Propanc Health Group Corp (OTCMKST:PPCH) Attempting A Recovery

[[tagnumber 0]][[tagnumber 1]]Unlike many other OTC entities Porpanc Health Group Corp (OTCMKTS:PPCH) has had a decent run in this year so far. After a hiccup in the second half of February we saw the ticker climb higher and higher. The overall gain that the company stock has registered since the beginning of the year is more than 9000%, which is quite impressive.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]We have also seen increased volumes since March, but that hasn’t managed to hurt the ticker very much. The company’s current market cap is upward of $30 million which isn’t that much for a biotech company. What is worrying, however, are the numbers contained in the balance sheet of [[tagnumber 6]]PPCH’s[[tagnumber 7]] financial report for the first quarter of this year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 11]] [[tagnumber 12]]cash: $168 thousand[[tagnumber 13]] [[tagnumber 12]]current assets: $308 thousand[[tagnumber 13]] [[tagnumber 12]]current liabilities: $2.1 million[[tagnumber 13]] [[tagnumber 12]]revenues: ZERO[[tagnumber 13]] [[tagnumber 12]]net loss: $454 thousand[[tagnumber 13]] [[tagnumber 22]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Unfortunately, even though the market cap of [[tagnumber 6]]PPCH [[tagnumber 7]]is not that big compared to other OTC companies we can say the same about the financial situation. The company is currently in the animal testing stage which means that we will have to wait years for an eventual approval of their pancreatic and colorectal cancer treatment by the FDA.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This means that the company stock is reaching critical levels, especially considering the fact that it is relying on toxic financing to carry on with its operations. A total of $1.1 million out of the $2.1 million if liabilities that were reported in the first quarter of the year consists of convertible notes.[[tagnumber 2]] [[tagnumber 0]][[tagnumber 34]] Recently, the company has managed to prepay some of those notes. In the same time, we can’t really wrap out heads around the reason for which [[tagnumber 6]]PPCH [[tagnumber 7]]will pay $5000 from its small cash reserves and issue a $60 thousand convertible note to The Wealthy Biotech Trader for pumping the company stock.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Still, [[tagnumber 6]]PPCH [[tagnumber 7]]did manage to close in the green yesterday and record a 8.42% gain, crossing above the 10 cent per share mark and closing at $0.103. Today’s session is also going well for the time being, but that doesn’t mean that you should skip doing your due diligence and adjust your trades accordingly.[[tagnumber 2]]