Cardinal Resources Inc (OTCMKTS:CDNL) Climbing Higher

[[tagnumber 0]][[tagnumber 1]]Cardinal Resources Inc (OTCMKTS:CDNL) suffered horribly in the beginning of this year and lost quite a lot of altitude, while being heavily traded in the end of January. There was one obvious reason for the sudden decrease in price, coupled with a significant increase in volumes.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]It was all rather simple. The company filed its financial report for the third quarter of last year and investors reacted accordingly. After all, the numbers that were contained in the balance sheet of said report looked pretty awful, even by OTC standards. Here is just a quick example of some of them.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 9]] [[tagnumber 10]]cash: $25 thousand[[tagnumber 11]] [[tagnumber 10]]current assets: $316 thousand[[tagnumber 11]] [[tagnumber 10]]current liabilities: $3.3 million[[tagnumber 11]] [[tagnumber 10]]quarterly sales: $60 thousand[[tagnumber 11]] [[tagnumber 10]]quarterly net loss: $851 thousand[[tagnumber 11]] [[tagnumber 20]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Meanwhile, the company management hasn’t been too keen on publishing the financial report for the fiscal 2015, which has earned [[tagnumber 24]]CDNL[[tagnumber 25]] the OTC Pink Limited Information status as well as the red warning sign that comes with it.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]There is also a certain lack of press releases coming from company HQ lately. Still, [[tagnumber 24]]CDNL[[tagnumber 25]] has been climbing the charts for half a month now. The reason is the recently filed 8–K report that announced the company has acquired $3.75 million in funds from the Chinese company Hangzhou Sky Valley Water Technology Co.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This is what has been behind the recent upward run. Last Friday we saw [[tagnumber 24]]CDNL[[tagnumber 25]] add another 11.14% to its value and close at $0.01147, while the 10.46 million shares that changed their owners managed to generate $103 thousand in daily dollar volume right before the weekend.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The lack of news, however, is troubling and may cause [[tagnumber 24]]CDNL[[tagnumber 25]] to correct once again, as it has done in the past. The 10–K that is yet to be filed isn’t helping either. You should be sure to do your due diligence and weigh out the risks before putting any money on the line.[[tagnumber 2]]