For almost a month, the share prices of Mind Solutions Inc (OTCMKTS:VOIS) were surging up the chart. The momentum for VOIS was so strong that stocks even posted seven consecutive trading sessions of gains. As a result, it came close to $0.0055 on Monday. However, the stock failed to maintain its momentum on Wednesday’s trading session as it declined more than 5% to close at $0.00640, with huge volume of 79.24 million.
In last trading session, shares of Mind Solutions declined sharply wiping close to 6% if its value. The depressing performance came on a volume of 79.24 million shares almost three times more than the 30-day average for the VOIS stock. The company filed its annual report for FY2014. The company is known for its crushing dilution of common stock taking place since the start of 2014. In the last year, the number of outstanding shares increased to more than 1.38 billion from 36 million. Almost 1.1 billion of the issued shares came through the conversion of convertible notes. The average conversion price of each VOIS share was $0.0008.
At the end of December 2014, Mind Solutions still had more than $45,000 in outstanding ‘Notes’ and, as a result, the VOIS shares issuance hasn’t stopped. In the first two months of 2015, more than 300 million shares were issued for a discount. As of March 10, 2015 the company had nearly 1.75 billion outstanding shares. Analyzing the past activities, it seems the company will continue its trend of selling new convertible notes.
The financial performance
As per the latest report filed in the month, Mind Solutions Inc (OTCMKTS:VOIS) had $113,000cash, $166,000 as total assets and $3.1 million as total liabilities. The company reported annual revenue of $100,000 and the annual loss came at $1.4 million from operations. The company is set to introduce their BCI device in coming months.