When we last covered Flint Telecom Group, Inc. (OTC:FLTT) two months ago, its stock had just become subject of heavy promotion. While what happened since then is clear for everyone, FLTT is now in for another promotional ride, though sitting on a much lower basis.
Following a steady downfall, FLTT scored a third consecutive positive market performance yesterday when it gained further 41% in value, rallying to the $0.0031 per share level. The surge occurred on a substantial volume spike as more than 38.7 million shares of FLTT stock changed hands, marking not only a six-fold improvement over the previous day, but also a giant leap as compared to the daily average trading volume.
While yesterday’s movement was triggered by a press release, today’s surge, if any, will most probably be attributed to a brand-new advertising campaign. As of now, interested third parties have joined forces by putting $10 thousand on the table to raise awareness about FLTT stock. Moreover, the cost is likely to increase by additional $10K under certain circumstances.
Flint Telecom Group, Inc. occupies the communications equipment industry and is focused on providing what it calls ‘next-generation’ IP communications Products and Services. The company operates in the field of telecom software, as well as wireless IP applications.
Being a diligent SEC filer, FLTT recently published its most current 10-Q report, amending it later. According to the amended balance sheet, as of Mar. 31, 2011, the company has:
- $45K in cash;
- $1.7 million in current assets vs. $17 million in current liabilities;
- $3.8 million in revenues and a net loss in excess of $2.15 million.
As it is, the financial facts speak for themselves. The overall picture leaves little room for a consistent positive run on the charts. Until FLTT comes up with some commercially viable projects, it will most probably continue to rely on promotional pumps.
