As I mentioned in this post, this near 100% runup is entirely due to THIS laughable Thestreet.com article mentioning this failure of a company as a “below-the-radar company that produces Messenger, a highly effective and revolutionary agricultural product.”
I could easily rip the company apart for its $23,000 in revenue in their latest quarter down from $189,000 just a few quarters ago—wow, their product must be really great! Even funnier is their yearly results—revenue of $350k vs. $4 million a few years back. Or before this miraculous article, EDEN was a $3 million company that was forced to do a 1-3 reverse split just two months ago in order to stay listed on the Nasdaq
But I shorted 1,000 shares at $2.55–that’s all I could find, trust me, I wish I could borrow 50k–because I prefer to go to the heart of the matter, the fact that EDEN SOLD OFF THIS “REVOLUTIONARY” TECHNOLOGY AS IS DETAILED IN THEIR ANNUAL REPORT!
From that beautiful annual report, filed on March 28, 2008:
“On February 28, 2007, under the terms of the Asset Purchase Agreement, we sold our Harpin Protein Technology to PHC for $1,396,824 in cash, net of transaction costs incurred after January 1, 2007 totaling $103,176, a promissory note in the principal amount of $700,751 payable on December 31, 2007 and the assumption by PHC of certain of the liabilities relating to or arising out of our Harpin Protein Technology…”
That’s right, EDEN isn’t even in the home and garden business anymore, they’re just a licensee! Gotta quote some more of this fine work of literature Continue reading