Worlds Inc. (OTCBB:WDDD) Takes A Nose Dive
Worlds Inc. (OTCBB:WDDD) took a staggering blow yesterday. As soon as the news of the company’s failed patent lawsuit hit the wire, the ticker plummeted from the high of $0.22 all the way down to $0.13.
WDDD‘s numerous patents seemed to be the company’s pride and joy. In the words of Thom Kidrin, the company’s CEO, said patents “are critical to enabling the MMORPG communities as we know them today”. Such enthusiastic statements and the interest they caused in buyers were pretty much the only thing that drew attention to WDDD and kept it afloat.
WDDD‘s financial state certainly couldn’t have impressed any investor into buying. The company’s latest report, the one covering the quarterly period ended Sept. 30, 2013 revealed the following unconvincing numbers:
- Cash and cash equivalents $63 thousand
- Total assets $330 thousand
- Total Current Liabilities $3.9 million
- No revenues
- Net Loss $3.4 million
The news that the Massachusetts district court handling WDDD‘s patent suit against Activision Blizzard, Inc. (NASDAQ:ATVI) has ruled in favor of ATVI and declared that “all of the asserted claims in the Patents-In-Suit are invalid” pulled the rug from under WDDD‘s feet. As a consequence to the news of the court’s decision, investor support dropped immediately, and company stock crashed 40.91%.
Whether it will be able to recover once the smoke clears remains to be seen.
