Itrackr Systems Inc (OTC:IRYS) closed the week with an impressive gain. On Friday, the stock soared almost 24%, while its 
traded volume got more than 4 times higher as compared to the day before.
What provoked interest here is that Itrackr has been quiet since November and no one has a clue about its current operations. Thus, the reason for the sudden gain cannot be named yet. In any case, if there’s something going on with the company, it should be seen shortly.
iTrackr systems, Inc., an e-commerce software and services company, engages in the development, marketing, and commercialization of an online product and inventory search application for retailers and consumers. Last November, the company filed its 10-Q report. However, it was not promising at all.
From inception to September 30, 2011, IRYS has incurred an accumulated deficit of $4,5 million through a combination of stock compensation, professional fees and expenses, accompanied by continued operating losses. The company has financed its operations primarily through debt and equity financing. However, the management cannot be certain if they will be successful in acquiring such sources of capital in the future.[BANNER]
The company’s accounts payable and accrued expense balance was $377,893 and included $50,500 due to its CEO for unpaid salary and benefits. Between accounts receivable and cash on hand Itrackr estimates there is enough to fund approximately 4-5 months of operations.
The management also claim that their available working capital and capital requirements will depend upon numerous factors that cannot be controlled. In addition, approximately $45,000 to $55,000 per month, or $540,000 to $660,000 will be required to maintain and expand the company’s sales and operations and cover its expenses for the next 12 months.
Judging by all above-mentioned, Itrackr will definitely need additional funds to support their operations. This, however, cannot be guaranteed.
