Surna Inc (OTCMKTS:SRNA) Loses Altitude
[[tagnumber 0]][[tagnumber 1]]After a rather steady decline throughout most of the first half of this year we saw the stock of Surna Inc (OTCMKTS:SRNA) ascend the charts in the second half of July and the beginning of August. After it got above the 20 cent per share mark, however, [[tagnumber 2]]SRNA[[tagnumber 3]] dropped and was moving sideways through most of last month.[[tagnumber 4]] [[tagnumber 0]] [[tagnumber 4]] [[tagnumber 0]]Some positive press releases managed to lift it up in the final days before the weekend and [[tagnumber 2]]SRNA[[tagnumber 3]] reached a price of $0.14 per share in Friday’s sessions. The improved financial situation certainly helps with the upward movements. [[tagnumber 2]]SRNA[[tagnumber 3]] reported the following numbers in their report for the second quarter of the year.[[tagnumber 4]] [[tagnumber 0]] [[tagnumber 4]] [[tagnumber 15]] [[tagnumber 16]]cash: $145 thousand[[tagnumber 17]] [[tagnumber 16]]current assets: $2.09 million[[tagnumber 17]] [[tagnumber 16]]current liabilities: $3.3 million[[tagnumber 17]] [[tagnumber 16]]quarterly revenues: $1.67 million[[tagnumber 17]] [[tagnumber 16]]quarterly net loss: $976 thousand[[tagnumber 17]] [[tagnumber 26]] [[tagnumber 0]] [[tagnumber 4]] [[tagnumber 0]]While we see that the cash reserves are not that big and the current liabilities are significant, we do see an impressive jump in revenues. We see a two times increase quarter–over–quarter and, compared to last year, the revenue has grown five–fold.[[tagnumber 4]] [[tagnumber 0]] [[tagnumber 4]] [[tagnumber 0]]Suddenly, however, we saw [[tagnumber 2]]SRNA[[tagnumber 3]] get corrected in the beginning of this week. The stock fell 13.57% in yesterday’s session and finished at $0.121 while a total of 703 thousand shares that change their owners generated $83 thousand in daily dollar volume.[[tagnumber 4]] [[tagnumber 0]] [[tagnumber 4]] [[tagnumber 0]]The ticker does seem a bit more stable today and we might see it close in the green. Still, doing your due diligence and weighing out the risks before making any investment decisions is crucial.[[tagnumber 4]]
