Cell MedX Corp (OTCBB:CMXC) Wakes Up
Cell MedX Corp (OTCBB:CMXC) logged a 52-week high of over $0.80 per share in January, but unfortunately, there wasn’t much to suggest that it can remain there for long. The financial statements were showing lack of cash and revenues and the news wasn’t particularly encouraging. Last but not least, the ticker was being pumped by the infamous Charles Moskowitz who was saying that if you were to invest $5,000 in CMXC, you would eventually be able to walk away with $74,500.
The people who invested $5,000 when CMXC was hovering near its 52-week high now have shares that are worth about $1,360. Nevertheless, the ticker is moving. CMXC was sitting at $0.22 per share when yesterday’s closing bell rang which represents only a 5% increase on Tuesday’s value. It did, however, make some rather interesting swings throughout the day and it also logged a dollar volume of just under $170 thousand which means that we have to ask the same question we were asking eight months ago: “Can CMXC remain calm at these levels?”.
The company filed its annual report for the period ended May 31 last week, so it’s only natural to start looking for the answer by examining the financials. Here they are:
- cash: $1,258
- current assets: $20,718
- current liabilities: $730,630
- revenues: $42,624
- net loss: $1,031,400
Some of you will probably see the revenues and think that CMXC have miraculously managed to commercialize their technology in record time. Then, they’ll take a closer look and they’ll see that the revenues in question come from the sale of spa equipment and educational courses.
CMXC actually experienced some delays in the funding commitments which means that they couldn’t carry out all the clinical trials they had originally planned. The recent press releases don’t really suggest that the company has quicken its pace on that front.
And that makes the current social media hype around the stock all the stranger. It is a fact, though. Quite a lot of optimistic tweets and posts appeared around the internet yesterday and the increased volume clearly show that they had an impact on the market.
Quite what CMXC‘s supporters are so excited about remains a mystery, but it does give certain people the chance to make some money out of the stock. We’re talking, of course, about the investors who acquired a grand total of 15 million shares at a price of $0.002 per share. More details about this can be found in our article from January.
