Hollund Industrial Marine, Inc. (OTCMKTS:HIMR) Jumps, Aided by PR
Hollund Industrial Marine, Inc. (OTCMKTS:HIMR) has been scraping the floor of tripple zero land for quite a while now. Recently, however, they seem to have attracted quite some investor interest, expressed in high volumes of traded stock and some jumps in price.
We saw quite the movement in the beginning of the month as the stock climbed as high as $0.0006. Then, a paid promotion was initiated on January 14 and we saw a serious increase in volume, probably generated by insider dumping, but the stock dropped by 50%.
The ticker has been going back and forth going from $0.0002 to $0.0003 for quite a while now and got pumped again this week. This time, the compensation for the pumpers was bigger than the $15 thousand received for the first one round this month and they bagged $25 thousand for their efforts.
Nonetheless, HIMR was still swaying in both directions, despite trying to aid the promotion. They have issued 2 press releases lately, about the elimination of 99.5% of the Preferred C shares owned by Mr. Lonnie Hayward and that they are moving into first revenues.
Indeed, looking at their financial report covering the quarterly period ended September 30, 2013 they need to start making money, because the situation doesn’t look rosy at all.
- cash: $1.1 thousand
- current assets: $86.6 thousand
- total assets: $88.4 thousand
- current liabilities: $1.5 million
- total liabilities: $2.2 million
- revenues since inception: $0
- quarterly net loss: $119 thousand
What bothers us is that we have heard the story of generating revenues a while back and it just didn’t happen. In July, 2013 HIMR made an announcement in which they expressed their belief that the company will start generating revenues in 120 days, meaning in November.
In November, however, they announced that the construction of the log landing site at their lake Bayano project in Panama and its primary access road is 85% complete and is expected to be completed in a couple of weeks in order to start generating revenues in January 2014.
Well guess what. There are still no revenues, but instead of that the company gets the pump treatment. This is the exact reason for which we would advise you to do a lot of due diligence and weigh out the risks when dealing with such companies.
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