Axiom Corp (OTCMKTS:AXMM) hasn’t closed in red zone in more than a week. It posted gains of nearly 20% between March 9 and March 13. The trend seems to continue as it opened Wednesday’s trading session with gains of more than 1%. It is currently sitting at $1.34 per share.
Some time ago, Axiom was trying to get involved in different infrastructure projects in the republics of Kenya, South Sudan and Uganda. However, the main concern was merely $822 in total assets which reflected that the business of company was going nowhere. The company announced a reverse merger at the end of February. The new subsidiary is known as Paper Nuts Corporation and operates in an entirely different section. It is into the industry of eco-friendly packaging solutions. Also, there were some changes in management. Axiom is looking to get a net name and ticker in the coming period.
Investors are not only impressed with the fresh business plans of Axiom but also are influenced by the five press releases reported in last ten days. The company first reported that it will work on green products. The management discussed the important of ban of polystyrene foam in New York and stated that they’re progressing with the research and development aspect of their business. As per the latest press release, Axiom Corp (OTCMKTS:AXMM) will be targeting millions of small as well as mid-sized businesses who can utilize the Paper Nuts.
The financial performance
As per the latest financial figures recorded by Axiom’s subsidiary on September 30, the cash balance was C$272,000. The current assets stood at C$314,000 and current liabilities came at C$294,000. The revenue came at C$49,000 and net loss was C$166,000. The financial figures are not that bad. However, the only problem is that dilution of stocks. The company sold more than 26.4 million shares for just $0.0015 in June 2012.