Inergetics Inc (OTCMKTS:NRTI) Logs All-Time Volume Record
After months of meandering around triple-zero land, yesterday’s session brought a big percentile boost for the stock of Inergetics Inc (OTCMKTS:NRTI). The company put up a new press release at the opening bell yesterday and the result is visible – NRTI ended up 200% up by the end of the session, on an all-time record volume of 305 million shares traded.
The reason for all this excitement was the announcement that the company’s Bikini Ready product line will be sold at Harmon stores, starting in October. This was enough to make traders forget any and all red flags surrounding NRTI that were previously waving in their faces and buy NRTI all the way up to an intra-day high of $0.0011.
There is a lot to watch out for with NRTI and it starts with the company’s balance sheet. Here is what the company reported as of June 30, 2015:
- $2 thousand in cash
- $13 million in current liabilities
- $200 thousand in Q2 revenues
- $469 thousand in Q2 loss from operations
For the first half of 2015, the company logged net loss of $3.8 million. The real issue, however, which is also why NRTI was devastated in the first half of this year, dropping from two cents per share to $0.0003 only two days ago, is the monstrous dilution that has been going on for over a year.
In March 2014 the company had 64 million outstanding shares. That figure was up to 114 million in November 2014. With 305 million shares traded yesterday, it’s glaringly obvious this number is far higher at the moment.
As of mid-August, NRTI reported having 852,302,469 outstanding common shares. This virtually means the company diluted its common stock over 600% within the space of less than 10 months – an impressive feat by any standards.
Continuing an ongoing practice, which we covered in previous articles, NRTI kept pumping out discounted convertible notes beyond its last reported quarter, with convertibles for $291 thousand that can be turned into shares at a 38% discount from the lowest trading price 10 days prior to conversion.
