After an impressive loss on Thursday, Cytta Corp (OTC:CYCA) got back on track and closed the week with a gain. On Friday, 
the stock soared 18.18% on a traded volume of over 9 million shares. Nevertheless, what has provoked the gain is not clear yet.
According to the records, the latest news by Cytta date from Jan 31 when the company reported a new material agreement. The announcement stated that the company’s Board ratified an executed Wireless Machine to Machine Communications Agreement with ATT Mobility II, LLC on behalf of its affiliates AT&T or AT&T Mobility (herein AT&T). Pursuant to the terms, Cytta agrees to purchase from AT&T machine to machine communications on AT&T’s Wireless Network. Setup, activation and additional details are currently being determined between the parties.
The agreement news immediately influenced CYCA stock price and it grabbed the up move. Though, since it was already broken once, the next move of the stock looks unpredictable. Apart from the recent promotions.
CYCA got promoted twice yesterday in order to continue the climb this week. And the result is just about to be seen.[BANNER]
Cytta Corp. operates in the technology industry. In end-December, the company filed a notification of late filing regarding its 10-K report, thus the financials of CYCA are currently unknown.
Meanwhile, the company’s 10-Q is not encouraging at all. As of June, 30, 2011, total assets of CYCA were higher than its liabilities, though the net loss jumped up either. At the same time, the company had $191,531 in loans outstanding and the deficit accumulated during the development stage went over $1 million.
The management claimed that in order to continue as a going concern the company will need, among other things, additional capital resources. However, they cannot provide any assurances that CYCA will be successful in accomplishing any of its plans and eventually attain profitable operations.
