Grow Condos Inc. (OTCMKTS:GRWC) Reaches New Heights
Grow Condos Inc. (OTCMKTS:GRWC)’s second consecutive jump at the end of last week brought it as high as $1.29 – so what’s wrong with this picture?
Well, as far as due diligence is concerned – everything is wrong with this latest surge. As far as research can tell, GRWC is just a mediocre looking OTC Markets underachiever. Looking closer into its affairs yields the realization that it has very little going for it, with its latest financial report looking like this:
- Cash and cash equivalents – $3 thousand
- Total Current Assets – $21
- Total Current Liabilities -$226 thousand
- Rental revenues – $23 thousand
- Net loss – $135 thousand
Furthermore, not only is the company’s financial state thoroughly uninspiring, but its share structure is in tatters as well. As of November 12, 2015, GRWC had 44.8 million shares outstanding. About a week later, the company performed a 1 for 20 reverse split, that should have reduced its number of shares outstanding to approximately 2.2 million. Which is why it’s so surprising and more than a bit disappointing to see that a mere two months later, the company once more had approximately 28 million shares of common stock outstanding.
Which makes the current situation very odd indeed – in spite of all these red flags, GRWC’s market cap has been pushed to а staggering $36 MILLION – all on the hype that its latest announcement has caused.
Suffice it to say that this does not bode well for the chances of the ticker retaining its ground at all, because, as we all know, hype tends not to last. Investors would do well to consider all these facts and think very hard on what is going to GRWC when that crucial moment inevitably comes, and plan accordingly.
