NanoTech Entertainment, Inc. (OTCMKTS:NTEK) managed to post a single green session in last week. Even it started on a weak note this week with loss of more than 6% on Monday’s trading session. It closed at 52-week low of $0.0108 per share. However, it had managed to make a comeback in last trading session. On Wednesday, the stock price of NTEK surged more than 3% to close the trading session at $0.0105. The gains came at a share volume of 10.07 million compared to average share volume of 11.04 million.
The buzz
It is not that NanoTech is missing the attention or hype as it is continuously releasing new PRs to stay connected with the shareholders and investors. Despite release of new PRs, the stock had failed to move up on the chart. On June 4, the company issued a new PR stating that it introduced a form of its UltraFlix app for Apple Inc. (NASDAQ:AAPL)‘s 5k iMac. The PR released during market hours pushed the stock to its only green close in last week.
The performance
NanoTech posted a positive bottom line for the three-months ended March 2015. However, the net income declined significantly on a QOQ basis. Even expenses came higher in last reported quarter, with a minimal increase in sales. At the same time, the cost of sales surged to $875,000 to $126,000 QOQ. It indicates 13% jump in sales, versus a sharp rise in cost of sales of almost 600%.
The highlights
NanoTech Entertainment, Inc. (OTCMKTS:NTEK) has been entering into agreements to offer popular movies like Interstellar through UltraFlix. The impact of all these measures will be visible in the next quarter report. However, company’s fiscal year completes in June, which indicates there will be no financial report until late September, a long time within which a lot can change with the stock price.
