MediSwipe, Inc. (PINK:MWIP) Down 27% After Annual Report
Yesterday MediSwipe, Inc. (PINK:MWIP) crashed 27% on heavy volume, stopping at $0.034 at the bell. The drop happened on the day the company made its annual report for 2012 publicly available.
Even though MWIP has been issuing a steady stream of press releases, all maintaining a very optimistic tone about current operations and developments, stock price has declined about 60% in March. The anticipated report didn’t exactly contain numbers that could lift investors spirits either. Here is the brief number crunch from the 10-K filed yesterday:
- $1.8 thousand in cash
- $260 thousand in current liabilities
- $77 thousand in yearly revenue
- $461 thousand in yearly net loss
MWIP logged net loss in 2011 as well, and the number was even bigger due to incurred bad debt expenses. With retail shareholders diluted by roughly 25% in 2012, MWIP‘s outstanding common shares up from from 374 to 466 million, insiders selling on the open market in February and yesterday’s drop topping it all off, investor confidence may be a bit shaken.
The chart performance of MWIP can probably serve as indication that putting medical marijuana-related activities on your company’s agenda is in no way a guarantee for success, as other companies have proven as well.
Stock price seems poised to continue its stroll down the charts, with MWIP opening red today, currently 13% down. Share volume is heavy and even though it’s still the first hour of the session, more than 4.5 million shares have already changed hands.
