There were glimmers of hope, but they were short lived. The ticker is slowly going in a downward direction with small percentile movements. The latest big jump happened on August 11 after HEMP was listed alongside Cannabis Science, Inc. (OTCMKTS:CBIS) and Fusion Pharm, Inc. (OTCMKTS:FSPM) in a publication concerning medical marijuana companies and the investment opportunities they provide.
All three companies are listed as risky and it is said that they are not profitable. Since then, however, HEMP have filed their Q2 report accordingly with the alternative reporting standard in the OTC markets and these are the numbers of prime interest contained in it.
- cash: $42 thousand
- current assets: $4.8 million
- total assets: $7.3 million
- current liabilities: $876 thousand
- total liabilities: $1 million
- revenues: $2.3 million
- net income: $1.8 million
Unfortunately, the revenues come from sale of securities. Also, more than 95% of the current assets of HEMP are in the form of securities held for sale. This has become somewhat of a pattern for the company, as the revenues listed in their previous 10-Q came from the same activity, but were higher.
Lately, the company has been mentioned in a press release concerning Novus Acquisition & Development Corp. (OTCMKTS:NDEV) and this might be the reason for yesterday’s 4.5% close in the green. Still, there wasn’t much interest in the stock and the 7.1 million shares that changed their owners generated a mere $289 thousand in dollar volume.
HEMP has started today’s session on a bad foot and it appears that it will keep going in a downward direction. It will certainly be a good thing to do your due diligence and weigh out the risks when approaching HEMP or any other stock.
Hemp, Inc. (OTCMKTS:HEMP) Struggles
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