Pervasip Corp (OTCMKTS:PVSP) posted strong gains in last month. However, it appears that the ride has been over for the stock price as it tumbles down continuously in this month. As per the last financial report, Pervasip reported $7,000 in cash. It had current assets worth $143,000. The current liabilities came at $10.7 million. The net loss was $439,000 while the revenue was $478, 000.
Moreover, the company issued one billion shares against a dubious acquisition. The news of acquisition brought temporary relief to the shareholders. The overbought status also hampered the stock price. It is labeled with limited information status due to lack of latest filings. All these factors have to affect the share price and it happened. The market reacted to the company’s shenanigans.
Three years ago the share price of Pervasip traded around $1.40 per share. However, they are now trading in the sub-penny field. The stock of the company is being pumped by Stock Legends who received $10,000 in compensation to promote the company’s technology.
VoIP technology is considered as one of the growing sectors in Penny land and Pervasip seem to be taking benefit of this fact. It is one of the most talked about firm in the sector. The company states that the services are perfect fit for small as well as medium business firms as well as regular customers. Pervasip Corp (OTCMKTS:PVSP) seem to own a mobile version of their app which appear to be relatively popular. The company claims that they implement the concept of high quality and low cost, which is fit for most of the users.
The mantra of low cost and high quality has created problems for Pervasip and that is reflected in its latest financial numbers. As per the latest financial statement, it reported $22,000 in cash. The current assets came at $143,000 whereas the company posted $12.6 million in current liabilities. The revenue came at $248,000 and net loss was $779,000.