PositiveID Corp (OTCMKTS:PSID) Can’t Keep Its Gains
PositiveID Corp (OTCMKTS:PSID) had a pretty terrible run down the charts in the past couple of months, dropping below the 10 cent per share mark in April and continuing to slide further down on increasing volumes.
The company stock had lost quite a lot of value and there were several good reasons for that to happen. For starters, let’s take a quick look at some of the numbers of prime interest contained in PSID’s report for the first quarter of this year.
- cash: $262 thousand
- current assets: $1.9 million
- current liabilities: $14.9 million
- quarterly revenues: $1.6 million
- quarterly net loss: $3.9 million
We must note that it is commendable that PSID has managed to generate significant revenues, but the net losses certainly outweigh them. Furthermore, there is the matter of the massive amount of debt that the company has managed to pick up along the way.
As we wrote in our previous article there is a large portion of that debt that is convertible into shares at a massive discount. Meanwhile, PSID’s outstanding share count has gone up more than two times in the past year.
Still, an optimistic announcement concerning the successful detection of Zika virus on the company’s Firefly Dx Prototype Systems was able to propel PSID 113.56% up the charts in Wednesday and allowed the company stock to trade a total of 109.62 million shares, generating $1.09 million in daily dollar volume.
The hype quickly disappeared and we saw the ticker drop 11.90% and close at $0.111 yesterday on an even bigger volume that generated $2.29 in trade value. PSID took some blows in today’s session as well, but has managed to reduce the losses to 2.70% as of the writing of this article.
