MCYC is a non-reporting reverse-merger bulletin board stock that has soared to a market cap of $970 M since the reverse merger August 3. That's at the present stock price of 18. The stock has been high on the "most active by dollar volume" list of the OTC:BB several times now; for example Friday it was the 4th most active.
The co. operates an e-commerce website to sell encrypted MP3 digital music recordings, played back by their own player software. My inspection of the website mcy.com makes it appear to be as much a PR promotional site as a true e-commerce site. The offerings on the e-commerce site are very thin right now. Every album I searched for was listed as "available soon".
Shares outstanding are 54 M, and float is 1.4 M, according to a co. news release. They have announced a couple of private placements
The product is described on the company's PR site as:
All of MCY's music files are protected with personal encryption keys that are assigned only to the individual customer. MCY is a member of The Secure Digital Music Initiative (SMDI), which uses a unique encrypted MP3 format that digitally encrypts each download to insure maximum copyright protection.
Things I don't know include the details of the financial statements, who the principals are, and whether this company has a "moat". I would like to know whether just anybody could use this format and buy rights to recordings the way that mcy.com claims to have done. |
