Interactive Health Network f/k/a HPC POS System, Corp. (OTCMKTS:IGRW) Gets a New Identity
A few months ago, Interactive Health Network f/k/a HPC POS System, Corp. (OTCMKTS:IGRW) was traded under the HPCS symbol and it was being pumped by more than a few promotional outfits. The stock was hovering around the $0.01 per share mark and the pumpers were speaking about the huge upside potential it had. Their predictions turned out to be somewhat off the mark.
The pump took place in November 2013 and it pretty much failed miserably at drawing investors’ attention. The volumes remained dismal and the price slowly slid down to the $0.005 levels that the ticker occupied at the beginning of 2014. Now though, things seem to be a little bit different.
The company announced its intentions to enter the medical marijuana business in February which, predictably, sent the ticker flying high. The performance over the following months has been somewhat shaky, but right now, with the new symbol in place, IGRW really seems to be taking off.
Yesterday, for example, it added a whopping 78% to its value while shifting nearly $430 thousand worth of shares. The stock currently stands at over $0.04 which is not bad considering the sub-penny levels it occupied a few months ago.
Some of the press releases, however, are not quite as impressive. In February, for example, when they were announcing their entrance into the pot business, they said that they’re going to do it by offering an electronic cigarette called Cool Breez. It’s for sale through one of Creative Edge Nutrition Inc (OTCMKTS:FITX)’s websites, but, as far as the product description is concerned, the e-cig has absolutely nothing to do with medical marijuana.
Still, they announced a few other sources of potential revenues. Some new people were added to the management team and IGRW said that with their help, they will be launching a whole line of pot-related products in the coming months. They also created an e-commerce website through which they sell home growing solutions as well as accessories for the conscious marijuana cultivator. In addition to this, they want to improve the capital structure by retiring about 1.25 billion shares.
The success (or lack thereof) of the modified business plan can only be determined by the future reports, but, considering the figures IGRW presented a few months ago, they might have a tall order to fill. Here’s what the company had on December 31, 2013:
- current assets: $668 in cash
- current liabilities: $723 thousand
- quarterly revenues: $0
- quarterly net loss: $86 thousand
It’s clear that if IGRW are to make any sort of impact on the extremely overcrowded pot market, they will need to improve their financial situation quite a bit. The person in charge of raising money is, of course, the company CEO – Fred Schiemann.
He appears to be a very busy man. Apart from his duties at IGRW, he also has to take care of the CFO responsibilities at two other OTC companies: Discovery Minerals Ltd (OTCMKTS:DSCR) and Solos Endoscopy (OTCMKTS:SNDY). If you take a look at the balance sheets of these two enterprises, you’ll see that they’re not exactly flourishing. And while we’re on the subject of Mr. Schiemann, we should also note that according to this news release, he had some problems with the SEC back in 1993.
Will these things hamper IGRW‘s progress? Only time will tell, but keeping them in mind might not be a bad call.