{"id":5925,"date":"2015-06-11T14:15:09","date_gmt":"2015-06-11T14:15:09","guid":{"rendered":"\/?p=5925"},"modified":"2015-06-11T14:39:24","modified_gmt":"2015-06-11T14:39:24","slug":"when-will-medbox-inc-otcmktsmdbx-find-a-bottom","status":"publish","type":"post","link":"\/articles\/when-will-medbox-inc-otcmktsmdbx-find-a-bottom\/","title":{"rendered":"When Will Medbox, Inc. (OTCMKTS:MDBX) Find a Bottom?"},"content":{"rendered":"\n

After another red session in a nearly uninterrupted march down the charts, yesterday Medbox, Inc. (OTCMKTS:MDBX<\/a>) closed at a new 52-week low. MDBX<\/a> slid to a close at $0.37 per share, as volume swelled up to over 548 thousand shares changing hands over the session.<\/p>\n

There is little coming from the company in terms of PR. The last press release MDBX<\/a> put up came on May 25 and led to MDBX<\/a> closing up on the day of the news. The PR concerned a distribution deal for a vaporized branded as miVape. The effect of the announcement was a single-day pop followed by a ten-session streak that shaved 30% off the company’s share price, so it’s safe to say that the news did not have much of a positive effect.<\/p>\n

By now everyone interested in the company and its stock is well aware why MDBX<\/a> is dropping the way it is. The company had to restate financial reports for a number of accounting periods due to considerable revenue recognition errors that needed fixing, even though the company’s founder Vincent Mehdizadeh voiced his belief that management did not really need to do the restating. MDBX<\/a> announced that it had become the target of a SEC investigation, related to those revenue recognition errors, in late 2014.<\/p>\n

The restated reports showed massive differences between what was previously recorded as revenues and what was in the restated reports and the differences were not in MDBX<\/a>‘s favor.<\/p>\n

The latest quarterly report MDBX<\/a> filed is not exactly stellar either. The company reported under $100 thousand in cash and $4.4 million in Q1 net loss.<\/p>\n

After yesterday’s session MDBX<\/a> became oversold again but this did not stop the price from sliding for several more days last time it happened. Whether MDBX<\/a> manages a reversal in the next few sessions remains to be seen.<\/p>\n","protected":false},"excerpt":{"rendered":"

After another red session in a nearly uninterrupted march down the charts, yesterday Medbox, Inc. (OTCMKTS:MDBX) closed at a new 52-week low. MDBX slid to a close at $0.37 per share, as volume swelled...<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1192],"class_list":["post-5925","post","type-post","status-publish","format-standard","hentry","category-news","tag-mdbx"],"_links":{"self":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/5925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/comments?post=5925"}],"version-history":[{"count":0,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/5925\/revisions"}],"wp:attachment":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/media?parent=5925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/categories?post=5925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/tags?post=5925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}