The past week has been a fairly tough one for investors in the company GEMXX Corporation (OTCMKTS:GEMZ) as its stock continued to plunge and ended up with a decline of as much as 16% during the period. If a stock declines to such a degree over a period of one week, then there are two things that an investor needs to consider. It is necessary to then figure out if the stock is going to carry on with the slide or if it is going to make recovery any time soon. At the end of the day, a beaten-down stock can often be an opportunity as well.
On Tuesday, GEMZ stock gained 2.50% to $0.0041 with more than 392k shares, compared to its average volume of 2.32 million shares. The stock moved within a range of $0.0035 – 0.0045 after opening trade at $0.0039.
About The Company
This article is going to give you a glimpse into the sort of business that GEMXX is involved in and then provide a detailed overview with regard to recent events. As the name may be indicated, GEMXX is involved in the gemstone and jewelry business. It is a mine-to-market gemstone producer that boasts a worldwide reach.
In addition to that, it is perhaps also necessary to keep in mind that the company also controls mining resources, operating assets, and production facilities. It is a vertically integrated company and is in charge of each aspect of the production process. On the other hand, GEMXX also boasts of highly skilled gemstone cutters and jewelry designers, which has helped the company in taking the Ammolite industry in a new direction.
Gemxx Corporation Posts Positive Quarterly Results Of Operations
Yesterday, GEMXX was in the news after it announced its financial results for the latest quarter. Although it did not lead to any major move for the GEMXX stock, it should be noted that the company managed to post positive revenues for the quarter. That was a significant development for GEMXX and it is going to be interesting to see if it leads to any traction for the stock over the coming days.
The company announced that at the end of the quarter it had issued an outstanding share count of 100,884,372. The account receivables for the period soared to as much as $509,171 and that reflected a significant jump from account receivables of only $422688 in the corresponding quarter in 2021. Investors would be pleased to note that the net income for the quarter jumped to as much as $416,536 from only $184225 in the prior year period.
However, at the same time, it is also necessary to keep in mind that current liabilities at the end of the quarter was $894,505 and that reflected quite a significant jump from the current liabilities of only $232,823 in the prior year period. Jay Maull, who is the Chief Executive Officer of the company, spoke about the situation at GEMXX as well. He noted that since the world was continuing to reopen following the chaos wreaked by the coronavirus pandemic, GEMXX had been experiencing a boost in sales. Many of the orders received by the company were from sectors that had been practically shut down during the pandemic.
“We are very pleased with the performance of the Company.” Stated Jay Maull, GEMXX Corporation, CEO. “We continue to build a solid base of reoccurring revenue by signing supply agreements and multi-order deals. This is due to the teams hard work and determination and the company’s ability to offer the best quality Ammolite Gems and Jewelry in this sector.”