Creative Edge Nutrition Inc. (OTCMKTS:FITX) Still Going Down
The momentum Creative Edge Nutrition Inc. (OTCMKTS:FITX) had gathered after Christmas finally wore off on Jan. 9. FITX‘s shares were dragged down by a sector-wide market crash, that forced down nearly every other company in the marijuana stocks business. At that point FITX stabilized around $0.02.
HEMP, INC.(OTCMKTS:HEMP) and Tranzbyte Corp. (OTCMKTS:ERBB), similarly to FITX have remained relatively steady at the levels they had dropped to on Jan. 9. An unimpressive performance, especially since the marijuana hype is still running high in the U.S, and seeing how companies like Cannabis Science Inc. (OTCMKTS:CBIS) have shown signs of recovery.
The timid market performance of FITX can be partially explained by the lack of news since Jan. 13. The company’s latest financial report was also published on that date, and it contained information that can be considered off-putting, to say the least:
- cash – $52 thousand
- total current assets – $741 thousand
- total current liabilities – $3 million
- annual revenues – $2.3 million
- annual net loss – $5.5 million
FITX is generating revenues, but the company hasn’t been able to turn them into profit. The amount of cash they have on hand is grossly insufficient to cover their current liabilities, at the same time net losses keep piling up.
One way or another the company’s new found balance is not likely to last very long. President Barack Obama’s recent statement, that “Marijuana is no more dangerous than alcohol” can, and most probably will, throw the marijuana stock market into a frenzy once more. We are all sure to to witness some interesting chart movements once the market opens after its break on Martin Luther King Day.
