New Wave Holdings Inc (OTCMKTS:NWAV) is as Wobbly as Ever
On September 23, New Wave Holdings Inc (OTCMKTS:NWAV), along with their partners from FirstView Financial proudly announced that they have filed all the documents they need in order to get final approval from an issuing bank, the name of which was not disclosed. This, they said, is one of the last steps they need to do in order to launch their SchoolFuel program and on October 2, they announced that the approval will be granted within the next 10-15 business days. That was 23 business days ago, but the green light still hasn’t gone on.
Last week, the company’s official Twitter profile published some screenshots of emails which tell us that the approval should be given shortly, but it’s no surprise that investors aren’t particularly impressed. As a result, the stock performance is somewhat shaky.
Yesterday, for example, NWAV lost 14% and dropped down to a close of $0.0012 per share. For a not very brief moment it even slipped in triple-zero land for the first time in more than a month and we’re pretty sure that this was a terrifying experience for the people who reckon that NWAV is a long-term investment.
But is it only the delayed approval that is causing the issues?
The financial statement is also rather terrible, it must be said. It looks like this:
- NO cash or current assets
- current liabilities: $493 thousand
- NO revenue
- quarterly net loss: $119 thousand
There really is no need to comment on the financial statement, but we do feel it’s necessary to say a few words about the share structure and a recent press release related to it.
On October 6, NWAV‘s CEO, Mark Newbauer, who, as our regular readers know, is also at the helm of Mike the Pike Productions (OTCMKTS:MIKP), said that he is determined to bring back some shareholder value and proudly announced that he is going to do that by canceling 50 million of his own shares. He also filed a special document proving that he really is returning the stock to the treasury and he updated the company profile at the OTC Markets.
Thanks to that last action, we learned that between June 30 and September 9, the number of issued and outstanding shares has grown from just over 102 million all the way to more than 580 million. Curiously enough, while Mr. Newbauer was pretty insistent on explaining how canceling 8% of the O/S count is enough to offset 470% in dilution, he didn’t seem too keen on giving us any sort of information about the reason for the issuance or the recipient of the newly printed shares.
