mCig Inc (OTCMKTS:MCIG) Logs Another Red Session

On May 6 the stock of mCig Inc (OTCMKTS:MCIG) closed at its lowest point for over a year and a half of $0.053. During the session the ticker actually slid down even lower to a $0.0511. On the very next day however the stock changed its direction drastically when the bounce caused by the stock sinking to such record lows was further boosted by a new PR announcing that the quarter ending April 30 was the best in the entire history of the company.

Unfortunately the positive hype created by the announcement was extremely short-lived; in fact, it lasted only a single day. MCIG returned to its usual trading pattern and is currently, after wiping another 12% during yesterday’s session, sitting at $0.065.

The failure of the PR to create a more prolonged uptrend shouldn’t be that surprising considering the fact that despite the boastful nature of the announcement MCIG didn’t disclose any concrete numbers. The last financial report filed by the company covers the quarter ending January 31 and it contained the following:

• $200 thousand cash
• $771 thousand total current assets
• $13 thousand total liabilities
• $88 thousand revenues
• $743 thousand net loss

MCIG don’t have any toxic debt which is a rare sight in the world of pennystocks. The record-breaking quarter is going to be covered by the annual report that is due by July 31 so until then we won’t know how much did MCIG made in terms of revenues. In the PR the company stated that based on their projection revenues for the current fiscal year will be between $7 million and $10 million.

For now though MCIG are going to remain a volatile choice for trading. On May 8 they stated that a new organic em-j product that is infused with Cannabidiol (CBD) should be launched in the next few weeks. A new press article about it or the other initiatives undertaken by the company may at least help the stock stabilize.