added 1.64% to its price and its traded volume reached over 1 million shares for the day. As compared to the average value of only 134 thousand shares, that appeared to be a phenomenal gain for the stock.Though, no definite reason on the high trade can be found. The last news by ANTs Software date back to Sep. 7, this year. According to it, the company has signed an administration support services contract with a top tier insurance company and was to hold its annual shareholder meeting on Nov. 19. It turned out that the meeting was originally scheduled for Sep. 30, but it was then moved to Nov. 19, based on considerations from ANTS’s Executive Team and Board of Directors.
Apart from these announcements, no further news on the company was published, though its stock got overbought.[BANNER]
ANTs Software inc. is revolutionizing and simplifying DBMS migration, hardware consolidation and IT modernization. In May this year, the stock price exceeded $3 per share, however, after the climb ANTS entered a downtrend.
The financial results of the company don’t seem much promising. Its revenues have decreased and ANTS still has an operating loss of over $3 thousand. The company’s assets are higher than its liabilities, however, ANTS has a long-term debt to cover.
According to its quarterly report, “As of June 30, 2010, other long-term debt includes a capital lease obligation of $124,878, of which $53,217 is due within the next 12 months”, while “The outstanding balance of $250,000 on the line of credit is due August 1, 2010”. ANTS is negotiating with the bank for extending its credit line, though there is no confirmation on the matter.
On Sep. 20, the company entered into a material definitive agreement with its previous Vice President Finance & Operation, CFO and Secretary, Mr. Kenneth Ruotolo. Mr. Ruotolo brought a lawsuit against the company and it should pay him $225 thousand on or before December 20, 2010. “In addition, Ruotolo shall have until September 14, 2014 to exercise options to purchase 540,000 shares of common stock that he previously held as of the date of his separation from employment”.
Based on all the above-mentioned facts, ANTS most probably will need additional finances to cover its losses and support its future operations, so investors should carefully follow the stock price movement.
