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By Boyan Angelov
Nov 26, 2014

StreamTrack, Inc. (STTK) Makes A Huge Leap

StreamTrack, Inc. (STTK) gained 85.71% in price yesterday on an astounding volume of 289,840,960 shares trading hands. This 52-week high surpassed all previous sessions for STTK stock in the previous year by a great deal. As a result, the ticker exited the triple zero price range it had been stuck at for the past few weeks. By the closing bell of yesterday's session, STTK stock traded at $0.13.

The news that got StreamTrack on the radar was the launch of an Android app called RadioLoyalty. STTK issued a press release on Tuesday afternoon, announcing the app is now available for download and providing a description of its key features. Company CEO Mr. Michael Hill commented on the newly released app and stated that STTK plans on releasing a new iOS app over the next week.StreamTrack, Inc. stock chart

To better evaluate the company's potential, investors can look through its latest financial statements and reports. The last report STTK has filed was for the period ended May 31, 2014 and there has been no notification of late filing of the venture's 10-K annual disclosure or a news item, telling when the report will be submitted. The Q3 disclosure contains the following:

  • Cash: $39.4 thousand
  • Total current assets: $463.7 thousand
  • Total current liabilities: $3.4 million
  • Revenues: $445.5 thousand
  • Net loss: $394.1 thousand

The company maintained the same levels on the amounts it had in the previous period. While stability is generally a good stat, the numbers do not really speak well of STTK. The company is low on cash and has a negative asset to liability ratio. Although StreamTrack has generated a decent amount of revenues, the venture has been operating at a loss.

Though the 10-K is pending to be filed, STTK did give updates on its share issuance history. On October 6, the company filed an 8-K, listing a 266,161,583 O/S count. This makes for a 127% increase in the amount reported as of June 30.

STTKAn 8-K received by the SEC on November 19 reported the conversion of a total of 118,743,650 shares of common stock under convertible notes. As of this date, STTK disclosed an amount of 384,905,233 shares of common stock issued and outstanding. This makes the current share count over 228% greater than it was by mid 2014. Another red flag, which should not be disregarded, is that the report that not state the terms of conversion under which these shares were issued.

With the limited financial input and details on StreamTrack currently available, investors should consider doing their due diligence on the company before making an investment in STTK stock.

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