Top Strike Resources Corp (OTCMKTS:TPPRF) has released the results for its second quarter. The company derived most of its income from cannabis-related ventures. Nearly 27% of its assets and all its income came from cannabis activities in the U.S.
Trading Data
On Thursday, TPPRF stock slumped 59% to $0.0218 with 1.3k shares, compared to its average volume of 6.2k shares. The stock has moved within a range of $0.0218 – 0.0218 after opening trade at $0.0218.
Earnings Recap
Top Strike had a $3,873, $0.00 net income per common share for the second quarter. In addition, it had a $133,343, $0.00 net loss per common share for the same period. The company’s revenue was $294,222. This figure was an increase from $137,699 in 2020.
There were several changes to can’t market value for the three months ended October 31, 2021, such as an unrelated loss in investments of $59,500.
Top Strike also lowered its carrying value in Galena, New Jersey, LLC by 60%. The company did not award Galena dispensary and cultivation licenses after announcing that it had successfully attained them. The new carrying value is now $59,450 from $118,90.
The company also announced that it had entered an agreement with Cannavative Group, LLC, to acquire all of Cannavative’s common shares. Although the agreement is not binding, both companies have started their commitment to the transaction.
Technical Data
TPPRF stock is trading below the 50-Day and 200-Day Moving averages of $0.0263 and $0.0379 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0274. The stock is down 27% in the past month.
