Eventure Interactive Inc (OTCBB:EVTI) comes in the list of OTC stocks that barely traded in the first half of 2015, and all of a sudden started to record drastic moves on the chart in last few weeks. The stock started to decline in June and extended its decline throughout the month.
The stock of Eventure was covered by many stock commentators including traders350 and Coral Gables, which added to the hype surrounding the stock. Unfortunately, the investors who rushed to buy in June are now stuck at higher buy level. The stock has failed to reverse its declining trend on the charts. It is very much in line with its dismal financials.
The first quarter report revealed that the company barely had cash of $1,000. Even the total assets were no more than $76,000. The current liabilities were $2.2 million while revenue was $0. Eventure reported net loss of $4.3 million in the quarter. It is evident that the financial numbers are dismal but is should be noted that Eventure market cap of $202,620 is not that big either.
Eventure managed to record a green session on Tuesday after it reported that it entered into a licensing and development agreement with Reve Technologies Inc (OTCBB:BSSP). As per the deal, Reve’s Hush Chat messaging feature will be integrated into Eventure’s Social Calendaring app. The company will work on the Hush Chat platform as per the users’ requirement.
As a part of the deal, Reve will get a part of revenue depending upon the usage and adoption. Hush Chat’s app and Eventure’s ability to focus on the users’ needs makes this agreement into an impressive revenue making opportunity.
It was not a surprise even when Eventure Interactive Inc (OTCBB:EVTI) lost 29.79% in a single trading session yesterday as that was just a continuation of the huge bear market. The volume of 52 million was not only much higher than the daily average of 18 million, it marked the second most active day in the last 12 months. This latest crash is just a sign of the capitulation of the frustrated investors, well reflected on the volume pattern and this capitulation may well continue in the next sessions too, driving the price much lower. The bulls can expect a corrective bounce till $0.01 at best.