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After making an explosive move up the chart and climbing to a high of more than 17 cents the stock of Magnum Hunter Resources Corp (OTCMKTS:MHRC<\/a>) is now retracing its steps downwards. Not only that but the losses are growing bigger with the ticker slashing nearly a quarter of its value during yesterday’s trading. The crash of 24.5% brought the company to a close at $0.08 per share.<\/p>\n While MHRC<\/a><\/strong> is an ex-NYSE stock and its balance sheet boasts numbers rarely seen in the world of pennystocks we have been warning you that the company’s financial state remains quite dire. According to the latest quarterly report at the end of September MHRC<\/a><\/strong> had:<\/p>\n • $6.5 million cash The oil prices crisis had a devastating effect on MHRC<\/a><\/strong> and their quarterly revenues have declined by more than 50% compared to the same period last year. At the same time the accumulated deficit and the current liabilities both surpassed $1 billion.<\/p>\n Recently the company did enter into some amendments with its lenders and a new 8-K form filed yesterday revealed that MHRC<\/a><\/strong> has received new loans of $10 million. While this may improve their liquidity in the short term the company is still facing some rather serious troubles that could potentially lead to them seeking “private restructuring or reorganization under Chapter 11 of the U.S. Bankruptcy Code”, as stated in the quarterly report.<\/p>\n The volatility of the stock may offer some opportunities for quick gains but missing the right moment may result in significant losses. It remains to be seen if the new $10 million loan will be enough to stop MHRC<\/a><\/strong> from sliding even further down the chart during today’s trading. <\/p>\n","protected":false},"excerpt":{"rendered":" After making an explosive move up the chart and climbing to a high of more than 17 cents the stock of Magnum Hunter Resources Corp (OTCMKTS:MHRC) is now retracing its steps downwards. Not only that...<\/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":[1927],"class_list":["post-7641","post","type-post","status-publish","format-standard","hentry","category-news","tag-mhrc"],"_links":{"self":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/7641","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=7641"}],"version-history":[{"count":0,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/7641\/revisions"}],"wp:attachment":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/media?parent=7641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/categories?post=7641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/tags?post=7641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
• $40 million total current assets
• $1 billion total current liabilities
• $33.6 million total revenue
• $113 million net loss<\/p>\n