Primco Management, Inc. (OTCBB:PMCM) On Its Way To The Top Again
Primco Management, Inc. (OTCBB:PMCM) is also known as the music producer-turned-pot entrepreneur company that needed more than $2 million to make less than $30 thousand in revenues. In spite of its obvious commercial shortcomings, media exposure is currently pushing the ticker up again – yesterday it jumped up 18.75%.
This particular chart climb began right after the disastrous crash on March 27. It was further empowered by an announcement that the construction of PMCM‘s new Suzie Q Dispensary is underway that hit the wire on April 1. As a direct result of the press release, yesterday company stock closed at $0.0057 on a 2.6 million dollar volume. However, despite the fact that PMCM is currently on the rise and gathering momentum fast, the company’s market standing is more precarious than ever. Why is that?
Because a company, whose most recent 10-Q contained the numbers given below, is hardly worth a market cap of $27.5 million.
- Cash on hand – $115 thousand
- Current assets – $3.1 million
- Current liabilities – $3.5 million
- Quarterly revenues – $29 thousand
- Quarterly net loss – $1.6 million
PMCM‘s first 10-Q for 2014 was due this Monday. It was supposed to shed some much needed light on PMCM‘s financial situation at the time of the start of the marijuana rush, but in the end all that investors got was a notification of late filing. As a result, the ticker will be free to run rampant and high on hype and hope for two more weeks. As it is now, PMCM investors should be wary – if said quarterly turns out as bad or worse than the last one, they may be in for a bumpy ride.
A ride not unlike the one Terra Tech Corp. (OTCMKTS:TRTC) experienced yesterday. TRTC is on its way down because the financial report it filed a few days ago turned out to be a let-down.
