One of the better performing penny stocks for 2012 continued yesterday as shares in WebSafety Inc. (OTC: WBSI) rose 28.75% to $0.515 on volume of 10.56 million. WBSI filed their 10-K which highlighted why the share price of the hot penny stock is no longer close to $3.09, the high of 2010. It simply could be because they suspended their business operations in 2011. (see below)
WebSafety reported revenues of $65,830 for fiscal 2011 compared to $309,382 for the year before. Cash and Accounts receivable were both reported at zero which brings the total current assets fye December 31, 2011 to absolute zero while current liabilities for the same period doubled to 1.82 million.
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WBSI Stock Snap Shot:
Market Cap: 4.34M
52 Week High
52 Week Low
Avg Vol 10 Day: 1,653,368
Avg Vol 100 Day: 1,294,567
Shares Outstanding: 84.24M
Websafety Inc. has the objective of marketing and selling, through the internet, a range of software applications and services for cell phones that allow parents or other caregivers to monitor and be notified of occurrences of predator advances, cyber bullying and pornography received on cell phones. The cell phone application also restricts text messaging while driving and provides location information to parents through the use of GPS technology.
In 2011, WBSI raised $420,000 in new equity funding through the sale of common stock and preferred stock, the proceeds were used in 2011 to fund our operations through August of 2011. WBSI suspended their operations in September of 2011 due to lack of working capital.
To view the SEC filings for WBSI, click here.
Bottom Line: This proves that what a company does, makes, sells or provides means shit to penny stock traders since WBSI had suspended its operations 7 months ago but the shares have gained 890% YTD, 1,880% over the last 30 days.
2012 could be a turn around period for WBSI as the AT&T-WebSafety official retail roll-out will commence in Michigan on May 1, 2012. WebSafety is focused on protecting children, you should focus on protecting your assets. Trade responsibly if you’re looking at WBSI.