Bioelectronics Corp (OTCMKTS:BIEL) Moves Up On News

[[tagnumber 0]][[tagnumber 1]]After a serious spike in price and the subsequent downfall in the first half of October we saw Bioelectronics Corp (OTCMKTS:BIEL) remain rather calm around the $0.001 per share mark for quite some time, before making a futile attempt to climb the charts earlier this month.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]After a decent 27.27% climb that [[tagnumber 6]]BIEL[[tagnumber 7]] experienced on November 16 we saw the ticker come back down pretty fast. The thing is that the numbers contained in the company’s financial report for the third quarter of the year, which was filed on that very same day, weren’t that impressive. Here is just a quick example of some of the ones of prime interest.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 11]] [[tagnumber 12]]cash: $23 thousand[[tagnumber 13]] [[tagnumber 12]]current liabilities: $7.4 million[[tagnumber 13]] [[tagnumber 12]]quarterly sales: $499 thousand[[tagnumber 13]] [[tagnumber 12]]quarterly net loss: $727 thousand[[tagnumber 13]] [[tagnumber 20]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Those numbers don’t look very pretty and the fact that [[tagnumber 6]]BIEL[[tagnumber 7]] has managed to add around $2 million in notes payable to its liabilities is quite scary. Meanwhile, the company has increased its authorized shares from 8 billion to 10 billion and has been busy printing new shares. By September 20 the number of OS had reached some 9.2 billion, leaving little breathing room for [[tagnumber 6]]BIEL.[[tagnumber 7]][[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The thing is that there are still quite a lot of convertible notes. In fact, the company just keeps borrowing money from IBEX LLC – a related party due to the fact that its president is also the daughter of [[tagnumber 6]]BIEL’s[[tagnumber 7]] president. Furthermore, the balance that IBEX held in the form of notes was estimated at around $5.36 million in late September. This can be turned into 12 more billion shares of common stock upon conversion.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Still, the latest press release that announced the initial orders for the company’s ActiPatch® Pain Relief from Costco was able to push BIEL 18.18% up the charts in the last session of the past week. While the ticker was going for a close at $0.0013 we saw a total of 70.7 million shares change their owners and generate $82 thousand in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Still, we see some hesitation in today’s trading and [[tagnumber 6]]BIEL[[tagnumber 7]] may return to its lower levels pretty soon. In any case, be sure to do your due diligence and weigh out the risks before putting any money on the line.[[tagnumber 2]]