AvWorks Aviation Corp. (OTCMKTS:SPLI) Takes A Nose Dive

AvWorks Aviation Corp. (OTCMKTS:SPLI) managed an impressive chart climb in the last couple of sessions, but much to the company’s regret, this turn of events did not last long. Yesterday SPLI stock lost 22.49% of its value as online stock commenters tore the company to pieces.

Yesterday the company tried to compensate for the downward pull of its financial shortcomings by exploiting the publicity opportunities provided by the ongoing marijuana rush. The press release that hit the wire before the session began had all the characteristics of a classical pot-stock attempt at self-pumping. It was profusely optimistic and boastful, as well as extremely wordy, yet did not contain a single bit of valuable information and concentrated solely on touting SPLI.

However, at this point, no amount of advertisement can compensate for the flood of horrible publicity that the company is currently drowning in. SPLI has never been a commercially successful enterprise, so questioning its financial integrity does not seem like an unusual thing to do. And in light of what due diligence reveals, calling SPLI‘s most recent financial statements worse than those of “companies that were filing for bankruptcy” may be a bit mean-spirited, but is essentially true:

• Cash – MINUS $442
• Total assets – $6 thousand
• Total Liabilities – $286 thousand
• NO REVENUES
• Net loss – $21 thousand

Said numbers certainly do not belong in the 10-Q of a company that is worth a market cap exceeding $100 million, so let the buyer beware.

Other pot-stocks that are currently called “overvalued” include mCig, Inc. (OTCQB:MCIG) and Growlife, Inc. (OTCQB:PHOT).