Eventure Interactive Inc (OTCBB:EVTI) has reached an agreement with Rider Capital to gain $1.5 million in funding. As per company reports, the amount may be utilized in general working capital, but mostly the funds have been acquired to repay existing debt and get back the company’s promissory notes. At the moment, a number of investment companies and finance firms hold these notes.
Eventure is a company focusing on social applications and technology, through enriching event participation. Even though the company believes in minimizing the use of convertible notes, but unfortunately, at the moment it is in a dire situation. At the moment the company is trying to return these notes from 11 different companies. EVTI is also a very sad story taking place on the OTCBB. The company has a very poor balance sheet and has not shown any signs of getting better. Additionally, several pumps have been applied on the company, but none of them have been able to provide any long-term results. Even the current move to acquire funding from Rider Capital raises a number of question marks from the investors.
In its latest 10-Q, the company had $1,152 in cash, $16,708 in assets, while the liabilities stood at a whopping $2.2 million. Additionally, the company has no revenues since inception to repay those liabilities and has a quarterly net loss of $4 million. The company is most definitely going downhill and unless it comes up with a unique service or product that can generate some revenues, the situation for EVTI is going to remain bleak.
Even though the company is trying to stop itself from further dilution, with the help of Rider Capital, it still does not show any signs of returning this amount. With no investor trust or quality products and services, it is a bit of a surprise that the company is still trading on the OTC.
Eventure Interactive Inc (OTCBB:EVTI) registered a decline of 0.5% during the June 30 session to reach a close at $0.0199, after trading 1.17 million shares in the market.