Red Giant Entertainment, Inc. (PINK:REDG) Down on Heavy Volume
Yesterday Red Giant Entertainment, Inc. (PINK:REDG) continued their march towards $.01, despite a bunch of small pump emails sent on Wednesday. The weak pump attempts backed up a press release by the company, all to no avail.
REDG announced the launch of its SUPERNOVAS comic on comixology dot com, a large online portal for digital distribution of comic books and graphical novels. SUPERNOVAS is currently offered as a free download, so it may at best be a source of exposure for REDG, but it won’t be generating any sales revenue.
REDG attempted to crawl back up the charts on Tuesday, generating heavy volume, but the last two sessions were consecutive drops of 20% and 13% that brought the price in the 1 cent range, with cumulative volume equal to that on Tuesday. The company is still posting optimistic news regardless of its difficult financial situation and the highly implausible claims it has been making in past press releases, including planned circulation of 52 million paper comic books per year and producing a live action feature movie with a cast of actors. Those plans all seem very intriguing and enticing but as per its latest report the company sat on the following financials:
- $2 thousand in cash
- $29 thousand in liabilities
- $32 thousand in quarterly net income
Last time we checked, you could neither produce a movie, nor print and circulate 52 million comic books with this sort of financial resource, unless of course REDG manages to sign a zero-cost printing and logistics deal with its announced partner Active Media Publishing, founded and run by none other than REDG‘s CEO, Benny Powell.
The initial $500 thousand pump campaign run by Victory Mark Corp. LTD through its pump outfits, which drove REDG stock to a peak of $0.20, has long since crashed and disappeared, the last few hiccups in price probably more of a residual effect of the big pump. With the company generating millions in share volume and dropping in price, the bottom for this one may turn out to be somewhere below one cent.
