Well Power, Inc. (OTCMKTS:WPWR) Starts To Hesitate
If you have been following the world of pennystocks since the start of the year the name Well Power, Inc. (OTCMKTS:WPWR) should sound quite familiar. Back in February a $4.1 million promotion carried out by the pumper StockTips started touting their stock. Initially the increased attention managed to lift WPWR to price ranges above 80 cents per share. Since then though the stock has been going nowhere but down wiping nearly 90% of its value when on May dropped down to just $0.085.
Despite the extremely negative performance the pumpers have not stopped touting WPWR even for a moment. When on April 10 StockTips announced that they will be moving on to the next target their place was immediately taken by various smaller outfits. Finally their persistency paid off and the company made a significant jump adding 65% to its value and closing at $0.19 on Wednesday.
At the start of yesterday’s trading the positive momentum continued to build up and the stock soared to an intraday high of $0.278. Such price levels proved to be too much to support at WPWR slid down for the rest of the session closing the day at $0.204. The hesitant performance may signal that the effects of the artificial hype are once again starting to disappear.
The company cannot maintain its current price on its own. For the past two months nothing has changed and WPWR are still in a dreadful financial state:
The company cannot maintain its current price on its own. For the past two months nothing has changed and WPWR are still in a dreadful financial state:
• cash: $20 thousand
• current assets: $30 thousand
• current liabilities: $564 thousand
• no revenue since inception
• quarterly net loss: $33 thousand
• current assets: $30 thousand
• current liabilities: $564 thousand
• no revenue since inception
• quarterly net loss: $33 thousand
They are nowhere near revenue generations and will need a lot more funds in order to fulfill their license obligations for the Micro Refinery Units. Another huge concern for investors should be the 975 thousand shares sold in 2007 for just $0.02 each. Thanks to the 50-for-1 forward split performed in January these shares turned into more than 48 million. That is why doing your due diligence is should always precede any trades involving pennystocks.
Right before the start of today’s session the Securities and Exchange Commission suspended yet another potstock from trading – Fortitude Group Inc. (OTCMKTS:FRTD). The suspensions comes days after FRTD announced a buyout by a mysterious OTCQB company. The stock will resume trading on June 9 most likely on the Grey market. 