Since the start of July the stock of Solos Endoscopy, Inc. (OTCMKTS:SNDY, SNDY message board) has been desperately trying to stay above the $0.002 and delay its fall into triple zeros. That was the case until noon yesterday when the stock exploded and at closing time it had gained more than 80% to comfortably sit at $0.0038. Investors rushed to buy in resulting in 105 million shares being traded, 17 times more than the previous day. The last time the company enjoyed such attention was in April , 2012.
The reason behind the steep climb was a new press article issued by the company. Although it contained no new information it reminded investors how far the company has progressed with its business plan. Their main product is the MammoView(R) Breast Endoscopy System capable of detecting breast cancer at an earlier stage than the traditional methods.
SNDY have been approved by the FDA and have successfully passed the stage 1 audit for compliance with the international quality standard ISO 13485:2003. The stage 2 audit is scheduled for August 16 and if again passed the company will increase its market dramatically. This standard is required both by the Canadian government in order to allow sales of their product and for the CE mark allowing sales in the EU.
The stock may continue climbing for the next month until the results of the audit have been announced. For now lets leave speculations aside and take a look at SNDY’s fundamentals. They finished the quarter ending March 31 with the following results:
$51 thousand cash
$426 thousand total current assets
$173 thousand total liabilities
$100 thousand revenues
$128 thousand net loss
