Medican Enterprises Inc (OTCMKTS:MDCN) Crashes Horribly
Medican Enterprises Inc (OTCMKTS:MDCN) managed to lose another 16.22% of its market value on Friday, when the details of its newest acquisition finally hit the web.
One glance at the 8-K that came out on Friday is enough to understand why investors recoiled from MDCN in that session.
The ticker was well on its way down by that point in time, but when it became clear that another $1 MILLION worth of dilution is going to get dumped on investors, any hope of a change of pace and a reversal of direction was lost.
Truth be told, MDCN investors are no strangers to crushing dilution. The last four months alone have seen MDCND“>MDCND‘s share count explode almost tenfold, from 47 million to over 447 million.
This is no doubt a distressing statistic. However, under the circumstances, it is hard to tell if it is more horrendous than the figures given in the company’s latest financial report:
- Cash – $80 thousand
- total assets – $113 thousand
- total current liabilities – $8 million
- NO REVENUES
- Annual Net Loss – $56.4 million
In conclusion – mediocre results and crushing dilution have threatened MDCND“>MDCND investor value in the past, and seem to still do so presently. Let the buyer be ware.
