Kimberly Parry Organics Corp (OTCMKTS:KPOC) Manages to Stop Slide
The three-month run that sent Kimberly Parry Organics Corp (OTCMKTS:KPOC) to what many might consider a market cap completely disconnected from fundamentals and performance, seems to have come to an end. Still, after two days of free fall on heavy volume, KPOC managed to step on the brakes and close 10% up yesterday.
By the bell the company’s share price stopped at $0.83 per share. Back in August KPOC was trading at under $0.40.
The company published its latest quarterly report just a few days ago and, not too surprisingly, the steep drop coincided with its publication. The good news is, KPOC has not diluted its common stock between late August and mid-October. The bad news is the balance sheet still leaves a lot to be desired:
- $37 thousand in cash
- $1.5 million in current liabilities
- $116 thousand in quarterly revenues
- $60 thousand in quarterly net loss
While this is definitely an improvement on the previous report’s balance sheet with its zero cash and $1.4 million in annual net loss, there is still a way to go. A small detail that was not present in the Subsequent events chapter of the annual report is the fact that in June a shareholder returned 50 million shares to the company for cancellation – a positive bit of news, even though it’s not a game changer.
The new quarterly repeats what is possibly a typographic mistake in the annual – the issuance of 10.8 million common shares to clear $10.8 thousand in debt, but with shares listed as issued at $0.05 apiece, while maths dictates the share price was rather $0.001 per share.
KPOC recently announced launching a number of media initiatives to provide video advertising materials and brand awareness. It remains to be seen whether this is enough to keep traders interested in the stock.
