In last trading session, the stock price of Integral Technologies, Inc. (OTCMKTS:ITKG) traded in a narrow range and closed the day at $0.20. The stock registered a record low of $0.1711 last Thursday, and managed to retrace almost 17% in the very next trading session. Since then ITKG stock has been hovering around $0.20 per share.

The buzz

At the end of March, Integral Technologies reported that LeddarTech has chosen its ElectriPlast conductive resin material to manufacture lens barrels in patented LeddarOne Sensing Module. The news that this module can be deployed as altimeter for drones managed to thrill investors, and on March 30 the stock posted gains of almost 50% closing at 31 cents per share. However, the excitement around the news dissipated quickly as the stock plunged deep on the following trading session. In fact, in the next successive eleven trading session, the stock didn’t post a single green session.

The performance

Integral Technologies commands a market capitalization of almost $27 million, valuation that is not at all supported by the current financials. Opening the last released report for the quarter ended December 2015, reveals that the company had $282,000 in cash. The total current assets came at $329,000 while total current liabilities amounted to $1.68 million. Integral Technologies reported revenue of $30,000 on net loss of $993,000.

The takeaway

The financials are far from reassuring. In fact, the revenue recorded a decline of more than 50% on a Y-o-Y basis on a massive net loss. Due to inadequate funds, Integral Technologies is forced to issue convertible notes at steep discounts. At the close of December 2015 over $325,000 in convertible debentures were outstanding. Also, the company reported that a $75,000 convertible note was offered in last week of January. Integral Technologies have a thrilling product ‘ElectriPlast’ but the company is still posting underwhelming revenues.