Marilynjean Interactive Inc (OTCMKTS:MJMI) Logs New 52-Week High
At the end of last week Marilynjean Interactive Inc (OTCMKTS:MJMI) continued its slow climb up the chart. Although the stock opened at $1.15, below its previous close, it not only managed to close at $1.27 for a gain of 5% but during the session it registered a new 52-week high of $1.30 per share. The daily volume of 333 thousand shares was also the biggest seen by the company in the past couple of months.
As a whole MJMI‘s chart performance may be positive but investors should be extremely careful when approaching the company. The current share price and market cap simply cannot be justified by the financial results of the company. After going through three different business plans since 2010 as of June 30, this year, MJMI were left with:
• $5,571 cash
• $7,833 total current assets
• $198 thousand total liabilities
• ZERO revenues
• $1676 net income
The balance sheet is nothing short of atrocious but investors have a lot more to worry about. Back in 2012 MJMI sold 42,385,500 units priced at $0.01 each. The warrants that were issued as part of the units have expired without being exercised but that still leaves over 42 million shares that were bought by some people at $0.01 while, as we said earlier, at the moment MJMI‘s stock is trading at $1.27 per share.
At the start of October the company announced the cancellation of 21,183,000 common shares and although it wasn’t explicitly stated that these shares were part of the unit transaction let’s assume they were. This still leaves more than 21.1 million extremely underpriced shares that could be unleashed on the open market.
The red flags are definitely quite serious so why is stock going even higher up the chart? Well, a week ago in a new PR Marilynjean announced that they have entered “advanced discussions” with a provider of Bitcoin-based remittance services primarily to the Philippines. And that’s it. The name of the entity was not revealed and there were absolutely no concrete details about the terms being discussed with it. It is up to you to decide if this is enough of a reason to put your money into the stock.
