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By Boyan Angelov
Aug 20, 2014

Primco Management, Inc. (PMCM) Unsuccessful In Securing Investors' Interest

Primco Management, Inc. (PMCM) has recently taken up a number of ventures that have not been able to get interest back in PMCM's stock. Looking at the company's recent history, it appears that PMCM has divided its efforts between two separate industries: medical marijuana and multi-media. Both sectors require a good deal of investments to carry out proper business ventures and have healthy competition to overcome.

PMCM is among the companies who entered the medical marijuana sector earlier this year when the interest in the industry increased drastically. The latest operations of the company pertaining to medical marijuana include a couple of purchase agreements.PMCM_chart.png

On August 11, PMCM issued a press release and subsequently filed an 8-K to announce the acquisition of Seattle Green Care for the amount of $12,5 thousand. The firm is a licensed medical marijuana delivery service which PMCM plans to use for its recently acquired My Suzy Q's locations. My Suzy Q was acquired a month ago. For developing the firm, PMCM stated that it plans on raising $350 thousand in funding through “reasonable commercial efforts”. It remains to be seen if the company can secure the necessary funding for its development plans.

Taking up a venture that requires financing a company cannot complete with its current basis is a rather risky move. Investors should take a look into PMCM's financial standings to get a better idea of the company's state at this point of its development. The latest 10-Q for the period ended June 30, 2014 was just filed yesterday after a slight delay. The report accounts for the following:

  • Cash: $458 thousand
  • Total current assets; $619,8 thousand
  • Total current liabilities: $5,6 million
  • Revenues: $1,915
  • Net loss: $3,2 million

PMCM has a certain basis of cash on hand and assets to utilize, but that was not apparently enough for the company to complete the acquisition of My Suzy Q. The venture has alarming amounts of liabilities and net loss incurred in the three months up to the end of June. PMCM's inability to generate proceeds in revenues is a further red flag.

PMCM_logo.pngThe recent ventures into the multi-media industry PMCM has taken up have been equally as unsuccessful in getting people involved with the company, as the medical marijuana deals. The latest input from PMCM that came out on August 18 reported that the company has entered into a share exchange agreement with New Fierce Entertainment, Inc., a company engaged in the acquisition and global distribution of films and television programs. Although PMCM spoke highly of this opportunity of entering a new sector, there was no market reaction after the deal was announced.

With the stagnation PMCM has recently been in, doing due diligence on the company before making an investment in its stock would be a good call.

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