Cardinal Resources Inc (OTCBB:CDNL) Reverses Its Direction

[[tagnumber 0]][[tagnumber 1]]Cardinal Resources Inc (OTCBB:CDNL) hasn’t had a very good time since the beginning of the year. Back in January we wrote about the ticker and its hard mailer pump that proved to be rather ugly. After all, we are not quite certain if Matt Damon gave his permission to be featured on its cover with a toilet seat around his neck.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Neither do third world country problems such as lack of sanitation and drinkable water look like something that would be a good tool to pump a stock for compensation. After all, it starts to look like exploiting other people’s suffering in order to fuel your own agenda. Furthermore, when the latest financial report of the company that you are so eagerly pumping shows that they are not doing a particularly good job, it becomes even uglier.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Here is what [[tagnumber 10]]CDNL[[tagnumber 11]] had to show in their balance sheet from their report for the first quarter of the year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 15]] [[tagnumber 16]]cash: $147 thousand[[tagnumber 17]] [[tagnumber 16]]current assets: $236 thousand[[tagnumber 17]] [[tagnumber 16]]current liabilities: $2.37 million[[tagnumber 17]] [[tagnumber 16]]revenues: $84 thousand[[tagnumber 17]] [[tagnumber 16]]net loss: $814 thousand[[tagnumber 17]] [[tagnumber 26]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Looking at the consolidated statements of operations we can’t fail to notice that the revenues have dropped by 56% compared to the same quarter last year and the net loss has increased by a whopping 181%.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Still, the pump from the beginning of the year turned sour anyways and the stock has been struggling down the charts, dropping below the 10 cent per share mark and struggling to hold its ground since the beginning of February.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]More recently, however, we saw [[tagnumber 10]]CDNL[[tagnumber 11]] surge up the charts. Aided by a promotion for which OTCJournal was compensated $2,500 and 350,000 restricted trading shares and a press release concerning meetings with senior government officials in Panama the ticker made an impressive 201% run up the charts last Thursday on more than 15 times its 30–day average volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Friday’s session didn’t go so good, however, and we saw [[tagnumber 10]]CDNL[[tagnumber 11]] drop 22.22% and finish the day with a price of $0.07. A total of 2.24 million shares changed their owners and generated $190 thousand in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]So far, we see [[tagnumber 10]]CDNL[[tagnumber 11]] trying to stabilize in today’s session. Only time will tell where the stock will go next, but you should be sure to do your due diligence and weigh out the risks before putting any money on the line.[[tagnumber 2]]