E-Waste Systems, Inc. (PINK:EWSI
, EWSI message board
) closed the latest trading session with a substantial loss in value which led to a new low for the past several months. Our database shows, however, that the stock will be promoted
for the next two trading sessions.
Yesterday, EWSI closed the market with an 11.40% decrease from the previous close at $1.01 for a share. The trading volume was slightly over 14,000 traded shares, which is almost equal to the daily average trading volume for the past three months. As mentioned, yesterday's close is a new bottom but the promotion can change things dramatically.
For now just one e-mail has arrived which only urged traders to be quick in order not to miss the exceptional opportunity. However, the promoter's disclaimer says the contract is for a two-day campaign and for a compensation of $40,000, thus we expect more promotional e-mails to follow today.
EWSI latest news came a few days ago when the company filed its annual report for 2011 to the SEC. That was no news actually as it only confirmed what was to be suspected: EWSI market value looks highly inflated related to what the company actually has.
According to OTC Markets, EWSI holds currently a market cap of almost $102 million, while the filed financial report shows the company has only $6,500 in cash, $17,000 in inventory and $10,000 in property and equipment as of end-December 2011. As of the same date EWSI current debt exceeded $1.1 million and the company had no sufficient revenue to cover the expenses.
Such numbers suggest EWSI can impossibly hold its current share value for longer even if the promotions prove successful today.