KollagenX Corp (OTCMKTS:KGNX) Suspends Its Upward Run
The last time we wrote about KollagenX Corp (OTCMKTS:KGNX) was back in November last year. Back then the company stock wasn’t doing all that well, despite the fact that it was heavily promoted for quite some time.
The KGNX promotion is one of the most interesting that we have seen in recent times. A hefty $300 thousand budget ensured that everything happened by the book and yet there were still no results. One of the main reasons for this is that the company itself is doing quite poorly when it comes to financials.
- cash: $33 thousand
- current assets: $260 thousand
- current liabilities: $1.41 million
- quarterly revenues: $94 thousand
- quarterly net loss: $208 thousand
Those were the numbers that can be found in the company’s balance sheet for the quarterly period ended November 30, 2015 and they are far from rosy. We see that the revenues have dropped by some 71% compared to the same period in the previous year while the net loss has gone up 52%.
This is why it’s no surprise that KGNX’s performance has been so bad this year. Meanwhile, the ticker is still getting pumped, but the landing page has been taken down. Still, KGNX did manage to do a nice upward run this week and the daily volumes increased.
That, however, changed yesterday and we saw KGNX drop 25.58% down the charts to close at $0.0032. A total of 74.65 million shares changed their owners and generated $353 thousand in daily dollar volume. This volume suggests that the outstanding share count is far bigger that the 52 million that the company recorded in its latest financial report.
KGNX has stayed leveled in today’s session so far and we might not see it move anywhere in the last day before the weekend. In any case, be sure to do your due diligence and weigh out the risks before putting any money on the line.
