American Power Group Corp (OTCMKTS:APGI) Climbing The Charts

[[tagnumber 0]][[tagnumber 1]]The stock of American Power Group Corp (OTCMKTS:APGI) was hovering around the 15 cent per share mark for the past couple of months and it didn’t show a lot of signs of investor interest. Although the percentile movements were quite inconsistent we didn’t see a lot of trading and the daily dollar volume rarely exceeded $10 thousand.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The company itself doesn’t seem like it can attract a lot of investor attention. It provides services in the oil and gas industry and the numbers contained in its balance sheet aren’t very good. Here is a quick example of some of those that were in [[tagnumber 6]]APGI’s[[tagnumber 7]] report for the second quarter of the year.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 11]] [[tagnumber 12]]cash: $1.07 million[[tagnumber 13]] [[tagnumber 12]]current assets: $3.63 million[[tagnumber 13]] [[tagnumber 12]]current liabilities: $4.9 million[[tagnumber 13]] [[tagnumber 12]]quarterly revenues: $555 thousand[[tagnumber 13]] [[tagnumber 12]]quarterly net loss: $1.88 million[[tagnumber 13]] [[tagnumber 22]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]When it comes to cash we can see that [[tagnumber 6]]APGI[[tagnumber 7]] has somewhat strengthened its positions. However, looking at the revenues and net loss we see that things are getting pretty ugly, pretty fast. The situation with the toxic debt isn’t very bright either. A total of $2.47 million of the company’s current liabilities are in the form of convertible notes.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Yet we see that the company stock has been rapidly moving up the charts recently. The trip might be attributed to a press release from earlier this month which announced a new business agreement with a major oil company in the Bakken region of North Dakota.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The low interest in the stock may be behind the slow reaction to the news. Still, we have seen [[tagnumber 6]]APGI[[tagnumber 7]] climb vigorously through the charts. After another positive PR yesterday we saw the ticker go up 44.12% and close at $0.49 in yesterday’s session, recording a daily dollar volume of $100 thousand.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]It seems, however, that as the volume picks up, the price will go down. [[tagnumber 6]]APGI[[tagnumber 7]] is trading 22.45% lower as of the writing of this article and it doesn’t look like it will record another session in the green today.[[tagnumber 2]]