Minerco Resources, Inc. (OTCMKTS:MINE)’s Upward Momentum Increases
It looks like the crash that followed Minerco Resources, Inc. (OTCMKTS:MINE)’s annual report is finally over for now.
Yesterday the ticker climbed 24.32%, but a glance at the charts shows that although the jump was made on a dollar volume higher than usual, the trade value is still unimpressive.
True, 75.9 million shares changed hands, and that’s about twice as much as MINE‘s monthly average day trade-count. However that doesn’t really amount to much, with the ticker stuck in double-zero land as it is.
Which is unfortunate for opportunistic traders who want to make fast money trading MINE. Sadly, the company’s low volumes give very few opportunities for that to happen.
Long term investors in MINE don’t have much reason for joy either. The company’s latest financial report showed that it has diluted its stock a full 100% in a year – the number of shares outstanding has jumped from 1.2 billion to 2.4 billion. Additionally, the financials looked like this:
- Cash – $304 thousand
- Total Current Liabilities – $1.1 million
- Annual Sales – $12 thousand
- Total operating expenses – $872 thousand
These are not numbers that investors want to see, and it’s just a matter of time before their displeasure becomes obvious once more.
MINE‘s situation is made even more precarious by the fact that the company is still diluting aggressively.
