NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Grinds to 52-Week Low
After a double-digit drop in yesterday’s session, NanoTech Entertainment Inc (OTCMKTS:NTEK) stopped at its lowest closing price for the past 52-weeks. As the ticker slid 10% down the charts, NTEK found itself wedged well within double-zero territory, at $0.0063 by the closing bell. Volume remained above the monthly average, at nearly 17 million shares traded.
The company is struggling after another lackluster report for its first fiscal quarter. NTEK‘s latest press release that came last Thursday and announced what was supposed to be yet another batch of exciting news concerning NTEK‘s Ultraflix 4K HD streaming service. In addition to new availability options on a wider range of TVs, the PR highlights another expansion of the Ultraflix catalog, with Terminator Salvation the main point of interest. The Ultraflix catalog probably needs a lot more than a six-year old Terminator movie to become a proper revenue engine for NTEK, considering it’s still made up primarily of 15-to-30 year old movies.
NTEK‘s latest report is the quarterly for the first three months ended September 2015. Here is the brief summary of the report’s balance sheet:
- $46 thousand in cash
- $2.4 million in current liabilities
- $3.8 million in quarterly sales
- $525 thousand in quarterly net loss
It’s somewhat surprising that NTEK‘s cost of revenue is so high, at $3.2 million. Additionally, the biggest part of expenses is comprised of Payroll, amounting to $648 thousand. Obviously, even if shareholders have to watch their investment slink to 52-week lows, at least NTEK employees are getting paid well. For its previous fiscal year NTEK recorded $2.49 million in Payroll expenses, on $11.1 million in gross sales.
The company’s outstanding shares grew from 1.11 billion in late June to 1.37 billion in late September.
