In its latest financial statement, MyEcheck Inc (OTCMKTS:MYEC) disclosed figures that raised more than just a few questions. Of the greatest concern is the potential cash shortfall in the business.
In the three months period that ended on September 30, the company revealed having $51,800 in cash and $152,100 in current assets. The company further disclosed $758.500 in current liabilities, $48,800 in revenue and $479,700 in operating loss.
MyEcheck Inc (OTCMKTS:MYEC)’s latest financial statement not only reveal a company holding on to dismal numbers but one whose performance is somehow weakening quarter after quarter.
Smart payment deal
On December 3, MYEC announced a deal with DollarDays International Inc, which is a virtual warehouse that promotes deals for small businesses and charities. DollarDays’ line of products includes electronics, toys, house decor, seasonal merchandise and apparel. Following the agreement, MYEC will support DollarDays with fast, fast and low cost payment solutions across multiple platforms, according to a press release. DollarDays handles orders that are more than 300,000.
MyEcheck Inc (OTCMKTS:MYEC) bills itself as a leader in electronic payment solutions performed across multiple channels that include mobile and Web. The company claims to offer the fastest, safest and even lowest cost payment solutions in America.
New executive appointment
On December 4, the company announced a new appointment in its ranks. It named Jim Fancher as its EVP. MYEC said Fancher will be responsible for expand top and bottom line numbers. Fancher is billed as an industry veteran in the electronic payment field.
There have been no mention of stock promotion in MyEcheck Inc (OTCMKTS:MYEC). However, massive printing of shares has been almost a common feature in the company, according to Hotstocked. It is understandable that such efforts are aimed at raising capital given that the company’s cash position is seriously weak. Perhaps the other great concern is that some of the shares printed by the company are issued and big discounts, whose dilutive effect is worrying.
The stock gained 5.48% on a volume of 6.41 million shares at $0.0276. It is still below its 50-days Moving Average and 200-days Moving Average of $0.0282 and $0.0299 respectively. The 50-days Moving Average is below the 200-days Moving Average. If the stock is able to sustain this uptrend we can see a nice rally in the coming days, and it can even breach its 52-week high. The RSI is 52.39, which allows room for further uptrend.