Three weeks ago, Sky Power Solutions Corp. (OTC:SPOW) was pumped by a promotional campaign worth $10 thousand. As a result, SPOW stock gained 46% on the very next day. Yesterday, third parties invested $70 thousand into a couple of mid-day newsletters, hoping to relive the situation, or even take it to a higher level.
As it consequently turned out, SPOW failed to close the session on a high note. Instead, it went down 15% in value, closing at $ 0.41 per share on a volume of 381 thousand. The latter set a new three-month record and marked a six-fold improvement over the average daily trading volume.
Describing itself as an emerging leader in developing next-generation lithium-powered batteries, SPOW announced yesterday that it would present a working prototype of its Residential, Standalone, Solar Concentrating, Electric Power Generation system during Solar International due to take place in Dallas, TX from Oct. 17 to Oct. 20, 2011. The system is expected to be able to produce 2 KW of electric power with no emissions and only using sunlight.
SPOW’s most current financial report covers the quarter ended Apr. 30, 2011. As seen in the official 10-Q form, the company’s balance sheet back then included:
- $178 in cash and cash equivalents;
- net working capital of – $6.5 million;
- zero revenue and a quarterly net loss in excess of $120K.
Prior to the end of the aforementioned quarter, SPOW carried out a 1-to-300 reverse stock split. When it resumed trading on Apr. 26, SPOW shares had been artificially boosted up to the pink sheets quotes. To continue to increase its value, however, the company will have to present a commercially viable product as soon as possible.
