Bayport International Holdings, Inc. (OTCMKTS:BAYP, BAYP message board) is yet another newcoming ticker that’s been active in the past month. Formerly failed as a minerals exploration company, BAYP did the next logical thing- to announce a partnership in the field of legalized cannabis. But compared to other tickers, this ha not proven too productive for BAYP, as it makes its moves mostly between $0.001 and $0.002. Still, it is important to be aware of the risks of this ticker, in case you choose it for its climbing potential.
On Tuesday, BAYP went down more than 9% to $0.001, but that is within the usual daily fluctuations. For BAYP, the magic day was February 18th, when it mentioned marijuana for the first time, and bounced off the triple-zero positions on record buying.
But since then, BAYP has lagged both in volumes and in growth, as other MMJ selections took the front rows.
BAYP is not much different from small-cap pot stocks when it comes to the financial results, dismal as expected:
- cash: $1,387
- current assets: $9,291
- current liabilities: $165 thousand
- yearly revenue: $6 thousand
- yearly net loss: $102 thousand
With those slim reserves, BAYP remains ambitious, putting out PR information about expansions both in the medical cannabis and oil and gas sectors. BAYP created a special subsidiary, Bayport Medicinal research, Inc., and through it gained interest into a producer of hemp-based cosmetics. Along with this, the company claims to have acquired a 5% share in the Fogle Lease, Forest County, Pennsylvania for oil and gas drilling.
BAYP is not the first company to have made the strange switch from another industry. Quasar Aerospace Industries, Inc. (OTCMKTS:QASP) moved from offering flying instruction to being yet another legalized cannabis holding. This also saved QASP from the triple-zero doldrums, but so far the biggest achievement has been to touch $0.004, and sink back to $0.0017 in the past few weeks, on a constant downward trend.
IMD Companies, Inc. (OTCMKTS:ICBU) also milked the MMJ trend for all its worth, but could not escape from the pessimistic mood. Although ICBU is active with updates on partnerships and projects, its stock price moved away from the peak near 20 cents, and sank toward $0.06.
The biggest downside for BAYP is its inability to stage a more sustained climbing trend. BAYP is more and more diluted, with 1.5 billion shares outstanding, and a relatively smaller free float of 480 million shares. If you are still hoping for a trend and a move upward from the current double-zero levels, make sure you can also afford the daily setbacks that often happen.
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