Everything about Itrackr Systems Inc (OTC:IRYS) appears to be shrouded in mystery. Apart from its yesterday’s market performance, other chart data is nowhere to be found.
Anyway, what we’ve got here is one single session that took place yesterday. Opening at $0.55 per share, IRYS stock failed to make any huge movement, eventually closing a few cents below the opening value at $0.51. As far as the turnover is concerned, as many as 222.5 thousand shares of IRYS stock changed hands that day.
If this were not enough, IRYS does not seem to have any message boards on iHub either. So, how did IRYS come into being? As it seems, the company was formerly known as Must Haves, Inc. It has existed under its current name since Feb. 1, shortly after completing a reverse merger with a Floridian corporation bearing the same name. The share exchange transaction was closed on Jan.12.
IRYS has not taken part in the regular sessions on the OTC market throughout Q1 of 2011 because the company has not issued any stock during that period. The company describes itself as an e-commerce software and services enterprise specialized in developing a special online product and inventory search application. IRYS believes it has constructed a novel and efficient platform that ‘drives value to customers, retailers, advertising and marketing firms’.
Occupying the OTCQB marketplace, IRYS has been carrying out an impeccable transparency policy. Being a regular SEC filer, IRYS recently published a fresh 10-Q report covering Q1 of 2011. As of Mar. 31, the company has:
- $285 in cash and $37K in current assets;
- $1.12 million in current liabilities;
- $40 thousand in revenue and a net loss of $136 thousand.
Given IRYS’s fragile financial health, the company will most probably try to raise additional capital in the immediate future. Although it has already issued some 20 million shares, there are almost 80 million more shares of A/S waiting to see the light of day.
