Amarium Technologies, Inc. (OTCMKTS:AMMG) Drops After Promising Run
The stock of Amarium Technologies, Inc. (OTCMKTS:AMMG) had a promising upward run and went as high as $0.579 in the beginning of last week. The trend, however, didn’t continue and after the small drop in Wednesday they closed the week with an even bigger loss in value.
After it comes out that the claims they make have no coverage, due to the fact that we couldn’t find any tracks of the entities involved the ascend of AMMG‘s stock suddenly came to a halt and the ticker lost some of their value in Friday.
We can’t say that there was any dumping involved that pushed the price down, as the final session for the week started quetly with few trades. Their stock, however, took a nosedive and didn’t manage to recover until the end of the day.
At the final bell AMMG had lost 16% of their stock’s value on a volume of 754 thousand shares. As they closed the week with a price of $0.48 the total trade value that was generated in the last day before the weekend came to $370 thounsand.
Another bad sign is the fact that the company is not filing its reports with the SEC, but rather under the alternative reporting standards in the OTC Markets. Let’s take a look at what the financial data for Q2 of this year was so we can get a better understanding of the company’s current situation.
- cash: $451 thousand
- current assets: $451 thousand
- total current liabilities: $932 thousand
- total liabilities: $1.45 million
- revenue: $0
- net loss: $53 thousand
We didn’t mention the total assets of the company for a reason. They have listed $4.9 million in current assets of which $4.5 million in mininge resource property deposit. Guess how this amount is estimated. It is based upon the supposed deal between AMMG and Industrias Calissio SUR SA in which the company issued 450 million shares at a cost basis of $0.01 as a deposit for a mineral resource property.
The deal is that, as mentioned in our previous article, we couldn’t find anything about Industrias Calissio SUR SA apart from some short profiles in business directories which take around 5 minutes to be made and require no verification.
There are no other clues and AMMG seem to be making business with ghosts. This is the exact reason for which we would advise you do to your due diligence and weigh out the risks if you have any thoughts of betting on this particular stock.
One of the companies that generated the highest dollar volume in Friday’s session was PacWest Equities, Inc. (OTCMKTS:PWEI), who barely moved in price, but the massive amount of traded stock helped them register a trade value of $5.78 million.
Alkaline Water Company, Inc. (OTCBB:WTER) weren’t so fortunate and while they closed the session with $6.6 million in trade value they registered a 38% loss in value.