Propanc Health Group Corp. (OTCMKTS:PPCH) Is Still Falling Fast
To the horror of its supporters, Propanc Health Group Corp. (OTCMKTS:PPCH) crashed another 13.97% yesterday, after almost 20 million shares changed hands.
This latest stumble is just one in a long line of hard falls that PPCH has experienced since the beginning of April. Still, as sad as the charts look, the fact that the ticker is on an ongoing downward-bound roller-coaster is not surprising in any way.
After all, PPCH managed to rise as high as it did on hype alone, and now, with nothing substantial to support it, it’s only natural to see it fall.
And, judging by its financials, the company has very little going for it indeed:
- Cash – $14 thousand
- Total assets – $53 thousand
- Total current liabilities – $1.9 million
- NO REVENUES
- Quarterly net loss – $345 thousand
Not only does its latest report look terrible with respect to its commercial success – said quarterly also reveals the fact that the company had more than doubled the count of its shares outstanding from Oct. 14, 2014 to Feb. 17, 2015. Investors should keep in mind that some of those shares were issued to insiders at prices as ridiculous as $0.0025 a pop.
What’s worse still is that the converting is not a thing of the past. Judging by the section dedicated to the company’s convertible debt, there is plenty more where that came from.
