American Green, Inc. (OTCMKTS:ERBB) Delays Report, Drops

It seems it’s getting increasingly harder for American Green, Inc. (OTCMKTS:ERBB) investors to ‘stay calm and erbb on’ as the slogan goes. The company’s share price slid 7.4% yesterday, coming to a halt at $0.0136 per share by the bell.

ERBB did not manage to file its due quarterly report on time and instead filed for a five-day extension of the deadline. Eager investors should be able to look at the filing sometime this week, as the due date is now Nov 21. The delay was explained with ERBB needing ‘additional information’ to furnish the report.

The drop was probably not caused by the lack of filing  alone but also by a new social media stunt the company pulled off. After posting a picture of the old Mach 1 Zazzz machine on its Facebook page and inviting fans to come over and see it, the company removed the post and the picture. Luckily, we managed to take a snapshot for our readers. This is basically the old machine without a touchscreen, stocked with branded shirts and baseball caps.

Why the Zazzz is stocked with apparel and why ERBB went to touting the old version instead of the Mach 2 40-plus inch touchscreen model is a valid question that will likely go unanswered. After confused investors asked the same thing under the Facebook post, it eventually got taken down. Mach 2 orders should be ‘fulfilled’ in ‘early December’ but seeing how the company missed the previous three launch dates it set for itself, another miss here is not unlikely.

The report that is due this week will make for some very interesting reading. Investors will want to see how much of its outstanding debt got converted into common stock over the first fiscal quarter. In the quarter ended June alone ERBB accumulated an extra $1 million in new, toxic convertible debt.