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Bayside Corp (OTCMKTS:BYSD) Is A Low Float Runner

Bayside Corp (OTCMKTS:BYSD) Is A Low Float Runner
Written by
Jarrod Wesson
Published on
October 23, 2017
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Today, we have commenced covering a new profile that seems to be assessed more and more recently in Wall Street. It is Bayside Corp (OTCMKTS:BYSD), a diversified company, whose stock price has commenced to move violently very recently. Company LogoFrom $0.0002, the share price spiked up to touch the level of $0.0006 in a few days on heavy volume. Have a look at it before we provide more details about the company: 4 years chart for BYSDBayside - A diversified business: Bitcoin + Oil and GasThe company is an old business entity. It was founded in 1984 and was initially called Two-BB-Company, Inc. until it changed its name to American Terra Vehicles Corp. Then, in 2008, it became Bayside Petroleum Co., Inc. Finally, in 2011, the company was renamed Bayside Corp.There is extensive information about different businesses run by BYSD on its corporate website, which we encourage readers to visit. In this article, we will focus on the current business of BYSD .According to the most recent annual report, the company owns "an interest in an oil and gas lease in Duval County, Texas, on which drilling is planned." The most interesting is the other business of BYSD; the bitcoin interests. The company entered into the digital currency industry through its subsidiary, BitcoinzUSA.com. In Q4 2014, this subsidiary acquired two ATM machines to process deposits and withdrawals of bitcoins in exchange for a fee on each transaction.Please note that the price of bitcoin in 2014 was low as compared to its current price. Had the company owned some bitcoins, the value of the company should have increased in the last two years. Have a look at the performance of the bitcoin since the company operated in this industry. 2 years chart for NYXBTAdditionally, in Q4 2017, the company acquired proprietary software from West Coast Robotics. According to the annual report, this innovative application prevents the hacking of bitcoin accounts.The company is headquartered in Dallas, Texas.Recent DevelopmentsThe most recent reports and news released by the company are the following.On April 12, 2016, the annual report for the year 2015 was received. We appreciated the filing, as it shows that the company is uploading its financial statements. The market tends to celebrate when companies become more transparent by uploading the required financial information.The following are the assets and liabilities noted in the report:

  • Investment in Bitcoin Software: $90,300
  • Oil & Gas Leasehold: $30,000
  • Notes Payable: $565,200

On April 17, 2016, the company filed a document signed by a lawyer. In the document, it is noted by the law firm that BYSD has "made adequate current information publicly available within the meaning of Rule 144(c)(2) under the Securities Act of 1933. "The same day, a quarterly report for the period ended March 31, 2016 was released. The amount of assets and liabilities reported are the same that were reported in the previous report.Hence, it is difficult to explain the recent share price volatility and the large volume seen recently by the news released. They were announced a long time ago.Low FloatThe amount of volatility seen in the share price of BYSD may be explained by the small float. Have a look at the share capital statistics:Authorized Shares3,400,000,000a/o Aug 01, 2017Outstanding Shares3,399,642,631a/o Aug 01, 2017-RestrictedNot Available-UnrestrictedNot AvailableHeld at DTCNot AvailableFloat423,222,301a/o Oct 24, 2015Par Value0.0001SourceConclusionCurrently trading with a market cap of $1.7 million, BYSD is an interesting story among small caps.Shares have recently exploded off the bottom. The exposure to the Bitcoin sector may explain the recent volume. Perhaps investors are choosing this company as a substitute to the Bitcoin. Furthermore, the recent increase in bitcoin could explain the increase in BYSD's volume.Most likely, the reason is the low float and some players were able to run up the share price quite easily.In our opinion, management needs to put out an update. Additionally, we believe that the company needs to upload new financial statements so that more market participants become interested in the company.We will be updating our subscribers as soon as we know more. For the latest updates on BYSD, sign up below!Image courtesy of pinguino k via FlickrDisclosure: We have no position in BYSD and have not been compensated for this article.

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