Indo Global Exchange(s) PteLtd (OTCMKTS:IGEX) Explodes Up The Charts

Indo Global Exchange(s) PteLtd (OTCMKTS:IGEX) added 130% to its market value yesterday in a twitter-tout-induced, hype-driven explosion of activity that allowed the ticker to finally leave triple zero land after so long.

Truth be told, this turn of events was somewhat surprising to both analysts and investors alike. And for good reason – looking at IGEX‘s charts does not give the impression of a ticker poised for a jump. In fact, the very opposite is true – the impression is one of extreme idleness. Before yesterday’s burst of activity, the ticker has been going nowhere fast for the last three months, stuck in triple zero obscurity.

Due diligence on IGEX also paints a picture of what could, at best, be called idleness:

• Due from related parties – $171 (number not in thousands)
• Total Assets – $7 thousand
• Current Liabilities – $218 thousand
• Total Liabilities – $526 thousand
• Quarterly Revenues – $482
• Quarterly Net loss – $3.8 MILLION

In case you were wondering – no, we didn’t deliberately skip mentioning what was written next to “cash” in the section containing the company’s current assets. The company simply didn’t put that in its latest financial report.

Thus, according to said report, IGEX doesn’t seem to have any cash whatsoever, the closest thing to it being that $171 that it is due “from related parties”.

These numbers, in and of themselves, should be indicative enough of the company’s nature and prospects. However, they’re not its only red flags – not by a long shot.

For instance, IGEX has declared $3,799,244 under “net loss” in its latest quarterly report. This net loss was attributed to the “commencement of a new business”, but that’s just about the only information that is given on the matter – which is unconvincing to say the least.

And while on the subject of downright grim numbers, we should not neglect mentioning the company’s dilution history:

• As of Nov. 14, 2013 IGEX had 72,493,750 shares issued and outstanding
• As of Apr. 24, 2015, IGEX had 388,588,928 shares issued and outstanding

Long story short – due diligence on the company paints a grim picture. The only thing that pushed IGEX up seems to be social media hype. It is a well known fact that hype-driven jumps have a tendency to go bad sooner rather than later, often – abruptly and catastrophically. Investors should consider all these facts and act accordingly.