Medical Marijuana Inc (OTCMKTS:MJNA) at New 52-Week Low After Quarterly
Medical Marijuana Inc (OTCMKTS:MJNA) came through with its overdue report on Tuesday. After the filing the stock logged its lowest close for the past 52 weeks in yesterday’s session, on slightly faded volume.
The company’s latest report obviously did little to excite investors and frankly, you can’t really blame them for keeping their poker face on. Here is a brief rundown of the balance sheet figures from the filing:
- $475 thousand in checking/savings
- $4.4 million in current liabilities
- $2.2 million in Q2 revenues
- $5.6 million in Q2 net loss
The company’s revenues are down QoQ from the $3.5 million in sales for the quarter ended March. Net loss has gaped from a modest $879 thousand in Q1 to over $5 million. There is very little to like about this turn of events, especially considering the fact that Kannaway, a business MJNA recorded as a $100,000,000 asset is on board and generating sales for the quarter.
There is also the shrink in MJNA‘s equity investments which saw their value decline from $30 million in March, down to $18 million in June, which is recorded as ‘unrealized comprehensive loss’.
The chart makes it plain to see that MJNA successfully managed to find its footing at or near the $0.04 mark. The question is whether it can pull this off again after the shaky balance sheet of the quarterly. If the price pierces below $0.04 and lingers there, it’s anyone’s guess what might happen from that point on.
