Penny Stock Infrared Tanks 36% after Killer Monday Rally

Posted by on Aug 31, 2010 | No comment

The penny stock of Infrared Systems International (OTC: IFRS) saw a spectacular rally on Monday. The penny stock touched an intra-day high of $0.04. It closed an impressive 1,592.31% higher at $0.0220, with volume up from daily average of 8,000 to 23.20 million. Shares of Infrared sank 35.65% this morning.

The huge surge in the penny stock of Infrared came even as there was no major news or development relating to the company. It looks as if the surge was due to some stock promotional activity.

Infrared was formed on April 11, 2006, set up to pursue the development of a proprietary infrared security system. In April this year, the company transferred all of its assets and liabilities to a wholly-owned subsidiary, Infrared Applications Inc. On April 14, 2010, the company sold a majority interest to Take Flight Equities Inc. Also on April 19, 2010, the company completed the acquisition of 100% of the outstanding stock of Focus Systems Inc. from Propalms Inc.

The company filed a 10Q with the SEC last Monday. According to the filing, the company’s total revenue for the quarter ended June 30, 2010, was $71,297, compared with $33,600 reported for the same period in 2009. The company’s gross profit for the quarter ended June 30, 2010, was $67,024, compared with $33,600 reported for the same period in 2009. The company reported a net loss of $89,670, for the quarter ended June 30, 2010, compared with a net income of $7,592 reported for the same period in 2009.

Infrared Systems’ balance sheet shows that the company ended the June quarter with $6,385 in cash on hand.

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