Terra Tech Corp. (OTCMKTS:TRTC) Makes the Next Step in Las Vegas
After Terra Tech Corp. (OTCMKTS:TRTC) managed to recover from its last chart slide, the company’s stock has been trying to get comfortable in its new spot, around $0.36 per share. Yesterday TRTC moved a dollar volume of nearly $900 thousand but remained almost flat, 0.5% in the green.
The drama revolving around the company and the efforts of one Norman Gates, going by the Twitter handle ‘laughinpaulryan’, who the company accused of cyber harassment and damages, has now largely subsided. The company just dropped a new press release, informing that TRTC received final approval from the city council of Las Vegas for its proposed dispensary on Western Avenue. The company announced securing the step-one approval of the planning commission for its dispensary back on October 1.
This is still not the end of the licensing procedures, as TRTC now needs state provisional registration for the location and anticipates to get this on Monday. The last step would be a final review before getting the business license.
The current share price pegs TRTC‘s market cap at around $106 million – a valuation that the company still has to live up to. At least it seems TRTC is on the right track, given the numbers in its last quarterly. Here is what TRTC had to show as of June 2014:
- $2.6 million in cash
- $7.1 million in current liabilities
- $3.7 million in Q2 revenues
- $4.5 million in Q2 net loss
The company’s revenue figure was the biggest surprise, as it showed that TRTC will probably be able to deliver on its guidance of $7 million in 2014 revenues, possibly even exceed it.
The second approval in Las Vegas will likely help the price along and another approval on Monday may push it even further.
