and on Friday, the stock lost over 10% on the market. Unlike its price, ESPH traded volume exceeded one million shares for one day. Obviously, traders are getting disappointed and start selling their shares.Ecosphere Technologies, Inc. is a diversified water engineering and environmental services company. According to the records, ESPH has not released any news on its activities since the end of August this year. At that time, Ecosphere discovered that an unauthorized Ft. Lauderdale company was selling the ESPH stock in a scam and immediately informed the SEC commission.
Historical data shows that over the last month Ecosphere has been regularly promoted by different websites, though, it didn’t reflect on the stock much. Along with the promotions, the company reported some positive results of its scale testing and its quarterly financials.[BANNER]
According to its report, the revenues of ESPH have increased, though the company suffered a higher operating loss and a lower gross profit as compared to the previous quarter. The company’s cash and cash equivalents have significantly decreased and its liabilities got almost 50% higher.
At the end of this June Ecosphere had a working capital deficiency of over $4 million and outstanding convertible preferred stock for about $4 million. According to the financial report, “the Company does not presently have the resources to settle previously incurred obligations” and “These factors, among others, raise doubt about the Company’s ability to continue as a going concern”.
