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By Boyan Angelov
Sep 03, 2014

Vision Industries, Corp. (VIIC) Continues Climb After Canceled Meeting

Vision Industries, Corp. (VIIC) burst onto the scene on August 28 with a 366% climb up the charts on a volume of over 149 million shares trading hands. After a slight correction the next day, VIIC started this week with a further leap of 161% in price. As a result, the ticker reached a record trade value of $1,26 million.

VIIC's ascend started after the company filed a Schedule 14A on August 28. In the filing, the company announced that its meeting of shareholders had been adjourned to a later date due to failure of achieving a quorum. There was an amendment voted on at that meeting that was not approved due to the insufficient number of votes.VIIC_chart.png

As reported by VIIC, approximately 95% of the votes cast approved a proposed increase of the authorized shares to 10 billion. According to the company's latest quarterly report, the current amount of O/S is 174,3 million. Such an increase could cause great dilution for VIIC's stock, especially considering the high trading amount at this point.

Having this in mind, the reason for the increased interest in VIIC seems baffling. The only positive at this point in time is the canceled increase of the company's stock. Looking at the rest of the available information from the venture's recent history, there is not much to account for. The latest 10-Q submitted by VIIC, covering the period ended June 30, 2014, does not list too promising numbers:

  • Cash: $7,2 thousand
  • Total current assets: $721 thousand
  • Total current liabilities: $2,6 million
  • No revenues
  • Net loss: $138,1 thousand

Though VIIC has improved its asset base, its liabilities have grown more. The company has still not managed to make any proceeds from revenues. The last period has yet again ended at a net loss for VIIC.

Other bad news from the report is the toxic financing VIIC has been utilizing for its operations. The convertible note holders include Asher Enterprises, LLC and JMJ Financial, who are well known for providing toxic debt.

VIIC_logo.pngThere is no actual news from VIIC in over a month to give perspective for the company's development. It should be noted that this is not the first time in the company's recent history that it has spiked in spite of a lack of news. On July 14, VIIC's stock went up by 163% without any update or report coming out.

Considering all the red flags around the company and the inexplicable move in the charts, doing due diligence on VIIC before making an investment decision is a good call.

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