Grow Condos Inc. (OTCMKTS:GRWC) Slows Its Ascent
Is Grow Condos Inc. (OTCMKTS:GRWC) finally going to turn red after all these sessions of intense climbing?
As we have mentioned on occasion before, the announcement of GRWC‘s latest acquisition did manage to afford the ticker quite a bit of upward momentum. However, it was more than clear that its jump wouldn’t last too long. Why?
Well, good news or not, we’re still talking about a company whose latest financial report looked 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
Meanwhile, the company’s market cap is as high as $64 MILLION. The inconsistency here should be more than obvious. What’s more, that’s not even the biggest red flag that the company’s filings have to offer.
A quick check reveals that there were around 45 million shares of GRWC common stock issued and outstanding in November 2015. The same month saw the company perform 1 for 20 reverse split that should have brought GRWC‘s number of shares outstanding down to approximately 2.2 million. Just two months later, GRWC once more boasted an outstanding share count as high as 28 million.
So, in the end what do we have on GRWC? Dubious cannabis company? Check. Hype-driven jump? Check. Mediocre financials? Check. Rampant dilution? Check.
As things currently stand, it’s something of a wonder that the ticker hadn’t turned bright red earlier.
