TheLightningPicks Coming out of the Blue with Endeavor Power Corp (PINK:EDVP)
It isn’t so difficult to start a business, nowadays. All you need is some capital, mountains of paperwork to fill out and you’re all set to go. The most difficult bit is getting an idea of what you are going to do. Endeavor Power Corp (PINK:EDVP) have been struggling with this for quite a while now and it appears that things are not going to change any time soon.
EDVP was incorporated way back in 2005 and although nearly 8 years have passed since then, they have yet to decide what their field of operations will be. They have tried different things throughout the years – web site development, mineral exploration, oil and gas production, mineral exploration again, discarding old electronic components in an environmentally friendly way…. Did we mention mineral exploration?
All these ventures have failed in one way or another and they have recently decided that the company’s success lies with the bio-medical products. Some acquisitions later, and quite a lot of share issuance, they are now in that business and, according to their claims, they are here to stay. “Good” and “luck” were the only words that crossed our minds.
As always, the first step was to check on their financial situation. The industry, in which they are now operating, requires quite a lot of expertise, colossal amounts of money and a lot of incredibly smart people in white coats, conducting all sorts of experiments. Truth be told, EDVP don’t even have the finances to pay for the lab rats. Just to be sure that you don’t misinterpret this as a joke, here are the financials according to their latest SEC report:
- no cash
- total assets: $4,972
- total liabilities: $815,061
- no revenue for the last year
- net loss since inception: $18.5 million
As if all these figures (or lack of them) weren’t enough, we found out that EDVP were featured in some previous promotions. The outcome of one particular pump caught our attention. A certain Mr. Geoffrey Eiten has promoted them back in December 2010 as part of his OTC Special Situations newsletter. The price dropped as you’d expect, but that wasn’t the only problem. The Securities and Exchange Commission weren’t particularly happy with Mr. Eiten’s advertisements. They were so displeased, in fact, that they filed some charges against him. Of course, we can’t put the blame on Endeavor about this, but it’s a good idea to keep this story in mind before investing in their shares.
Speaking of promotions, we should say a few words TheLightningPicks themselves. Not that long ago, on December 6 2012, they tried to tout the price of Global Resource Energy Inc (PINK:GBEN) and this “interesting” stock has dropped a massive 68% since then. Looking at all the facts above we are struggling to see what could stop EDVP from following in their steps.
