VitaCig Inc (OTCMKTS:VTCQ) Rips Up the Charts on Record Volume

In yesterday’s session VitaCig Inc (OTCMKTS:VTCQ) managed to push another 34% up the charts, very nearly arriving at $0.02 per share. Daily volume was at an all-time high for the company, at 8.3 million shares traded over the session.

The green move marks the ticker’s fifth consecutive closing up, making up a total run of 380% within that span of time. VTCQ was trading at a humble $0.004 just last week. The thing is, there is no traceable trigger that could have set this run in motion in the first place. VTCQ last put up an official filing in early November and the latest bit of PR came even earlier, on Nov 5. The PR in question was a mostly inconsequential “corporate update”.

VTCQ is a spinoff that broke away from former parent company mCig Inc (OTCMKTS:MCIG), with MCIG still holding a big stake of the new company, at over 40% interest.

VTCQ is not doing too well for itself, if the company’s latest report is anything to go by. The company’s OTC profile page states its fiscal year ends on Feb 28, but the periods covered by the annual and subsequent quarterly report show that it really ends in April. Here is what VTCQ‘s Q1 report for the three months ended July 31 shows:

• $14 thousand in cash
• $38 thousand in total assets
• $97 thousand in current liabilities
• $67 thousand in quarterly revenues
• $19 thousand in quarterly net loss

If there’s some good news to be glimpsed in the filing, it would be that at the very least VTCQ did not dilute its common stock over the reported period, with no shares issued and no new issuances listed under ‘Subsequent events’ either.

This still does nothing to explain the wild price surge VTCQ has been going through for no apparent reason, free of stock promotions, but also in the absence of any materially significant news, new deals signed or anything at all that could give the price such a big push up the chart. After its last close VTCQ was heavily overbought.