{"id":7583,"date":"2015-11-25T13:02:04","date_gmt":"2015-11-25T13:02:04","guid":{"rendered":"\/?p=7583"},"modified":"2015-11-25T13:15:14","modified_gmt":"2015-11-25T13:15:14","slug":"cardinal-resources-inc-otcbbcdnl-picking-up-more-speed","status":"publish","type":"post","link":"\/articles\/cardinal-resources-inc-otcbbcdnl-picking-up-more-speed\/","title":{"rendered":"Cardinal Resources Inc (OTCBB:CDNL) Picking Up More Speed"},"content":{"rendered":"\n

The pump for Cardinal Resources Inc (OTCBB:CDNL<\/a>) was such a miserable disaster that the people who got near the stock at the beginning of the year probably don’t want to have anything to do with it right now. Or do they? <\/p>\n

Well, there’s no getting away from the fact that some investors seem to be interested in CDNL<\/a><\/strong>. In fact, the ticker logged its latest red close on November 13 when it was sitting at less than $0.004 per share. Yesterday, after nearly doubling its value, it reached a close of $0.045 and it also hit an intraday high of $0.06 for the first time in over four months.<\/p>\n

On the face of it, investors might just have one or two reasons to be excited. On November 16, just minutes before the start of the impressive climb, CDNL<\/a><\/strong> announced that they’re in the process of installing one of their Red Bird drinking water systems in Panama. A few days later, they confirmed the completion of the installation and yesterday, they came up with their third update in the space of just over a week. This time, CDNL<\/a><\/strong> said that they are already recording some impressive purchase orders in China.<\/p>\n

So, the news is good and the stock is moving in the right direction. The more regular readers of our articles know, however, that a few optimistic press releases aren’t enough to convince us. Especially when the stock we’re looking at has dropped from over $1 to under $0.01 in the space of less than a year. Sure enough, once you look past CDNL<\/a><\/strong>‘s optimistic updates, you’ll see that things aren’t quite as bright as they seem to be.<\/p>\n

For one, the management team appear to be so busy installing the water purification systems in all four corners of the globe that they can’t find the time to publish the 10-Q for the third quarter of 2015. On November 16, they promised that they’ll do whatever they can to have it out before the grace period is over, but they failed to do it which is why CDNL<\/a><\/strong>‘s profile is now adorned with a Limited Information badge.<\/p>\n

The missing report really is worrying because it leaves investors with figures that are now almost five months old. And they’re not very pretty, either. Here’s a summary of CDNL<\/a><\/strong>‘s Q2 report:<\/p>\n