Medbox Inc (OTCMKTS:MDBX) Has No Brakes
Even though it has been dropping at a devastating pace throughout 2015, Medbox Inc (OTCMKTS:MDBX) is still able to find new lows on the charts. Yesterday the stock slid in double digits again, slinking to a close under $0.03 per share, on its heaviest daily volume for the past 3 months.
MDBX took just eight sessions to glide from $0.05 per share to its latest close at $0.029. The ramp-up in volume that has been going on ever since the price pierced through the four-cent mark indicates that there may be more trouble along the way.
MDBX logged another atrocious quarter, with results going up in mid-November. Here is the brief version of the figures reported:
- $346 thousand in cash
- $16 million in current liabilities
- $314 thousand in quarterly revenues
- $9.2 million in quarterly net loss
Over the course of the first nine months of 2015 MDBX logged net loss of just over $25 million – four times the net loss figure for the same period of 2014. The company is doing its best to save the sinking ship, because a price drop of over 99% year-to-date can easily be described as a sinking ship. However, even its best efforts don’t seem to cut it, with MDBX slipping ever lower.
Anyone who followed the company and its stock for a longer period of time will remember that this whole chart nightmare started with a SEC investigation and MDBX needing to restate multiple reports for past periods. The restated reports showed significant rifts between erroneously reported and actual revenues.
MDBX diluting its common stock at an alarming speed is hardly helping matters much. Over the three months between August and November the company went from 69.8 million outstanding shares to 114.4 million OS.
