Thinspace Technology Inc (OTCMKTS:THNS) Explodes Into Motion
Thinspace Technology Inc (OTCMKTS:THNS) managed to add 61.11% to its market value yesterday, as another wave of hype gripped the ticker and flung it skyward.
The company’s message boards are currently teaming with activity, optimism and, it seems, more than a little wishful thinking. The only question is – why?
There is no new PR, no social network activity, no news on THNS‘s website and no new paid pumps. The company hasn’t filed any new meaningful financial reports either, and the last one it did put out hardly inspired confidence:
- Cash and cash equivalents – $166 thousand
- Total current assets – $784 thousand
- Total current liabilities – $15.7 MILLION
- Revenues – $790 thousand
- Net loss – $270 thousand
True enough, about 12 million of the company’s current liabilities can be attributed to “change of fair value of derivative liabilities”, but even so, the report looks quite bleak. The fact that THNS has about $800 thousand worth of loans and convertible notes payable is not too reassuring, either.
It basically means that a lot of shares can be converted and heaped on the heads of unsuspecting investors at any time.
The fact that not long ago the company registered a session where a number of shares equal to its shares outstanding changed hands suggests that the flood of shares is already taking place. And since THNS has 500 million authorized shares there’s still a lot of possibility for dilution.
While all of this is taking place, the company is receiving paid pumps. Investors should really take notice of that before they jump at THNS stock.
