China Modern Agricultural Information Inc. (OTC:CMCI) stock traded last week near the upper bound of its recent share price range. A few days ago, the company announced that it would not be able to file its quarter report on time, which could make the stock even more volatile in the coming sessions. 
CMCI closed at $0.66 on Friday after the stock gained 10.92% from the previous close. Trading volume was at least four times higher than the daily average with 104,753 traded shares. This was the second trading session which CMCI closed with an increase in the share price, but the stock price remains within a trading range after the sharp appreciation in December last year.
As the chart already suggest, the latest significant piece of news about China Modern came out at the end of last year. Then CMCI announced to have completed the acquisition of Shangzhi Yulong Co., Ltd, a company engaged in breeding of cows and sale of milk.
CMCI claimed in its press release that this acquisition would increase its fresh milk production capacity by 38% and generate $13 million in revenue and $5 million in net income for the current year. That will take time to become evident in the company’s future financial reports, especially considering that investors need extra patience to see even the reports that are already due.
Last Wednesday, CMCI filed a notification of late filing to the SEC concerning the quarterly report for the period ended December 31, 2011. In the filing the company states it would file the 10-Q no later than the fifth calender day following the prescribed date which was Feb. 14. So far this company anticipation has not become a reality.
