Is Medican Enterprises Inc. (OTCMKTS:MDCN) Going To Triple Zeros?
Medican Enterprises Inc. (OTCMKTS:MDCN) managed to lose another 26.83% of its market value yesterday in another roller-coaster ride that looks like it will land the ticker in zero land.
To say that things aren’t going well for MDCN would be a gross understatement. The ticker has been crashing on heavy volume for some time now – and by all accounts, it is likely to continue its descent in the foreseeable future. Why?
MDCN‘s ugly red chart movements are largely due to the company’s mediocre results. Said mediocrity is incredibly easy to discern with just one look at the company’s latest financial report:
- Cash – $9298
- Total current assets – $73 thousand
- Total current liabilities – $9.7 million
- NO REVENUES
- Net loss – $108 million
And if those figures aren’t horrifying enough, the company’s dilution statistic certainly is:
As of April 15, 2015, the Registrant had 447,063,367 shares of common stock outstanding.
A 1 for 10 reverse split brought the company’s common stock count to about 44 million on April 20, 2015
The number of shares of Common Stock outstanding on May 20, 2015 was 134,799,661.
Long story short – there seems to be a whole lot of dilution and not much else going on in MDCN. This being the case, is it really any wonder that the ticker is plummeting, and that it looks like it may well end up in triple zero land soon?
