Notis Global Inc (OTCMKTS:NGBL) Bounces Again
Notis Global Inc (OTCMKTS:NGBL)’s descent has become quite profound since the beginning of this end and the company stock has reached to bottom of the charts on increasing daily volumes. The ticker doesn’t seem to be too keen on lifting itself from the ground and this isn’t surprising.
After all, we have covered NGBL since it was called Medbox Inc and traded under the ticker symbol MDBX. The refurbishment of the image didn’t help people forget about the trouble that the company has had with the SEC over misstated revenues in the past and the poor financial state of NGBL.
- cash: $68 thousand
- current assets: $627 thousand
- current liabilities: $29.35 million
- quarterly revenues: $252 thousand
- loss from operations: $3.85 million
Those numbers, however, aren’t the only ones that should spell trouble for investors. As we have previously mentioned, NGBL voted to increase its authorized share count from 400 million all the way to 10 BILLION, leaving a lot of room for dilution.
Considering the fact that $7.56 million of the company’s current liabilities are in the form of convertible notes payable should also be considered a major red flag. By now, it should have become clear that NGBL management doesn’t seem to care much about shareholder value.
This is why it isn’t surprising that their company’s stock has dropped to a market cap of below $200 thousand. Still, the fact that NGBL is sitting at rock bottom provides for some serious percentile movements. The company bounced some 50% in Friday’s session, finishing the week with a price of $0.00019.
Considering the fact that there’s not much room left for it to fall down we may see it go sideways in the sessions to come. In any case, be sure to do your due diligence and weigh out the risks before putting any money on the line.