Marilynjean Interactive Inc (OTCMKTS:MJMI) Breaks Through The $1.50 Mark
The amazing performance of Marilynjean Interactive Inc (OTCMKTS:MJMI) continued during yesterday’s trading with the stock adding another 5.4% to its price. Opening at $1.475 the ticker not only managed to pass $1.50 easily but it actually closed at its highest point for the day of $1.56.
Is the ascent up the chart warranted though? Before we answer that question let’s take a look at what the company has to offer. In the past couple of years MJMI went through severl businnes plans – from a developer of oil and gas properties to a seller of baby clothes and toys after which they decided to enter the Bitcoin industry.
There are quite a lot of Bitcoin enthusiasts out there but basing your investment decisions solely on enthusiasm may be extremely dangerous. MJMI simply cannot justify their current share price and market cap. The last financial report they filed covers the second quarter of the year and the numbers inside it are beyond depressing:
• $5,571 cash
• $7,833 total current assets
• $198 thousand total liabilities
• ZERO revenues
• $1676 net income
As we warned you in our previous articles millions of underpriced shares could find their way to the market. In 2012 MJMI sold 42,385,500 units priced at $0.01 each. Even if 21,183,000 of the shares that were issued as part of the units have been canceled that still means that some people own more than 21 million shares priced at $0.01 while at the moment they can sell them for more than $1.50.
The last PRs published by MJMI can hardly support their current valuation either. On October 12 the company announced that it has entered into “advanced discussions” with an unnamed provider of Bitcoin-based remittance services while on October 21 a PR similarly devoid of any useful information announced that MJMI have once again entered into discussions but this time with a “a firm that offers internet gambling licenses in the country of Antigua”.
MJMI has appreciated significantly over the past weeks and chasing after their stock may not be a wise decision. Thread carefully and attempt trades only after doing extensive due diligence.
