Medican Enterprises Inc (OTCMKTS:MDCND) Is Still Unstable
Medican Enterprises Inc (OTCMKTS:MDCN)’s headlong tumble to the bottom of the charts may have slowed down, but it doesn’t seem to be over. Yesterday, the company lost 5.13% of its market value, and if judging by today’s slow start, the same may end up happening in this session as well.
Truth be told, this turn of events should not have been all that hard to predict. By the time the reverse split signified in the company’s ticker symbol happened, MDCN prices were already going down hard.
MDCN had never looked all that inspiring – its failed acquisitions and complicated, yet unsuccessful, maneuvers have cost the company a lot of credibility.
Another thing that makes it hard for it to impress investors is its mediocre balance sheets:
- Cash – $80 thousand
- total assets – $113 thousand
- total current liabilities – $8 million
- NO REVENUES
- Annual Net Loss – $56.4 million
And if the net loss of $56 MILLION was not horrifying enough, the dilution that the company has heaped on investors in the last few months certainly paints a bleak picture.
Suffice it to say that the last four months prior to the reverse split have seen MDCND“>MDCND‘s share count grow from 47 million to over 447 million.
As MDCND“>MDCND‘s filings can attest, most of those came at hefty discounts – and as far as due diligence is concerned, there is no real guarantee that the flood of dilution will stop any time soon.
Investors may want to carefully consider that before committing to MDCND“>MDCND stock.
