After registering sharp decline in last week, the stock price of Eventure Interactive Inc (OTCBB:EVTI) posted a strong session on Wednesday, The stock jumped more than 4% to close the trading session at $0.00700. The stock is now trading well below the $0.01 per share after declining over 50% in last one week.
The reason Eventure Interactive registered a strong session yesterday is the release of a fresh promotional campaign. In fact, the last pump for the company came in the last week of June. The pump history of Eventure stretches back to 2014 when the company for the first time became target of paid promotional campaigns. Since then, more than 130 pumps have been designed advertising EVTI stock.
The stock promotions didn’t have a positive impact on stock performance of Eventure Interactive. At the same time, the latest quarterly report also failed to impress the investors. As per last quarterly report for the quarter ended March 2015, the company reported $1,000 in cash. The total assets came at $76,000 against the current liabilities of $2.2 million. The revenue was zero and the net loss in quarter came at $4.3 million.
It should be kept in mind that Eventure Interactive has not recorded a dime in revenues for FY2013 and FY2014. According to company’s own projections, the meaningful revenues are expected to generate sometime in next year.
A Schedule 13G revealed that Rider Capital Corp owned EVTI shares worth $6.5 million, or 9.8% of the Eventure Interactive’s outstanding common stock, as of June 17, 2015. Also, the company has exceeded the count of its authorized shares to 1 billion. The combination of paid pumps, new wave of issued shares and discounted convertibles are the main reasons behind company’s dismal performance.
Eventure Interactive Inc (OTCBB:EVTI) ended the last trading session with a nice gain of 4.48% but the bulls would not feel pleased with the intraday price action as the final closing price of $0.007 came 33% lower compared to the day high of $0.0105. The closing of $0.007 was also very close to the opening price of $0.0073, making the daily candle a Doji which suggests indecision instead of strength for either of the camps. The volume exploded to 48 million for the day, against the daily average of only 9 million, indicating the battle between the bulls and the bears.