IJJ CORPORATION (OTCMKTS:IJJP) made a series of announcements over the last few days to gain the attention of investors, but it seems that everything is falling into wrong place. In its most recent note, the company said Wealthmarkers.com, a Wall Street research and trading firm have initiated coverage on it. According to the research firm, the company is undervalued and is witnessing short term bullish pattern. Also, the firm mentioned that the company has crossed it’s Squeeze Trigger price of $0.0029.
Falling rapidly
While IJJ CORPORATION (OTCMKTS:IJJP) hoped that the coverage not will kindle interest among investors and will restore the rally in the stock, but the opposite happened. The stock of the company tanked by nearly 50% to $0.00160. Despite a big fall, the company’s stock has still retained 100% return, due to its 300% appreciation in February. However, the rosy picture turned upside down after the company started witnessing erosion in interest. In order to manage the situation, IJJ CORPORATION (OTCMKTS:IJJP) announced the reduction in its authorized shares by 500 million to 2.5 billion. However, given the ample of room left to dilute from its current outstanding shares, the announcement left little positive impact on the market.
Questions existing
During the last week, IJJ CORPORATION (OTCMKTS:IJJP) announced its first quarter financial report, where it managed to attain a low profit amid lower revenues. The profit is more on account of extremely low expenses and not due to higher sales or income. The company’s cash balance during the first quarter stood at $418,000. Its revenues came in at $51,000 while profits stood at $22,000. The company’s as little as $1,000 outlay per month towards general and administrative expenses raises questions if the company is really working or not. So far, the week has turned out bad for the company, and there is little hope that another rally is around the corner soon.
