Mojo Organics, Inc. (OTCMKTS:MOJO) Suffers Massive Loss

The last time we covered the stock of Mojo Organics, Inc. (OTCMKTS:MOJO) it was happily climbing higher and higher lifted by investors’ enthusiasm that ultimately led to last Friday’s session. Back then MOJO surged by 44% adding a full dollar to its value and closing at $3.25.

Such levels were impossible for the company to support though and yesterday reality caught up with them. In a really horrendous market day the stock plummeted towards the bottom. On a modest traded volume of 155 thousand shares it was cut nearly in half this time losing 44% and barely managing to stop at $1.80.

Even after such a sharp correction it still might be overpriced and the fall may continue further down. The reason behind it is that Mojo is a delinquent filer and have skipped on a number of financial reports. As we mentioned in our previous article, on June 25 this year they submitted a quarterly report for the period ending June 30, 2012. So investors are forced to jump in blindly with the only source of information being the company’s releases. Not to mention that a year ago MOJO weren’t exactly in the best of shapes with :

• $1551 cash
• $10 thousand total assets
• $295 thousand total current liabilities
• ZERO revenues
• $176 thousand net loss

The reason they were on such a strong uptrend in the first place was a recent announcement that the first production run of their fruit juices was completed. Mojo expects that their products will be available to consumers in early July. Well, July has began so we hope they issue an update about the progress of their sales.

Another company that took a big tumble during yesterday’s market was iTalk Inc. (OTCBB:TALK). They corrected by a third after two weeks of sliding downwards. But the biggest loser was the stock of Crown Marketing (OTCMKTS:CWNM). After being stable for a couple of days they got destroyed by losing 58% of their value.