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Wednesday, October 21, 2020

Eco Science Solutions Inc (OTCMKTS:ESSI) Skips a Beat

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Eco Science Solutions Inc (OTCMKTS:ESSI) is a peripheral player roughly involved in the pot space. However, the degree to which one can point to direct exposure is somewhat difficult at this point. We covered the company last week, driving home a cautionary perspective. We were actually somewhat bullish on the stock a few months ago, but mostly because we felt it wasn’t able to sell off when it should. That’s a modal argument for higher prices, especially with a stock that has a very small float.

However, at this point, we feel the game may be up for this one and would assume you will start to now see a lot of relatively meaningless press come out on the name now that they have managed to put up the price a ways. In that vein, almost poetically, the company just announced that it has agreed to become a “Presenting Partner Sponsor for Kaya Fest’s inaugural event. Kaya Fest is being produced by Stephen Marley, Fruit of Life Productions LLC, and David F. Alfonso. Stephen Marley is an 8-time Grammy Award winner, singer, songwriter, musician, producer and son of legendary music icon, Bob Marley. Kaya Fest brings the Marley brothers together for the first time in more than 20 years. Members of the Marley Family performing are Ziggy, Stephen, Damian, Ky-Mani, including third generation Marleys Jo Mersa, Skip and Shacia Payne.”

Eco Science Solutions Inc (OTCMKTS:ESSI) is “a technology-focused company that provides solutions for the health and wellness industry. From enterprise software solutions, entertaining and useful content generation for mass distribution to consumer apps for daily use, the Company develops technical solutions that empower enthusiasts in their pursuit and enjoyment of building eco-friendly businesses and living healthy lifestyles.

Eco Science’s core services span business location, localized communications between consumers and business operators, social networking, educational content, e-commerce, and delivery.

The Company’s licensed e-commerce platform enables health-and-wellness enthusiasts to easily locate, access, and connect with health-and-wellness businesses and like-minded enthusiasts, and to facilitate the research of and purchasing of eco-friendly products … anytime, anywhere.”

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As noted above, Eco Science Solutions Inc has made a press release of the idea that they are loosely associated with a concert. Now consider that this is ostensibly a technology company.

According to the release, “The Kaya Fest dates are Thursday, April 20th – Saturday, April 22nd. During Kaya Fest events interested parties can meet with Eco Science Solutions Team Members. The press reception will be held at the Hard Rock Cafe at Bayside shopping center, downtown Miami on Thursday, April 20th. “EDUCATION BEFORE RECREATION” is a free event open to the public offering educational workshops and panel discussions located at the History Miami Museum, 101 C West Flagler Street downtown Miami on Friday, April 21st, and the full day concert at Bayfront Park Amphitheater, 301 North Biscayne Blvd. downtown Miami on Saturday, April 22nd.”

We’ve witnessed more than -10% drop for the listing in the past week. Furthermore, that downside has come on a jump in volume, with an increase in recent trading volume of 82% over what the stock has registered over the longer term. This should not be overlooked with the stock trading on a float that is limited at just 12.9M shares. However, we would note that the float has increased by a factor of 2 in the past week. There are now more shares that can be sold at any moment.

At this time, carrying a capital value in the market of $158.7M, Eco Science Solutions Inc has virtually no cash on the books, which stands against about $662K in total current liabilities. One should also note that debt has been growing over recent quarters. The company still hasn’t made a dime in its history that we can find. This may be a very interesting story and we will look forward to updating it again soon. For continuing coverage on shares of $ESSI stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

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