After four extremely positive sessions in a row that brought the stock of Dutch Gold Resources, Inc, (OTCMKTS:DGRI) from $0.0005 to as high as $0.004 yesterday quickly tuned into a disaster. Such high price levels, at least for DGRI, proved to be too much to support and they started crashing right from the opening bell. By the end of the session the stock had slashed more than 34% of its value closing at $0.0023.
Even these prices might be too much for the company to hold considering their horrific financials. Or, to be precise, the lack of any information about their current financials and the horrific numbers contained in the report for the quarter ending September, 2012. Back then DGRI
could rely on the following:
- $2212 cash
- $65 thousand total current assets
- $6.7 million total current liabilities
- ZERO sales
- $366 thousand net loss
Now, what can resurrect a rock-bottom pennystock that has not filed a single report in over a year? By now the answer should come to you quite easily- DGRI
have decided to join the marijuana industry. But they don’t plan to grow the plant or operate a dispensary, no, DGRI
are going to provide financial services to the industry. We don’t know how they are going to do that when the company didn’t even have enough funds to keep its financials current.
Their website finance420.com, that should help connect lenders and borrowers within the marijuana industry, was supposed to launch yesterday but that didn’t happen. Instead DGRI
issued a PR announcing that they will attend the Electronic Transactions Association Convention and in a single sentence at the bottom of the article they addressed the failed launch. Apparently due to programming issues the date has been rescheduled to April 21.
These days a lot of pennystocks seem to have troubles with their websites. United Treatment Centers, Inc. (OTCMKTS:UTRM
) describe themselves as the CNN of pot stocks and were supposed to launch their platform on March 28. Well, that didn’t happen and the only thing they said was that it should go live in the near future. Fortitude Group, Inc. (OTCMKTS:FRTD
) launched their prepaid cashcard on March 24, then took it down for re-branding, with “global impact” in their own words, that should have finished last Sunday. That didn’t happen as well and the re-launch was postponed for today. We will see if this time things have a different outcome.