Back in January 2014, BIONOVELUS INC (OTCMKTS:ONOV) was known as Firstin Wireless Technology Inc. and used to trade under the ticker ‘FINW’. At that time, the management used to claim that they are prepared to initiate the “the mobile VoIP revolution”. However, it never happened, and the stock which was then trading close to $0.30 declined to $0.153. The company failed miserably in executing their plans and left many disappointed investors behind.

The changes

Bionovelus changed the company’s name and trading symbol in May, and also completed a reverse split at the same time. A couple of weeks ago, it reported that the company will be now headed by Jean Ekobo. Following the PR, the people on the message boards didn’t appear happy and even termed the entity as a scam. The reason was nothing but the announcement of Mr. Ekobo name. However, the reaction is overhyped as any conclusions should be reached only after thorough investigation. They should not depend on the factors like how the CEO looks or talks.

The highlights

There are many factors that make the arguments with the people who state Bionovelus as a scam difficult. Instead of having an office, the company makes use of a mailbox rental service. As expected, the financial performance of the company is quite dismal. As per the financial report released at the end of 2Q, the cash reserves stood at $7,689. The total assets came at $1.18 million against the total liabilities of $1.027 million. BIONOVELUS INC (OTCMKTS:ONOV) has generated no revenue since inception while it reported net loss of $30,615 in the quarter.

The dismal performance

The numbers paints a bleak picture of the company, and to top it all, its stock movement is rather weird. On August 26, the stock spent the most of the time doing nothing and then at one point exploded to gain nearly 43%. The stock closed the respective trading session at $0.10 per share and from there on has gained further to trade around $0.153.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg,,, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.