NanoTech Entertainment, Inc. (OTCMKTS:NTEK) has been registering steep declines for quite some time now. The company has remained silent for most part of the last month, after it spun out its gamin subsidiary as a separate company and announced addition of quality content to UltraFlix. However, constant updates of new deals targeted at acquiring new content for its 4K ultra HD network has started to lose its charm and investors are paying little to no attention to these updates.
A paid pump, however, had helped the company move up during the start of June, but it failed to have a lasting effect. The investors see NTEK as a sinking stock, with everyone trying to move out. Unlike most OTC companies, NTEK actually has a very decent balance sheet, with some net gains. Keeping this in mind, it is a bit of a surprise that the stock has been fluctuating so rapidly. In its latest filing, NTEK reported $44,000 in cash, with $5 million in assets and $2.63 million in sales. On the other hand the liabilities stood at $1.16 million, leading to a net gain of $333,000.
Before spinning out its gaming subsidiary, NTEK was trading like a normal stock, hence it can be concluded that the investors have more faith in NTEK’s gaming subsidiary rather than the parent company itself. Additionally, the company has been constantly adding content to its UHD streaming network, but there have not been many signs of the network launching anytime soon. Furthermore, NTEK has been upgrading the content to 4K HD quality on its own, which means it would take even longer until the content is available on UltraFlix. Although the plans may seem profitable in the long run, the investors remain uninterested due to the ventures incapability to generate immediate profits.
NanoTech Entertainment, Inc. (OTCMKTS:NTEK) did not experience any trading during the June 6 session. Consequently, the stock closed at a share price of $0.00895, without reporting any change.
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