TagLikeMe Corp. (OTCMKTS:TAGG) Heads Downards After Annual Report
TagLikeMe Corp. (OTCMKTS:TAGG) were enjoying a sort of resurgence. After dropping to less than a cent they rallied and in just a couple of sessions managed to claw their way back to $0.031. The outlook seemed positive for even bigger climb, but alas it wasn’t mean t to be. On April 7 TAGG filed their annual report which scared investors so badly that yesterday the stock bombed again by another 34% to close at $0.0164.
After taking a look at the report for ourselves we can perfectly understand why traders are discouraged to stay for the long run. TAGG finished the fiscal 2012 with the following results:
- $7575 cash
- $7599 total current assets
- $1.2 million total current liabilities
- $481 thousand net loss
Little comfort for investors provided the reduction in net loss compared to the previous year. And we don’t want to take anything away from the company – reducing a $4.2 million in losses to less than $500 thousand is admirable but the lack of revenues for the foreseeable future is dragging the company down.
TAGG are trying to create an information network, which as far as we could understand should combine search engines and social networks. The idea contains enough unique aspects to make it stand out in the online sector but reaching the bench-mark of 1 million visitor is proving to be difficult.
At least this time TAGG is relying on its own strength and understandably so, seeing what the aftermath of the previous pump campaign was. Back in November Awesome Penny Stocks started touting the company and helped them reach the amazing heights of $0.48. The chart speaks for itself about what happened when the emails stopped coming.Time will tell if TagLikeMe will pick up speed and become more widespread among the denizens of the web. For now investing in the stock is far too risky without doing your own research.
