Hemp Inc. (OTCMKTS:HEMP) Sliding Despite PR
Hemp Inc. (OTCMKTS:HEMP)’s latest financial report, the one covering Q3 2014, came out five days ago, and the numbers in it were so disturbing that the ticker has been gliding down the charts ever since, in spite of the company desperate attempts to promote its stock through PR.
In light of the following numbers being filed by the company in an official report, is it really any wonder that even hardcore pot-stock enthusiasts are currently avoiding HEMP now:
- Cash and cash equivalents – $1 thousand
- Total Current Assets – $5.1 million, of which
- Securities held for sale – $4.1 million
- Total current liabilities – $957 thousand
- Sales – $ 14 thousand
- Quarterly net loss – $2.3 million
All in all, the situation is pretty grim. One look at the financials reveals that most of the company’s total current assets are in the form of securities held for sale, also known as stock compensations other dubious OTC Penny stock companies have paid HEMP in. Also known as – shares that are usually extremely difficult to turn into actual cash.
Such financials usually speak for themselves, and often do so loud enough to turn even fervent supporters away. In similar cases, even overly optimistic, vague and boastful PR often times fails to lift the investors’ spirits up and give them hope for the company’s future.
That is probably why HEMP is currently falling, and why its slide could go on for some time.
HEMP seems to have started today’s session with a gap up, but is already headed down.
