The penultimate promotional campaign in support of iTrackr Systems, Inc. (OTC:IRYS) got off to a false start yesterday as the shares of the e-commerce and social media software company quickly depreciated in value. This scenario has now left market players with a sneaking suspicion that the newest advertising effort will hardly reverse the trend.
Following a three-week period of steady growth, IRYS crashed big time during the latest trading session yesterday. In short, the company’s shares lost 28.75% in value, clocking in at $0.57 per share. Approximately 1.58 million shares of common IRYS stock changed hands, which is head and shoulders above the daily average trading volume of 334K.
Apparently, the $15 thousand promotional wave which started bombarding investors’ mailboxes on Sunday afternoon has failed to live up the expectations of its initiator. Now, IRYS is in for a new pump-and-dump game. Launched yesterday evening, it has a new paying party and has been backed up by a much bigger compensation, namely $60 thousand.
IRYS closed the third calendar quarter of 2011 with:
- cash reserves of $45 thousand;
- working capital deficit of $1.38 million;
- quarterly revenue of $232K and a net loss of $205K.
Even though IRYS has shown definite signs of improvement both in terms of current assets and quarterly revenues, the company still has a long way to go before turning profitable. Until then, IRYS stock will remain fairly dependent upon paid advertising.
