Innovative Product Opportunities Inc (OTCMKTS:IPRU) has run out of ideas to propel its stock any further. The series of pump articles released over the past few days are done with creating any excitement around the less functional company.
Failed pumping activities
The scenario turned ironical when third parties claimed that there is much potential left in the company, but found their claims trashed by the investors. The stock of Innovative Product Opportunities Inc (OTCMKTS:IPRU) nosedived massively by more than 56% to $0.00070, recording an average share trade volume of 6.59 million.
The company had recently announced a reverse split in the ratio of 1:1000. The action led the rally in the stock and helped it move near $0.20 per share. This followed a number of discrepancies on Innovative Product Opportunities Inc (OTCMKTS:IPRU) website and its fall was natural. The company boasted that it serviced a number of clients and mentioned the name of thirteen companies in its list. However, the most recent 10-k filing points out that the company has only three customers using its technology.
At the same time, Innovative Product Opportunities Inc (OTCMKTS:IPRU) lost ground after its 10-K revealed its shocking state of financial affairs. The company’s cash balance sits at zero while current assets are negligible at $11,300. Over this, the company’s current liabilities are as huge as $385,853 coupled with a yearly net loss of $16,010,604. The company stated its yearly revenues at $79,104. It is hard to decipher as to how the company is even surviving with such numbers.
Equally terrible is the company’s share structure as the issued and outstanding shares surged from 255 million in December to 740 million now. Moreover, the company’s addiction of issuing more promissory convertible notes is unfavorable policy from all angles. In such circumstances, there is a little inspiration for retail investors to stick with the stock.