Endexx CORP (OTCMKTS:EDXC) Standing Strong

When you look at Endexx CORP (OTCMKTS:EDXC)’s chart for the last month, you will see the big red candles and if you’re not the sort of person willing to take big risks, you might get scared by the fact that the ticker could lose quite a lot of value very quickly. The truth is, however, that the biggest loss for a single trading session that EDXC have registered during the last month amounts to no more than 18%. Furthermore, despite all odds, the ticker managed to recover decently whenever there was a day ending in the red and yesterday EDXC added a further 20% to their value. Couple that with the fact that until about four months ago their shares were traded below the $0.01 mark and you will see that EDXC‘s stock has put on a solid performance so far. Will the ticker continue to behave like this in the future, though? As we wrote in our previous articles, there is very little to suggest that.

Let’s start with the financial statement. As we all know, being on the OTC Markets’ Pink Tier means that the company is the one deciding what they want to disclose in their reports and what they want to leave out. Unfortunately, EDXC are not big fans of giving information and both their latest report covering the six months that ended on March 31 and the one before it for the year ended September 30, 2012 lack some important things like the management’s discussion that follows the financial statement in the normal 10-Q’s and 10-K’s.

We don’t see things like the share issuance history, the amount of shares currently issued and outstanding, and even the name of the people who run EDXC currently are nowhere to be found on what is supposed to be an official document.

What we’re presented with instead is just three pages containing nothing more than a financial statement and a balance sheet. And we have to say that we’ve seen better-looking ones in our time. Here are the most recent figures once again:

• cash: $0
• total assets: $135 thousand
• total liabilities: $1.7 million
• no revenue
• net loss (between October 2012 and March 2013): $54 thousand

That said, if they were to file a proper financial report, they would have had to include the legal proceedings that took place against EDXC about ten years ago (they were then known as PanaMed Corp.) when the SEC weren’t too happy with the way they compiled their press releases.

Speaking of press releases, right now, if you’re interested in investing your money in EDXC, all you have to rely on in terms of information are their website and the announcements that they make every now and then. So what do we have there?

Basically, nothing new. The whole excitement around EDXC started off back in February when they announced their entrance into the medical marijuana business through the acquisition of some intellectual property and technology in exchange for 5 million shares of common stock. Since then, we heard that they finished yet another acquisition – the one of Cann-Can LLC (no details about the deal are disclosed), a company that is dealing with the development and production of a sort of vending machine for medical marijuana related paraphernalia.

We should say that EDXC seem to have read through our previous articles on them since they issued a press release about a week ago in which they stated that they have opened a new office in Cave Creek, Arizona. If you take a look through our reports, you will see that before the new office was opened, EDXC provided only a P. O. Box as a mailing address and as we all know this is not the best business practice out there. Still, they seem to have listened to us and they are now supposed to be located in a real-life building.

That’s great but is it really enough to make EDXC‘s shares a safe place for your money? We’ll let you decide.