Music of Your Life Inc. (OTCMKTS:MYLI) Gets A Pump
Music of Your Life Inc. (OTCMKTS:MYLI) managed to make quite the astonishing jump yesterday – too bad it was fueled by paid pumping rather than anything else.
A quick glance into the affairs of one of the OTC Markets’ most impressive climbers yesterday reveals that MYLI seems to be just your average ordinary pump job. All the classical ingredients are certainly present.
Firstly, we have an unimpressive entity with little to no commercial achievements, no assets and overall – very little going for it. And if you think that description is a bit harsh, just take a look at what its latest financial report has to offer:
- Cash and cash equivalents – $10 thousand
- Total Current Assets – $26 thousand
- Total Current Liabilities – $1.6 MILLION
- Net Revenues – $0.3 thousand
- Net Loss – $517 thousand
Perceptive investors would have noticed the exorbitant sum that said report has listed under “current liabilities”. Seeing as how we’re talking about a dubious OTC Markets pinksheets company who is currently on the receiving end of a paid pump campaign, it should come as no surprise to anyone that serious portions of that debt carry convertible provisions that allow its owners to turn it into MYLI stock at either
“50% of the lowest closing bid price during the 30 Trading Day period prior to the Conversion Date”
“lesser of (a) 55% of the lowest Trading Price during the 25 Trading Day period prior to the Conversion Date or (b) $.00605 per share”
This should be enough of an indicator as to what we are currently witnessing here, and how investors should regard MYLI in its present state.
In conclusion – let the buyer beware.