Marilynjean Interactive Inc (OTCMKTS:MJMI) Wipes A Third Of Its Value
On Monday Marilynjean Interactive Inc (OTCMKTS:MJMI) announced a new addition to its board of advisors. The news helped the stock climb even higher up the chart and the ticker broke through the $3 mark finishing the day at $3.02, just below the new record high of $3.04 that was logged in during the session. This latest gain pushed the market cap of the company over $500 million.
Half a billion is a serious valuation but as we have been warning you in our articles MJMI have nothing to support it with. The company is in a dire financial state – a little over four months ago MJMI had:
• $5,571 cash
• $7,833 total current assets
• $198 thousand total liabilities
• ZERO revenues
• $1676 net income
Last month MJMI issued several PRs but they too offer little encouragement. The company hasn’t announced any completed deals instead opting to inform us that it has entered into several “discussions” with companies in the bitcoin industry. As you can see the underlying fundamentals of the company were already insufficient to justify the over-inflated market price of the stock but Monday’s jump above $3 seems to have been the final straw.
Yesterday MJMI suffered a devastating crash. The stock of the company plunged for the bottom of the chart right from the opening bell and by the end of the trading day it had managed to lose more than 36% of its value dropping down to a close at $1.91. Despite the severe crash MJMI are still sitting at unrealistic prices.
Investors should keep in mind that millions of underpriced shares could be unleashed on the open market. Back in June 2012 MJMI sold 42,385,500 units at $0.01 per unit. In October 21.18 million shares were cancelled but even if they were part of the 2012 shares that still leaves more than 21.2 million shares. You should ask yourselves what would you do if you owned so many shares bought at just $0.01 while at the moment you can sell them for $1.91 each.
The performance of the ticker will also be influenced by the new quarterly that is supposed to be filed by the middle of the month. If the numbers inside the report are similar to the ones for the previous quarter MJMI may further accelerate its descent.
