Just a few days following our most recent article on mCig Inc (OTCMKTS:MCIG), the company released unaudited financials for its year-end results, and called the past year its most successful one to date. We had just learned of a big move MCIG made with respect to the launch of its greenhouse website portal, and to add another positive story to the mix makes us very anxious to continue tracking this stock.
We already know that MCIG can make considerable moves to the upside if its chart history is any indicator. From December to January the stock ran from under a dime per share to over fifty cents. Despite having gone through an extended consolidation since then, last week just following our article on the stock, we saw the beginning of a substantial rebound.
That trend could continue on the heels of mCig Inc (OTCMKTS:MCIG)’s big annual report, some of the highlights of which included:
- Net Sales increased to $4.5 million, a 158% increase year to year comparison, and a 1,294% increase for the 4th quarter compared to same period last fiscal year
- Net income of $1.5 million compared to a $1.4 million loss from the previous year, and an increase of $2.9 million net earnings
- Cash and cash equivalents of $1.6 million compared to $0.1 million from the previous year (a 1,369% increase), and a 400% increase from last quarter. mCig generated $2.1 million in cash from operating activities
- mCig assets increased to $6.8 million, having 6 times more assets than it does liabilities
In addition to the highlights mentioned above, mCig Inc. was able to reduce its operating expenses by $730K (43%) from the previous year. In addition, mCig increased its gross profit by 20% to 36% compared to 16% from the previous year.
Additionally, mCig’s top three reporting segments were all profitable. Its Construction, CBD, and e-Cig divisions collectively reported net income of $1.243 million for the year. (Source: Marketwired)
“We are proud to report a strong record year for mCig and its shareholders. With sales and profits soaring at exponential rates, our cash position increasing, more than $14M in backlog sales, our new and innovative solutions that are projected to have a significant impact on our future financial statements, the 616% CAGR for our shareholders, and still NO TOXIC DEBT, the MCIG story is bright,” says Paul Rosenberg, the company’s Chief Executive Officer. He went on to say, “We have just touched the tip of the iceberg and are thrilled with the strong momentum of our businesses.”
The company also has an app under development, The 420 Cloud, which features a useful and unified cross-channel platform comprised of numerous layers of subscriber functions and behaviors, a 420 cannabis jobs search system (420jobsearch.com), marijuana news media platform (weedistry.com) and integrates a commerce networking platform. The platforms feature a full scale, cross-channel, ad network, spread throughout an enterprise of intuitive systems, scalable for high traffic and utilize big data conversion for monetization and analytics. The app plans to create revenue through gamification, advanced functions, features and micro-transactions, along with ads and partnerships with dispensaries.
Seemingly overnight, MCIG has transformed from a stock on a continual downtrend this Spring, to a bottom-bouncer with a bright future on the horizon. We’ll follow the MCIG story continuously, and you can follow along with us!
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Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in MCIG stock, short or long.