The latest SEC Filing of OSL Holdings Inc (OTCMKTS:OSLH) points out to nothing positive but further share dilution. As per the filing, the company said to have issued 32,889,185 shares of its common stock within a period of one month against the convertible notes that became due. Additionally, the company reported the issuance of as much as 800,000 shares to its three employees in lieu of bonus.
Hype settles down
At the same time, the hype created around OSL Holdings Inc (OTCMKTS:OSLH) is fading away in its impact as the stock extended its fall in the consecutive sessions. The company received undivided attention earlier this month after it announced a proposal to enter into a joint-venture and licensing agreement with Cheryl Shuman. The fame velocity attached with Shuman, who is regarded as a popular marijuana advocate, uplifted the sentiments of OSL’s investors.
Fortunately, the company enjoyed an unprecedented level of investors interest in the following weeks. However, things have come to a standstill now as the shareholders are keen on knowing the forward plans of the company.
Last financial report
Moreover, as opposed to the projections, OSL Holdings Inc (OTCMKTS:OSLH)’s 10-K filing has still not been published, which is fueling doubts over the company. Even if 10-K is filed within next few days then still the company’s stock trajectory will depend on how it has performed during the period. In any case, if the 10-K filing is as depressed as the company’s last filing then investors should embrace for a rocky ride ahead.
As per the last financial report published for the period ended on November 31, 2014, the company held $36,000 in cash and $946,000 in current assets. With current liabilities as huge as $6.7 million and a net loss of $1.96 million, OSL Holdings Inc (OTCMKTS:OSLH) has a bigger responsibility to convince its shareholders with the new numbers.
Until then, the stock of the company is likely to remain volatile. During the last trading session, OSL Holdings Inc (OTCMKTS:OSLH) settled 13.33% lower at $0.0195 as 38 million shares traded on the day.