Golden Grail Technology Corp. (OTCMKTS:GOGY) Gets Pumped Up
Golden Grail Technology Corp. (OTCMKTS:GOGY) jumped by a half yesterday, as both a PR and a round of pumps touting its stock hit the web.
The ticker’s run up the charts in that session was impressive indeed, as the dollar volume it achieved was heavier than anything that GOGY had ever experienced. Evidently the boastful words that the company spouted in tandem with the pumpers were enough to draw the investors’ attention.
However, one shred of due diligence reveals that any optimism about GOGY is misplaced. Why?
Simply put, GOGY displays all the characteristics of a textbook OTC Markets pump-job. The ticker has been stuck in illiquid obscurity for so long for a very good reason. Its achievements to date are virtually nonexistent, with its filings looking like:
- Cash – $29 thousand
- Total current assets – $35 thousand
- Total current liabilities – $1.3 million
- Sales – $56 thousand
- Net loss – $1.1 million
Another detail that investors should pay attention to, especially when it comes to pumped up OTC Markets tickers, is the presence of toxic debt n the company’s reports. As expected, GOGY has plenty of that, with its “Notes payable” totaling at $345 thousand. Investors should definitely take that into consideration, along with the fact that most of said debt converts at a 60% discount to the lowest closing bid price ten to twenty days before the date of conversion.
It is advisable to keep all those red flags in mind when deciding how to proceed with regard to GOGY from this point on.
