CYNK Technology was founded as a web based social network that connects people and organizations by allowing individuals to post their profiles and linking the same to other friends and organizations (kind of Facebook-like connecting feature). It was formerly known as Introbuzz Inc. and changed its name to CYNK Technology Corp. in 2008.
On Introbiz.com, in About Us section, they say “Thru our marketplace you may both buy and sell the ability to socially connect to individuals such as celebrities, business owners, and talented IT professionals.”
This stock exploded 25000% in merely 16 days of trading (from $0.10 at June 17 to $14.71 as of Wednesday’s close).
One of the most successful companies and stocks of the last generation, Apple, has stocked 18000% since it went public in 1980. But CYNK has raised many eyebrows on its existence and stocking up.
It is still not clear how the company managed to explode with such a huge figure when it has no assets, no revenue but only loss.
Owing to trading over-the-counter trading on an unregulated exchange, it’s not required to follow same financial reporting rules as other companies trading on NSE or Nasdaq.
OTC Cynk Technology
The U.S. Securities Exchange Commission (SEC) has thus suspended its shares on Friday, July 11, 2014, because of lack of accurate and adequate information in the marketplace and potentially manipulative transactions in the stock of CYNK.
Moreover FINRA did a similar move of its suspension after CYNK’s share shooted up from six cents in early June to a closing price of $13.90 on Thursday. Surprisingly without having revenue!
Form 15 is the last SEC filing for the company that is used by the companies to suspend their duty to file financial reports with SEC. CYNK told SEC on March 31 that it’d be unable to file its Annual Report on Form 10-K. Thus, CYNK’s financials can’t be pictured.
On otcmarkets.com, the company’s address and contact number is mentioned. It mentions the address in Belize but the same site says that CYNK is incorporated in Nevada and classify it as a data processing and preparation firm.
The data on Yahoo Finance also mentions that, for any of the fiscal years ended on December 31 2011, 2012, 2013 the company has reported no revenue. Refer to the below screenshot taken from Yahoo finance, that shows that there was no revenue but only losses that summed $1.5 million for 2013.
CYNK’s quarterly results for the quarter ended September 30, 2013 is mentioned in its last financial report with the SEC which is from November 2013. Here again, no revenue but huge loss can be found.
In addition to this astonishing financial data, you will be surprised to know that it has only one employee. Marlon Luis Sanchez is listed as its President, CEO, CFO, Director, Treasurer, Secretary and Chief Accounting Officer. Sanchez owns 201 million shares of the company according to Bloomberg’s data.
The company in a filing with SEC said that it doesn’t have any employment contract with its key employee, the sole shareholder who is the Chief Executive and Chief Technical Officer.
According to an SEC filing, there were 291.45 million shares outstanding as of November 7, 2013.
Many people reported that their calls to phone numbers, as listed, went unanswered. The existence and its activities are still not known. It is still questionable who is buying its stock and not a lot of outstanding shares are even being traded.