Red Giant Entertainment Inc (OTCMKTS:REDG) Sinks to 52-Week Low
Just when you think a sub-penny wedged deep inside double-zero territory can’t do a lot worse, it may surprise you and sink well within triples. This is just what Red Giant Entertainment Inc (OTCMKTS:REDG) did yesterday, as it slipped and slid to a brand new 52-week low. The company’s stock crashed 33% to stop at $0.0006 per share.
Red Giant is nothing if not persistent, that much everyone will probably agree on. After announcing grandiose plans for the launch of super-sized comic books, becoming the target of a massive stock pump and then crashing horribly after peaking at $0.20 per share, Red Giant is still sputtering along, somehow.
The company is still as active as ever, and as optimistic as ever for that matter, when it comes to PR. It’s intriguing to see that apart from the company’s share price dwindling from $0.20 to $0.0006 and about 2.5 billion new shares being printed, not much else has changed with REDG since 2013.
In late June 2015 the company announced it will “premiere” its giant-size #1 comic at San Diego’s Comic-Con. It was not so much a proper premiere as an announcement that the comics should launch in November 2015.
Now, if only the exact same lines of giant-size comics were not originally announced back in April 2013, with bombastic print runs of millions of copies promised…
REDG have been stringing investors along with this sort of overpromising and underdelivering antic for over two years now, with the newest promise pegging the very, very real launch date another four months down the road.
For those brave enough, here is a brief look at the balance sheet REDG published in its last quarterly report, covering the three months ended February 2015:
- $41 thousand in cash
- $71 thousand in total company assets
- $4.9 million in total liabilities
- $1.4 thousand in quarterly revenues
- $807 thousand in quarterly net loss
REDG went from 434 million outstanding common shares in early 2013 to 2.98 billion as of early 2015. The company filed for an extension as it’s running late with its next due quarterly report. The filing is expected “within the applicable extension period”.
