Poor Financial Report Pulls Plandai Biotechnology Inc. (OTCMKTS:PLPL) Down despite Pumps
Yesterday’s session brought Plandai Biotechnology Inc. (OTCMKTS:PLPL) a dramatic fall in share price – the company lost nearly 9% of its market value as the news of its latest financial report hit the wire.
PLPL has been on the receiving end of some rather extensive paid pumps on Feb. 17 and Feb. 18. Despite the efforts of promoters, such as Research Driven Alerts and David Cohen, the ticker barely managed to achieve a 16.34% jump before the end of the Feb. 18 session. PLPL‘s upward movement was immediately reversed with the filing of their latest financial report.
Evidently more than a few investors were put off when the depth of the company’s problems became obvious. PLPL has never been commercially successful, but the filing for the period ended Dec. 31 shows clear signs of financial disaster:
- Cash – $ 131 thousand
- Total Current Liabilities – $2.6 million
- Revenues – $13 thousand
- Quarterly Net Loss – $ 3.3 million
The numbers basically mean that during the time since PLPL‘s last report, the company’s cash on hand has fallen to a third of what it was at the end of September. Meanwhile PLPL‘s liabilities have increased threefold, its net loss has jumped to a staggering five times its previous amount.
It is also worth noting that by the end of September 2013 the company had declared a quarterly revenue of $226, with a $91 thousand gross profit from sales. It still failed to turn profitable, but at least the fact that it was obviously struggling up was encouraging. As it is now, it’s a miracle that its crash hasn’t taken it lower than $1.62 yet.
Another company that crashed hard yesterday is Dynasty Limousine Inc. (OTCMKTS:CYBK), which ended up losing 15.15% of its market value in a single session.