Marilynjean Interactive Inc (OTCMKTS:MJMI) Crashes Hard
After almost recovering from last Tuesday’s devastating crash of over 36% Marilynjean Interactive Inc (OTCMKTS:MJMI) suffered another harsh blow yesterday. The ticker opened at $2.55, below its previous close at $2.70, but by the time of the closing bell it had sank even lower ending the day with a loss of 22% at $2.10. Will today’s trading see the company once more bouncing right back up?
We have been following MJMI for quite a while now and we have constantly been warning you that the stock is trading at unrealistic prices. This is still the case – despite wiping over a fifth of their value MJMI‘s current market cap stands at more than $364 million. At the same time the latest reported financials of the company look like this:
• $5,571 cash
• $7,833 total current assets
• $198 thousand total liabilities
• ZERO revenues
• $1676 net income
These numbers are now nearly five months old so maybe MJMI have drastically improved their balance sheet recently? The company was supposed to file its next financial report by the middle of the month but currently there is no sign of it. A notification of late filing hasn’t been submitted either.
At the same time the PRs coming out of the coming have not been particularly exciting. MJMI have not announced any concrete agreements or deals instead informing us that they have entered into “discussions” with different unnamed companies operating in the bitcoin industry.
But let’s move back to the chart of the stock. If you take a look you will see that for over a month MJMI were climbing higher and higher up the chart without registering any negative sessions. Some research groups speculate that this was achieved through a boiler room pump. Although we don’t know if this is indeed the case investors should keep in mind that there are millions of extremely cheap shares that could be dumped on the open market.
Back in 2012 MJMI sold a total of 42,385,500 units with a price of just $0.01 per unit. While the warrants that were issued as part of the units expired without being exercised that still leaves 42,385,500 shares that some people bought for $0.01 while at the moment they can sell them at over $2. Even if 21,183,000 of the shares were cancelled the remaining amount is substantial enough to devastate the stock of the company if it gets unleashed on the market.
