AvWorks Aviation Corp. (OTCMKTS:SPLI) Shoots Straight Up
AvWorks Aviation Corp. (OTCMKTS:SPLI) didn’t reverse its jerking downward path to the bottom of the charts until its Consolidated Balance Sheet hit the web on April 7. This news had an immediate effect on the company’s market value, but SPLI failed to really take off until yesterday, when it shot up 26.9%.
Back in January, AvWorks had declared that it had merged into an entity called VAPOR GROUP, INC. The company announced that a ticker and name change was “pending” and that it would mark the completion of the transformation. In retrospect, investors had to wait two months longer than expected for the official publishing of SPLI‘s filing on the matter, but the company delivered a presentable balance sheet in the end. The filing made clear that as of December 31, 2013 the company had the following:
- cash on hand – $48 thousand
- current assets – $944 thousand
- current liabilities – $1.1 million
- annual revenues – $1.9 million
- annual net income – $161 thousand
Although insignificant when compared with the financials of some of the more successful QB companies, the figures given above are clearly superior to the filings of other competitors on the marijuana market. An annual revenue of $2 million may not justify the company’s current $49.6 million market cap, but $161 thousand in annual net income is more than other “pioneers” of the marijuana branch have.
At the very least, the company doesn’t appear to be struggling with crushing debt, like Cannabis Science, Inc. (OTCMKTS:CBIS), and isn’t overly reliant on toxic promissory notes, like Minerco Resources Inc. (OTCMKTS:MINE). Apparently in the marijuana market’s present volatile state this is enough to convince pot-stock enthusiasts that SPLI stockis a worthwhile investment.
However said enthusiasts would do well to remember the involvement of a Mr. Dror Svorai in SPLI. Although presently SPLI is an entirely different entity, arguably superior to what it was before the merger, the name of the controversial CEO still haunts the company’s steps. Mr. Svorai’s past troubles with the law are certainly something investors should consider before committing to the stock of any company he oversees.