Movie rental house Quickflix has seen their shares plunge another 14.5% today after they fell 30% yesterday.At the close of trade today the Company was trading at $0.048. In February–and after US content Company HBO tipped $10 Million dollars into them–shares were trading at $0.15 cents.
Quickflix now has less than $5.72 million in cash after burning through $5.52 million in the last quarter. Both Samsung and Panasonic claim there has been little uptake of content via the Quickflix offering.
Quickflix claims customers grew 4 per cent to 111,391 during the quarter, 4 per cent higher, but a drop in trial subscriptions means total subs reversed 2 per cent.
In the first half of its 2012 financial year, Quickflix reported a net loss of $5.9 million.
