As the data in the Hotstocked newsletter section shows, the promotion of SpectrumDNA Inc (PINK:SPXA) which was started two weeks ago was renewed yesterday by Bull in Advantage. What makes it clear is that the promotions share the same compensation of $38,500.
Back then, in the beginning of May, a dramatic scenario happened with SPXA stock. While many investors were influenced by the stock promotion and expected SPXA to penetrate the resistance at $0.045, it plummeted sharply to such deeps that obliterated practically the whole gain SPXA achieved in the previous month.
After the historical plunge, the stock entered in another trading rage between $.02 and $0.05. In fact, after the precipitous downward slalom SPXA finally found some strength to climb up yesterday but on a volume that was half the daily average.
SPXA was incorporated in 2008 and has two wholly-owned subsidiaries – Cooshoo Inc. and Spectrum DNA Studios. It functions as an innovation agency and a digital studio developing web and mobile applications, commerce and social loyalty programs, and specializing in gamification and video game advertising.
The last 10-K reveals that SPXA has accumulated $9 million deficit, but currently has a working capital of $400 thousand. The net loss is nearly $2 million, more than half of which were burnt for salaries and wages. The company currently has eight employees, which can give a rough picture of how much was spent on each employee in 2010.
Also in 2010, the company had generated $1.3 million cash from the issuance of common stock. Given the current financial state of the company, there is no guarantee that SPXA will cease filling its budget gaps at the expense of shareholders.
