Hemp Inc (OTCMKTS:HEMP) Continues To Lose Positions

[[tagnumber 0]][[tagnumber 1]][[tagnumber 2]] [[tagnumber 0]]So far the stock of Hemp Inc (OTCMKTS:HEMP) has been going down the chart for three consecutive sessions. Yesterday it logged in a loss of 9.09% closing at its low of the day of $0.06 per share. Keep in mind that the company is trading at such price ranges thanks solely to the 1–for–10 reverse split implemented at the end of July.[[tagnumber 2]] [[tagnumber 0]]Early in the morning today the company published a new PR announcing that Mr. David Schmitt, Chief Operating Officer of [[tagnumber 6]]Hemp‘s[[tagnumber 7]] subsidiary, Industrial Hemp Manufacturing, LLC, has been elected to the North Carolina Industrial Hemp Association (NCIHA) Board of Directors for the 2015–2016 term. Will this be enough to change investors‘ sentiment and cause the stock to reverse its direction? Especially when it also revealed that the Temafa decortications plant is still at 70% ready  and is expected to become operational at some point during the fourth quarter of the year?[[tagnumber 2]] [[tagnumber 0]]When the facility eventually starts working it could bump the stock up the chart but investors should remember that hemp is illegal under North Carolina law. This means that the decortication equipment will be used to process kenaf only. And it must bring in some respectable revenues because [[tagnumber 6]]HEMP‘s [[tagnumber 7]]financial state has deteriorated even further evidenced by the recently filed quarterly report. It showed that at the end of June the company had:[[tagnumber 2]] [[tagnumber 0]]• $176 thousand cash[[tagnumber 14]]• $907 thousand total current assets[[tagnumber 14]]• $2.5 million total current liabilities[[tagnumber 14]]• $33 thousand sales[[tagnumber 14]]• $1.14 million net loss[[tagnumber 2]] [[tagnumber 0]]Nearly the entire amount of the liabilities is taken up by debt owed to the CEO Mr. Bruce Perlowin. In our articles we have been continuously warning you that any such debts in the past have been reduced through the issuance of preferred K shares and this continues to be true – during the quarter covered by the report nearly 100 million preferred K shares were issued for debt. Each end every one of the Series K shares can be converted into 10 common shares and as of June 30 there were 214 million preferred K shares outstanding.[[tagnumber 2]] [[tagnumber 0]][[tagnumber 6]]HEMP[[tagnumber 7]] has benefited from any industry wide hype in the past but on its own the company has been having troubles getting investors excited. Add the numerous red flags and it should be clear that the stock is an extremely risky choice that should be approached only after doing extensive due diligence. [[tagnumber 2]]