Pervasip Corp (OTCMKTS:PVSP) had recorded a roller-coaster ride so far in the year. The volumes were massive at the start of the year but it was only in March when the stock started climbing up on the charts. The stock managed to touch the level of around $0.0025, but failed to sustain at those levels. In last week of June, the stock started to move North on the chart that lasted for seven trading sessions in a row. It came as a surprise for many people as a quick glance at the company’s latest report reveals that it is in a depressing state.
As per the quarterly report for the quarter ending March 31, 2015, Pervasip reported cash of just $2,623. The current assets came at $219,778 against current liabilities of $12.17 million. The revenue stood at $894 whereas net loss was nearly $2 million. Despite these dismal numbers and various other problems related to the company, Pervasip stock managed to register an impressive up move on charts. That up move, however, came to an end on last Tuesday and turned into a ugly downward slide.
The decline cost 25% of PVSP value last Wednesday after the company reported that they will be opting for a reverse merger with newly bought subsidiary firm Plaid Canary Corporation. The problem is there is no substantial information available about Plaid Canary. The only thing that was revealed from Press releases was a competition for the company’s corporate logo.
The future ahead
Considering all the ref flags surrounding Pervasip Corp (OTCMKTS:PVSP), it is evident that things can turn pretty sour, despite the vast fan base that the company has gained. On Friday, the stock declined nearly 20% and finished the week at $0.0012. Sadly, the stock has opened in deep red on Monday and appears that slide can turn ugly in coming sessions.