Kush Bottles Inc (OTCMKTS:KSHB) Gets Severely Corrected
tags: KSHB
The stock of Kush Bottles Inc (OTCMKTS:KSHB) began the year pretty badly, sliding below the $1 per share mark in the second half of February. Since then it has managed to recover and the volumes in the past several months have been somewhat increased.
The end of last month and the beginning of July brought excitement for KSHB and the stock breached the $2 per share mark, going well above it. The reason was the announcement of the company’s results for the quarterly period ended May 31. The report was filed on Wednesday and contained the following numbers of prime interest.
- cash: $354 thousand
- current assets: $2.15 million
- current liabilities: $898 thousand
- quarterly revenues: $2.32 million
- net income: $23 thousand
Looking at those numbers we can say that KSHB is a pretty decent OTC marketplace company. We rarely see any companies traded here that actually manage to report a positive bottom line. KSHB has also shown great improvement compared to the same period last year.
This is why it was rather strange that the ticker dropped 28.26% in value the day following the report. Yesterday we saw KSHB close the session with a price of $1.65 and a total of 60 thousand traded shares, generating $108 thousand in daily dollar volume.
This outcome is rather strange, but may be the result of the subsequent events section informing us that a total of 102,500 restricted shares were issued following the period covered in the report in exchange for $81,500, which puts their price per share at $0.79.
KSHB isn’t doing all that well in today’s session either, so you should be sure to do your due diligence and weigh out the risks before putting any money on the line.
