Kimberly Parry Organics Corp (OTCMKTS:KPOC) Crashes On Record Volume
The stock of Kimberly Parry Organics Corp (OTCMKTS:KPOC) not only deepened its losses during yesterday’s trading but it did so on an unprecedented daily volume of 844 thousand traded shares. Opening at $0.875 the ticker actually reached an intraday low of $0.63 but closed a bit higher at $0.755 for a loss of 12.2%. Now that KPOC has corrected for two sessions in a row has their share price reached more realistic ranges?
No, KPOC is still trading at ridiculously over-inflated prices that have absolutely no connection with the fundamentals of the company. And it takes just a single look at the quarterly report that was submitted just two days ago for this to become obvious. The report covers the period ended August 31 and according to it KPOC have:
• $37,549 cash
• $314,615 total current assets
• $1.57 million total current liabilities
• $116,323 revenues
• $60,804 net loss
Although now they have at least some cash reserves, at the end of May KPOC reported ZERO cash, the balance sheet is still not capable of supporting a current market capitalization of $86.6 million.
Kimberly Parry also have a couple of convertible notes that were outstanding at the end of August the terms of which were not mentioned in the quarterly. What we do know, however, is that back in February KPOC issued 10,820,000 million shares as repayment for $10,820 worth of debt plus accrued interest. Despite the recent decline in the share price of the stock the people who received these shares could still bag millions in gains if they decide to sell them on the market.
KPOC did publish several positive PR recently – they received a purchase order for 12,500 Units, relocated their offices and manufacturing to St. George, Utah, and hired HDK Media Group and Jeneration PR to boost their media presence. This, however, is simply not enough to offset the plethora of red flags that surround the company.