Novagant Corp. (OTCMKTS:NVGT) Crumbles To The Ground
Yesterday another round of email alerts touting the stock of Novagant Corp. (OTCMKTS:NVGT) was sent and as a result the company suffered a devastating crash. In the six and a half hours of trading NVGT managed to wipe close to 33% of its value and at the end of they were sitting at $0.23. Since the start of the paid promotion the stock is down by close to 54%.
The latest addition to the pump effort and ones who sent the touts were almost all of the affiliates of Sherwood Ventures Inc – Penny Stock Craze, Penny Stock Finder and Micro Stock Profit to name a few. Despite the horrible performance of the stock they disclosed a compensation of $17 500 paid for their services. Today we haven’t received any new emails which may mean that yesterday’s crash put an end to the pump.
In our previous article we warned our readers that NVGT was riddled with red flags. The company has changed its business three times already just for the first half of the year. Currently they are focusing on the medical cannabis and hemp industry and even unveiled a new vaporizer product just a few days ago. If you go to their official site, however, you will find that it features just 1 picture of this new product with no way of actually ordering it. It doesn’t even say what the retail price is going to be.
The financial state of the company is equally as depressing. Just three months ago they had:
• $2012 total current assets!!!
• $115 thousand total current liabilities
• ZERO revenues
• $5340 net loss
• $115 thousand total current liabilities
• ZERO revenues
• $5340 net loss
The situation actually gets worse when you add in the millions of extremely cheap shares issued by the company in 2013. 
More than 18 million shares saw the light of day at just $0.0002 while over 40 million shares were issued at $0.0018. Even after the recent massive corrections the people holding these shares stand to gain millions at the current market price.
More than 18 million shares saw the light of day at just $0.0002 while over 40 million shares were issued at $0.0018. Even after the recent massive corrections the people holding these shares stand to gain millions at the current market price.