The fall started on Tuesday and yesterday IDEH confirmed it by losing the next 12.38% on the market. Unlike the price fall, the traded volume of the stock exceeded 11 million shares, which is quite an unusual value for IDEH.The strangest thing here is that no particular reason for the loss can be found yet. In fact, over the past days IDEH has released some positive announcements, reporting that it has executed a Definitive Purchase Agreement for acquiring five parking garages in New York City. The garages were held by Scott Lieberman, CEO of IDEH, and the company expects annual revenues of approximately $3 million next year.
However, despite the positive news IDEH stock kept its way down and the low trade began.[BANNER]
International Development and Environmental Holdings is a development-stage company engaged in parking management and truck leasing. This Monday, the stock was ready to gain due to the “Must Buy” rumors at stockreads.com, however, the up move resisted just for a day. Obviously, neither the promotional newsletters nor the projected revenues were convincing enough for the traders and now nobody can predict how far IDEH might go.
As already mentioned on hotstocked.com, according to its quarterly report as a development stage company IDEH has generated no revenues, though its liabilities are far beyond the total assets. The company’s losses have been increasing and the deficit accumulated during its development stage totaled over $714 thousand by end-August this year. On October 25, IDEH had $0 in cash and the management stated that “The Company’s lack of operating history and financial resources raise substantial doubt about its ability to continue as a going concern over the next twelve months”.
In that case, what will be the next move of the company?
