Primco Management, Inc. (OTCMKTS:PMCM) Loses Support
Last month Primco Management, Inc. (OTCMKTS:PMCM) were able to surge above $0.006 but since then the stock has been having a hard time sustaining such price levels. With the start of April the negative momentum has only picked up more speed and by now PMCM has closed in the red 5 times out of the last 6 sessions. Yesterday they crashed by more than 17% on close to 300 million traded shares.
The downwards trend is happening despite the last rather positive PRs issued by the company. On April 1 they announced that the expansion and remodeling of the Suzie Q dispensary have begun while three days later came the news that PMCM have paid off all of the promissory convertible notes owned by Asher, one of the most notorious toxic funders in the world of pennystocks. Even the fact that the company was able to cancel 2 billion shares as a result of the deal failed to even slow down the decline of the stock.
Well, those are undeniably positive signs but PMCM will have to do a lot more in order to lure investors back. The company still plans to increase its authorized shares by 5 billion while the other convertible notes amount to more than $1 million. Not to mention that apparently PMCM are having some serious troubles with their annual report for 2013. They were supposed to file it by the end of March but instead requested a 15 day extension. Well, today is the last day of that period and we will see if the report is finally ready.
For now investors can rely only on the quarterly results for the period ending September 30, 2013 which were far from encouraging:
• $115 thousand cash
• $3.1 million current assets
• $3.5 million current liabilities
• $29 thousand revenues
• $1.6 million net loss
• $3.1 million current assets
• $3.5 million current liabilities
• $29 thousand revenues
• $1.6 million net loss
Compared to most of the other marijuana pennystocks PMCM at least have actual operations within the industry but that doesn’t make them any less risky. Especially when even the most stable and solid company of the whole industry – Growlife, Inc. (OTCBB:PHOT) got suspended by the Securities and Exchange Commission last Thursday. The news was so shocking that it shook the whole sector and left it in shambles.
Yesterday the stock of Minerco Resources, Inc. (OTCMKTS:MINE) crashed by close to 25% and dropped to just $0.0123 per share while Fortitude Group Inc (OTCMKTS:FRTD) suffered and even harsher fate. The company was devastated by losing more than 33% of its price barely stopping at $0.02 at the time of the closing bell. 