Ever since F-3 Technologies, Inc. (PINK:FTCH) announced on Jan. 31 that its music distribution service FargoTunes (TM) had commenced marketing itself as an ‘Artist Royalty Management & Distribution’ (ARMD) service, FTCH stock has been more or less on the increase as far as its chart performance is concerned.
Yesterday, in particular, FTCH shot up $0.0008, or 53%, to $0.0023 per share, its sixth surge over the last seven sessions and highest close since Dec. 27. More than 49.6 million shares of common FTCH stock changed hands, the company’s second highest turnover for the last six months of trading.
Previously known as American Uranium Mining, Inc., the company changed its name to F-3 Technologies, Inc. in 2008 and has since pretended to be offering novel software solutions aimed at creating social networks for different groups of society such as homeowners associations and music fans to name but a few.
As seen on FTCH’s latest quarterly report, the company’s balance sheet a/o Sept. 30, 2011 contained the following figures among others:
- $18,658 in cash and equivalents vs. $3,715 a/o Sept. 30, 2010;
- negative working capital of $870K vs. $630K a/o Sept. 30, 2010;
- $27,655 in revenue as opposed to $19,599 in Q3 2010;
- net quarterly loss of $0.53M against a loss of $1.09M in Q3 2010.
