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On May 6 the stock of mCig Inc (OTCMKTS:MCIG<\/a>) closed at its lowest point for over a year and a half of $0.053. During the session the ticker actually slid down even lower to a $0.0511. On the very next day however the stock changed its direction drastically when the bounce caused by the stock sinking to such record lows was further boosted by a new PR announcing that the quarter ending April 30 was the best in the entire history of the company.<\/p>\n Unfortunately the positive hype created by the announcement was extremely short-lived; in fact, it lasted only a single day. MCIG<\/a> <\/strong>returned to its usual trading pattern and is currently, after wiping another 12% during yesterday’s session, sitting at $0.065.<\/p>\n The failure of the PR to create a more prolonged uptrend shouldn’t be that surprising considering the fact that despite the boastful nature of the announcement MCIG<\/a> <\/strong>didn’t disclose any concrete numbers. The last financial report filed by the company covers the quarter ending January 31 and it contained the following:<\/p>\n • $200 thousand cash MCIG<\/a> <\/strong>don’t have any toxic debt which is a rare sight in the world of pennystocks. The record-breaking quarter is going to be covered by the annual report that is due by July 31 so until then we won’t know how much did MCIG<\/a> <\/strong>made in terms of revenues. In the PR the company stated that based on their projection revenues for the current fiscal year will be between $7 million and $10 million.<\/p>\n
• $771 thousand total current assets
• $13 thousand total liabilities
• $88 thousand revenues
• $743 thousand net loss<\/p>\n