When it comes to the float, it doesn’t get much smaller than what the penny stock of Inova Technology, Inc. (INVA) has. On the heels of their 10-K filing and request for shareholders to approve a substantial increase to their authorized share count, INVA stock is coming back from the depths and making its way up the top 10 OTC traded list today. Despite the decrease in revenues for their fiscal year ended April 30, 2013, the IT solutions provider is riding the wave today and it’s swelling up quite nicely.
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INVA Stock Quote
Market Cap: 514.05K
Last: 0.1125 ▲ +0.0675 (150.00%)
Dollar Volume: $239,363
Issued and Outstanding: 4,569,375
Adam Radly, CEO: 320,580
Paul Aunger : 276,127
14-Day Rel Strength: 59.59%
1st Resistance Point: 0.166
1st Support Level: 0.066
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Even though it’s summer time, schools are still doing business and the announced $3.5 million deal Inova Technology’s subsidiary received from the Fort Worth School District wasn’t nearly enough to keep INVA stock from falling until Friday. Dropping -95.80% from $2.50 at the beginning of the year, seeing the 8 figure revenue numbers would make some think that a return to $1 is a given.
Within the 10-K filing for nova Technology, revenues were down from the year prior from $21,207,693 in fiscal 2012 to $18,680,990 in fiscal 2013. This resulted in an operating loss of $(2,587,598) for the year ended April 30, 2013 versus just $(220,690) for the year prior. What does stick out (like a sore thumb) is the weighing liabilities that are on Inova’s books.
Current liabilities, as of April 30, 2013, outweighed current assets by a ratio of 12.27-to-1, a so far out of balance ratio that there is no wonder why Inova is hoping to increase their authorized shares from 20 million to 500 million.
The scary part was the Company looking to approve for the authority to restructure, recapitalize and or sell any of its subsidiaries. Selling Desert Communication which just landed the deal with the Fort Worth School District would be a sin, but even the Company’s CEO, Adam Radly, admitted that there was a problem when he stated in the last PR:
“Our results show that we had a solid year but we clearly have too much debt. We are constantly assessing and pursuing strategies to reduce our debt. Refinancing the debt will be difficult so we will need to grow our way out of it or try to expand by acquisition.”
About INVA Stock
Inova Technology, Inc., together with its wholly owned operating subsidiaries, is an enterprise level Information Technology solutions provider specializing in providing proprietary RFID solutions, wireless networking, storage and security technology solutions and IT professional services.
Last 5 Trading Sessions:
We saw it happen with GRLT. With the right amount of attention paid to INVA stock, this could easily be one of the biggest gaining penny stocks this week. With nearly half the outstanding shares already having traded as of midday, a short squeeze and rush of new buying could easily send INVA
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