Infrastructure investment company focusing on diverse opportunities, Renavotio Inc (OTCMKTS:RIII), announced on May 14, 2022, current shareholder updates. The firm has changed its note, due in April, from a $2.1-million-dollar glove buy in February.
Market Reaction
On Friday, RIII stock ended flat at $0.0150 with 15K shares, compared to its average volume of 34K shares. The stock moved within a range of $0.0150 – 0.0150 after opening trade at $0.0150.
Renavotio Provides Shareholder updates
Renavotio is engaged in medical protective equipment, ISP,5G, utility management,utility construction, water, IoT,waste management technology as well as other industries.
The Company plans to pay the balance in July 2022. Renavotiohas paid $1,230,000 from sales on the note. The firm has also finished buying new work trucks as well as reconditioning of the installation equipment.
Billy Robinson, the CEO and Chairman of Renovatio said that the company has restructured much of the long-term debt as well as created new revenues. Robinson also said that the firm has put in place a working capital line for facilitating future growth. The CEO added that the company is moving ahead with revenue-producing opportunities as well as reporting current information on its developments and financial information to the current and future shareholders.
The company is planning to expand and bid on extra projects. It has recently secured $200,000 in short-term funding for paying audit expenses. It has also put a $750,000 line of credit in place guaranteed by CEO William Robinson for future working and expansion capital.
Key Quote
Billy Robinson, the CEO and Chairman of Renovatio commented, ” As new opportunities continue to present themselves to us, we have restructured much of our long-term debt, created new revenues, and put in place a working capital line to help facilitate our future growth. As much as the re-audit of our Company has been painful by the length of time it has taken and the cost to the Company and shareholders, when completed it will give us a true picture of the Company and the issues caused by losing our former auditor will be behind us, moving forward with revenue producing opportunities, including those associated with the infrastructure bill, and reporting current information regarding Company developments and financial information to our current and future shareholders.
Traders Review
RIII stock is trading below the 20-Day and 50-Day Moving averages of $0.0179 and $0.0160 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0312.
