Snap Interactive Inc. (OTC:STVI) failed to impress investors yesterday as it lost 4% of its value, closing the session at $0.599 per share. Thus, it hit another six-month low, continuing the highly negative trend as seen on the chart. The only surge concerned the volume as more than 330 thousand shares were traded throughout the session.
On Sep. 20, STVI, which pretends to be a leading social application developer, announced a couple of mobile-related developments and the release of a mobile web version of its flagship app AreYouInterested.com. No other press releases have popped up since then.
Nor have any SEC filings surfaced for the last two months or so. The latest 10-Q which covers the quarter ended Jun. 30, 2011 was submitted on Aug. 9 and revealed:
- cash reserves in excess of $3 million;
- working capital surplus of $3.4 million;
- revenue of $4.8 million;
- net loss of $630 thousand.
Even though STVI’s financial figures look good for the most part, the company continues to incur losses on a quarterly basis. As a result, STVI’s cumulative net loss for the first six months of 2011 has already cracked the $1.5 million mark. So, in spite of the great popularity of AreYouInterested.com, STVI has yet to go in the red. Until that moment comes, its stock will hardly make any impact on the market.
