Dead Cat Bounce From Notis Global Inc (OTCMKTS:NGBL)
Notis Global Inc (OTCMKTS:NGBL) has a long history of destroying investor interests. We have covered the company extensively since it was called Medbox Inc and traded under the ticker symbol MDBX and the new image can hardly make us forget the mischief that the company has been up to in the past.
The name and ticker symbol change that was made in February doesn’t change the fact that NGBL has suffered a lot of dilution over the years and has had a history of Securities Exchange Commission trouble over misstated figures in its financial reports. Speaking of financial reports, here is a quick look at some of the contents of NGBL’s most recent one.
- cash: $68 thousand
- current assets: $627 thousand
- current liabilities: $29.35 million
- quarterly revenues: $252 thousand
- loss from operations: $3.85 million
Those numbers are pretty terrible, but NGBL’s market cap has already dropped significantly. Still, the liabilities are massive and there is a whole lot of debt that can be turned into BILLIONS of newly printed share, especially after the company voted to increase its authorized share count from 400 million all the way to 10 BILLION.
Still, NGBL made a dead cat bounce during yesterday’s session. It gained 16.67% in value and finished the day with a price of $0.00072 after dropping into triple-zero territory earlier this month. The volume was quite big, but the 118.98 million shares that changed their owners managed to generate only $72 thousand in daily trade value.
Today’s session shows us that NGBL was quick to correct and is already trading 14.29% in the red. In any case, you should be sure to do your due diligence and weigh out the risks before putting any money on the line.