During the last trading session, Magindustries Corp. (PINK:MAAFF) rose in terms of its stock price by 13.42% and finished at $0.355 per share. Trading volume was also relatively high as 96 thousand shares were traded for the day.
MAAFF stock was most actively traded on Oct. 5, when its traded volume reached 325 thousand. The same day the stock lost 0.34% of its value.
On Oct. 25, the company announced the retirement of Bill Burton, President and CEO. The following day, the company reported that its potash investment agreement with the government of the republic of Congo had been passed into law by the National Assembly and the Senate at the end of August this year. The following day, the stock's trading volume jumped up slightly and reached 40 thousand shares.
MAAFF is a Canadian development stage company involved in the operation and development of industrial projects in the republic of Congo and the Democratic Republic of Congo. The company is developing in the sphere of potash production, eucalyptus forestry and is managing a wood chip plant.
The company, according to its unaudited financial reports, has assets of $270 thousand, whereas its liabilities amount to $48 thousand. The company, however, has a net loss of almost $10 thousand. Even tough, there hasn't been any profit for MAAFF for the last couple of years, the company's assets have been increasing throughout this period. The most reasonable explanation of this fact would be that the company has been issuing additional shares.
Indeed, the company's common shares outstanding has almost doubled in number since last year, jumping from 300 million to 420 million shares outstanding.
As a conclusion, it necessary that the company can prove to investors that it will be able to make profits in the future. In addition, more information is needed about the development of the company's operations in Congo.