American Green Inc (OTCMKTS:ERBB) Burrows Even Deeper
After dropping yet another underwhelming announcement a week ago, American Green Inc (OTCMKTS:ERBB) went to deflate even further on charts. With a disappointing fizzle the stock lost 13% since this last press release and dropped to $0.003 per share.
The company is doing its best to show some signs of life, even though its chart over the past few months indicates that investors are not buying any of it. ERBB was last trading over a penny per share back in March 2015 and is declining fast in the absolute absence of any news concerning the company’s flagship product – the ZaZZZ vending machine.
Speaking of the ZaZZZ, there was a hilarious blunder reported and captured by investors, in which ERBB‘s official Twitter account (the one with the charming double underscore) put up this post, then deleted it, realizing what it meant in the context of the ZaZZZ. Much like this trip-up, the rest of the ZaZZZ machine rollout has been, more or less, a blunder.
ERBB launched the ZaZZZ machines back in February 2015 with two units installed in a Seattle dispensary. Since it was a very short stretch by the end of calendar Q1, it was impossible to gauge how the ZaZZZ affects ERBB‘s revenue streams for the three months ended March. With ERBB‘s fiscal year ending in June, the next report which should give an idea how the ZaZZZ is doing will be published in late September.
It does not look as though revenues are going to be through the roof, considering there are now a total of 10 machines listed as installed on the ZaZZZ Network official portal – less than there were a few months ago, and not all of them are “live” and connected to the Internet.
This is not to say that ERBB is not doing amazing things in the meantime. The company already managed to increase its authorized shares by another 3,000,000,000 and bring the total AS figure to 7.75 billion, true to Shearin’s word that there will be no reverse split. ERBB announced the increase on Twitter.
At the moment, ERBB‘s remaining multiple millions of dollars worth of convertible debt can be turned into common shares at $0.0015 – 50% below the company’s lowest closing price for the past 12 months.