By accident or not, MediaNet Group Technologies Inc. (PINK:MEDG) has formed a sustainable uptrend on the charts for the last couple of months.
On the one hand, MEDG’s market behaviour during the last couple of sessions is far from impressive. Yesterday, in particular, MEDG shares lost 4.44% in value to close the session at $0.43 per share on a minuscule volume of 15 thousand. On the other hand, this still does not change the fact that the value of MEDG shares has more or less been on the increase, as revealed in the accompanying chart.
Yesterday’s decline came hard on the heels of an official press release. The latter tackled the appointment of Charles Arizmendi as Executive Vice President of the company’s Enterprise Business Unit. On Nov. 1, MediaNet Group Technologies Inc. announced the launch of what it called a global shopping mall which will be offering more than 10 million products to its customers, as well as shipping services to 214 countries.
At present, MEDG appears to be late in filing its third 10-Q report for 2011, which is why its most recent financial report covers the quarter ended Jun. 30, 2011. The company finished this quarter with:
- cash reserves in excess of $930K;
- working capital deficit of $1.7 million;
- $2.9 million in revenue as opposed to $6 million accumulated in Q2 of 2010;
- net quarterly loss of $1.15 million vs. net income of $830K a/o Jun. 30, 2010.
