12 ReTech Corp (OTCMKTS:RETC) dropped 25% after offering updates regarding its financial position and operations highlights. The company, through its subsidiaries, develops and sells software that enhances the shopping experience for retailers and shoppers. In 2019 the company acquired retail outlets in casinos and airports, solidifying its omnichannel presence. Owning the physical locations enables the company to implement its software and apps across the US to showcase their attractiveness and induces shoppers to purchase them.
From 2017 through 2021, the company has been financing most of its acquisition, technology, and operations using convertible debt. In the first half of this year, 12 ReTech raised $449,450 in convertible debt, with existing debt holders converting older debt of $528,780 into 6.158 common shares.
At the end of June, the company’s convertible debt stood at around $1.236 million. Last year the company received $294,882 in PPP funds, and in the current quarter, the SBA forgave $70,200, leavening $224,682 that management is optimistic will be forgiven. So, in the coming months, RETC is worth watching.
On Thursday, RETC stock fell 25% at $0.0003 with more than 90.82 million shares, compared to its average volume of 315.88 million shares. The stock has moved within a range of $0.0003 – 0.0004 after opening the trade at $0.0003.