OriginOil Inc (OTCMKTS:OOIL) Dives Deeper Before The End of 2013
The regularly promoted stock of OrigiOil Inc (OTCMKTS:OOIL) is going deeper down the charts, despite optimistic press releases and a working product. After slowly descending through all of December, OOIL made the biggest percentile drop for the month in the last day of the year.
The press release from December 18 was enough to stabilize the ticker for a while around the $0.20 mark, but the heavy dumping of stock on Tuesday took its toll and pushed the price of OOIL further down.
The massive 1.28 million shares were enough to cost OOIL‘s stock 27.27% of its value and they ended the stssion with a price of $0.16 per share, generating a total of $224 thousand in dollar volume, the highest in more than a month.
The company’s financials are decent, so any good news may provide an upward run for the ticker. Their financial report for the period ended September 30 has its good and its bad sides, but we will let you be the judge of that.
- cash: $1.29 million
- current assets: $1.5 million
- total assets: $2 million
- current liabilities: $4 million
- total liabilities: $4.2 million
- quarterly revenues: $40 thousand
- net loss: $1.99 million
The cash OOIL have on hand is quite a lot and has doubled, compared to the period ended December 31, 2012, but we also see a 148% increase in total liabilities since then. What is even more worrying is the fact that the revenues for the nine month period ended September 30, 2013 have decreased by a hefty 75% compared to the same period in 2012, while the net loss has increased by $1 million.
This makes us think that this is not the lowest OOIL can go in the charts, despite the regular optimistic news about presentations of their products. Things might change if we see some better numbers in their annual report, but we don’t think they can catch up to their previous results, let alone beat them.
In any case, be sure to do a lot of due diligence and weigh out the risks if you have any thoughts of betting on OOIL.
Intellicell Biosciences Inc (OTCMKTS:SVFC) also had a bad ending of 2013 as their stock dropped 23% in value after 2 days of climbing the charts. Patient Safety Technologies Inc (OTCMKTS:PSTX) on the other hand made a whopping 48% jump on high volumes in the last session for the year.
