NanoTech Entertainment, Inc. (OTCMKTS:NTEK) Takes a Step Back
We last covered NanoTech Entertainment, Inc. (OTCMKTS:NTEK) on June 26 when things looked pretty grim for the company. Today the situation is not so different. After a slight increase in the price on June 30, it’s back down again.
NTEK opened its previous session with a slight gap up – from $0.073 per share to $0.0744, and racked up a volume of 12.5 million shares. However, by the time of the closing bell, the company had dropped almost 10% off its share price.
NTEK‘s fiscal year end was on June 30, so shareholders will have to wait a long time before the annual is due, but in their last quarterly report, ended March 31, NanoTech showed:
- cash – $34 thousand
- current assets – $1.5 million
- current liabilities – $582 thousand
- revenue – $5.1 million
- net income – $376 thousand
Looking at the numbers from their financial statement alone, it looks as though NTEK is doing a lot better than a lot of other Pink tier companies. However, we cannot fail to mention that only two years ago, the co-founder of NanoTech, David Foley, pleaded guilty to conspiracy to commit bank fraud, and also to conspiracy to commit mail and wire fraud. Mr. Foley has also been hard at work acquiring shares from the market and currently holds approximately 11 million NTEK shares.
At present, there is no new information about NTEK‘s plans for the future. Their latest press release giving any news about the company’s operations dates back to June 20. Back then they announced that Google had given its approval to their “award-winning” product Nuvola NP-1 after it had undergone and passed a series of tests. NanoTech were thrilled with the news and expected many great things to follow. Eleven days later, there are still no updates or any type of news whatsoever.
Despite the lack of information, many supporters of the company have shared on discussion boards how NTEK‘s Nuvola NP-1 streaming media boxes, which are currently available in selected stores in small quantities, are flying off the shelves. They show no hesitation in regards to the company’s coming prosperity.
In relation to that anticipation of the product, NTEK‘s Andy Marken, the official spokesman for the company, announced in a recent interview that the company already has pre-orders for 5000 media boxes and that soon the product would be released on the market in more stores.
Other companies, whose price per share has dropped much like NanoTech’s, are WINDSTREAM TECHNOLOG (OTCBB:WSTI) and NYBD Holding Inc (OTCMKTS:NYBD). WSTI went back by 8% and NYBD by 11%. Only time will tell whether NTEK, WSTI and NYBD will be able to recover and gain back shareholders’ trust.
