IDO Security, Inc. (OTC:IDOI
, IDOI message board
) stock opened the market with a considerable gap up yesterday and even made a bullish moving average cross. The shares will again be heavily promoted the whole week and after market's close yesterday the company filed its third quarter 2010 financial results.
IDOI share price recovered quickly from the disappointing end of last week and gained 35.71% yesterday.
The stock closed at $0.0019 and 231 million shares were traded on the 50- and 200-day moving averages cross, and maybe on the start of a new promotional week for IDOI. At least $45,000 have been paid this week for the marketing of IDOI and it seems like the amount will be distributed among a number of different promoters.
There was one more event recently that could have made the stock good for trading. A week ago, a press release gave a squeeze trigger price of $0.0033 for the shares, which is supposed to be the price at which all shorted shares will squeeze and maybe make the price jump up on the short-term.
The regular "first purchase order for the MagShoe(TM)" press release was also not left aside during the weekend, so today IDOI stock will get all the support to cope with the effects of the third quarter results on its market price. IDO Security's total sales have almost doubled from the previous quarter and the net loss is reduced to "only" $1.47 million. But it looks like that is all of the good news.
Liabilities keep growing, working capital deficit reached $15.1 million and short-term borrowings have been the main source of cash in the three months ended this September. About two weeks ago, the proposed increase of the number of shares of common stock to 60 billion has been authorized by the majority of the stockholders and the company needs to raise funds "on on immediate basis" to keep the business running.