Medical Marijuana, Inc.: Audited Fourth Quarter Financial Statements Not Found
February 8, 2013 by: Fraud Research Institute | about: MJNA.PK Disclosure: I am short MJNA.PK. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. (More...)
One of the most actively traded stocks in the OTC market during the past few weeks is Medical Marijuana, Inc. (MJNA.PK), a company trading on the pink sheets that is purportedly seeking to become the premier cannabis and hemp industry innovator.
In a press release issued by the company today, management makes the allegation that audited fourth quarter financial statements have been released. While the news release posts financial highlights the team at the Fraud Research Institute has been unable to locate the actual audited financial statements that management claims to have released and therefore we have no choice but to question the validity of these results published in the news release.
So far we have been unable to locate the audited financial statements on:
EDGAR
OTCMarkets.com
MedicalMarijuanaInc.com
-We have also attempted to contact the company at the listed telephone number, but it directs us to a voice mailbox.
-Email inquiries to the company and the investor relations representative listed at the bottom of the press release have not been responded to.
A press release issued several weeks ago mentions the retention of accounting firm Anthony W. Imbimbo & Associates, and so far we have been unable to reach them by email or telephone call.
The stock's intraday gains are most likely attributed to today's press release, because the alleged financial results within the release are greater than the results published in previous quarters.
Management claims that gross revenues for the quarter ending December 31, 2012 have increased by 1,100% when compared to the same period for the year prior.
Operational highlights are also discussed and according to the news release, "are also described in the audit report." This is the same audit report that our team has been unable to locate after repeated calls to the company and their investor relations representative along with telephone representatives at EDGAR and OTCMarkets.com, so we have no reason to believe that this report has actually been released.
The most important item that can be found about the company on OTCMarkets.com is a warning about unsolicited quotes:
We believe that the warning published on OTCMarkets.com should be taken very seriously considering what the Securities and Exchange Commission has to say about unsolicited quotes:
This article was sent to 2,129 people who get email alerts on MJNA.PK.
