Very few penny stock companies have been as consistent on the market as Zippi Networks Inc New (PINK:ZIPZ). Unfortunately, all the good stuff ends here.
While ZIPZ stock has only been moving up and down by one single pip for the last six months, its market position is hardly an attractive one. On the contrary, ZIPZ shares have not been traded above the $0.0002 level for ages. Yesterday for example, ZIPZ hit rock bottom for the zillionth time, closing the session at $0.0001 per share on a minuscule volume of 7.3 million, well below the 30-day average volume of 11.9 million.
In spite of ZIPZ’s unenviable market position, the company became subject to trade alerts last night. Given that ZIPZ is only one step away from becoming a caveat emptor, the only possible reason for these alerts might have something to do with the press release which came up yesterday. According to the news, ZIPZ had now taken on a Mr. William Richards to be in charge of the development of the company’s new mobile gaming app. Investors have yet to see what will actually come out of this app. However, ZIPZ has already developed a couple of apps and although some of them have even been approved by Apple, none has had any significant impact on the market value of ZIPZ stock.
As mentioned above, ZIPZ is a STOP-sign bearer, hence the lack of any recent financial reports whatsoever. As of today, the latest report-like document dates from Feb. 9 and covers the company’s financial situation as of Sep. 30, 2010. According to this document, ZIPZ had:
- $9 thousand in cash;
- working capital deficit in excess of $2.5 million;
- a quarterly net loss of $170 thousand.
So, it has been a while since ZIPZ last shed light on its finances. A new financial report has now been long overdue.
