More Fluff PR Pushing Golden Grail Technology Corp. (OTCMKTS:GOGY) Up
Golden Grail Technology Corp. (OTCMKTS:GOGY) was a company that was very thinly traded and often registered sessions in which not a single share of its common stock switched hands. The company had been declining in May, but things changed more recently.
The company doesn’t have much going for it and its market cap is currently sitting below $1 million. This is not that surprising when you consider that these were some of the numbers contained in the balance sheet of GOGY for the first quarter of the year.
- cash: $28 thousand
- current assets: $169 thousand
- current liabilities: $1.5 million
- sales: $445 thousand
- net loss: $378 thousand
We do see an increase in the sales, but the cash reserves and the current assets are simply too small compared to the significant amount of liabilities. We should also note that a total of $330 thousand of the liabilities are in the form of convertible notes payable that can be turned into shares at a 40% discount.
The company has been busy issuing fluff PR lately and was even touted by Microcap Innovations who received $25 thousand for their efforts. The pump aided by the company was able to push GOGY up the charts and we saw it gain 18.81% yesterday, closing at $0.024, while the 11.85 million traded shares generated $137 thousand in daily dollar volume.
It appears that the upward run might have come to an end and we see GOGY 11.67% in the red as of the writing of this article. In any case, be sure to do your due diligence and weigh out the risks before putting any money on the line.
