In Wednesday's session Medbox Inc (OTCMKTS:MDBX, MDBX message board) dropped another 7%, sliding with a pant and a wheeze down to a fresh 3-year low. By the closing bell MDBX found itself at $0.039 per share, on volume just above the monthly average.
It seems the air of hopeful expectation about MDBX's immediate future that was prevalent for a while among investors on discussion boards has now been dispelled completely. While there are still a few lone voices trying to reassure everyone how they are loading up as many shares as they can, the chart tells a different story.
MDBX managed to stave off a drop below five cents per share in the summer of 2015 but once the price did slip under this dividing line early this week, it was a downhill blitz from there. The slide was likely assisted by yet another atrocious report the company put up in mid-November. Ever since the quarterly was published, MDBX logged a single green close. Here is the brief summary of numbers reported:
$346 thousand in cash
$16.7 million in current liabilities
$314 thousand in quarterly revenues
$9.2 million in quarterly net loss
The company once again recorded gross loss, with cost of revenues twice as big as actual revenues. Net loss remained a massive seven-digit figure, even if it was a slight improvement on the $11.3 million in net loss for the previous quarter.
Dilution is rampant as well, with shares growing from 69.8 million to 114.4 million over the last reported quarter, comprising dilution of 63% within the space of three months.
With MDBX sunk to its new lows, there's no telling when and if the stock will find its footing once again. MDBX became oversold in the last session and might go through a recovery period but the longer term prospects before the stock's chart standing are a mystery.
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