GroGenesis Inc (OTCMKTS:GROG) Sinks Deeper Down The Chart
Yesterday the stock of GroGenesis Inc (OTCMKTS:GROG, GROG message board) suffered another disastrous sessions. The ticker wiped over 27% of its price and closed at $0.62. This is one of the lowest closes for the company since it began active trading at the end of February. So far just for the last three sessions the stock has lost close to 40% coming down from a high of $1.06.
When the stock climbed above $1 per share we warned you that trading it is extremely dangerous. The company is surrounded by numerous red flags that demand the use of caution. GROG has been the target of a paid pump since the start of March and the landing page created by the entity Untapped Wealth is still active. According to its disclaimer the promotion has a weekly budget of $150 thousand. Investors even talked about a hard mailer being put into distribution while more recently a radio promo has been reported.
The picture around GROG gets even grimmer though when you open the latest financial report filed by the company. It covers the quarter ending November 30, 2014, when the company had:
• $147 cash
• $20 806 total current assets
• $271 thousand total liabilities
• ZERO revenues
• $69 thousand net loss
GROG were supposed to file their next financial report by the middle of the month but instead yesterday they submitted a notification of late filing which gives them a 5—day extension. If the numbers contained it this report are equally as atrocious the stock could very well drop even lower down the chart.
Investors shouldn’t forget that a group of unnamed investors owned 40 million shares (after the 25-for-1 forward split) that were bought for just $32 thousand. The paid pump allowed them to reap some massive gains thanks to the increased interest and the inflated market price but if they still hold some of the shares they can continue shedding them on the market.
