Buscar Co. (OTCMKTS:CGLD)’s Pump Fails
Buscar Co. (OTCMKTS:CGLD) caught a pump yesterday – and not in a good way.
Of course, it’s debatable whether or not the pumpers’ attention is ever a good thing, but in this case, the results there is simply no room for different opinions. The ticker crashed in spite being touted by the same pumpers behind notorious names such as BestDamnPennyStocks and SuperStockPlays. One could even say that the pump was stillborn – it just crashed the ticker, without elevating it first.
Still, this is far from unusual on the OTC Markets, especially when dealing with the most dubious of the companies in the pinksheets tier – and make no mistake, CGLD is one of those.
And if you think that this judgment may be a little harsh – well, just take a look at its financials and see if you like what you can gather from that:
- No cash or assets
- Total liabilities – 223 thousand
- No revenues
- Net Loss for Apr-Dec 2015 – 172 thousand
Those numbers are objectively horrible – and it only gets worse as you get deeper into the report.
It turns out that during the reported nine months, the company issued stock worth more than 750 THOUSAND, as a result of conversions of debt at a rate of about $0.05. Perceptive investors would have already seen the significance of that fact.
Long story short – CGLD is still looking as sour as the last time we covered it – and that was three years ago. Only this time, the pumping efforts did not even manage to lift it off the ground. This pretty much tells you all you need to know about the company, and how to proceed with regards to its stock.
