Indo Global Exchange(s) PteLtd (OTCMKTS:IGEX) Turns Red
Indo Global Exchange(s) PteLtd (OTCMKTS:IGEX) had attained a very high market cap after six consecutive sessions of rapid jumps, but yesterday saw its ascent turn sour. The company lost 13.33% of its market value – but who can honestly say that this turn of events was unexpected?
After all, there wasn’t one obvious reason for the jump, while the company positively bristled with red flags.
IGEX‘s habit of neglecting to file financial reports is sort of indicative of the company’s dubious nature all on its own. Add the fact that the company’s latest filing was deemed inaccurate, and the picture becomes quite bleak, even if you turn a blind eye to the depressing numbers it gave:
- cash – $642 NUMBER NOT IN THOSUANDS!
- total assets – $7 thousand
- current liabilities – $531 thousand
- quarterly revenues – $10 thousand
- quarterly net loss – $3.7 MILLION
And if that wasn’t bad enough, a glance at IGEX‘s past share structure-related activities is enough to shock even seasoned OTC Markets investors.
Suffice it to say that back in January, when a share of the company’s stock was still worth more than a penny, IGEX issued 8 MILLION shares at a price ten times lower than the market value.
The terrifying flood of dilution raged on to drown investor value all throughout the first quarter and well into the second. On April 9 alone, IGEX issued 90 million shares at $0.0001 a pop.
This being the case, would it really be surprising to see the ticker return to triple zero land before long?
