Anything Tech Media (OTCMKTS:EXMT) Bursts On News
The last time we covered Anything Tech Media (OTCMKTS:EXMT) was back in the beginning of February, when the company stock made some good jumps in price, as it became clear that it has its eyes set on the medical marijuana industry.
Just like we wrote then, the hype was short-lived and the gained value was obliterated by the end of the month, while the volumes of traded stock subsided. We saw some more optimistic news in the beginning of March and the ticker began slowly climbing again, but we didn’t see any high volumes until the end of last week, despite the regular press releases.
On March 19, the company announced that it has complied with the Depository Trust Company (DTC) and that the DTC has removed the deposit chill. This helped for some gains in the next few days and we saw some increased interest, expressed in bigger volumes.
The big news, however, came on Friday, just a few hours before market open, when the company was mentioned alongside its partner IMD Companies, Inc. (OTCMKTS:ICBU) in a press release that announced that Irwin “Izzy” Zalcberg, a small cap investor has decided to make a private placement of $1 million to ICBU for future joint ventures and acquisitions.
At least one of the companies in the partnership appears to have acquired funding, despite the fact that the latest financial reports of both companies look dire. Below, you can check the numbers of prime interest from EXMT‘s latest filing, covering the period ended December 31, 2013 and be the judge for youself.
- cash: $1,276
- current liabilities: $1.2 million
- total liabilities: $2.5 million
- revenues: $66 thousand
- net income: $1.8 million
Don’t let the $1.8 million in net income fool you though. This number comes from the sale of 51% of R-Quest Hydroponics, Inc. to ICBU for 100 million shares of its common stock that are priced at $2 million. This, however, seems a bit fishy as we see that Richard Wilson was at some point involved with both companies, after a simple check at the company profiles in the OTC markets website, and it looks like the same group of people is behind both companies and are making transactions inbetween themselves.
Still, EXMT made a bigger percentile movement than ICBU after the financing news, as it jumped 66%, to a close at $0.0025. Trading was well above the average for the company stock, as more than 98 million shares changed their owners and generated $1.7 million in dollar volume in the last session before the weekend.
Despite the optimistic news and the recent positive moments of EXMT, however, you shouldn’t skip on doing your due diligence and weighing out the risks if you have any thoughts of betting on the company stock.