OBJ Enterprises, Inc. (OTC:OBJE) Rises Higher On The Wings Of Self-Promotion
OBJ Enterprises, Inc. (OTC:OBJE) have no intention of slowing down. So far the results of their press release onslaught have been no less than stellar as they managed to get the attention of the market and to make people believe they are a diamond in the rough. During the last session OBJE‘s stock made another huge jump of 51% and closed at $1.86.
OBJE have made it their life’s goal to inform the public about every minute detail surrounding their soon-to-be released mobile game. Somehow they thought that the fact that final testing on the Android version of their debut gaming app Phantasmic has begun was newsworthy. Can you imagine what will happen if every video game company starts announcing every little thing that goes on during the development of their respective products?
As we refused to believe that the surge in stock price was brought on by this insubstantial PR piece, we looked elsewhere. And surely enough they finally filed their 10-Q report for the period ending February 28. Lets see if it holds the answer to the tickers movement:
- $13 thousand cash
- $277 thousand current liabilities
- $230 thousand net loss
- no revenues since inception
OBJE are certainly showing improvement having accrued $10 000 more cash than the previous quarter. As of April 14 there are 9,414,339 shares outstanding of the company’s common stock with 100 million authorized. So if the much-hyped game app isn’t an immediate and smashing hit, OBJE may resort to the issuance of more shares for its continuous funding.
Having in mind that nothing is supporting the current price levels a reversal may already lay in waiting. Investing in them is quite speculative as there is no assurance that they will be able to enter the much coveted online app sector. More importantly even if they do succeed there is no guarantee that the public will embrace the game en masse and start generating enough revenue for OBJE‘s needs.