In case you’ve missed it the penny stock of On The Move Systems Corp. (OMVS) has been tearing up the charts for pretty much all of 2013. Having had the chance to get some shares as low as 0.0051 back in March, OMVS stock has jumped 7,500% in the last 6 months, 12,566% since the start of the year, and is just -5.71% below its 52 week high set back on August 27th. While they made a name for themselves “pimping” the audio/visual systems of customers for over 2 years, this new venture to compete in the online transportation market alongside Priceline.com (PCLN), TripAdvisor.com (TRIP) and Expedia.com (EXPE) might be a bite too big to chew when catering to enhanced aesthetics and electronic performance has been working so far.
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OMVS Stock Quote
Market Cap: 7.03M
Last: 0.38 ▲ +0.01 (+2.70%)
Dollar Volume: $18,525
Issued and Outstanding: 18,500,000
14-Day Rel Strength: 70.72%
1st Resistance Point: 0.3967
1st Support Level: 0.3467
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Even through the first week of September, On The Move Systems stock, OMVS, has been doing the Harlem Shuffle, maintaining it’s price level, as the Company appears to be heading into a new direction. Since March, the Company which made itself by installing higher end audio/visual equipment at the doorstep of the customer has been clamoring about breaking into the online travel industry.
The first popping of the move appeared back on March 19th when On The Move Systems said it wanted to explore new ways in which online portals can leverage social networks to reduce the costs and increase the convenience associated with planning travel arrangements for business, leisure and even pets. However, during the 3 months ended May 31, 2013, they were still operating under the same business model with revenues of $21,855 for the quarter versus $25,603 for the same period the year prior.
On Friday, On The Move Systems reported that, on August 29th, the company formerly appointed Robert Wilson as their CEO – the 4th CEO is the last 3 years. Prior to Wilson, Patrick Brown, Chet Gutowsky and John B. Crawford held the spot. The compensation packages ($120,000) for the top spot is, and had been, slightly higher than the total revenues reported for the fiscal year ended February 28, 2013 – $114,024.
Now, Patrick Brown was the owner of 9,000,000 shares of OMVS as of May 29, 2013, about 48.6% of the issued and outstanding which once belonged to former CEO, John B. Crawford. Crawford came over on March 25, 2011 when Crawford Mobile Installation Corp., a wholly owned subsidiary of the Company, acquired all of the assets and assumed certain liabilities of Crawford Mobile Install. The purchase price was valued at $100,000, $90,000 of which was recorded as a note payable.
A financing arrangement with an unknown party was made in 2011 which, as of the last Q filing, allowed for the lender to get shares of OMVS stock at $0.015 per share. On November 3, 2011, the holder of the note elected to convert principal in the amount of $67,500 into 4,500,000 shares and, as of May 31, 2013, had a balance of $32,600 remaining on the convertible note payable. That would equate to 2,174,000 shares to be had.
This doesn’t mean that the Florida Corp. which was set up with the assistance of MacDonald Tuskey, aka W.L. MacDonald Law Corporation, is a total scam, but if you see what used to be on the OMVS website here, here, and here, you might think twice about booking a flight on OMVS stock.
About OMVS Stock
On The Move Systems Corp. is a development stage company, formed to provide mobile electronic services to automobile, recreational vehicle and boat dealerships, government agencies as well as individual consumers, installs its inventoried after market electronic products desired by the customer at their location.
Last 5 Trading Sessions:
Other than PR and some scribble on the Company’s website about their ISTX platform which is set to catapult them into the top tier of the online travel industry, their isn’t much OMVS can hold a stick to. On the other hand, if the convertible note holder doesn’t dump OMVS stock shortly after the open, a run on a low floater penny stock like this could test 0.50. The public opinion seems the believe that the best days are behind this one and it’s time to move on.
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