Pervasip Corp (OTCMKTS:PVSP) became one of the most traded stock on the OTC markets after it concluded the acquisition of Canalytix LLC last week. By acquiring 90% of the issued and outstanding equity of Canalytiz LLC, Pervasip marked an entry into the much-hyped marijuana industry. It is noteworthy that Canalytiz is an energy and resource solutions provider located in Denver, Colorado.
What Canalytix offers?
At present, Canalytix offers services to indoor grow facilities and also has tied-up with a hydroponic equipment distributor to provide its technology to existing clients. Canalytix offers a comprehensive analytics to clients to help them monitor and control indoor greenhouse facilities. The technology lets users observe energy usage, HVAC systems, and lighting as well as costs on a real-time basis. Pervasip Corp (OTCMKTS:PVSP)’s acquisition pushed its shares up on the OTC markets, but the rally was more volatile than steady. The stock did not show signs of consistency as it fell and rise every other day.
Poor financials
The hype surrounding the company appears artificial as it has failed to report a few filing, and its recent financial results too are not encouraging. The company reported a cash balance of just $7,000 while its current assets stood at $143,000. Its current liabilities are as high as $10.7 million. As per the latest financial report, the revenues are to the tune of $478,000 and net loss came in at $439,000. Pervasip Corp (OTCMKTS:PVSP)’s 8k filling point out to its enormous share dilution, enough to keep wise investors away. The filling read that the company has 3,924,059,321 shares of common stock outstanding following the acquisition of Canalytix.
In the presence of poor fundamentals and huge dilution, it is doubtful as to where the company will head. The share price of Pervasip Corp (OTCMKTS:PVSP) plunged by 25% in the last trading session to $0.00180. The average volume of shares was 105.48 million on the day.
