Vape Holdings Inc (OTCMKTS:VAPE) Still Sliding
[[tagnumber 0]][[tagnumber 1]]Vape Holdings Inc (OTCMKTS:VAPE) reminds us of Cardinal Resources Inc (OTCBB:CDNL) in several ways lately. Both companies have a market cap that is low even for OTC marketplace traded entities and both tickers tried to recover after a long slide earlier this month.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Unfortunately, this is not where the similarities end. Just like [[tagnumber 6]]CDNL[[tagnumber 7]] we see that [[tagnumber 6]]VAPE[[tagnumber 7]] didn’t finish the second quarter of the year impressively. The company had to show these numbers of prime interest in their balance sheet earlier this year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 13]] [[tagnumber 14]]cash: $134 thousand[[tagnumber 15]] [[tagnumber 14]]current assets: $818 thousand[[tagnumber 15]] [[tagnumber 14]]current liabilities: $1.3 million[[tagnumber 15]] [[tagnumber 14]]revenues: $282 thousand[[tagnumber 15]] [[tagnumber 14]]net loss: $436 thousand[[tagnumber 15]] [[tagnumber 24]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Here’s where things get a little uglier for [[tagnumber 6]]VAPE.[[tagnumber 7]] Last week the company announced the issuance of 10.6 million new shares in just the first 13 days of October. This cranked up the number of outstanding shares to 29.5 million and the shares were issued at a great discount which prices them at around $0.0126 each.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This resulted in a serious loss in value and after Friday’s 9.93% drop we saw [[tagnumber 6]]VAPE[[tagnumber 7]] close at $0.034. The volume was low compared to the day after the 8–K filing and the 2.96 million traded shares generated just $107 thousand in daily trade value.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]We will most likely see [[tagnumber 6]]VAPE[[tagnumber 7]] drop even further, as the start of this week’s trading indicates, so be sure to do your due diligence and weigh out the risks before putting any money on the line.[[tagnumber 2]]
