Tautachrome Inc. f/k/a Roadships Hldg Inc (OTCMKTS:TTCM) Clambers On
Ever since it woke up from its long hibernation in April, Tautachrome Inc. f/k/a Roadships Hldg Inc (OTCMKTS:TTCM) has been doing rather well. In fact, we reckon that calling it “one of the few solid performers on the OTC Markets” might not be far off the mark.
Volumes are not exactly consistent, but overall, the interest is there which means that the ticker is on a rather steady climb. Thanks to it, TTCM managed to gain exactly 20% during yesterday’s session which pushed it to a close of $0.036 per share. That’s around 1,800% above the share price at the beginning of May, but does it mean that TTCM is now 1,800% better than it was seven months ago?
Well, it has gone through some changes, it has to be said. The previous freight and shipping business was sold to Novagen Ingenium Inc (OTCMKTS:NOVZ) who will try to get it going alongside their own miraculous engine technology. Prior to changing its name, TTCM also closed the acquisition of Click Evidence, Inc who are working on KlickZie – a mobile phone platform which allows you to verify the uniqueness of images you find on the internet.
It must be said that this is not really a new idea. Google has had a similar service for a while now and with its help, we found out that some of the pictures on KlickZie’s website are stock images. Competing with one of the most prominent companies the world has ever seen is an ambitious task and as far as the latest 10-Q is concerned, TTCM is wading into battle with damp powder.
Here’s what the figures looked like at the end of September:
- cash: $37 thousand
- current assets: $39 thousand
- current liabilities: $617 thousand
- NO revenues
- quarterly net loss: $203 thousand
You may remember from our previous article that the company was headed by a couple of individuals called Michael Nugent and Robert McClelland who appear to be magnets for controversy. The same dynamic duo is behind NOVZ as well and many people thought that they will be gone along with the shipping business. That hasn’t really happened.
Mr. Nugent stepped down as a CEO, but he kept his seat on the Board of Directors and he was recently appointed as Chief Advancement Officer which means that he will be in charge of raising cash for TTCM. As for Mr. McClelland, he is also a Director and if Arizona’s Secretary of State is anything to go by, he became a CEO of the KlickZie subsidiary on November 25 – an action that hasn’t been disclosed in a press release.
You will be the one to decide whether this could have any effect on the stock performance. A thing that is presenting a more immediate danger to the share price is the debt that was picked up during Q2 and Q3, though. Several convertible notes were issued between March 31 and September 30 and each of them carries its own individual fixed conversion price. When you put it all together, however, you’ll end up with around $333 thousand worth of debt convertible into 50.4 million shares. That works out at an average conversion rate of less than $0.007 per share.
