Eventure Interactive Inc (OTCBB:EVTI) submitted Form 10-Q for quarter ended March 31,2015 wherein it revealed that the no revenue have been generated since the inception of company. The loss from operations came at $4.349 million and $16.048 million, respectively, for the quarters ending March 31, 2015 and 2014. The decline in comparable losses was largely due to reduced stock compensation in the reported quarter.
Eventure Interactive informed that the company may need additional funds to advance with growth strategies. It expressed uncertainty over generating adequate amount of funds needed to support future growth plans or to carry out acquisitions. In addition, if financing is available, it may not come on acceptable terms.
There are no determined sources for raising capital in the coming period. If company fails to raise funds at the required time, then there would be no option but to materially change existing business plan, including postponing execution of aspects of business strategies or curtailing the business plan. Since inception, Eventure Interactive has been funded primarily by way of sales of company’s common stock and by obtaining loans from directors, officers, and third parties.
The financial performance
Eventure Interactive reported that as of March 31, the cash reserve was $1,512. The current liabilities came at $2.251 million which consisted of notes payable, derivative liabilities, accounts payable and accrued expenses. The net loss from operations can be attributed to generating no revenues to support the operating costs as it is an early-stage entity.
At end of December 31, 2014, the cash reserves stood at $2,957 and current assets were $15,196. The current liabilities stood at $2.210 million. As of March 31, 2015 the net cash used in operating activities came at $534,157 compared to $271,099 for the quarter ended March 31, 2014.
Eventure Interactive Inc (OTCBB:EVTI) had spiked up very sharply earlier in the week but lost most of the gains made in the latter half. It ended the last trading session with a major loss of 22.86% with the volume surging to 16 million, considerably higher than the daily average of 9.7 million. The rise in volume in the last few days clearly indicates the increasing supply from the hapless investors, desperate to get out by dumping the stock at whatever price available in the market. The long term log channel clearly shows the bear market but no sign of any bottom is visible yet.