Bio-Matrix Scientific Group, Inc. (OTCMKTS:BMSN) Attracts Promoters
Bio-Matrix Scientific Group, Inc. (OTCMKTS:BMSN) managed to stop its downward trend with one swift motion. On April 2 it exploded with a 55% gain followed by another 17% the next day. Currently the stock is sitting at $0.003 and although it is actively traded often reaching tens of millions in volume, the 119 million shares exchanged during the last session are something worth mentioning.
The last news about their operations we heard was that the FDA assigned them an Investigational New Drug number. We sure hope the scientists at BMSN are hard at work to meet the necessary requirements and begin clinical trials of their product because the company will need something substantial in order to support further positive movement of its stock.
Right now they have some shaky financials to rely on. For the quarter ending December 31 they had:
• $815 in cash
• $1.8 million in current liabilities
• zero revenues since inception
• $596 thousand quarterly net loss
• $1.3 million net loss for the year ended Sep 2012
• $1.8 million in current liabilities
• zero revenues since inception
• $596 thousand quarterly net loss
• $1.3 million net loss for the year ended Sep 2012
What is even more discouraging for investors is the continued dilution. Last week another 30 million shares were issued as part of their Employee and Consultants stock compensation plan precedent by the publishing of 1 million preferred AAA shares each carrying 100 000 votes. So with 1,752,253,254 of its common stock issued and outstanding as of April 30 the company is getting closer and closer to the authorized amount of 2 billion.
To top it off during the weekend a small pump began with Jet-Life Penny Stocks and the StockRunway at the front. They both disclosed receiving compensation of $3000 and $4000, respectively. BMSN has been promoted in the past most notably back in February when it crashed hard in just one day after the touting stopped.Sub-penny stocks are extremely volatile and susceptible to the whims of the market. If you want to avoid any unpleasant surprises be sure to do your own research before investing.
