If you are looking for any updates about Alternet Systems, Inc. (PINK:ALYI) for clues about the quantum leap it did yesterday, you will most probably end up a little disappointed because there are none.
Nevertheless, ALYI was one of the best performing stocks yesterday. Closing at $0.255 per share, ALYI gained $0.090, or approx. 55%, setting a two-year high. In terms of volume, ALYI shifted in excess of 514 thousand shares of common stock by the time the trading session came to an end, its second highest turnover for the last six months.
Ironically enough, neither official news, nor paid pump-and-dump games appear to have caused the big hype about ALYI stock all traders observed yesterday, raising suspicions about an insiders’ game that might be going on.
Founded in 2002, Alternet Systems, Inc. defines itself as a small-cap investment company which is mainly focused on mobile phone value added services marketplace. In this respect, ALYI offers such services as mobile commerce, mobile security and Voice over IP services.
According to ALYI’s third 10-Q report for the 2011 fiscal year, the company’s financial indicators a/o Sept. 30 included:
- cash reserves of $212K as opposed to $14K accumulated in Q4 2010;
- negative working capital of $0.98M vs. $1.26M a/o Dec. 31, 2010;
- quarterly revenue of $60K, down 91% on an annual basis;
- quarterly net loss of $585K, or 90% bigger than the net loss incurred in Q3 2010.
Unless ALYI has some really promising Q4 numbers up its sleeve, its latest market jump will end up causing a storm in a teacup rather than forming a consistent upward trend.
