Cardinal Resources Inc (OTCBB:CDNL)’s Ascent Comes To An End

[[tagnumber 0]][[tagnumber 1]]If you have been following Cartinal Resources Inc (OTCBB:CDNL) you would remember the brochures with a front page featuring with Matt Damon wearing a toilet seat around his neck that were distributed in the beginning of the year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]While we are still not quite sure if his involvement was voluntary or if he even knew of the existence of these advertising materials there is something that we remember very good. The brochures were written by Andy Carpenter. Yes, the same Andy Carpenter that was coaxing investors into buying [[tagnumber 6]]CDNL[[tagnumber 7]] shares, saying that the ticker can reach prices of $1.76 per pop by the end of 2015.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Nine months later we see a picture that couldn’t be further away from those “predictions”. [[tagnumber 6]]CDNL[[tagnumber 7]] is traded at sub–penny levels since the final days of last month and the financial state of the company isn’t exactly rosy.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 17]] [[tagnumber 18]]cash: $50 thousand[[tagnumber 19]] [[tagnumber 18]]current assets: $320 thousand[[tagnumber 19]] [[tagnumber 18]]current liabilities: $2.72 million[[tagnumber 19]] [[tagnumber 18]]quarterly revenues: $227 thousand[[tagnumber 19]] [[tagnumber 18]]quarterly net loss: $371 thousand[[tagnumber 19]] [[tagnumber 28]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]While the company is, indeed, generating decent revenues, we can’t go past the fact that the cash reserves are incredibly low, while the current liabilities are somewhat significant. Still, the company has come out with some positive news lately and they managed to boost its performance.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]After climbing in three consecutive sessions, however, we saw [[tagnumber 6]]CDNL’s[[tagnumber 7]] ascent halted after yesterday’s final bell. The stock gapped up at $0.0135, but quickly slid below the 1 cent per share mark. By the end of the day it had lost a total of 16.48% and closed the session with a price of $0.0076 while a total of 6.72 shares changed their owners and generated $62 thousand in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]We see a bit hesitation in today’s trading, but things look stable for now. Be sure to do your due diligence and weigh out the risks before putting any money on the line.[[tagnumber 2]]