Pervasip Corp (PVSP)

[JeezTrades]

Time for the reality check. The SEC doesn't lie. I provided the URL link below for validation. This has a ton of valid information — please read through when you get a chance. Its a real eye opener. I run across these all the time.

I posted a few key lines from the 10-K filed with the SEC:

Description of Business
"Pervasip Corp. (“Pervasip”, or the “Company”) is an application-based Internet company, and primarily provides low-cost telephone services, connecting people through cloud-connected devices worldwide. Most of the Company’s revenues are derived from customers in the United States that use the Company’s applications to access Internet-based telephone services. "

"We maintain a corporate website with the address http://www.pervasip.com. "

"In fiscal 2014 and 2013, we had one customer that accounted for 27% and 36% of our revenues, respectively. We also had a customer that accounted for 24% of our revenues in fiscal 2014. These two customers were part of the assets we sold on September 30, 2014. At November 30, 2013, one customer, Global Connect LLC, constituted 48% of our accounts receivable."

"We have a history of significant, recurring losses from operations, and we may continue to incur significant losses for the foreseeable future. We reported net operating losses of $850,576 in fiscal 2014 and $1,240,476 in fiscal 2013. As of November 30, 2014, our accumulated deficit was $51,764,832."


We need additional capital to continue our operations.
"We sustained significant operating losses in the past 10 years as we have built our cloud-based technology and business. It has used all our cash and forced us to raise capital to pay our bills. As of November 30, 2014, we had negative working capital of approximately $9.4 million and negative stockholders’ equity of approximately $9.4 million. We believe it is probable that we will continue to experience losses and increased negative working capital and negative stockholders’ equity in the near future, and that we will not be able to achieve positive cash flow before we require additional capital."


"As of April 24, 2015 we had 2 full-time and 3 part-time employees. We plan to operate with a small number of employees until our revenues increase further or until we are able to attract additional financing that has money earmarked for sales and marketing expense."

"Our accounts payable and accrued expenses totaled $1,966,224 at November 30, 2014. Among the creditors to whom we owe money are enterprises that provide important support for our business operations. If we continue to be unable to pay those creditors on a current basis, they may become unwilling to provide services to us. Given our poor record of paying our creditors, replacement vendors could demand deposits, which we might be unable to pay. Some combination of these events, if they occurred, could cause a termination of our business operations."

There's a lot more I didn't post, but you get the idea. Good luck.
http://markets.on.nytimes.com/research/stocks/fundamentals/drawFiling.asp?docKey=136-000101738615000094-4JP062317C8USQQMLF2NNHO3L5&docFormat=HTM&formType=10-K