Anastas Gegov

Cherubim Interests Inc (OTCMKTS:CHIT) Can’t Get Away From Rock Bottom

by Anastas Gegov December 23, 2015

The past couple of months were pretty terrible for the stock of Cherubim Interests Inc (OTCMKTS:CHIT, CHIT message board) and its shareholders. The ticker went on to slide from above 5 cents per share to the bottom of the charts fairly quickly and has since been struggling to regain some value.

 

Earlier this month we got to see what CHIT was working with and we reckon that no one was exactly impressed by what he got to see. On December 16 the company filed its annual report for the fiscal year ended August 31 and it contained the following numbers of prime interest in its balance sheet.

 

  • cash: $16 thousand
  • current assets: $16 thousand
  • current liabilities: $2.91 million
  • annual revenues: ZERO
  • annual net loss: $915 thousand

 

But this isn’t the only thing that is dragging CHIT down like a rock. As we wrote in our previous article the company stock has been massively diluted in a very short period of time. After a 1 for 15 reverse split left CHTI with 58 million shares on July 20 we saw that number rise to a massive 2.4 BILLION on November 10.

 

The company has been busy issuing optimistic press releases lately and this has managed to provide for some investor attention, expressed mainly in an increase of daily volumes. The volatility at the bottom of the charts is explainable.

 

The latest session saw CHIT lost some 33.33% of its value and drop back down to $0.0002. A total of 448 million shares changed their owners and generated $92 thousand in daily dollar volume, the biggest one for more than a year.

 

The ticker has moved absolutely nowhere today and there have barely been any trades. In any case, be sure to do your due diligence and weigh out the risks before putting any money on the line.

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