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So far NuGene International Inc (OTCMKTS:NUGN<\/a>) have registered four sessions in a row ending in the red. Last Friday the ticker managed to rally in the last minutes of the trading day and although it surged above its opening price of $1.31 it still closed with a 5% loss at $1.33. On Thursday the company filed its new quarterly report but it failed to change the direction of the ticker.<\/p>\n This shouldn’t come as a surprise when nearly all of the numbers found on the balance sheet show signs of deterioration. NUGN<\/a> <\/strong>finished the quarter ended September 30 with:<\/p>\n • $350 thousand cash Compared to the same period last year the reported revenues show an increase 142% not to mention that over half a million in sales is quite an impressive achievement for a pennystock. Unfortunately this positive results gets quickly overshadowed by the massive net loss. According to the report $1.8 million of the quarterly net loss was due to wages and professional fees. For the nine month period ended September 30 NUGN<\/a>‘s <\/strong>net loss stands at $3.1 million.<\/p>\n At the same time the company’s cash reserves have dwindled by close to a million compared to what it had at the start of the year. It is safe to say that NUGN<\/a> <\/strong>are in a dire need of fresh funds because currently their resources are insufficient to keep them going through the end of the year.<\/p>\n Last week’s report also revealed that in July two complaints were filed against the company while in October NSE Products, Inc., a Delaware corporation based in Provo, Utah, initiated actions in the US Patent and Trademark Office contesting several of NUNG’s <\/strong>trademarks and registrations.<\/p>\n
• $1.12 million total current assets
• $1 million total current liabilities
• $520 thousand sales
• $2.1 million net loss<\/p>\n