One week after filing a very promising looking annual report, the penny stock of WWA Group, Inc. (WWAG) looks like a good one to gamble on, especially after Thursday’s drop in price. The revenue producing media provider announced prior to the plunge in price of WWAG stock that they planned to launch an Internet streaming video channel that is to be dedicated solely to Medical Marijuana lifestyle issues and business opportunities. Even though Asher Enterprises, a well known toxic financier, has a large stake in the company, the chances of a rebound play are worth paying close attention to.
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WWAG Stock Quote
Market Cap: 1.49M
Last: 0.011 ▼ -0.0242 (-68.75%)
Dollar Volume: $293,800
14-Day Rel Strength: 41.66%
1st Resistance Point: 0.0377
52Wk High: 0.09
52Wk Low: 0.0088
One week ago today, WWA Group filed their 10-K for the 12 months ended December 31, 2013 which allowed for speculators who read into the PR last Thursday to get a head start on doing their due diligence in advance of the Thursday session. With $11,214 on hand as of the end of last year, the net revenue growth of $137,424 from cable and internet sales, $627,806 for the 12 months ended December 31, 2013 versus $490,382 for the same period the year prior, gave ample reason for having WWAG stock on the watch list.
The issue at hand which is likely to keep traders at bay from going strong into WWAG is the involvement of Asher Enterprises. Well known to penny stock traders as a major red flag, the toxic financiers filed a Schedule 13G at the end of 2013 verifying their ownership of 12,371,808 shares of WWAG stock, 9.99% of the issued and outstanding common shares.
On the flip side, 99,000,000 of the 135,305,337 issued and outstanding are owned by Tom Nix, CEO and President, and Stephen Spencer, CFO, who both came over in the reverse merger with their company, Summit Digital Holdings, Inc. Besides the entry into the marijuana sector by brainstorming the idea of bringing live video content to cable television and hand-helds, and Medical Marijuana-related businesses, WWAG stock looks a bargain at 0.011.
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With these two having 73% of the WWAG float and Asher Enterprises holding 9,9%, the $65,000 still owed to Asher Enterprises as of December 31, 2013 is going to keep traders at bay for a bit longer. The lack of volume prior to last week is a good indicator that Asher isn’t done flushing the toilet at the WWAG stock trading desk just yet.
About WWAG Stock
WWA Group, Inc., through their principal operating subsidiary, Summit Digital Inc, is a development stage company dong business as a multi-system operator providing Cable TV, High Speed Internet, and related services.
Issued and Outstanding: 135,305,337
Tom Nix & Stephen Spencer: 99,000,000
Last 5 Trading Sessions:
The big day for pot, 4/20, came and went yesterday which somewhat makes the whole marijuana penny stocks hype even less of a barn burner now than it was a month ago. Looking at fundamentals alone, if WWA Group can keep Asher Enterprises at bay from giving them more money for cheap shares, WWAG stock could be see a nice recovery as soon as Asher runs out of toilet paper.
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