Sudden Surge for MyECheck, Inc. (OTCMKTS:MYEC)

As trading resumed on Friday, some strange names cropped up among the most heavily traded OTC stocks. Among those was MyECheck, Inc. (OTCMKTS:MYEC) – a pink sheet company supposedly offering electronic payment solutions.

MYEC caught a nice boost of 57% up on Friday, assisted by several pumps sent by promoter outfit Penny Stock Geeks. Considering the lack of recent news releases or new filings, as well as the general financial state of the company, the excitement among traders is simply unexplainable. MYEC was previously pumped in April this year and after a brief and minor surge in price that nearly brought it up to one cent, the stock went back down to under $0.005 where most of the last two months.

Here is a brief look through the financial side of things, as reported by MYEC as of March 31 this year:

• ZERO cash
• $1.2 million current liabilities
• ZERO revenues
• $8 thousand in net loss, constituted by general expenses

It’s hard to call a company displaying this sort of financial figures anything but a shell. The company’s state has not changed much from the same quarter of 2012 when the zeroes were still there. The situation is not helped by the fact that MYEC also has 3.2 billion outstanding shares, even if the float was reportedly 791 million as of the end of May.

Additionally, MYEC is currently headquartered in a quaint residential house in California, possibly attempting to cut down on office space expenses which are a little hard to cover on a regular basis when the enterprise is completely cashless. The official website of the company also does not seem to load as of the time of writing.

With the new pumps for the stock, there will probably be a few people who will be able to squeeze a quick and dirty profit out of this one, offloading into the hands of late arrivals. However, chasing stocks is hardly a good strategy, especially when you know you’re walking into what is very much a shell company.

Other stocks that climbed in Friday’s session included Awesome Penny Stocks pump job Xumanii, Inc. (OTCMKTS:XUII) who closed another 8% up. Blue Earth, Inc. (OTCMKTS:BBLU) also had a green day, climbing 8%.