After reporting a strong start last week, Thinspace Technology Inc (OTCMKTS:THNS) is moving south on the charts, eroding gains with massive, carefree strokes. On Wednesday, the stock price of Thinspace declined more than 19% to close the session at $0.00585. The decline came at a share volume of 11.44 million compared to average share volume of 11.79 million.
Despite the big announcement made on Wednesday, the stock price of Thinspace registered drop of over 30% in following two trading sessions. The company reported that a home security business firm known as AlarmForce finalized Thinspace for virtualization solutions and services. The news didn’t help the stock as it continued with its downward trend on the charts.
The endless series of paid promotional emails targeting Thinspace also plays a vital role in the company’s dismal performance on chart. In April, the stock was trading close to $0.10 per share, and then after eighty pump emails it declined more than 90% from those levels. The stock is now trading deep in double zeroes.
The latest promotional email coincided with the promising PR about AlarmForce, highlighting the company’s official statement. The outfit ‘TheNextBigTrade dot com’ revealed the compensation amount of $20,000 received to promote THNS stock.
In addition, Thinspace disclosed that as of May 12, the count of outstanding common shares was 104 million. With 114 million daily volume recorded in last Friday, the count of common shares has probably surged from the reported number on May 12, 2015. The promotional campaign is still going on and seems to be not ending anytime soon.
As per the latest financial report, Thinspace posted cash reserves of $166,000. The current liabilities stood at $15 million. The revenue came at $709,000 and net loss in the quarter was $270,000.
Thinspace Technology Inc (OTCMKTS:THNS) lost yet another 19.18% in the last trading session that was not wholly unexpected. The bear market has been unrelenting for the stock as evident from the current trading price, 97% lower compared to the 52 week high of $0.2460. The volume of the last session was 11 million only, considerably less than the daily average of 17 million, more so when the price action of the day is considered. The long term trend can be reversed only if the major resistance level of $0.05 is overcome, which is too far away right now and that’s why more downside remains the only expected outcome.