Arrow Resources Development Inc. (OTC:ARWD) was featured in the First Alert newsletter yesterday after the markets had closed. The impact, if any, should be seen today.
For more than two months now, ARWD has been trading around the $0.02 mark. Yesterday, ARWD dropped 9.84% and closed at $0.022 with a minuscule volume of just 44 thousand shares.
Similarly to the last time ARWD was promoted, the compensation in this case is also very small – $2.5 thousand to be exact. A striking fact is that this sum is actually more than the total assets of ARWD according to its report for the quarter ended Jun. 30.
The report in question seemed to spark some interest in ARWD on the stock market. In several sessions prior to yesterday ARWD traded more decent volumes.[BANNER]
The 10-Q doesn’t look too good. It’s not just that the company has insignificant assets. ARWD has ever-growing liabilities which as of the date of the report had reached $28 million. The losses just keep piling up.
The reason the price didn’t crash is probably the press release issued by ARWD the following day, Aug 23. In it, the company mentions a $35.5 million annual projected revenue from a plantation development site. The PR, however, fails to mention any projected dates for the time ARWD should start generating revenue.
For now, it seems ARWD doesn’t have too much going for it except promotions and in-house projections. It will be interesting to see what the promotion manages to do for ARWD.
