Megola Inc (OTCMKTS:MGON) one of the OTC traded firms shocked the shareholders in last week when the stock price surged over 72% in just one trading session. It was a dream come true for the people who invested in the stock at the low levels. It was surprising for wise investors who carefully analysis the financial numbers before making any investment decisions. The financials of the company are not supportive of the latest run.
What is surprising?
Here, the shareholders might wonder what is so surprising about the Megola’s run. Well, it has come on the back of dismal numbers. Few weeks ago, Megola Inc (OTCMKTS:MGON) share price plunged over 26% to trade close to $0.00370. It was considered as the first sign of a bear run. However, it didn’t happen as it resumed with its upward ride in last week. Last week brought strong gains for Megola. It was in yesterday’s trading session, when the share price corrected 3.33% to close at $0.00580.
What is wrong?
As per the latest financial numbers, there are a number of No present in Megola’s balance sheet. The firm is with no assets, no cash, no revenue and no liabilities. When it comes to operating expenses, they are even zero. The numbers highlights the dismal position of the company. Another no is people employed which stood at zero in July 2014.
Megola, the OTC traded firm has not issued any press release or released any news in last ten months. It is a major problem for the company. The absence of development activities is creating problems for the company. During this time, share price of Megola plunged sharply from $0.19 to $0.0009 erasing 99.5% of the total value. Moreover, as per the report, it has three websites out of which not a single website can be stated as functional.