Hop-on, Inc. (OTCMKTS:HPNN) Blasts Off
Hop-on, Inc. (OTCMKTS:HPNN) was one of those stocks that was sliding down the bottom of the charts, priced at $0.0001 and moving nowhere for a long time. Recently however, there is quite a lot of interest in the ticker, generated by some pretty optimistic news.
The first sign of waking up was earlier this month when more and more shares began trading after a long period of absolutely no action. The price began to make upward movements in the middle of last week, which is not unusual for a stock priced at $0.0001 which seems to have began attracting attention as the volumes suggested.
By Wednesday this week the company stock had gained 300%, but the volumes were still not enough to produce big trade value. This was until yesterday, when the company announced that it has signed a patent agreement with Microsoft Corporation (NASDAQ:MSFT) for Android and Chrome devices.
The details of the agreement are confidential, but that doesn’t matter when you mention a deal with such a big company. This was the exact reason behind yesterday’s huge 400% jump, which led HPNN to close at $0.0015 while the shares that were traded generated some $4.9 million in dollar volume.
The company also seems to be able to benefit from the medical marijuana hype as they have released cannabis sativa and cannabis indica transdermal patches through its subsidiary Re-Medical.
Still, the financial situation of HPNN is not exactly rosy, as we can see from their annual report covering the period ended December 31, 2013.
- cash: $352
- current assets: $41 thousand
- total assets: $172 thousand
- current liabilities: $1.3 million
- total liabilities: $8.5 million
- revenues: $792 thousand
- net loss: $135 thousand
Actually, the situation looks rather grim with these massive liabilities and cash not enough to buy a tablet, let alone start producing such it. It is also visible there is little change in the revenues and net loss compared to 2012, so that makes HPNN look like it’s going nowhere.
But, after all, hope for future success remains and the optimistic news have managed to pass on these hopes on to investors. That, however, doesn’t mean you should go in just on PR. Be sure to do your due diligence first.
In the meantime, companies in the medical marijuana sector like Growlife, Inc. (OTCBB:PHOT), Cannabis Science, Inc. (OTCMKTS:CBIS) and Hemp, Inc. (OTCMKTS:HEMP) are still sliding down the charts slowly.
