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In month of February, Medefile International Inc (OTCMKTS:MDFI) was trading at over $1.60 per share. Yesterday, the stock declined another 31.64% down, at $0.205 per share. Volume was massive again and clocked at 680,765 shares traded.

The buzz

Medefile is facing quite a rough patch lately. Its share price has witnessed a sharp beating on the charts. The company’s yearly report for FY2015 was due in this week but on Wednesday investors were given a news of late filing instead. Medefile had delayed report by another 15 days, stating that the compilation, dissemination and assessment of information required to furnish the 10-K filing has proven problematic.

Considering how much the stock has been plunging on the chart even in the absence of negative announcements, it is tough to tell whether the deferred filing contributed in yesterday’s decline. MDFI is not included in the most hyped stocks when it comes to discussion boards, and therefore it’s extremely difficult to estimate investor sentiment from latest developments.

The performance

In the last latest quarterly for the three months ended September 2015, Medefile reported $147,000 in cash. The current liabilities came at $35,000 while the net loss stood at $133,000. Medefile reported revenue of $10,000. The company has been recording average quarterly sales of just more than $10,000 for the last three quarters, with the net loss for January to September 2015 coming at $598,000.

These numbers are far from the worst what investors can find on the OTC platform, particularly among pink sheet stocks. However, they are a short of justifying Medefile’s market capitalization of mid-February, when its stock was trading at around $2 per share. The company went for its common stock reverse split in 2015, minimizing its count of outstanding shares in a reported ratio of 1-for-20. Also, it was not quick to dilute these shares after the reverse split process.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg, Equities.com, Hacked.com, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.

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