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Coroware :$400k Buys A lot of Attention for One Small Cap (TWGI, CVRG & COWI)
A closer look at promoted small cap stocks Wiki Group (TWGI), Converge Global (CVRG) and CoroWare (COWI) and what you might have overlooked.
CoroWare is a solutions integrator with expertise in affordable and open mobile robotics, business class video conferencing and operational business intelligence. According to various disclosures, $400,000 has been paid to mention CoroWare in various investment newsletters. On Friday, CoroWare sank 52.17% to $0.0011 for a market cap of $232,213 plus the stock is up 1,000% since last June according to Google Finance.
What's the Catch With CoroWare? For the past month or so, CoroWare has been rather quiet with the press releases, but it did issue one back in December announcing gross revenue guidance of over $375,000 for the fourth quarter for a 60% increase over the third quarter. However, a quick look at CoroWare's financials reveals revenues of $236k (most recent reported quarter), $322k and $353k along with net losses of $6,483k (most recent reported quarter), $494k and $521k. And at the end of September, CoroWare had just $3k in cash - a tad short to cover current liabilities of $18,471k. One also has to wonder just why a third party is throwing $400k around to to promote CoroWare.
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