The shares of pink sheet DNA Dynamics, Inc. (PINK:DNAD) skyrocketed 56% yesterday as the developer of mobile apps for smart phones and tablets published a comprehensive financial report covering the annual period ended Dec. 31, 2011.
Closing trade at $0.0025, DNAD shot up $0.0009, or 56.25% to secure its highest close since Feb. 22, 2012. What is more, the company shifted a total turnover of 78.2 million, nine times as much as the average volume and a new six-month high.
So, how is DNAD doing today? By all means, the surge seems bound to continue for a while. As it is, DNAD has edged up 44% in less than half an hour on a volume of approx. 8 million. Provided that DNAD continues its way up the charts at this rate, it will definitely end today’s session with a bang.
DNAD reported net revenue of $44 thousand for the 2011 fiscal year as opposed to no revenue accumulated in the preceding year. As of Dec. 31, the company had no cash reserves and it had accumulated a working capital deficit of $485 thousand. last but not least, DNAD’s net loss for the trailing 12 months exceeded $1.9 million.
While the figures mentioned above are hardly encouraging, the fact that DNAD has actually started generating revenue for the first time has not gone unnoticed by traders. Nevertheless, $44K mean nothing when compared to the total expenses of $2 million, 40% of which have been used to fill general and administrative gaps.
