A multi-channel entertainment company that acquires, produces, and manages intellectual media content and digital assets UOMO Media Inc. (UOMO.OB) made some investors gasp at the stock price rise of 131% yesterday. The stock is currently at $0.81. In addition, the volume was over 20 million. Most of you would first think that this drastic change might have been affected by the performance of the company or an announcement of great news. However, there is nothing interesting happening in UOMO Media.
The company keeps being late for filing its annual as well as quarterly reports. According to the Q3 results, the company isn’t able to cover all the debts. Total current assets of the company total $182,000, while liabilities exceed 800,000 dollars. Despite that, in a single quarter liabilities increased by 32%. One more negative aspect is that UOMO Media has the long-term debt of $259,000.
All in all, the visible stock price jump seems to be influenced by the stock promotional campaign. Different parties were paid $228,000 and 400,000 free trading shares. In this case, it is clear why such a sudden increase in stock volume, as well as price were spotted.