The old investment adage “buy on rumor, sell on news” appears to have come full circle now on the penny stock of SK3 Group Inc. (PINK: SKTO). Just minutes before the closing bell on Wednesday, the long-time non-filer with OTC Markets actually filed the financial statements for the years ended December 31, 2011 and 2012. Having run from a mere 0.006 to as high as 0.08 in March off the rumor of having acquired Medical Greens, a licensing, management, and logistic services provider for medical marijuana, SKTO stock could see its shares get one last bump tomorrow with its “website issued” $5 million in profits for Q1, 2013.
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SKTO Stock Quote
Market Cap: 17.12M
Last: 0.0473 ▲ +0.0035 (+7.99%)
Dollar Volume: $174,637
Issued and Outstanding: 362,050,303
14-Day Rel Strength: 59.73%
14-Day Stochastic: 65.53%
1st Resistance Point: 0.0498
2nd Resistance Point: 0.0559
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For the two fiscal years ended December 31, 2011 and 2012, SK3 Group reported having $0 Revenues and $0 cash on hand. What the Company did have was plenty of SKTO stock on hand which was used to pay off some old liabilities which were still booked as $598,454.00 as of December 31, 2012, $450,000 of which is to -iEquity.
Note: During the past two years (Fiscal years ended December 31, 2011 and 2012, and to date), SK3 Group has issued a total of 222,059,000 common shares, all as the result of conversions of issued and outstanding convertible promissory notes issued in March 2010 to replace previously existing liabilities of SK3 Group incurred prior to March 2010.
Here’s a bit of History of what SK3 Group has been through to get to this point where Artemus Mayor and the other shareholders can dump SKTO shares onto traders:
From March 2010 through October, 2011, Sk3 Group was engaged in operations in the healthcare markets, operating through several subsidiaries. In late 2011, the Company changed its business model and rescinded all of its healthcare market acquisitions by October, 2011, at which time new management changed the business direction and began developing the business of providing administrative, financial, legal, accounting and similar services to medical marijuana collectives operating in California.
SK3 Group continued this development activity throughout 2012, arranging licenses, contracts and services to be provided in the medical marijuana market.
In March 2013, SK3 Group acquired Medical Greens and its existing business, assets and contracts, in exchange for 5 million shares of Series A Convertible Preferred Stock which carries 51 percent of the total vote of all classes of stock entitled to vote and is convertible at any time after one year from the date of issue into 51 percent of the resulting common stock outstanding. The preferred shares have not yet been issued, but will be issued as soon as the Statement of Rights and Preferences for the shares has been filed in Delaware, which is expected to be by April 30, 2013. At that time, iEquity Corp. will become the controlling shareholder.
In early 2013, the Company announced the first in a series of signed licensing and support agreements with California collectives and established its offices in Miami, Florida as well as the acquisition of Medical Greens, including all existing contracts and right to use trademarks held bu iEquity Corp., now its controlling shareholder.
So there you have it – Marijuana is green and so should be SKTO (cough, cough, cough) even though the hype of legalized marijuana is so cliche in 2013.
About SKTO Stock
Last 5 Trading Sessions:
SKTO was a late arrival to the marijuana stocks party and has seen its ceiling price already. With the Twitter version of financials filed on the Medical Greens website issued just prior to the close today, SKTO will likely wind up n the top 10 penny stocks traded list on Thursday. Is there room for some profits? Not much, but its worth a look-see.
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