Source: HotStocked, October 03 2014
During yesterday’s session Medical Marijuana Inc (OTCMKTS:MJNA, MJNA message board) dipped by another 1.79% on a volume of 5.5 million shares. MJNA has been on a downward spiral since August 28, with only a few green sessions to count, and since then it has wiped out around 33% off its market price.
After a Notification of Late Filing on August 14, the company’s latest quarterly was supposed to be turned in on August 19. However, that did not happen, and after weeks of waiting, MJNA finally released its 10-Q on September 30. The company even issued a PR yesterday to announce the filing of the report.
The 10-Q is for the three months ended June 30, and it lists the following:
- cash: $2.9 million
- current assets: $62.2 million
- current liabilities: $16.8 million
- revenue: $4.8 million
- net loss: $920.7 thousand
It is rare to see a Pink tier company with such financials. Quarter over quarter, there are slight improvements in the numbers. Even though the net income has turned into a loss, the cash supplies, working capital and revenues have grown.
From the 10-Q we learn that “on or about June 20”, a complaint was filed against MJNA by ROEN Ventures, LLC. ROEN Ventures were seeking “damages for Breach of Contract” and requested “Specific Performance”. MJNA denied the allegations and filed a third party complaint against several people, amongst whom was the President and CEO of CannaVest Corp – Michael Mona, Jr. We shall have to wait for updates from MJNA on the outcome of the case.
As always, we advise due diligence before deciding whether or not to invest in MJNA, or in any other company.