Minerco Resources Inc (OTCMKTS:MINE) is Still Shaky
Minerco Resources Inc (OTCMKTS:MINE) announced the completion of Level 5’s initial production run back in late August and it would appear that things have been moving at break-neck speed since then.
Press releases and 8-K forms have been plentiful over the last two months and they inform us about the energy shots’ appearance in various retail chains, about new additions to the management team as well as other positive developments. What’s more, MINE are so far successful in sticking to their plans – they announced at the beginning of September that the Level 5 beverage line will be available for sale on Amazon in October and they have kept their promise.
When you check out the reviews, you’ll also see that the general public seems genuinely impressed with the taste and effectiveness of the RISE and Coffee Boost energy drinks. So much so, that MINE are now in the process of developing additional flavors to go alongside the original shots.
From an investor’s point of view, things are looking good as well. The most recent 8-K form, for example, states that one more note held by Asher Enterprises will be prepaid in cash, which, as we mentioned in September, is definitely a good call.
They also returned the assets related to the hydro-electric project in Honduras to their original owner. Apparently, MINE are going to receive $250 thousand in Net Revenue Interest as well as the shares they issued as a part of the original agreement.
It all sounds very good. In fact, it sounds like MINE have finally found a business plan which will lead them to success. Despite all this, the stock performance remains shaky.
Some buying pressure pushed the ticker to around $0.006 back in mid-September but a few days later, it was pretty much back where it started. MINE‘s price took another heavy blow at the beginning of October when six consecutive red sessions pushed it as low as $0.0022 and although it has managed to recover somewhat since then, the current price of $0.0035 (achieved after a 9% gain on Friday) is still way below investors’ expectations.
All the ups and downs from the last few months mean that predicting the movement over the following sessions is nigh on impossible. Things should be clearer in a couple of days though.
MINE were supposed to issue the 10-K covering the twelve months ended July 31 by the end of October, but it would appear that they missed the deadline. An NT 10-K was filed on October 29 which informed us that the management team are awaiting some information from a third party and that the report should be available by the end of this week.
Unfortunately, the first sales of the energy beverages were completed in September which means that the 10-K won’t contain any revenues, but it should sport a better-looking balance sheet. If it doesn’t, the ticker might be in for a plunge. Make sure you have this in mind while considering your options.
MINE wasn’t the only company to end last week on a positive note. Pan Global Corp. (OTCMKTS:PGLO) managed to bounce by no less than 27%. Even so, the people who got a bit carried away with the pump are still facing some heavy losses. The same can also become true for the investors who put too much trust into Global Earth Energy Inc (OTCMKTS:GLER)’s future success. GLER wiped out 26% of its value during Friday’s session while shifting more than $725 thousand worth of shares.