World Assurance Group, Inc. (OTCMKTS:WDAS) Crashes Down To Double Zeroes Once Again
Yesterday was supposed to be a great day for World Assurance Group, Inc. (OTCMKTS:WDAS) They finally released a product through their wholly owned subsidiary CellAd, albeit the applications is still in beta version. The company had a promotional campaign going on for them but the promised surge in price never actually happened. In early trading the ticker showed some positive movement but come noon it started sliding hard towards the bottom. In the end more than 11 million shares changed hands and nearly 50% of its value was gone when it closed at $0.0061.
If you followed our previous coverage on WDAS you would see that back then the story went exactly the same – a paid pump followed by a 55% drop. It is no surprise that this time the results are similar. The company is an alternative filer so they don’t follow SEC regulations. That is nowhere more evident than in their latest annual report that contains the financial indicators of WDAS for 2012 and 2011, at the same time. And as we won’t be holding our breath for any new reports coming out soon we still have to rely on the same dismal numbers:
- zero cash
- zero current assets
- zero revenue for the past two years
- $127 thousand net loss
The only assets they have are in a real property acquired back in 2010 but their wholly-owned subsidiary that operates in the sector still hasn’t been able to turn a profit.
Currently the company put all its hopes on its mobile advertising management platform and its first smartphone app ‘AdKash’. We took a closer look at this application and apperantly it s going to display a full-screen advertisement on your phone every time you receive an inbound call, text message or MMS. It certainly sounds rather annoying so in order to incite you they offer to pay up to 5 cents for every clicked ad. The question still remains how are they going to find the necessary resources to support such payments but maybe that is exactly why they increased their maximum authorized shares to 5 billion.
Global Marketing Media, LLC through its affiliates 1-2-3 Stock Alerts, Penny Stock Circle, Penny Stock Players and The Stock Scout, will more than likely move on to find new target but not before netting $45 thousand as compensation. Just a couple of weeks ago on April 25, The Stock Scout took part in another campaign that ended with disastrous results. Back then the touted company was Solar America Corporation (OTCBB:SOLX).The potential for revenues of the mobile digital advertising cannot be denied. But that doesn’t make investing in WDAS any less of a risky venture. It is always a good first step to do your own research before making any trades.
