Microchannel Technologies Corp (OTCBB:MCTC) had a rare successful trading day in the previous session with share shooting up 16.67% to close at $0.0035. The move pushed the stock 34.62% above its 52-week low of $0.0026. With shares down 30% this year, is Microchannel beginning the rally of fame?
It is difficult to predict with precision what lies down the road for Microchannel Technologies Corp (OTCBB:MCTC). It could be that last session’s joyous rally is an indication of better this to come or perhaps it has no correlation with the future of the company.
At this juncture, the best thing would be to understand Microchannel and what it stands for gauge its possible movements of in the future.
Business model and operation progress
Microchannel Technologies Corp (OTCBB:MCTC) prides itself as a development stage company that is in the process of trying to identify and acquire assets with commercial opportunities. The company’s fiscal year ends on August 31 and as of August 31, 2014, the company didn’t have any business operations to generate revenue. The situation was the same as of August 31, 2013 – no operations, no revenues.
Microchannel lists its corporate headquarters Columbia, Maryland.
Microchannel Technologies Corp (OTCBB:MCTC)is led by a man called Gamacheas the President, CEO, CFO and Secretary. Gamache, 65, has been in that position since 2008. For the work he does at Microchannel, Gamache receives $6,000 in annual compensation.
Microchannel lists JeetSidhu, 42, as its independent director since 2010.
CT Financial Advisors LLC and Brookstone Capital Management LLC are listed as institutional investors in Microchannel. There stakes are 6,000 shares and 500 shares, respectively.
Top investors in Microchannel own 0.01% of the company.
Microchannel Technologies Corp (OTCBB:MCTC) has not updated on its fiscal 2015 financials. However, the company’s net loss deepened in fiscal 2014 to more than $45,000 from about $44,000 in the previously year. The adjusted loss per share in fiscal 2014 worsened by 3.7% compared to the previous year.
Microchannel’s balance sheet shows about $70,000 in total debt against roughly $20,000 in total assets.