{"id":7622,"date":"2015-11-30T00:02:08","date_gmt":"2015-11-30T00:02:08","guid":{"rendered":"\/?p=7622"},"modified":"2015-11-30T00:14:44","modified_gmt":"2015-11-30T00:14:44","slug":"spectrascience-inc-otcmktsscie-digging-a-hole-in-the-ground","status":"publish","type":"post","link":"\/articles\/spectrascience-inc-otcmktsscie-digging-a-hole-in-the-ground\/","title":{"rendered":"SpectraScience Inc (OTCMKTS:SCIE) Digging a Hole in the Ground"},"content":{"rendered":"\n<p><img loading=\"lazy\" decoding=\"async\" style=\"float: right;\" src=\"\/\/s.hotstocked.com\/hotstocked.com\/repository\/articles\/92\/92137\/scie.png\" border=\"0\" width=\"400\" height=\"178\" \/>SpectraScience Inc (OTCMKTS:<a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=SCIE\">SCIE<\/a>) has been sinking at an alarmingly rapid rate over the last week or so. The first major drop occurred on November 17 when the ticker plummeted from just under $0.009 all the way to $0.0056 and, safe for a small bounce a couple of days later, everything since then has been pretty much downhill. Prior to Thanksgiving, <strong><a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=SCIE\">SCIE<\/a><\/strong> smashed through several more 52-week lows and it stopped at $0.0015 per share. <\/p>\n<p>At first glance, the sudden vertical drop appears quite perplexing. That, however, has never stopped us from trying to find a culprit, has it?<\/p>\n<p>In fact, we have a prime suspect. It&#8217;s the Q3 10-Q which came out about forty-five minutes before the end of November 16&#8217;s session. It&#8217;s riddled with faults, but the most obvious problem is the financial statement. It looks like this:<\/p>\n<ul>\n<li>cash: $55 thousand<\/li>\n<li>current assets: $646 thousand<\/li>\n<li>current liabilities: $8.6 million<\/li>\n<li>NO quarterly revenues<\/li>\n<li>quarterly net loss: $209 thousand<\/li>\n<\/ul>\n<p>The figures are pretty horrendous, but they alone can&#8217;t be enough to drag <strong><a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=SCIE\">SCIE<\/a><\/strong> from $0.009 all the way to $0.0015 in a matter of just a few short sessions. There must be something else. Sure enough, there is. You just have to look more carefully.<\/p>\n<p>If you do, you&#8217;ll see that on September 30, there was just under $6 million worth of convertible debentures and you&#8217;ll see that a rather large portion of that amount was in default. During the first three quarters of the year alone, <strong><a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=SCIE\">SCIE<\/a><\/strong> issued debentures with a principal amount of over $1.5 million and these, unlike the older debt which is convertible at fixed prices, can be turned into stock at discounts ranging from 40% to 50%.<\/p>\n<p>In October and the first half of November, when the market price was hovering between $0.013 and $0.007, <strong><a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=SCIE\">SCIE<\/a><\/strong> turned <strong>$51 thousand worth of 2015 debentures into 11.8 million<\/strong> shares bringing the average conversion rate down to just $0.004 per share.<\/p>\n<p>Suddenly, the drop experienced by <strong><a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=SCIE\">SCIE<\/a><\/strong> over the last few days doesn&#8217;t seem as difficult to explain as it did a few minutes ago. Considering the rather huge volumes witnessed over the last few days, we won&#8217;t be surprised if we see even more discounted shares in the upcoming 10-Q&#8217;s and 10-K&#8217;s. That, of course, could lead to even more 52-week lows which is why treading carefully might not be a bad call.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SpectraScience Inc (OTCMKTS:SCIE) has been sinking at an alarmingly rapid rate over the last week or so. The first major drop occurred on November 17 when the ticker plummeted from just under $0.009 all&#46;&#46;&#46;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1944],"class_list":["post-7622","post","type-post","status-publish","format-standard","hentry","category-news","tag-scie"],"_links":{"self":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/7622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/comments?post=7622"}],"version-history":[{"count":0,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/7622\/revisions"}],"wp:attachment":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/media?parent=7622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/categories?post=7622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/tags?post=7622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}