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Hemp Inc (OTCMKTS:HEMP<\/a>) were supposed to complete their annual report for 2015 by March 30. On that day, however, instead of finding the report investors were greeted by a notification of late filing. Apparently the company needed additional time to finish consolidating its financials but it still anticipated filing the report within the 15-day extension. That period came to end on April 14 with the report still missing. As a result OTCMarkets slapped HEMP<\/a>‘s <\/strong>profile page with the “STOP” sign.<\/p>\n This Monday the annual report was finally submitted and investors had the chance to see Hemp <\/strong>Inc<\/strong>‘s financial results for 2015. Let’s warn you that the picture is far from pretty – as of December 31, 2015, HEMP<\/a><\/strong> had:<\/p>\n • $60 thousand cash With extremely limited cash reserves, underwhelming revenues and a staggering net loss of nearly $9 million the balance sheet fails to inspire much confidence. Taking a closer look, though, makes things even grimmer – for the first nine months of 2015 HEMP<\/a><\/strong> reported $111,633 in sales, which means that for the entire fourth quarter of last year the company has generated less than $2 thousand in revenues.<\/p>\n Then, there is the continued dilution of the common stock. As of June 30, 2015, HEMP<\/a><\/strong> had a split-adjusted (at the end of July the company performed a 1-for-10 reverse split) O\/S count of 320 million shares. Six months later and that number is already sitting at more 457 million. In addition, as of December 31 HEMP<\/a><\/strong> also had 170 million outstanding preferred K shares out of the 175 million authorized. Each preferred K share can be converted into 10 common shares.<\/p>\n
• $755 thousand total current assets
• $168 thousand total current liabilities
• $113 thousand annual revenues
• $8.8 million net loss<\/p>\n