Setting a new high and breaking past the .01 mark, the penny stock of MyECheck, Inc. (MYEC) is continuing its July fireworks display without any updates since April. Last word from the Company on April 24, 2013 was that the provider of transaction data processing services was set to license its proprietary system to other operators for a share of their transaction revenue on the system. While the Company may be quiet about what’s been happening for the past 2 months plus, MYEC stock certainly isn’t as it set a new high today since its initial trading session in March and has now gained 10,000% since its May lows.
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MYEC Stock Quote
Market Cap: 16.96M
Last: 0.0097 ▲ +0.0015 (+18.29%)
Dollar Volume: $434,912
Issued and Outstanding: 3,262,470,000
1st Resistance Point: 0.0117
1st Support Level: 0.0085
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Back in April, MyECheck, the sole licensee of U.S. Patent No. 7,389,913. “Method and apparatus for online check processing”, announced that the new licensing model will enable far greater and faster uptake of the technology controlled by the Company and add new large revenue streams. The preferred phrasing of the announcement would have been better stated as “inaugural” revenue streams.
As of March 31, 2013, the pink sheet listed company filed their cash balance being non-existent, $0, and total assets being valued at just $1,710. Revenues for the 3 months ended totaled the cash balance at the end of the 3 months, $0.
Regardless of any cash or revenues as of last quarter, MYEC stock began trading actively back in mid-March. On April 30, volume surged to 270 million, a level which has yet to be matched, and the cash-less, revenue-less Company’s stock closed at a measly 0.0003. Just 2 days later, MYEC bottomed out at 0.0001.
Since their revenue model announcement in April, MyECheck has been silent. The silence, coupled with the iHubbing hype, MYEC has surged to levels which make a $150 investment at anywhere under 0.0003 now worth more than $5,000. Add those numbers up in any way you want, traders who had the foresight to get in and hold at those levels just wrote their own ECheck for a sick summer vacation.
About MYEC Stock
MyECheck Inc. is development stage company in search of becoming a leading electronic transaction data processor and provider of alternative payment solutions to credit cards for internet and mobile commerce.
Last 5 Trading Sessions:
Summer has traditionally been the time to bank big on sub penny stocks and MYEC has proven that theory once again. Keep a close eye on MYEC stock now that ts above a penny since swings between support and resistance levels, now that volume can support a decent size trade, can be a ATM card in and of itself for new traders to the issue to write numerous EChecks to themselves this week.
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