On The Move Systems Corp. (OTCMKTS:OMVS) Gets Blasted Out Of The Sky
On The Move Systems Corp. (OTCMKTS:OMVS) found its ascent cut short on Friday, losing 17.33% ot its market value in the very session after it exploded up the charts.
Truth be told, it was clear enough for anyone that had done even a smidgen of due diligence that Thursday’s jump would not last. Just a cursory glance at OMVS‘s financials reveals an obvious red flag – the company’s latest financial report outlines it as far from financially firm:
- cash – $7 thousand
- current assets – $15 thousand
- current liabilities – $1.1 million
- quarterly revenues – $2 thousand
- quarterly net loss – $337 thousand
The meager achievements these numbers represent more or less explain why the company was stuck at the bottom of double zero obscurity for years before performing a 1 for 500 reverse split on March 5, 2015.
It wasn’t until months later that OMVS stock actually started to move around, and thanks to the PR efforts of the company, as well as a couple of paid pumps, OMVS has enjoyed the relative favor of traders for some time now. However, every time the ticker manages to jump on pumps or PR hype, it inevitably gets dragged down once more. Why?
As is the norm with OTC Markets pinksheets companies, there is no way to be sure about that. However, at his point, it seems more likely than not that the crashes are caused by toxic debt getting converted into shares and said shares finding their way to the market. After all, there is evidence that the company still has $1.3 MILLION worth of debt that converts at fixed rates set at between $0.001 and $0.015 per share – notes that were issued before the reverse split and were never amended.
So, when the final line is drawn, what does OMVS have going for it? Scant little. Meanwhile the factors pulling it down are legion – its name has been tarnished by paid pumps, its financials are in tatters, it has no significant commercial achievements to date, and its past holds more than a fair share of stock-related shenanigans.
Investors should take these facts into consideration and act accordingly.
