Medican Enterprises Inc (OTCMKTS:MDCN) is going through tougher times after crossing the deadline with respect to the closure of its purchase agreement. The company had announced a purchase deal with respect to the acquisition of a land property in Arizona. The piece of land in question is leased to a licensed medical marijuana dispensary through August 2018.
Series of postponement
The company had projected that the deal will be concluded by the end of January. But, later it informed that the deadline is extended to February 18 due to certain circumstances. Again, Medican Enterprises Inc (OTCMKTS:MDCN) extended the deadline further to March 31, 2015, which is once more over and yet there is no update from the company. The series of postponement did not cut a right picture about the company, which started showing into its stock lately. The company turned red after recording climb-ups over the last few days. If the company fails to come out with any result-oriented update, then it may well be in for another tumble.
Outstanding shares climbing
Moreover, the company has also submitted extension for submitting its annual report. As per the new extension, Medican Enterprises Inc (OTCMKTS:MDCN) is expected to disclose its financial report by April 15, 2015. But, if the company misses to file the same on time or reports a disappointing year then it could extend its losses further. The company’s financial standing as on September 30, 2014 was not at all impressive, where it reported $149,000 in cash, zero revenues and $8.6 million net loss.
The number of outstanding shares will be another detail that investors will look forward to in the annual report. Medican Enterprises Inc (OTCMKTS:MDCN)’s number of outstanding shares are surging with each passing day, which should be perceived as another threat to the investors. On Wednesday, the share price of the company tanked by 15% to $0.0178 and a total of 59.45 million shares changed hands.