Echo Automotive Inc (OTC:ECAU) Still Going Down Despite Promotional Effort
With current prices of fuel reaching higher levels the need for alternative ways to power vehicles is high on demand. And that is exactly what Echo Automotive Inc ( OTC:ECAU ) is seemingly offering. Although ECAU's solution to the fuel problem seems to be right on spot, their stock prices have been on a steady fall and experienced another massive breakdown yesterday as they sank to $0.60 at market close. In spite of all the press releases, presentations and pump efforts, it just seems quite improbable for them to be able to get back to the $3.24 per share they were at in the beginning of the year and the start of the promotional campaign. Another thing that raises concern is the poor financials of the company. As shown on their last quarterly report , ECAU has: cash: $80,454 revenue: $0 current liabilities: $1,268,671 net loss: $850,185 It seems that even though they have been touted as a reliable company by Five Star Equities and The Bedford Report for the past 3 months, many people by now have seen their last quarterly report and have discovered the same numbers as we did. Total liabilities and a net loss amounting to just over $2 million dollars along with $0 of revenue and only $80 thousand in cash can't be a good sign.[BANNER] The interest in their shares has so diminished by now that they have fallen to an all-time low. And at $0.60 value per share, they are now trading at $0.10 below the initial price of the stock. This can't be considered a good sign, either. That doesn't mean that there won't be another peak as their annual report is expected to be filed in a few days judging by their previous history and we still don't know what it may contain. That however doesn't necessarily mean that there has been any significant cash flow in the past months improving the company's financial state and may very well prove to be another dissapointment for people who have invested their money in ECAU.