thousand shares. May that be a new uptrend for the stock, or just a short-term up move? It’s yet too soon for that to be determined.Over the last month, the company has released no news on its activities, except the announcement that WindTamer’s mobile unit was under evaluation at the U.S. Army’s Aberdeen Proving Ground in Maryland.
At the beginning of September, a few newsletters promoted WNDT, though the promotions didn’t reflect much on the stock price.
WindTamer Corporation is an independent developer of wind turbine technology. In 2009, WNDT reached almost $1 per share, however, after January this year the price fell down.
Apart form the news, presently nobody knows what the pink sheets company has been up to.[BANNER]
The financial results of Windtamer look disastrous. The company has generated no revenues, though it has suffered expenses and a net loss of over $8 million, which has been increasing sequentially.
Total liabilities of WNDT also got higher than its assets and the company has no sufficient cash to cover the losses. As of June 30, 2010, Windtamer had a working capital deficit of over $424 thousand and the management believes an additional financing is needed. The team claims that “we will need approximately an additional $.5 to $1.5 million of additional capital over the next twelve months” to be able to sustain positive cash flow from operations.
Windtamer relies on its line of credit with First Niagara Bank for the working capital needs, which borrowings are due and payable on May 1, next year. Meanwhile, the company’s ability to meet its current expenses remains uncertain.
