GOLD & SILVER MINING (OTCMKTS:CJTF) Spikes Then Drops
GOLD & SILVER MINING (OTCMKTS:CJTF) had an amazing session yesterday, adding an amazing 233.33% to its market value – but judging by today’s red opening, it is not likely to retain that high.
As per its official web site, Gold and Silver Mining of Nevada, Inc., formerly known as CJT FINANCIAL, INC., fancies itself as a company “in the business of precious metals mining and processing of massive gold and silver ore bodies in central Nevada”.
However, one look at the company’s financial report for the period ended March 31, 2015 reveals that it doesn’t seem to be doing much business at all:
- Cash and cash equivalents – $56!!!
- Total Current Assets – $190 thosuand
- Total current liabilities – $1.3 MILLION
- No revenues to date
- Net Loss – $75 thousand
The fact that that the company doesn’t have enough money on hand to send its CEO on a good dinner date, but has racked liabilities totaling more than a million dollars should be indicative enough of its dubious nature.
More on said dubious nature can be found in any one of CJTF‘s filings. As confusing as poorly organized as they are, they can reveal many much needed details that paint a rather grim picture, and give some very obvious clues that something other than its appalling idleness and wastefulness is terribly wrong with CJTF.
For instance, the latest filing mentions that the company has about 387 million shares of common stock outstanding. Yesterday, an aggregate of nearly 280 million shares changed hands – which would be very difficult to pull of with just 378 million shares issued and outstanding.
CJTF was severely overbought after yesterday’s jump, and the company doesn’t seem to have much going for it – which is why its share price is currently dropping like a stone.
