Golden Edge Entertainment Inc (OTCMKTS:GDEE) Trying To Recover
Golden Edge Entertainment Inc (OTCMKTS:GDEE) showed up on the radar just last month and managed to make a serious climb up the charts. The ticker was barely traded previously and often recorded sessions in which not a single share of the company stock was traded.
This all changed as GDEE began climbing up the charts and we saw the daily volumes increase significantly. As the ticker gained more altitude we saw that the company itself had no problem paying $8 thousand to promoters to pump its stock. This is hardly logical when the latest financial report contains the following numbers of prime interest.
- total assets: $7 thousand
- total liabilities: $90 thousand
- revenues: ZERO
- net loss: $25 thousand
So, it turns out that GDEE paid more than it had in total assets in order to promote its stock and it actually succeeded in pushing it to great heights. The problem is that it was evident that the ticker will crash horribly sooner rather than later.
Last week we saw GDEE drop like a stone and it managed to lose 84% of the value it had when it reached a high of $2.55 just a couple of weeks ago. The ticker did, however, manage to finish the week green and gained 12.82%, closing the session at $0.44, with a total of 302 thousand traded shares and a daily dollar volume of $140 thousand.
The company stock is still trying to recover in the first session of this week, however, we consider that it has reached more appropriate valuation levels.