Pumpers Put On a Show For UOMO Media Inc. (PINK:UOMO)
There’s no business like show business. Fact. It’s a massive industry and if you have the talent to sing or act, or if you just play your cards right, you can become extremely rich. The artists are not the only ones who ripe the fruits of success, however. There are agents, promoters producers and all sorts of other people who become rather wealthy. That is what UOMO Media Inc. (PINK:UOMO) want to do.
When you open their website you see pictures of famous pop stars like Justin Bieber and Rihanna and according to the emails sent by Stock Runway, Penny Doctor and Wall Street Profiler, UOMO is poised to take on big names like YouTube, Facebook etc. Having that in mind, we were quite eager to open their financial statement and see some impressive figures, but we were once again left disappointed. Here’s a summary of the most important financials found in the report covering the three months that ended on January 31:
- cash: $6 thousand
- current assets: $198 thousand
- current liabilities: $1.6 million
- quarterly revenue: $1,545
- quarterly net loss: $77 thousand
The fact that they have been involved with the aforementioned pop stars and yet, they don’t seem to have the bags of cash that we were expecting is absolutely baffling. More worryingly, until about a year ago things looked quite a bit different – the same period in 2012 resulted in $350 thousand in revenues and a net loss amounting to around $40 thousand which, sure, is not that great, but it still looks better than the current figures. Unfortunately, UOMO are not willing to discuss what caused the drop in the activity, which means that, if you are to invest your money in their shares, all you can do is hope that things will get better in the future.
We, however, are not the sort of people who rely on hopes and dreams so we continued digging around UOMO to see if we will find anything interesting to report and, sure enough, our perseverance was rewarded.
While searching for something around UOMO‘s CFO, Ms. Jueane Thiessen (who, by the way, owns around 65% of the common stock) we found that the position she holds at UOMO is not her only workplace. She is also acting as the CFO of another publicly traded company – Portlogic Systems Inc. (PINK:PGSY). PGSY‘s field of operations is miles away from what UOMO do, and yet, there are some things that are recurring in both companies’ financial statements. Like for example, the fact that both ventures are working at a loss and also the negligible revenues generated during the last quarters compared to the relative success from years gone by.
While we haven’t covered PGSY in the past, we were quite sure that we have heard the name Thiessen somewhere before. After digging through quite a lot of scribbles that we have written while making the research on previous articles, we managed to find that a person of the same surname, Mr. Michael Thiessen was once at the helm of one of the most actively pumped tickers at the moment – Punchline Resources Ltd (OTC:PUNL). We wrote about them a number of times and the chart on the right illustrates how badly the hype affected the stock.
Of course, the surname, the fact that both UOMO and PUNL are being touted at the same time and the fact that the offices of the two companies are less than a mile apart, could be just a series of unfortunate coincidences, but we are still convinced that doing your own due diligence is absolutely crucial before making any decisions on UOMO.
