Tranzbyte Corp. (OTCMKTS:ERBB) Crashing Hard
Tranzbyte Corp. (OTCMKTS:ERBB) had registered a steady upward chart pattern for about two weeks before its downfall began. Yesterday, the company lost another 20% of its market value, with share prices dropping all the way down to $0.0644.
Presently, ERBB is in a difficult situation. The company had exploited the marijuana rush to raise its market cap above and beyond anything that could be considered reasonable or logical, but self-promotion could only take it so far. Now ERBB needs something more than hopeful well-wishing to keep it afloat. Unfortunately for the company, it appears that it does not possess such means.
To elaborate – the company’s commercial achievements are underwhelming, to say the least. Its latest financial report is a testament to that:
- Cash on hand – $2,665
- Total assets – $3.8 million
- Total liabilities – $5.8 million
- Quarterly revenues – $86 thousand
- Quarterly net loss – $323 thousand
Additionally, ERBB‘s development stage projects don’t show as much promise as was initially anticipated. It is true that the company really has the potential to rise up if it manages to market its ZAZZZ machine this month, as it promised. However, ERBB‘s continued refusal to give investors any reliable information has left buyers, commenters and analysts extremely doubtful about the whole endeavor.
The company seems to have no trouble actively communicating with its supporters. However, the fact remains, that ERBB is yet to present even one piece of evidence of their fabled vending machine’s existence, despite the increasing demand for such proof. Consequently, company officials’ assurances that “it absolutely exists” ring kind of hollow at this point.
With nothing to push it upwards, ERBB is now crashing. Whether it will manage to rise on media attention again, make a killing once its latest project becomes marketable or continue its nose-dive to the bottom of the charts uninhibited remains to be seen.
Another marijuana company that crashed hard yesterday is AvWorks Aviation Corp. (OTCMKTS:SPLI) who fell 22.49% over the course of a single session.
