After the breakout last month, Tytan Holdings Inc. (PINK:TYTN) seems to have found a range that’s comfortable for now.
Yesterday TYTN dropped 21.05% to a $0.003 close on nearly 60 million shares.
On May 25, TYTN announced they had signed two new sales representatives – Gary Lynch of Weir & Harrod for Australia, and Fred Joiner for the Pacific Northwest region.
Signing more sales representatives may have been a good idea. On Jun. 3 the company published its quarterly for the period ending Mar. 31. The sales of $97 thousand are hardly satisfying, compared to $234 thousand for the same period of 2010.[BANNER]
On the same date TYTN issued another PR, saying the CEO of the company had completed a tour of 13 Chinese factories which have contracts with the company. This was also mentioned in the PR from May 25.
The new quarterly, like the previous report, shows the company should be able to cover its current liabilities. However, large part of the current assets are in the inventory line, and that would suggest TYTN will have to make more sales if it is to pay off some of the liabilities.
