Buisness Insider

A 'Social Networking' Stock Has Exploded 25,000% In A Few Days, And It's Not Even Clear If The Company Exists (CYNK)

This is a chart showing trading in a company called CYNK Technology since June 17. The stock is up nearly 25,000%. That's not a typo.


The company's stock, which the folks at ZeroHedge first alerted us to, has gone from $0.10 on June 17 to $14.71 as of Wednesday's close. At its current stock price, the company's market cap is $4.29 billion.

This is a gain of more than 24,000%. For some perspective, Apple, one of the most successful companies and stocks of the last generation, is up about 18,000% since it went public in 1980.

But there is, as you could imagine, a slight problem with CYNK: It's not clear if there's any value to it.

The website associated with the company is introbiz.com. On introbiz.com, under the "About IntroBiz" section, it states that, "Thru our marketplace you may both buy and sell the ability to socially connect to individuals such as celebrities, business owners, and talented IT professionals." 

This premise, as we understand it, is basically a Facebook-like social network where you would pay IntroBiz (or CYNK, or whoever), to connect you with someone else.

Maybe someone cool or famous. Who knows?

Here's a screen shot of the home page. We're not quite sure what to make of it.

Screen%20shot%202014 07 09%20at%204.32.30%20pm

The stock trades over-the-counter on an unregulated exchange and as a result isn't required to follow the same financial reporting rules as companies that trade on the New York Stock Exchange or Nasdaq.

The last SEC filing for the company is a Form 15, which is a filing used by foreign companies to suspend their duty to file financial reports with the SEC.

On March 31, the company told the SEC it would be unable to file its Annual Report on Form 10-K. 

And so trying to get a picture of CYNK's financials is a difficult task.

The company's contact info, per otcmarkets.com, lists an address in Belize.

However, the same site says the company is incorporated in Nevada and is classified as a data processing and preparation firm.

According to data on Yahoo Finance, the company reported no revenue for any of its fiscal years ended on Dec. 31 2011, 2012, or 2013. This data also shows that the company's total operating loss for 2013 totaled $1.5 million.

Cynk Annual Statement

The company's last financial report with the SEC is from November 2013 and reports CYNK's quarterly results for the quarter ended Sept. 30, 2013.

There again, no revenue is reported.

Cynk September 30 10q

The company's 10-Q also shows that it has no assets.

No Assets Cynk

In the same filing, the company said that it's, "a development stage company that has not commenced its planned principal operates to date. Cynk Tchnology Corp. plans to launch its web based social network at the end of the next quarter." 

The company never again disclosed its financials with the SEC. 

Beyond the company's financials, just who is involved with the company gets even stranger: there is only one employee.

In its March filing with the SEC that said the company would not be able to file its annual report, Marlon Luis Sanchez is listed as the company's president, CEO, CFO, chief accounting officer, secretary, treasurer, and director.

In a filing with the SEC, however, the company says it "does not have an employment contract with its key employee, the sole shareholder who is the Chief Executive and Chief Technical Officer."

According to data from Bloomberg, Sanchez owns 210 million shares of the company.

As of November 7, 2013, there were 291.45 million shares of the company outstanding, according to an SEC filing.

Just today, the stock was up more than $8, or nearly 150%, and people began to take notice.

TheStreet.com's Herb Greenberg on Twitter said:

Who trades garbage like $CYNK? Based in Belize…registered in Nevada…has only one exec. God love bull markets.

— Herb Greenberg (@herbgreenberg) July 9, 2014

Others found that calls to phone numbers listed for the company went unanswered. Business Insider found the same.

A Twitter search for $CYNK is instructive. No one really knows what is going. Except probably something that's, well, impure at the very least.

It's unclear who is buying CYNK stock, and not a lot of the outstanding shares are even being traded.

According to Google Finance, just less than 100,000 of its 291 million outstanding shares traded hands today. Yelp, another social media company worth about $5 billion, saw 4.7 million of its 60.9 million outstanding shares trade hands today.

It's unclear how this ends — or who is left holding the bag at $14 per share — when people realize the company has no assets and no revenue. 

SEE ALSO: This Man's 'Healthcare Internet' Has Started A Huge Controversy On Wall Street

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This Company Saved A Lot Of Money By Tracking Their Employees With Fitbits

Appirio Employees

One day soon, your company could hand you a fitness-tracking device as a gift.

The gift could have a sizeable payoff for the company. They could use it to track your fitness habits and, if you and your coworkers behave well, use that data to negotiate lower insurance premiums.

In fact, hot Valley startup Appirio did exactly that, reports Nancy Gohring at Citeworld. As part of a bigger corporate wellness program it calls CloudFit, Appirio handed out Fitbits to about 400 employees. And thanks to CloudFit, Appirio convinced its insurance company to lower its rates by 5%. That added up to a hefty $280,000.

CloudFit isn't just the Fitbits. It includes other things, like giving employees live video sessions with a fitness trainer via Google Hangouts.

As for the Fitbits, they were actually sort of purchased by the insurance company, too. It handed Appirio $20,000 to start a wellness program, and Appirio used that money to buy fitness bands. 

Employees got to choose if they wanted to share data with the company and what data they shared. About 100 opted in. Most were OK with sharing info about how many steps they walk each day, but not about their sleep habits.

These Fitbit folks also got into a social networking group at work that urged each other to up their fitness goals. So the more they tracked their fitness, the more fitness everyone pursued.

Appirio is in the business of writing cloud apps for enterprises, particularly in the healthcare industry. So it wrote an app to aggregate everyone's Fitbit data as part of CloudFit and that's the data it used to convinced the insurance company to lower its price.

For companies that won't write their own app: Fitbit actually offers an employee wellness app to companies who buy fleets of devices for workers.

And Appirio isn't alone, either. BP America is doing a similar thing on a broader scale. In 2013, it bought Fitbits for 14,000 employees, 6,000 spouses, and 4,000 retirees in 2013 as part of a corporate wellness program, Forbes recently reported. 

How much can everyone save? A lot. After insurance company Cigna did a fitness band pilot program, it told healthcare market research firm The Advisor Board it thinks employers could save 13% a year.

Thanks to provisions in the Affordable Care Act, which offers companies incentives for implementing wellness programs, and savings like that, more companies may try similar programs.

There are risks. This could become a pretty big intrusion in employee privacy, where a company nags employees, or penalizes them somehow, for not exercising or taking care of chronic illnesses. But then again, that could also lead to a healthier life.

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This Young Mom Used Instagram To Land A Book Deal And Make Tons Of Money

Mommas Gone City

Jessica Shyba has captured the hearts of thousands of people across the country with her Instagram account, where she posts pictures of her son, Beau, snuggling with her dog, Theo. 

So much so, that she was able to snag a book deal and start making lots of money off of her 5-year-old blog, Momma's Gone City.

Meet Jessica. She started her blog, Momma's Gone City, five years ago when she moved with her husband and kids from the Bay Area in California to Manhattan.

She used the blog to keep up with friends and family. About three years into it, she started turning it into a business, through ads and sponsorships.

In November 2013, her family decided to adopt Theo, a part-German Shepherd, part-Shar-Pei puppy from an animal shelter in Santa Cruz, California.

See the rest of the story at Business InsiderMf


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