A published corporate update had a favorable offsetting effect on the share price of Sionix Corp. (OTC:SINX) which tanked the day before that after the announcement of the company’s 10-Q report. There are no reasons for SINX to gain more value though. 
SINX closed the last trading session at $0.1165 for a share which represents a 16.5% increase for the share price from the previous close. That happened on a total traded volume of 1.8 million shares which is higher than the daily average of around 1 million shares. The chart looks like SINX could be starting an uptrend, unfortunately the company’s financials cannot support such an investment idea.
SINX update that was issued yesterday concerned the Mobile Water Treatment System of the company customized for McFall, Inc. for the treatment of certain drilling operations in North Dakota. CEO said SINX had been assigned a drilling rig by McFall, yet the press release points out that operations have not commenced yet.
Regardless of that, the announcement managed to offset the losses that SINX share price suffered on Monday when the company filed its quarter financial report for the first three months of the year. There, it is evident that SINX does not have much to justify its $38.9 market capitalization.
The company’s total assets amounted to less than $3 million at the end of March, at the same time the company had current liabilities for more than $3.5 million. Net loss had more than doubled from the same period of last year and the company did not earn any revenue over the past four quarters.
