It’s time to accept the reality that Fastfunds Financial Corporation (OTCMKTS:FFFC) is not of much value. Like any other hyped stock, the company is involved in creating a hype around it but is increasingly seeing its popularity from such campaigns short-lived and that its endeavor is failing to rope attention. Instead, it is losing ground on a continuous basis. For instance, the company published a press note last week, where it mentioned that its Tommy Chong Cannabis Green Card featured in a Yahoo Finance video.
Losing ground
Further, Fastfunds Financial Corporation (OTCMKTS:FFFC) said that the Yahoo Finance video presented the interview of Tommy Chong, under the title, “Tommy Chong’s solution for pot’s banking problem.” Though the company’s effort returned it momentary appreciation, investors are looking for some long-term growth enabling measure from the company. Fastfunds Financial Corporation (OTCMKTS:FFFC) recently stepped into cannabis space through the launch of Tommy Chong Cannabis Green Card, which aims to address the existing banking and transactional issues in the sector.
The card works similar to any pre-paid loyalty debit card, which can be used to purchase products from the participating dispensary. On the other hand, the card shares its name with Tommy Chong, who is a popular actor, director, writer, and marijuana activist.
Financial position
Despite doing what needed, Fastfunds Financial Corporation (OTCMKTS:FFFC) did not correct its financial and share structure issues. The financial results released as on September 30, 2014 point out to the highly inadequate cash balance of $45,000 while current assets totaled $297,000. The two numbers are excessively low against the $10 million worth of current liabilities. Moreover, the revenue at $235,000 during and a quarterly net loss of $748,000 are further questionable.
With the share dilution rate of 135% in just two months posing as another issue, Fastfunds Financial Corporation (OTCMKTS:FFFC) stock fell by 38% to $0.0106 on the last day of the week. An average of 2.45 million shares exchanged hands during the session.
