Paid Inc.(OTCMKTS:PAYD) Jumps Again
Paid, Inc.(OTCMKTS:PAYD) had a turbulent ride last year. They started it around $0.08 and after no less than eight lasting and significant upward surges and subsequent falls closed the last session of 2013 at more than twice the market value the company started the year with.
Interestingly enough, their last fall for 2013 occurred on Dec. 23 and was completely unrelated to the upcoming holidays. On said date the PAYD announced that it has filed a patent infringement lawsuit against eBay Inc. (NASDAQ:EBAY) in the United States District Court for the District of Massachusetts on December 20. Allegedly, E-bay was using two PAYD patents that relate to the real-time calculation of shipping, insurance, and taxes online.
Buyers were obviously not convinced, because by the end of the session the company’s market value had dropped 8.33% for no other apparent reason.
The ticker made a couple more erratic movements but was generally headed down until Jan. 9, at which point it shot up to $0.19 and, again, started climbing the charts for no discernible reason. The company is, even now, on the rise – yesterday’s session saw PAYD close at $0.25, a share price that is coming close to their peak for last year.
A puzzling development, to say the least, if one takes the time to consider the company’s present state of inertia. PAYD hasn’t had a fresh press release since the lawsuit announcement and news related to the lawsuit itself has yet to emerge. The company hasn’t filed a new financial report, and the most recent one was certainly nothing to write home about:
- Cash $668 thousand
- Total assets $2.9 million
- Revenues $ 1.1 million
- Total current liabilities $1.3 million
- Quarterly net loss $156 thousand
Not a particularly impressive financial state in and of itself, but although it bears notice that the company’s cash on hand has more than halved, PAYD has managed to cut its net loss to approximately 6% of what it was for the same period of 2012. Still, impressive as that achievement may be, it did not make a splash when it was announced and certainly it couldn’t be responsible for the company’s present ascent. Thus PAYD‘s chart climb remains unexplained.
Another company that’s on the rise lately is Centor Energy Inc. (OTCBB:CNTO), who were going down for a couple of sessions, but closed 14.29% up in yesterday’s session.
