Marilynjean Interactive Inc (OTCMKTS:MJMI) Bounces Right Back Up
After crashing by more than 36% on Tuesday Marilynjean Interactive Inc (OTCMKTS:MJMI) dropped down from over 3 dollars per share to $1.91. In early trading yesterday it seemed that the stock would continue to slash huge chunks of its value with the ticker sliding to an intraday low of $1.26. Hitting such prices though caused MJMI to bounce and they soared up the chart recovering quite a bit of the ground they lost. The stock closed the session with a gain of 32.5% at $2.53.
The support for the stock displayed by the market may be viewed as rather puzzling. Initially MJMI‘s goal was to make it big in the oil and gas industry but in just a couple of years the company decided to move into an entirely different field- the sale of baby clothes, toys and accessories through an ecommerce platform. Sadly, that plan met the same outcome and was soon ditched with MJMI now moving into the bitcoin industry.
The most widespread cryptocurrency definitely has a lot of supporters but that alone is far from enough. MJMI must show some concrete results in order to justify their market price. And what has the company announced recently? – Three different PRs talking about how MJMI has entered into various “discussions” and one PR about a new member of the company’s advisory board. At the same time the financial state of the company is nothing short of abysmal – at the end of June MJMI had:
• $5,571 cash
• $7,833 total current assets
• $198 thousand total liabilities
• ZERO revenues
• $1676 net income
In a couple of days the next quarterly report should be filed and it will show if the third quarter of the year has brought any improvements to the rather depressing balance sheet.
And while investors are currently buying the shares of the company at more than $2.50 some people own millions of shares that they bought for just $0.01 as part of the 42,385,500 units sold back in 2012.
Ultimately it is up to you to decide if $438.5 million is a fair market cap for the company. Just be sure to take into account all of the risks before putting any money on the line.
