Todor Pichurov

Mind Solutions Inc (OTCMKTS:VOIS) Shot to Bits After Massively Delayed Quarterly

by Todor Pichurov November 10, 2015

The popular saying “better late than never” seems to have been proven wrong. Mind Solutions Inc (OTCMKTS:VOIS, VOIS message board) filed its long-overdue quarterly report for the three months ended June 2015 on November 5. Since then the company's share price has dropped 50%, right down to a fresh new 52-week low.

In yesterday's session VOIS slipped another 16%, landing at $0.0005 per share. Ahead of the filing, the stock was closing flat at $0.001 for days on end, on incomparably smaller daily volumes. The 2 million shares traded last Wednesday turned into yesterday's 223 million, as investors are scurrying away in what could easily be described as panic.

The report that was originally due by mid-August contains some pretty dire numbers. Here is a brief rundown of the balance sheet:

  • $682 in cash
  • $1.6 million in current liabilities
  • ZERO in revenues for Jan – Jun 2015
  • $4.1 million in net loss for Jan – Jun 2015

Having less than a thousand dollars in cash and not making a dime of revenues over the first half of calendar 2015 is probably enough to give warier investors the shivers. Meanwhile, VOIS is stacking losses at a rate of about $2 million per quarter. Q3 is now long gone and if it's delayed similarly to the last report, it may be a while before investors can see how the stock performed in recent months.

VOIS is doing its best to assure everyone that its NeuroSync, dubbed the “world's smallest brain-computer interface”, is really flying off the shelves after it launched in mid-July 2015. In late October the company informed the device was increasing its sales and was moving closer to becoming the “best selling BCI device in the world”. This is wonderful marketing chatter but it would be nice if it was backed up by some hard numbers and not generalities about orders on a “weekly basis”.

VOIS is the maker of a $99 software suite that allows users to play Call of Duty with the power of their mind. Make of that what you will.

If adventurous traders feel like playing a bit of the “catch a falling knife” game, VOIS may be a good pick. Those with a lower risk tolerance may want to be extra careful with this one.

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