Axis Technologies Group Inc (AXTG)

[mythical_phenix]

Jilted insider filed suit.

About a year ago, one of the guys in on the beginning of Axis filed suit against the company and its principals in US District court. Apparently, this guy claimed to have been promised 5% of the company in exchange for his efforts. This suit was voluntarily dismissed by the plaintif a few months ago. What is interesting is the amount being claimed for damaged: 1.25 Million. At 5%, that values the company at $25Million. Current market cap at 60Million shares at $2.5 is $150 Million. That is some serious coin, especially for a company that reports doing 130K in revenue for a recent trailing 9 month period. Factoring costs of sales into this, they make about 10% gross profit on that revenue. That's about 13K. Subtract out the expenses of running the company, and they're going to have to sell a whole lot of ballasts to justify the current stock price.
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