INTREorg Systems Inc (OTCMKTS:IORG) Jumps To New 52-week Highs
The performance of INTREorg Systems Inc (OTCMKTS:IORG)’s stock for the past several sessions has been nothing short of amazing. So far the ticker has registered sessions ending in the green out of the 9 trading days. Yesterday the positive momentum behind the stock gathered even more strength and as a result IORG surged past the 1 dollar per share mark and closed at $1.08 for a daily gain of more than 24%. A new 52-week high of $1.09 was also reached.
IORG‘s climb up the chart is indeed impressive but finding out the reason for the support displayed by investors turns out be nearly impossible. Especially when IORG is simply riddled with red flags. All you have to do is open the OTCMarkets profile page of the company for the first alarm bells to start ringing as you will be greeted by the bright red OTC Pink No Information Stop sign. It was placed there as a result of IORG‘s inability to file several of their financial reports.
On November 13 the company submitted a notification of late filing for the financial report covering the quarter ended September 30, 2015, stating that there is no guarantee the they will be able to complete the report within the 5-day “grace” period. This is the last filing of the company meaning that so far the report for the third quarter of 2015, the annual report for 2015, and the report for the first quarter of 2016 are all missing.
In order to see any information about IORG‘s financials investors are forced to rely on the quarterly report covering the three months ended June 30, 2015. To say that back then the company was in a dire state would be an understatement when all it had was:
• ZERO cash
• $177 thousand total current assets
• $3 million total current liabilities
• $93,299 revenues
• $422 thousand net loss
This was the first quarter during which IORG generated any revenues but that fact alone is far from enough to offset the rest of the numbers found on the balance sheet. At least the issuance of shares has been kept in check with the O/S of the company growing from 14.4 million shares as of August 20, 2015, to 15.5 million shares as of May 16, 2016.
Well, the SEC filings can’t explain the stock’s rapid appreciation so maybe the company’s press releases will be more useful. It turns out, however, that IORG haven’t issued a single PR for more than a year. The last news published on the official website of company is from December 5, 2014.
Ultimately it is up to you to decide whether to put any money into IORG‘s stock or not. Just be sure to do your own due diligence and to adjust your trades accordingly.
