Pervasip Corp (OTCMKTS:PVSP) is Back to Triple Zeroes
It was a fun excursion, getting another taste of double zeroes for a brief while but after yesterday’s session, Pervasip Corp (OTCMKTS:PVSP) is down to triples once again. The company’s stock crashed 30% and stopped at $0.0009 per share by the bell.
There is a lot about Pervasip Corp that can serve as potential red flags to the more cautious investor. For one, the fact that the company’s website is practically defunct and trying to load it brings up a blank page. There’s also the recent acquisition and merger with one Plaid Canary Corporation. In case you’re wondering who or what Plaid Canary Corp is, you will have to make do with “a special purpose consolidation company” – the description provided in PVSP‘s press release.
Sadly, Plaid Canary is also an entity that did not see fit to maintain a website, so obtaining any information about the company outside of what PVSP provides is virtually impossible. A July 2 press release states that Plaid Canary has a majority stake in an entity that does $5 million in annual sales. Obviously none of this money could be directed towards maintaining a website or any sort of recognizable online presence.
PVSP‘s last quarterly report is another matter to take into account. Here is the brief summary of its balance sheet for the three months ended February 2015:
- $2 thousand in cash
- $12 million in current liabilities
- $894 (eight hundred and ninety-four dollars) in quarterly revenues
- $1.9 million in quarterly net loss
PVSP sat on 4.7 billion shares as of early June. Nine months earlier that number was 1.1 billion. You don’t really need a calculator to see how much dilution that is. Our previous articles contain a more detailed breakdown of the prices at which a lot of those new shares were issued and those details are far from exciting.
