Dominovas Energy Corp. (OTCMKTS:DNRG)’s Tumble Continues
Dominovas Energy Corp. (OTCMKTS:DNRG) had an amazing jump once it managed to attract the investors’ attention through boastful PR and promises of a bright future – but now that the hype around it has dissipated, it seems that all that the ticker can do is crash.
True, DNRG talked big – multi-megawatt agreements with the Democratic Republic of the Congo, contracts that are to bring more than $100 million in “guaranteed revenues” and other such glamorous future achievements were mentioned.
However, any due diligence seems to cast a dark shadow of doubt on the bright and colorful picture that DNRG has painted for investors. For instance, the company’s latest quarterly report for the period ended February 28, 2015, yields the following horrible numbers:
- NO CASH ON HAND!
- Prepaids – $15 thousand
- Convertible debt – $330 thousand
- Current Liabilities – $1.1 million
- Net loss – $228 thousand
Suffice it to say that these do not look like the figures of a company that is soon to have hundreds of millions worth of revenue. No, they look like the filings of you everyday mediocre OTC Markets penny stock company – and the worst part is, that they’re not the only thing that makes DNRG look suspicious.
Said financial report also contains information on DNRG‘s outstanding debt. That information does not present the company in a flattering light either, as it details convertible notes issued to to Kodiak Capital Group worth approximately $330 thousand that can currently convert into common stock at prices of $0.0022 per share.
This being the case, it hardly surprising that DNRG is currently falling as hard as it is.