IDO Security, Inc. (OTC:IDOI
, IDOI message board
) has been on the progressive move over the past ten days. On Friday, the stock added another
0.55% to its price, while its traded volume substantially increased.
Looks like IDO is determined to continue the climb this week, fueled up by news and promotions.
The campaign was held yesterday when the stock got promoted by four different promoters for a total compensation of $200,000. The promotions have been paid by Capital Financial Media (CFM) who obviously are pumping up IDOI stock price.
In the meantime, just a few hours ago, IDO Security reported that they have completed an order of the MagShoeTM 3G, installing multiple units in Fiumicino Airport in Rome, Italy.
The positive news, accompanied by promotions, might certainly hold the current uptrend of IDOI for longer though the result is still to be seen.
IDO Security, Inc. designs, develops and markets the patented MagShoeTM shoe scanning device (SSD). Last month, the company filed its delayed annual report, however, it was not inspiring at all.
Apart from the fact that IDO hasn't managed to turn a profit yet, its losses and accumulated deficit keep increasing. At the same time, the 10-K is full of risk factors related to the company's common stock and future operation.
Management of IDO state that they need to raise additional funds on an immediate basis in order to be able to satisfy their cash requirements and fulfill their business plan over the next twelve months. Otherwise, the company may be forced to lay-off additional employees and either restructure or cease operations entirely.