‘The Register’ is an online platform committed to highlight news from the technology market. Bob Dormon, a representative of The Register, attended the wearable tech show in England and met Motti Kushnir, the CEO of Infinity Augmented Reality Inc (OTCMKTS:ALSO). Dormon shared his opinion on the company’s technology last week, and as of now it is evident that he is impressed with it.
Naturally enough, Dormon compared Infinity Augmented products with the Google Inc (NASDAQ:GOOGL)’s glass. He commented that the work is in progress. The article of Dormon affected the performance of ALSO shares over last two days. In just six and a half hours, the volume crossed more than 2.1 million shares making an absolute record. The stocks posted gains of more than 47% which indicated that it was set to start the week on a strong note. As per the expectations, Infinity stocks opened in the green and posted gains of more than 14% to close at $0.160.
As of now, investors are exited after release of Dormon’s article, but the key question is will their enthusiasm last? If past is anything to go by, Infinity Augmented have concerns on their hands. ALSO stock declined from $0.46 to almost $0.10 in last one year. Even after two days gain, it is trading 70% below $0.46.
The financial performance
As per the latest quarterly report ended November 30, 2014, Infinity Augmented reported cash of $1.1 million, total assets of $1.3 million and total liabilities at $4.1 million. The company posted zero revenue with quarterly net loss of $1.4 million. As the numbers show, the balance sheet is not solid enough to boost Infinity overtake Google or the rest of the tech giants in the race to launch the most impressive product of wearable technology in the market. Also, the weak part of the company is its workforce which has shrunk from 21 full-time employees to just six over last year.