Total Apparel Group, Inc. (PINK:TLAG) had stated it was to become a fully reporting company last summer. Up to this day it is still carrying the limited information label.
The failure to live up to expectations didn’t prevent a 208% price increase in one session back then. The facts that the company still discloses limited information and that yesterday’s PR didn’t contain any details about what the company would gain didn’t prevent TLAG from surging 971.43% yesterday, either.[BANNER]
27.8 million shares changed hands, and the closing price was $0.015. The stellar performance was mostly due to the press release issued by TLAG. According to the announcement, TLAG’s subsidiary Total Licensing, Inc. had partnered with Glamm Industries to develop and market timepieces for Skechers.
There was, however, no mention of potential profits for TLAG. As a matter of fact, a paragraph in the PR revealed that the parties were in the process of completing terms.
While the supposed partnership is good news, the lack of details at this time hardly supports a 971% surge. Additionally, the company is still very sketchy with its reporting and the latest available financial report is for the end of 2010.
The report in question is not inspiring. It shows TLAG still had:
- $231,341 total assets
- $3.7 million total current liabilities
- Accumulated deficit in excess of $47 million
- $125,593 net sales
- $3.6 million net loss
Unless some further positive updates are released to support the amazing increase in price, the dire financial situation of TLAG and yesterday’s PR may not be enough to sustain the current price.
