Medbox, Inc. (OTCMKTS:MDBX) Quarterly Filed After Friday Closing Bell
After a short-lived attempt at recovery last week, the share price of Medbox, Inc. (OTCMKTS:MDBX) popped again on Friday. The company closed 20% up after shifting 477 thousand shares. MDBX ended the session at $0.62 per share.
It seems this second double-digit green session may prove to be a one-day pop as well. After the closing bell on Friday MDBX put up its report for Q1 of the new year. The figures contained in the report do not look prone to induce euphoria in investors. Here is the brief summary of the report’s balance sheet:
- $92 thousand in cash a/o March 31
- $10.2 million in current liabilities
- $66 thousand in quarterly revenues
- $262 thousand in quarterly gross loss
- $4.43 million in quarterly net loss
Gross loss and cost of revenue exceeding actual revenues almost four times is already an unpleasant sight. The bottom line is a loss of over $4 million in just three short months. This number looks particularly unsettling in light of the recent need for MDBX to restate old reports for multiple periods due to revenue recognition errors. The restated reports showed significant discrepancies and listed far greater net loss for the respective periods. A summary of the old vs new figures reported can be found in a previous article.
How much of an impact the new report will have on the company’s share price remains to be seen.
