The Sixth Pump For Creative Edge Nutrition, Inc. (OTCMKTS:FITX) is Underway
At this point it seems pumpers are trying to beat a dead horse. Creative Edge Nutrition, Inc (OTCMKTS:FITX) have lost more than 80% of its values since the first pump for them back in September 2012. Or, in other words, they have fallen from $0.03 to double zero territory and are currently hovering around $0.005. Investors are also tired from the incessant pumping and yesterday the stock dropped down by 19% albeit on a massive volume of 100 million traded shares.
This time the promotion is as widespread is it can get with nearly 20 alert emails sent in a single day from a host of different newsletters. The received compensations also showed much diversity ranging from the meager $8000 for BreakOutStocks and PennyStocks101 to $35 000 for PennyStockCrew and StockPublisher. As a whole the sum distributed among the promoters came close to $150 000.
What makes FITX such a good target is their stable business. Well, stable may not be the right word when you see that they had to increase their authorized amount of common shares on three separate occasions in the past seven months – up to 700 million in October, 1,1 billion in February, 1.4 billion in May. As an added twist on the OTCmarkets site it is listed that the authorized shares are 1.8 billion which may indicate yet another increase. Not to mention that just for the last quarter FITX‘s shares have been diluted by 35% percent.
And as we mentioned last quarter, let’s check what they managed to achieve in the form of financial results. For the period ending March 31 they posted:
$80 thousand cash
$433 thousand total current assets
$1.7 million total current liabilities
$524 thousand revenues
$1.1 million net loss
As we said the company is generating significant revenues and are frequently releasing updates about their activities. Last month they acquired 3 superstores in Canada and added another online retailer for their Cenergy Nutrition’s product line. The problem is the increasing amounts of liabilities and net loss resulting in even more reliance on equity and common shares sales.
Left on its own the ticker might be able to recover some of its lost value but under the incessant bombardment of pumps it is unlikely. A curious fact is that the paying party for the December promotion is HH Group LLC. The same are listed as receiving 60 million of FITX‘s shares at $0.001 price per share. A rather striking coincidence, don’t you think?
For now all those who believed the emails have incurred significant losses and will be waiting for the price to nudge up a little before they rush to shed their holdings. For everybody else it is better to skip the stock.
