To say the last month has not been a bullish one for the penny stock of Progressive Care Inc. (RXMD) would be like saying it’s just been a bit nippy up in the north east this week. Surging over 1,781% since setting a 52 week low, 0.0016, back on December 12, RXMD stock finally got the Bull Trend it needed yesterday when a number of groups added it to their alert list to kick of Thursday. With a record month having been reported by the South Florida provider of prescription pharmaceuticals, who needs marijuana stocks to repeat what they did a year ago to get high when you can get 10-bagged Over The Counter
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RXMD Stock Quote
|Close||0.0301||Change (% Chg)||+0.0115 (+61.83%)|
|14-Day Rel Strength||73.36%||Market Cap||$885.67K|
|52Wk High||0.07||52Wk Low||0.0016|
Progressive Care came onto the scene publicly back on October 21, 2010 after taking over the shell of Progressive Training, Inc., a company that unsuccessfully operated a training video business. By catering to customers that reside in Miami-Dade, Broward, St. Lucie, Martin, and Palm Beach Counties, the almost instantly grew into a monster, generating sales of $8,237,622 for the year ended December 31, 20111 versus $1,295,571 for the 7 month period ended December 31, 2010 by catering to the needs of patients purchasing anti-retroviral medications (patients with HIV/AIDS).
That would be the last 10-K filed with the SEC before a plethora of amended quarterly and annual reports began to be filed over the course of 2013 with the last Q filed being for the period ended June 30, 2012. Updates to their financial status went dark for nearly 2 years when, via OTCMarkets, Progressive Care reported their results for the years ended December 31, 2013 and 2012, within which revenues were reported to be $9,333,141 and $10,079,816 for the respective periods.
A lot of money coming in and just inches away from actually becoming a net income reporter – so why the darkness?
First glance shows that Progressive Care was in dispute with TCA Global Credit Master Fund, LP during 2013 for an unpaid debt which was settled in May, 2014 after being reduced down to $575,000. Secondly, the case of Tarpon Bay Partners, LLC v. Progressive Care, Inc. to recover $1,826,005 of past-due accounts payable was settled during the course of last year. The result was 3,408,000 shares of RXMD stock issued to Tarpon Bay Partners in consideration of the first tranche of shares per the September 3, 2014 court approved settlement agreement which, on October 28, 2014, Tarpon began selling to satisfy the debtors.
RXMD shares only began to really trade in November of last year and it took only a couple of days for the share price to drop from above .06 to 0.0016, the 52 week low.
The real fireworks began at the very end of 2014 for RXMD shares as volume began to pick up and the bounce off of 0.002 proved to be the starting point of this wild bull run. After being picked up by the groups who hadn’t sent out on Far East Wind Power Corp. (FEWP) or Sanomedics International Holdings, Inc. (SIMH), RXMD stock exploded Thursday, bursting to its HOD within an hour and proving to be the hottest penny stock on the OTC so far this year after closing green for the 5th consecutive trading session.
Now up 903% since trading commenced on January 2, Tarpon Bay Partners, LLC and TCA Global Credit Master Fund, LP have to be pleased.
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About RXMD Stock
Progressive Care Inc., through its subsidiary PharmCo, LLC, is a South Florida based provider of prescription pharmaceuticals, specializing in anti-retroviral patient management, long term care, and durable medical equipment.
Issued and Outstanding: 32,706,344
Last 5 Trading Sessions:
How long can this Bullish Trend continue to keep RXMD listed as one of the top 10 penny stocks traded? From the looks of their financial statements prior to their legal issues for outstanding debt, RXMD stock could be considered a .10 or better ticker. It will be a couple of months before any updates to the share structure can be reviewed when they file with OTCMarkets, but until then, flippers will be taking the ticker to the next step now that sub penny traders have more than satisfied their triple-digit gain requirements for the week.
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