IFAN Financial Inc (OTCBB:IFAN) started the year with a bang touching the $1 per share mark. However, the stock price had a tough time maintaining at higher levels and gradually after some time commenced its fall that has eroded a large portion of its value.
IFAN has been the target of promotional campaign and that too paid almost from the time when it started active trading. The paid campaign was one of the biggest campaigns. Mintefor Investment Ltd fixed a whopping budget of $3.5 million for paid promotion. It appears as an awful lot of funds to promote a firm that has these dismal numbers mentioned in its balance sheet for the quarter ended November 30, 2014.
As per the latest quarterly report, IFAN Financial had $18,000 in cash. The current assets stood at $65,000 and $809,000 as current liabilities. The revenue was zero and net loss stood at $165,000. The paid amount of $3.5 million is not a big amount to promote a stock that people want to record a gain on. However, the concern is why an entity would pay a big amount for a paid campaign to promote a firm that is practically broke. There were many outfits that promoted IFAN too and more lately the promotional campaign has been renewed.
Start of beta testing
After the last promotional email from Quality Stocks in first week of February, there was a long time of silence. That was until this week when SCFW came in to pump IFAN Financial for a compensation of 70 thousand restricted shares and $20,000. The company fueled the promotion by announcing the commencement of beta testing process of its card payment platform. The news was enough to provide for a 60% jump in stock price. IFAN stock posted gain of $0.140 to close at $0.370.