On Thursday, Thinspace Technology Inc (OTCMKTS:THNS) released a new PR reporting that they have expanded their total customer base in South America. The company together with its strategic partner, ‘Tecnosys’, finalized two government deals in Peru with the ANA and Sedapal. The company’ stock came in focus after the news.
Also, a new promotional campaign launched on the same day brought increased attention towards the stock. Following the excitement, the stock opened with a gap up at $0.0062. However, the hype and excitement dissipated through the course of day and the stock closed flat at $0.005.
Despite the pumps and positive PR, the stock price of Thinspace refused to move upwards on the chart. Compared to other penny stocks performance, the company is registering respectable revenues closing 1Q2015 with $790,000 in revenues, up from $784,000 for the same quarter last year. The problem is with the other numbers on the balance sheet, which are not at all encouraging.
As per 1Q2015 report, the company posted cash of $166,000. The current assets stood at $785,000 against current liabilities of $15.7 million. The net loss came at $272,000. The poor performance of the stock can also be attributed to the active promotional campaign. At the start of this year, when the pump was launched, the stock of Thinspace was trading close to 18 cents per share. Since then, almost 170 email alerts have been circulated, and the stock has eroded over 97% of its value.
The problems for Thinspace don’t ends here as more and more pup emails are joining the promotional campaign. On Thursday, Able Traders and the Stock Commander, and the various parties associated with MJ Capital joined the promotional wagon.
Thinspace Technology Inc (OTCMKTS:THNS) not only ended the last trading session unchanged but finished the entire week almost unchanged too as the final closing price of $0.0050 was nearly the same with weekly opening price of $0.0049. That price action created a Doji on the weekly chart, indicating indecision on the part of all the market participants and that was best reflected in the volume of 5.5 million, very dry compared to the daily average of 28 million. The stock has been trading in the narrow range of $0.0045-$0.0070 for the last two weeks and a resolution of that range may determine the next direction.