MyECheck, Inc. (OTCMKTS:MYEC) Jumps Above A Cent On Marijuana News
The last time we talked about MyECheck, Inc. (OTCMKTS:MYEC) the company had little to offer investors. It had zero cash reserves, zero generated revenues and $1.2 million liabilities. The three paid pumps that touted MYEC didn’t help the situation and for most of the year the stock has been sitting well into the double zero price ranges. Still they were able to progress and improve on much of their fundamentals.
- $51 thousand cash
- $53 thousand total assets
- $303 thousand total liabilities
- $78 thousand revenues
- $51 thousand net income
The CEO of the company holds 3 billion of them and two weeks ago announced that he is going to retire 1 billion of his own shares in a buy back agreement. The shares were priced at their par value or just $0.00001, significantly lower than the market price, making the total compensation paid to the CEO just $10 000.
The positive news didn’t go unnoticed and the stock was gradually climbing up the stock chart. That was until yesterday when the PR released by company resulted in a total of 113 million traded shares and a gain of 96%. MYEC broke through the 1 cent mark and closed the session at $0.011. Such sudden surges are not uncommon these days when so many pennystocks are jumping on the marijuana bandwagon. Although MYEC are not going to change their business plan the news was still related to the green plant.
Apparently they licensed their electronic payment system to GreenPay, LLC. As their name shows GreenPay are developing a mobile payment application that is supposed to be created specifically for the marijuana industry. Although the PR announcement revealed little concrete details about the agreement it still mentioned that MYEC has received an upfront licensing fee and is going to get a percentage of each transaction fee. GreenPay expect their product to be ready in approximately 75 days.
Next month MYEC should file the annual report for 2013 and if it contains similarly positive numbers for the last quarter of the year they might go even higher especially with the increased attention from the market. For now though do you own due diligence before making any trades and avoid jumping into a stock based solely on hype.
Earlier this month Primco Management, Inc. (OTCMKTS:PMCM) posted a couple of extremely positive sessions ending with significant gains after they too joined the marijuana industry. Since then the hype has almost disappeared and yesterday they dropped further down by losing 26% and closing at $0.0019. At the same time the stock of Directview Holdings Inc (OTCMKTS:DIRV) jumped by 150% reaching $0.02 after they signed a contract as a security provider with Legacy Construction Company of Colorado, LLC, who are currently trying to build a marijuana growing facility.
