Heavy trading with the stock of Icon Media Holdings, Inc. (PINK:ICNM) has now paved the way for a classic paid pumping effort due to give ICNM a boost in the forthcoming session.
Yesterday, ICNM closed trade at $0.036 per share, up 6% from its Monday performance. Moreover, what ICNM gained yesterday turned out to be a five-week high. Combined with the seven-week record volume of 210 thousand, this development proved more than enough to lure third parties into launching a paid promotional campaign in support of ICNM.
The aforementioned promotional email reached our database shortly after the end of yesterday’s session. As it is, interested parties have pooled $17,500 into the two-day investor awareness program.
Established in 1998, Icon Media Holdings, Inc. specializes in providing e-commerce services. For this purpose, the company owns a couple of e-commerce websites and sells products via global online retailers such as Amazon and eBay to name but a few. Yesterday, the company announced Lincoln Spoor as its new BoD member.
ICNM finished the third calendar quarter of 2011 with:
- $33 thousand in cash and cash equivalents;
- $1.35 million in current assets almost entirely comprised of inventory;
- $1.76 million in current liabilities, which determines a current ratio of 0.77;
- $576K in revenue, up 33% from the previous quarter;
- net income of $40 thousand.
In the light of the numbers mentioned above, ICNM will certainly need to raise additional capital in the immediate future to keep the ball rolling. Considering that it has so far only issued 10% of its A/S, there is significant room for dilution as there are approx. 900 million shares of common ICNM waiting to see the light.
