{"id":5851,"date":"2015-06-03T14:11:01","date_gmt":"2015-06-03T14:11:01","guid":{"rendered":"\/?p=5851"},"modified":"2015-06-03T14:39:23","modified_gmt":"2015-06-03T14:39:23","slug":"medican-enterprises-inc-otcmktsmdcn-careens-downhill","status":"publish","type":"post","link":"\/articles\/medican-enterprises-inc-otcmktsmdcn-careens-downhill\/","title":{"rendered":"Medican Enterprises, Inc. (OTCMKTS:MDCN) Careens Downhill"},"content":{"rendered":"\n

Yesterday was another terrible session for Medican Enterprises, Inc. (OTCMKTS:MDCN<\/a>) shareholders. The company’s share price slid another 17% to stop disturbingly close to the upper edge of triple zeroes. Share volume remained heavy, at over 163 million shares changing hands yesterday.<\/p>\n

The company is a pot stock, or rather a would-be pot stock, which limited cash in the bank and no revenues for 2014 and 2013. A few recent announcements almost managed to patch things up but MDCN<\/a> kept marching down the charts.<\/p>\n

The company executed a reverse split in a 1-for-10 ratio in the spring of 2014. This left the company with a significantly reduced number of outstanding shares and a per-share price that was obviously a lot higher. The 447 million shares MDCN<\/a> had as of mid-April were down to 134 million on May 20, just a couple of weeks ago.<\/p>\n

However, assuming the reverse split brought the OS count to just under 50 million, this still means MDCN<\/a> pumped out an alarming number of new, post-split shares to bring the figure up to 134 million. Additionally, it’s not exactly clear whether this 134 million figure is still accurate, considering MDCN<\/a> shifted 171 million shares in Friday’s session.<\/p>\n

Here is the brief version of the latest quarterly’s balance sheet:<\/p>\n