Alternaturals, Inc. (OTCMKTS:ANAS) Continues Green Run
Thursday’s chart surge that got Alternaturals, Inc. (OTCMKTS:ANAS) on people’s radar has lost some speed. Still, part of the momentum carried over into Friday, with ANAS closing another 36% up, at $0.007 per share.
We covered ANAS after it first spiked, examining the company’s new business pursuit and change of ticker, as well as its lack of any assets or revenues whatsoever as of December 2013. The first time the ticker attracted serious attention was in March 2014, when Alternaturals announced its plans to make a move in the alternative healthcare products market.
That doesn’t sound too enticing on its own, especially coming from a company that was flat broke until recently. Then again, everything is better when you throw the word ‘cannabis’ in it, and this is just what ANAS did. Riding the pot hype bandwagon is not something new but it’s more disconcerting when the company in question has very little to show for its bold claims. Here is what ANAS reported for the first quarter of the new year:
- $1 thousand in cash
- $170 thousand in current liabilities
- $8 thousand in Q1 revenues
- $1 thousand in Q1 revenues
The acquisition of DB Alternaturals, Inc. which led to the change of ticker and company name is not yet factored into the books in terms of assets and liabilities brought to the table. According to the quarterly report the acquisition does not have ‘real tangible value yet’ due to the lack of cleared patents and trademarks.
The company announced shipping products to retailers on May 22, including deals with Amazon, which pushed the price to new highs. The announcement included the company’s Five Hour High product, which should appear on shelves in Colorado dispensaries no later than June 30. This sort of hyped-up PR coming at a time when the SEC is warning investors of the risks involved in trading pot stocks and relying on rather optimistic press releases instead of filings is probably not the best thing ANAS could have opted for. The company also informed of a planned buyback starting this week, which likely further boosted investor excitement. How ANAS plans to buy back shares with its meager cash on hand and an extra $20 thousand from new convertibles is not too clear.
Other pot stocks that have been around for a longer while also fared well in Friday’s session. Tranzbyte Corp. (OTCMKTS:ERBB) closed 8% up before the long weekend. Creative Edge Nutrition, Inc. (OTCMKTS:FITX) managed a humbler 2% green close.
