The December to remember is escalating to new levels thus far today for the penny stock investors of payment service provider MediSwipe, Inc. (MWIP). After setting a new 52 week high on Thursday, MWIP stock quickly shot out of the gate to reset the bar hitting another new high as it has now gained over 100% this month. Now entering into the top 10 penny stocks traded list, yesterday’s news of the S-1 amendment for their wholly owned subsidiary, 800 Commerce Inc., could have the juice to send the shares to a true penny, a level not seen in roughly 15 months.
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MWIP Stock Chart
Market Cap: 3.55M
Last: 0.008 ▲ 0.0009 (12.68%)
Dollar Volume: $118,059
Average Trade Size: 72,048
Issued and Outstanding: 444,167,878
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The S-1 filing is being filed in preparation of the spin-off shares to be distributed, 6,000,000, will represent approximately 32% shares of 800 Commerce Inc.’s outstanding common stock, the stockholders as of the record date of MediSwipe Inc. While revenues for the nine months ended September 30, 2012 and 2011 were weak, $34,209 and $8,656, respectively, the Company anticipates minimum monthly revenue of $21,000 per month as the Company implements their business plan in 2013.
While costs of revenues for 800 Commerce have left little room for any gross profit, $17,574 for the nine months ended September 30, 2012, the Company estimates the costs to be approximately 90% of the revenues derived from the current assignment agreement. Unless that assignment agreement is increased, the Company will have no chance of seeing a black bottom line if operating expenses such as the $513,834 and $46,034 for the nine months ended September 30, 2012 and 2011, respectively, continues.
Although $331,450 was related to stock based compensation, 3,351,000 shares for services recorded as an expense of $80,450, along with 500,000 shares of common stock issued pursuant to a customer assignment agreement valued at $125,000 and vested options to purchase 600,000 shares of common stock valued at $126,000, the dilution at such an early stage could be a clear sign of how the spin off plans to pay its bills.
While MediSwipe unveiled plans to offer the first digital patient records solution specifically targeting the medical marijuana dispensary marketplace, MWIP stock is seeing some better results in recent sessions from this than they are from the proposed future spin-off. Just mention marijuana and penny stock and traders legs start rubbing together like a cricket, hoping they can get in quick enough to pinch off a bud and go home with some sticky green before the roaches fill up the ash tray.
About MWIP Stock
MediSwipe Inc. offers a full spectrum of secure and reliable transaction processing and security solutions for the medical and healthcare industries, using traditional, Internet Point-of-Sale, e-commerce and mobile payment solutions. Additionally, the Company has developed a closed loop, pre-paid patient stored value and loyalty card as a unique cash alternative to these regulated and e-commerce businesses specializing within the healthcare sector. Click here to view the SEC filings for MWIP, here for the S-1 of 800 Commerce Inc.
Last 4 Trading Sessions:
Bottom Line: MWIP is undoubtedly building up some momentum lately and warrants it as a penny stock to watch. However, don’t go in glassy eyed since testing for TUI “Trading Under the Influence” has yet to be established. MWIP stock is a sub penny stock (for all intents and purposes) and it running above one cent is based strictly on momentum. If you can trade with a safety net under you, have this on your watch list headed into 2013.
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