A Green Start Of The Week For Limitless Venture Group, Inc. (OTCMKTS:LVGI)
The stock of Limitless Venture Group, Inc. (OTCMKTS:LVGI) was promoted back in the end of March and managed to climb above the 1 cent mark briefly, before crashing down and entering a bad period of closing in the red.
The total loss of value that LVGI had endured until the closing bell of last week’s trading came at 74% and it seemed like the ticker was headed for triple zero land. The journey to the basement, however, was interrupted yesterday.
The company came out with a press release that announced they have settled a dispute with Beaufort Capital Partners, a third party debt holder. Even though it is announced that they have agreed to a two trance fixed conversion for a total of 273,257,143 shares, the CEO is quoted saying that they believe the shares have already been sold and this will not cause dilution for the shareholders.
The news managed to boost LVGI with a 25% gain in price, recovering from Friday’s drop and closing the session at $0.003. The volume was below the average, with 132 million shares that changed their owners and generated $395 thousand in trade value.
Still, that doesn’t change the grim financial situation of the company according to their report covering the quarterly period ended September 30, 2013.
- cash: $4,216
- current assets: $9,216
- current liabilities: $1.8 million
- quarterly revenues: $0
- quarterly net loss: $421 thousand
The company has been bragging that their former subsidiary, G.E.A.R. is launching its products in Europe, but at least they didn’t forget that LVGI shareholders hold a minority interest in it through a joint venture with the new owners, which means that this might not affect the financial state of LVGI that much, if at all.
In any case, be sure to do a lot of due diligence and weigh out the risks, because it seems that things begin to work out for LVGI‘s ventures after they get a new owner and this doesn’t sound comforting.
