Axiologix Inc (OTCMKTS:AXLX) Bring Something of a Surprise
Remember Axiologix Inc (OTCMKTS:AXLX)? We wrote about them a couple of months ago when there was quite a lot of commotion created by the paid pumpers around them. Now there is a new promotion and we decided to check on them and see if anything has changed.
If you have read through our previous articles, you will recall that AXLX was run by Vincent Browne, the person who was also at the helm of another publicly traded company working in roughly the same business field – Flint Telecom Group, Inc. (OTCMKTS:FLTT). In that respect nothing has changed – Mr. Browne is still in listed as the CEO and FLTT‘s shares are still stuck to the bottom of the chart. It would appear. However, that Mr. Browne prefers to pay more attention to AXLX since we haven’t heard from FLTT and they haven’t filed any reports for quite a while now.
AXLX, however, have. And that is where the big surprise for us came in. The last time we wrote about them, AXLX had very little in terms of cash, they had quite a lot of liabilities, not much revenue and extensive losses. About a month ago, however, they filed their financial report for the three months that ended on February 28 and we must say that it looks much better than before. Here’s the recap of the most important figures:
- cash: $72 thousand
- current assets: $754 thousand
- current liabilities: $712 thousand
- quarterly revenue: $241 thousand
- quarterly net loss: $131 thousand
There is still quite a lot of work left to be done, but the report does indeed look a lot more promising than the ones before it.
In addition to this, there has been quite a lot of press releases coming out of AXLX and while all the promises sound just a little bit too optimistic for our liking, if they turn out to be true, AXLX might just be able to turn a profit.
It’s not all good news, though. They recently announced that they have signed a share purchase agreement with a company called Ironridge Technologies and AXLX apparently expect to receive a total $7.5 million which they will use in their day-to-day operations. Sounds good but, of course, there is a catch.
All the $7.5 million loan is convertible into preferred stock which, in turn could be exchanged for common shares at a fixed price of $0.0008. As of the time of writing this article, AXLX stand at $0.0011 which means that if Ironridge were to convert and sell the common stock right now, they will walk away with a profit amounting to around 40%.
Not something the people who trusted the pumpers in February can say for themselves. As you can see from AXLX‘s chart, the emails managed to create enough excitement around the ticker and it did move in the upward direction. Soon after that, however, it all went pear-shaped.
And the promoters right now are called Bird Gang Stocks, the same newsletter that tried to convince investors that Massive Dynamics (OTCMKTS:MSSD) is a great place for their money. You don’t need to be a financial analyst to see that this was definitely not the case, which is why we would advise you to be extremely careful when making your decision on AXLX. While there seems to be some movement, you can never be absolutely convinced of a company’s success when it comes to promoted penny stocks.
