Grow Condos Inc (OTCMKTS:GRWC) On The Rise Again
The things that can happen in the OTC marketplace are truly amazing. One example of that is Grow Condos Inc (OTCMKTS:GRWCD) and its recent chart performance. Back in April the company began climbing the charts and the daily volumes increased significantly.
GRWC quickly increased its market cap to way over $50 million, which was rather surprising. Only in the OTC marketplace you can see a company in a terrible financial situation reach such high valuations. Let’s take a quick look at some of the numbers of prime interest from the quarter ended March 31, 2016 so you have a better picture.
- cash: $68 thousand
- current assets: $81 thousand
- current liabilities: $412 thousand
- quarterly revenues: $29 thousand
- quarterly net loss: $103 thousand
Those numbers certainly look very bad, even by OTC marketplace standards, but that doesn’t seem to bother people trading GRWC. After it corrected in the beginning of the month we saw the ticker move sideways for a while before embarking on an upward trip once more.
The press releases made by the company seem to be working for now. Yesterday we saw GRWC add another 10.26% to its value and close at $1.8192 while a total of 74 thousand traded shares generated $134 thousand in daily dollar volume.
Investors seem to still be excited by the $5 million investment that GRWC secured from Tangiers Global LLC last month, but they should not forget that the investment agreement has a 17.50% discount.