Endonovo Therapeutics Inc (OTCMKTS:ENDV) Crashing Hard
The last time we covered the stock of Endonovo Therapeutics Inc (OTCMKTS:ENDV) was back in the beginning of April, right after the ticker had surged up the charts and breached the 80 cent per share mark on increased daily volumes.
The ticker quickly corrected and began sliding down the charts as the volumes became lower and stabilized. The thing is that the company’s market cap had already gotten quite inflated and ENDV couldn’t do anything to hold on to it, especially when considering the company’s financial state. Meanwhile, the financial report for the first quarter of the year was filed in May.
- cash: $108 thousand
- current assets: $246 thousand
- current liabilities: $8.99 million
- revenues: ZERO
- net loss: 903 thousand
This report shows us that ENDV was still in a pretty terrible situation back in the end of March. The company even stopped producing the miniscule revenues that it had previously and the net loss was nearly double that of the same period last year.
And while ENDV is in a rather depressing financial state the company claims that it is working to preserve shareholder value. This is rather strange when you consider the fact that the company decided to pay $150 thousand in the form of a six-month restricted convertible note to The Wealthy Biotech Trader for touting its stock.
The touting, however, doesn’t seem to do a lot of work for ENDV and the ticker has taken a serious blow yesterday. The company stock lost a hefty 20% of its value and closed the session with a price of $0.256, while a total of 335 thousand traded shares generated $102 thousand in daily dollar volume.
Today’s session is going even worse and ENDV is already 37.03% down the charts, while the volume is already more than three times that of yesterday’s sessions.
