Mojo Organics, Inc. (OTCMKTS:MOJO) Ready To Test Its 52 Week High

After the dramatic fall Mojo Oragnics, Inc. (OTCMKTS:MOJO) suffered at the start of the month they have not only recovered but surpassed the previous climb. For the past two weeks the stock has had only 2 negative sessions and yesterday it rose up to $3.65. Today the stock will try to breach its 52 weeks high of $3.75.

Mojo are  focused on the production, marketing and sales of beverages and more specifically tropical juices. And on July 9 they announced that every single unit from the initial production run has been sold which prompted them to triple the projected amount for July.

We would be significantly less skeptical about MOJO as a whole and their ability to support such high price levels if they weren’t bearing the OTC Pink Limited Information symbol on their OTCMarkets profile. Apparently the company has skipped filing quite a lot of reports but at least now it seems they are trying to remedy the situation.

On July 8 was submitted the quarterly for the period ending September 30, 2012. If this keeps up MOJO might become current with its filings in two months or so. Even though the period covered is quite distant we decided to open the report. Imagine our surprise when the results contained inside were even worse than the ones for the previous quarter:

• $535 cash 
• $8963 total assets
• $307 thousand total current liabilities
• ZERO revenues
• $417 thousand net loss

We have no way to find out what their fundamentals look like now. Some sales have been made but how much was the production, what revenues were acquired and at what cost are all questions with no answer. Not to mention that in September they had accumulated losses of more than $9 million.

The stock is up 5% in early trading when it opened at $3.85.

Investors are strongly advised to do their own research before committing to any trades. The only source of information about MOJO are their own press releases. One thing we know is that in April the company underwent a one-for-ten reverse stock split bringing the total amount of issued shares down to 8 million out of the authorized 190 million leaving a lot of room for dilution.

Yesterday Arch Therepeutics, Inc. (OTCBB:ARTH) dropped down for a fifth time in a row albeit on much smaller scale – just 3%. NanoTech Entertainment, Inc. (OTCMKTS:NTEK) went through a 12% correction to close at $0.09.