mCig Inc (OTCMKTS:MCIG) Surges In Anticipation Of 10-K Filing

[[tagnumber 0]][[tagnumber 1]]The terrible performance of mCig Inc (OTCMKTS:MCIG) has continued to haunt the company stock since the last time that we wrote about it back in the end of June. In the beginning of last week we saw the ticker sink to a new 52–week low of $0.02995, but it has managed to recover some lost value since then.[[tagnumber 2]] [[tagnumber 0]][[tagnumber 4]]MCIG[[tagnumber 5]] began to slowly climb the charts for no particular reason and by the end of the week we saw some PR coming from the company that managed to have a more profound effect. On Thursday the company issued a press release providing a shareholder update on the status of the company‘s 10–K filing, which was late due to a change in auditors.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This managed to provide for a boost in price of 11.29% in the day that the PR was posted and [[tagnumber 4]]MCIG[[tagnumber 5]] managed to add another 29.86% to its value in the final session of the week. It seems that the anticipation of the report had a great effect for the company stock so far, but what will happen when people see the numbers contained in it.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The 10–K in question was filed and accepted by the SEC early this morning so we can actually get e picture of what might come, considering the numbers that are contained in its balance sheet. Here is what [[tagnumber 4]]MCIG[[tagnumber 5]] had to show at the end of April this year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 21]] [[tagnumber 22]]cash: $102 thousand[[tagnumber 23]] [[tagnumber 22]]current assets: $591 thousand[[tagnumber 23]] [[tagnumber 22]]current liabilities: $14 thousand[[tagnumber 23]] [[tagnumber 22]]annual revenues: $509 thousand[[tagnumber 23]] [[tagnumber 22]]gross profit: $108 thousand[[tagnumber 23]] [[tagnumber 22]]net loss: $4.86 million[[tagnumber 23]] [[tagnumber 34]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]As you can see, the cash positions of [[tagnumber 4]]MCIG[[tagnumber 5]] aren‘t very good, but we can‘t deny the fact that the current liabilities have been significantly reduced. Meanwhile, the revenues have gone up by around 42%, but the gross profit is down 48%. In the same time we see a massive 3916% increase in net loss compared to the same period last year, which is mainly caused by some $4.02 million in the form of stock based compensation.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Looking at these numbers and knowing that the current market cap of [[tagnumber 4]]MCIG[[tagnumber 5]] is sitting at $12.5 million we instantly see that the company stock has more room to fall down. Doing your own due diligence and weighing out the risks before committing to any trades is absolutely crucial.  [[tagnumber 2]]