rushed towards the bottom of the chart by losing 30% of its price on a trading volume of over 22 million shares.The most astonishing fact here is that Oteegee has been publishing positive news about its business lately, though it looks like investors got disappointed and started dumping their shares.
In the beginning of this month, the company announced it has signed a definitive agreement to acquire a 100% interest in a lithium property in Quebec. According to the announcement, Oteegee issued 15 million common shares to the selling group and would pay an additional $250 thousand in cash over a six-month period. Upon the termination of the share exchange agreement with Oteegee International Holdings Ltd., the company’s new share structure will consist of 30,390,000 issued and outstanding shares.[BANNER]
A couple of days ago, Oteegee announced it has retained the services of Peritus Capital, a marketing and investor relations firm representing small-micro-cap public companies, to assist in the corporate equity funding for the Lithium Project exploration program. Peritus would receive an initial retainer fee of $7,000, $3000 per month for 6 months, and reimbursement for related expenses. Jordan Starkman, CEO of Oteegee Innovations, stated the team was pleased with the company’s development and ready to present it to the investment community.
Despite all positive statements, OTGI continued to fall down at full speed and the downtrend already looks almost certain.
Oteegee Innovations Inc., formerly Pay By The Day Holdings, Inc., is a development stage company whose principal line of business is selling computers and electronic components through telephone and Web orders, financed through a third party. Oteegee currently owns 100% of Pay By The Day Company Inc. and a small interest in Grail Semiconductor. In end-November, OTGI filed a notification for late filling regarding their latest quarterly report.
According to its previous 10-Q report, Oteegee has more assets than liabilities, though its accumulated deficit during the development stage totals over $337 thousand. The company’s sales have decreased as compared to the year before, while the net loss has significantly increased. As of May 31, OTGI had a cash balance of $12,523 and a working capital deficit of $49,340.
Based on these results, as Oteegee has incurred losses since inception it is “solely dependent” upon its ability to generate additional financing to continue operation. However, no assurance on that can be guaranteed.
