Atlas Technology Group, Inc. (PINK:ATYG
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) had yesterday a second session in row with a strong surge up and record trading volumes. The action has been initiated by an announced letter on intent on Tuesday morning.
ATYG closed Wednesday trading session with a total share price increase of 31.43% at $0.0046.
At the same time, the company's trading volume reached almost 121.8 million traded shares in a day. That share turnover is nearly 10 times higher than the daily average of ATYG, yet it is below the number of shares that the stock traded on Tuesday.
On Tuesday, ATYG announced in its latest press release that its subsidiary Racing Limos America, Inc. had signed a letter of intent with an interstate group to acquire the Miami, FL franchise location. However, apart from the CEO's expectation for a fantastic future after this purchase, the press release did not contain any details.
ATYG is not filing with the SEC, thus there is no 8-k filing as well. In addition, the company's annual report published on OTC Markets page shows ATYG has only intangible assets valued at $4 million, $125 in cash and $21,600 in accounts receivable. That means the company is completely unable to meet its short- and long-term obligations of over $1.4 million.
Atlas Technology Group business is not making any profits either. Revenues for the entire 2011 were around $106,800, while the costs almost $260,000. Thus, although ATYG shares look already cheap, they look doomed to deteriorate even more, be it only on the company's inability to pay out its debts.