If you are a fan of football, you know the following scenario well. Down 5 points with just seconds remaining, the losing team sends all of their players down the field into the end zone and tosses a hail mary in hopes of a miracle. Sometimes this prayer pays off. Most times it doesn’t. This is exactly how you should be looking at Long Island Iced Tea stock or should I say Long Blockchain Corp.
In this post, we are going to look at Long Island Iced Tea (LBCC) stock and why you should be running for the hills and never invest in this sorry example of a stock.
Who Is Long Island Iced Tea
Long Island Iced Tea is a beverage company out of Farmingdale, New York that sells iced tea and lemonade under the name Long Island. While the traditional long island iced tea drink is an alcoholic drink, the beverages that this company sells are all non-alcoholic.
The company started in 2011 but quickly realized how fierce the competition was in the beverage industry. In their most recent earnings report, earnings per share came in at -$0.42 on revenues of $1.6 million. They also have just under $500,000 cash on hand.
After struggling along for 6 years to grow the company, in December 2017, they had a major announcement.
The announcement was they were shifting focus to cryptocurriences and in particular, blockchain. As a result of this announcement, the stock price skyrocketed up over 400% in one trading day. The company says it still plans on brewing its iced tea and lemonade beverages, but that it will also shift more focus to blockchain.
The company is also changing its name to Long Blockchain Corp.
Why This Is A Desperate Attempt
If you remember back to the dot com bubble at the turn of the century, any stock that was minutely related to the internet saw their stock price jump. This led to many companies to simply add “.com” to the end of their names or add “e” in front. For example, Long Island Iced Tea would be e-Long Island Iced Tea.
