22nd Century Group, Inc. (OTCMKTS:XXII) Drops After Filing Their Latest 10-Q
Even though there were a few trade sessions in the red July was a promising month for the stock of 22nd Century Group, Inc. (OTCMKTS:XXII), as they reached the highest price per share in the last 2 years of trading. However, after they filed their report for Q2 this year yesterday things seem to have gone sour and they lost quite a bit from their value.
Since the last time in which XXII‘s stock dropped hard, in the middle of July, they started recovering. In just 2 short weeks the company managed to climb 81%, going from $0.92 to $1.67 per share on August 1.However, they haven’t had a positive session since then and they ended last week in the red.
Last week started off good for XXII‘s stock, but in Friday’s session they lost 3% of their value and slid down to close at $1.62 with a volume of traded stock well below their average of 350 thousand. At the end of the day the total number of shares that switched hands came at 163 thousand, generating a small trade value of $271 thousand.
This week didn’t start well for them as well, after they filed their report for the second quarter of the year, from which you can see that nothing much has happened. Below are the numbers of prime interest for your consideration.
- cash: $451 thousand
- current assets: $1.7 million
- current liabilities: $2.2 million
- total liabilities: $10.3 million
- revenues: $0
- net loss: $445 thousand
You may say that they added some to their cash reserves, but that doesn’t change the overall picture that much. Indeed the net loss recorded in the second quarter of this year is much lower than the $2.5 million from Q1, but one big factor in that change was the $1.25 million in proceeds from the conversion of the last series B warrants in 2,083,334 shares of which we spoke in our previous article about XXII.
The fact that they are unable to generate revenue still remains as a big red sign for investors and that might be the reason for yesterday’s drop. Things may worsen until they come up with new definitive information in their press releases, but the digits from their brand new report are sure to leave a mark, so don’t forget to do your due diligence and weigh out the risks.
On the other hand Amanasu Technologies Holdings Corp. (OTCMKTS:ANSU) is booming after they got pumped, both price-wise and volume-wise. In the last 2 trading sessions they went a whopping 4435% up relying on the promotional campaign, which boosted their price from $0.028 to the current $1.27. Another big winner lately is SafeStitch Medical, Inc. (OTCBB:SFES), who gained 152% in the last 2 days of trading and are nested at $1.39
