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After closing last month on a strong note, the stock of Integral Technologies, Inc. (OTCMKTS:ITKG) has started this month on red note. In last trading session, ITKG declined more than 1% to close the trading session at $0.250. The decline came at a massive share volume of 389,304 compared to average share volume of 236,920.

Despite plunging down to as low as $0.250, Integral Technologies has a significant market cap of 23.98 million, and that too when its financial performance is quite mediocre. As per the quarterly report for the period ending December 2015, the company reported cash of $282,000. The current assets came at $329,000 while current liabilities amounted to $1.68 million. Integral Technologies reported revenue of $30,000 on net loss of $993,000.

The buzz

On March 30, Integral Technologies and its subsidiary ElectriPlast Corp., announced that LeddarTech, has included ElectriPlast material to manufacture lens barrels in the launch of its LeddarOne Sensing Module. It is a low-cost and compact lidar that offers valuable distance measurement and presence detection capabilities to comprehensive range of finished products. This sensing module is predominantly apt for applications such as drone altimetry, level sensing, proximity detection, and security and surveillance, just to name a few.

This news managed to offer Integral Technologies with significant gains on the charts. In fact, the stock jumped more than 49% to close March month at $0.3125. The news excitement, however, faded away and the market witnessed Integral Technologies lose more than 19% in value in the very trading session.

The takeaway

The market capitalization all the way to $24 million was not justified, particularly considering the financial performance of the company. As per the latest financial report, Integral Technologies reported cash of $282,000. 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.

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