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Due Diligence Report: Greengro Volatility Settles After Press Release
Summary:
GreenGro Technologies, Inc., incorporated on July 22, 1996, is into both indoor and outdoor aquaponic and hydroponic systems and grow rooms. The company’s customers include restaurants, community gardens, and small and large-scale commercial clients. It also provides design, construction and maintenance services to grow and cultivation operations and collectives in the medical and recreational marijuana sectors.
The Company’s Vertical system is a process that controls space and light to increase plant yields. Better to use an entire space, rather than just upward space for growing plants. Indoor vertical grow rooms can be designed for any space, from as small as a closet to as large as an entire building. In an indoor environment, the space must have growing efficiency and maximum light coverage. Growing plants have changing light needs and lighting system maximizes the amount of light coverage for each stage of plant growth. In vertical systems the plant is not forced to grow in one direction. Light reaches more plant surfaces creating higher crop yields.
Greengro Technologies Inc. has a current market capitalization of $10.40 M with 208.49 M outstanding shares. Its daily average volume traded 5.17 M shares.
Financial Highlights (Q3 2015):
Revenue: 98.00K
Gross Profit: 18.00 K
Net Income: -58.00 K
Cash and Cash Equivalents: 32.00 K
Total Debt: 285.00 K
Recent News and Analysis:
The company recently announced that affiliated company iGot420 has notified it that final clearance was granted for groundbreaking of a major project in Southern California. The initiation of this project immediately translates into projected company revenues of up to $2,500,000 in sales of equipment and supplies to be used in the first phase of the iGot420 project. The Company had announced earlier this month that it was poised to indirectly benefit from the growth of the recently legalized Cannabis industry. Today’s news adds concrete evidence to that assertion. “Greengro’s record revenues in the first quarter of 2016 continue to ‘grow’ due to steadily increasing demand for our product lines centered around Cannabis,” said James Haas, CEO of Greengro Technologies, Inc. “Not only does our customer base continue to expand leading to increased sales numbers for day-to-day point-of-sale items, but we are now beginning to see sales associated with large scale projects begin to materialize as well due to the increasingly favorable legal landscape surrounding Cannabis.” Finally, Haas pointed out that this is barely the first phase of a multifaceted project. “We’re proud to serve as the exclusive provider of materials, equipment and supplies for iGot420 on this project. This is a large scale economic development project that has just begun and will translate into some wonderful sales numbers for the Company.”
While the news did get investors excited and in the early portion of the session GRNH climbed to a high of $0.049 per share the positive momentum quickly lost a lot of its strength. Still, the ticker finished the day with a gain of over 10% closing at $0.043. It seems that for now the stock will remain a highly volatile choice. By pennystock standards the balance sheet is actually not that bad but the limited cash reserves and the fact that compared to the same quarter in 2014 the reported revenues were down by close to $30 thousand were far from encouraging sings. Earlier this month, however, GRNH gave investors some concrete reasons to believe that things are rapidly going in the right direction. On March 8 the company revealed that for the last three months of 2015 they had managed to generate over $200 thousand in sales. The numbers for first quarter of 2016 are even more impressive – $522 thousand in sales, for a year-over-year increase of nearly 243%.
Conclusions:
Investors will have to wait for quite a while, though, in order to see an official confirmation of the numbers for the first quarter of 2016. At the same time GRNH weren’t able to complete their annual report for 2015 on time. A couple of days ago the company submitted a notification of late filing stating that the delay was due to outside CPA’s still reviewing the financial statements. The company anticipates the report to be filed on April 14. Until we can see the entire picture of the company’s financials it may be wise to use caution when approaching the stock. It might also be a good idea to take into consideration the approximately 29 million shares that GRNH issued last year in exchange for services. If the owners of those shares decide to unleash them on the open market the consequences could be dire.
Sources:
- http://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=GRNH.PK
- https://www.google.ca/finance?q=OTCMKTS%3AGRNH&hl=en&gl=ca&ei=AfD_Vvm8Moq5jAGSgKDICw
- http://finance.yahoo.com/q?s=GRNH&ql=0
- http://finance.yahoo.com/news/greengro-technologies-initiates-first-phase-120000480.html
- https://www.hotstocked.com/article/93258/will-greengro-technologies-inc-otcmkts-grnh.html
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