In the last trading session, the stock price of IMD Companies Inc (OTCMKTS:ICBU) jumped 80% to close the day at $0.00180. The gains came at a massive share volume of 84.60 million compared to average share volume of 17.42 million. More recently, the company’s board reported that the firm’s subsidiary unit KRSNA Minerals posted record revenues of $4.616 million and net profits of $996,490 for the quarter closed June 30, 2017.
The firm anticipates higher revenue figures for the third quarter as well. It submitted its second quarter financials recently and projects to have third quarter financials submitted by the close of next week. The firm anticipates to be fully current with OTC Marketplace next week as well. It will issue third quarter report once filed.
KRSNA Minerals is expanding activities on its mines because of increased purchase orders from Hong Kong based firm for Magnesia Chrome Powder and Iron Ore amounting to 40,000 metric tons and 5,000 metric tons, respectively increasing the purchase order to almost $70 million. Because of the increased orders the agreement had to be extended to 2 years for delivery. IMD Companies subsidiary is looking to ship its second order of Chrome Powder as initial order was shipped last quarter. Also, mining activities are progressing on all orders.
On September 30, 2017, IMD Companies issued a convertible note worth $49,459 for monies loaned and expenses paid. The note accrues interest at 8% an annum on the due balance of principle and interest. The accrued interest and principal on the note are convertible at a discount of 55% from the lowest trading price during the preceding 180 days. The due balance of the note stood at $48,459 as of the close of September 30, 2017. Also, the firm reported around 1.192 billion common shares outstanding.