Nutranomics Inc, f/k/a Buka Ventures Inc (OTCMKTS:NNRX) Diluted to Kingdom Come

After simmering along near the bottom end of triple-zero land for a couple of months, Nutranomics Inc, f/k/a Buka Ventures Inc (OTCMKTS:NNRX) made a push up the charts. However, the share price’s excursion into double zeroes was cut short and after closing 33% in the red yesterday, NNRX stopped at $0.0008 per share.

The company’s chart movement through 2015 has been a steady decline with a few bigger interruptions that only lasted a couple of days each. NNRX went from over a cent per share in January to its late September lows of $0.0002. The last few company filings suggest this prolonged drop may be happening for good reason.

Here is what NNRX had on its balance sheet as of April 30:

• $39 thousand in cash
• $1.6 million in current liabilities
• $432 thousand in quarterly revenues
• $138 thousand in quarterly net loss

While we have certainly seen worse figures, there’s also the matter with the shares that the company issued between the date the quarterly report came out and today. According to the report and the transfer agent verified number on NNRX‘s OTC Markets page, the company had 169.5 million outstanding common shares as of July 10.

The latest 8-K published by the company details the issuing of a massive 275 million new shares between July 15 and October 8. The shares were issued to notoriously toxic lenders including KBM Worldwide and JMJ Financial.

The 8-K filing in question came out just yesterday and is clearly the trigger for the 33% drop, as it shows NNRX diluted its common stock to the moon, then back, issuing more than 150% of its previous common shares within the space of just three short months.

For those who thought NNRX just cleared all of its convertible debt and it’s smooth sailing from here on out, each specific issuance disclosed in the 8-K states that this was the holder converting “a portion of” the total under the note, so further dilution is not unlikely.