Tons of paid promotional and hype emails failed to gather any love for Eventure Interactive Inc (OTCBB:EVTI), which continued its massive fall during the previous trading session. After all the money spent on gathering some response for the company has gone down the river, as it seems. Moreover, any amount of alluring information will hardly leave any impression on investors as the company’s balance sheet in itself uncovers the real but the bitter truth about its financial standing.
Balance sheet details
The more recent filing by Eventure Interactive Inc (OTCBB:EVTI) revealed that it held just $1,512 in cash and $16,708 in current assets. The company’s current liabilities are as huge as $2,251,422 while its revenues remain in zero territories ever since inception. The quarterly net loss of the company is $4,349,990, which clearly puts up the bad position of the company. Moreover, Eventure’s 10-Q cited that it may not earn revenues for at least another year, which is a long time for anyone to consider buying this stock.
Surrounded with issues
Eventure Interactive Inc (OTCBB:EVTI)’s problems do not end here as it is also witnessing a far greater pace of dilution. The company reported a large number of convertible notes that are due for conversion at the end of the first quarter. A majority of these convertible notes can be converted into stock at a discount as much as 50%. Additionally, the number of common stock rose unprecedentedly to 1 billion towards the end of May, while Eventure’s President Gannon Giguiere took over the control of the company after receiving 1 million Series A Super-Voting Preferred shares.
Though Eventure Interactive Inc (OTCBB:EVTI)’s management has assured that it will contain the dilution and has also secured a $1.5 million equity financing towards this end, but the little details shared by them was a reason for less enthusiasm among investors. Such series of event establish the fact that troubles are far from over for Eventure. The stock price of Eventure Interactive Inc (OTCBB:EVTI) fell by 36% to $0.0200 during the previous day as 432,000 shares traded hands.