Indo Global Exchange(s) PteLtd (OTCMKTS:IGEX) Slides in Double Digits
What is headquartered in Indonesia, trades on the pink sheets tier of the OTC and is currently cooling off from a mysterious price spike, trundling back down to the bottom end of double-zero prices? The answer to that would be Indo Global Exchange(s) PteLtd (OTCMKTS:IGEX).
IGEX is a pink sheet that was trading in far lower volumes and well into triple zeroes for the better part of the past month. Last Friday its share price caught a mystery boost and sped up the chart following a few days of volume accumulation and slower climbing. In the following sessions IGEX turned even more volatile, with massive swings in both directions each day.
There seems to be very little that can get traders so overly excited about the company, especially considering its latest press release. The company formally announced that its accountant – TAAD LLP, did not authorize the publication of IGEX‘s latest 10-Q. The official SEC filing accompanying the PR stated that the same quarterly report should not be relied upon.
The figures in the report were hair-raising even as it were. Here is the brief summary:
- $642 in cash (six hundred and forty-two US dollars)
- $7 thousand in total company assets
- $531 thousand in total liabilities
- $10 thousand in quarterly revenues
- $3.6 MILLION in quarterly net loss
The company delayed filing its not-to-be-relied-upon report three weeks after its original deadline. The new version is expected to arrive “within a reasonable time”. Hopefully, this is sometime in August.
Another hair-raising aside is the fact that IGEX issued 90,000,000 common shares to settle $10,000 worth of debt, which means the unrelated parties got their shares at $0.0001 apiece – deliciously cheap even considering IGEX‘s current price slide. It remains to be seen whether this issuance is also in a paragraph that will change in the accountant-approved version of the quarterly.
