are still reluctant to put their confidence in the company. NTEK has been talking about their UltraHD media player for more than a year but hey have still not begun rolling it out. In fact there have been numerous deadlines without any of them actually being met. In Friday’s PR NTEK said that the devices should begin shipping by the end of the month. Well, there are still 6 days till then so we will soon learn if this time they will keep their word.
Investors should also note that an employee of the company – Mr. David Foley, who has been issued millions of shares in the past, was charged with conspiracy to commit mail and wire fraud in addition to conspiracy to commit bank fraud. Mr. Foley pleaded guilty to both charges.
In early trading today NTEK is steadily going down currently sitting at 2.6% in the red at $0.065. Yesterday Minerco Resources Inc. (OTCMKTS:MINE) crashed by more than 15% and closed at $0.014 after the company filed its latest quarterly report. Today though the stock simply crumbled opening close to 25% lower and currently sitting at $0.01 per share.
