1pm Industries, Inc. (OTC Pink: OPMZ) operates as a medical marijuana company, through its Von Baron Farms brand. Shares of the marijuana company are climbing 24.17%, through early trading on Thursday, June 15, 2017. Over the past month, 1pm Industries, Inc. has seen average daily volume of 26.65 million shares. However, volume of 68.16 million shares or dollar volume of $101,558, has already exchanged hands on Thursday.

Shares of 1pm Industries, Inc. are rallying today, after the company reported fiscal first quarter 2017 earnings. During the first quarter, the company reported no revenues, and net income of $10.76 million, after the company had a large unrealized gain on marketable securities. This compares to fiscal first quarter 2016 earnings, which came in at no revenue and a net loss of ($243,184). Here is the income statement from the fiscal first quarter:

1pm Industries, Inc. 10-K Filing

1PM Industries, Inc.

Consolidated Statements of Operations

Year Ended
February 28, February 29,
2017 2016
Revenue, net $ $
Operating Expenses
Selling and general and administrative 751,290
Total operating expenses 751,290
Net loss from operations (751,290 )
Other Income (expense)
Gain on sale of marketable securities 1,617,601
Unrealized gain on marketable securities 12,196,847
Interest expense (448,583 ) (19,268 )
Loss on derivatives (814,258 ) (36,191 )
Total other income (expense) 12,551,607 (55,459 )
Net income (loss) from continuing operations 11,800,317 (55,459 )
Loss from Discontinued Operations, Net of Tax Benefits (1,041,753 ) (187,725 )
Net Income (Loss) $ 10,758,564   $ (243,184 )
Dividend on Series F Preferred Stock (872,200 )    
Net Income (loss) attributable to common stockholders $ 9,886,364 $ (243,184 )
Basic earnings (loss) per common share from:
Continuing operations $ 0.10 $ (0.00 )
Discontinued operations $ (0.01 ) $ (0.00 )
Net income (loss) $ 0.09 $ (0.00 )
Weighted average number of common shares outstanding, basic 123,157,197 100,092,395
Diluted earnings (loss) per common share from:
Continuing operations $ 0.02 $ (0.00 )
Discontinued operations $ (0.00 ) $ (0.00 )
Net income (loss) $ 0.02 $ (0.00 )
Weighted average number of common shares outstanding, diluted 688,624,785 100,092,395

Here is the link to the full 10-K Filing detailing of the earnings report: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12129094

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