At the beginning of the month, Totally Iowa Inc. changed its name and ticker symbol as a result of its recapitalization and change in its strategic focus. The new company name is Totally Green, Inc. (PINK:TLGN) which is engaged in the production of environmentally friendly degradable water bottles.
TLGN stock showed a slightly weaker performance after Thanksgiving. On Friday, trading volume was only 260 thousand which is half the average value. A 0.80% drop in the share price accompanied the low activity of the stock. Consequently, the closing price reached $0.124 per share.
From another point of view, the stock has formed a strong uptrend this month which most likely has been caused by an announcement, officially published on Nov. 11. Then, the company said that a cafe at the building, where United States Department of Interior is situated, had decided to use one of TLGN main products, Ingeo Green Bottle Spring Water.
However, the company hasn't provided any official documents to testify the deal, nor has there been any estimation of the influence of the deal on TLGN finances.
According to TLGN second unofficial quarterly report for the year, there are indications that the company may have problems with its short term finances. Although, TLGN total liabilities are only $200 thousand more than its total assets, its current debt is six times higher than current assets. In addition it seems that the company has been unable to become profitable as the net result of its business operations is a negative $100 thousand.
Eventually, the slowing of the stock uptrend seems to indicate that the company is expected to support its announcement of the new deal with official documents. Moreover, the company's financial situation cannot be definitely determined as TLNG keeps its official documents away from the SEC and the public.