Petrosonic Energy Inc (PINK:PSON) Failed to File on Time

As mentioned in my previous article, Petrosonic Energy Inc (PINK:PSON) were supposed to file their annual financial report yesterday. They missed the grace period given by the notification of late filing, and they have been relegated to the OTC Pink Limited Information tier.

Despite not filing the 10-K, yesterday PSON closed up 6.06% at $1.05 per share. The volume was lower than in recent sessions – just 851 thousand shares changed hands.

The action to demote PSON was taken today, and it may affect trading.

This latest failure is just another red flag for PSON. In the previous article we went over the suspicious way the company has been set up, and how the latest press release may suggest that PSON hasn’t generated any revenue yet.

It may be worth noting that the agent who helped PSON go public was Conrad C. Lysiak, who has been involved with other pump schemes, including Great Wall Builders Ltd. (PINK:GWBU). GWBU destroyed the investments of many believers last year, and it’s now trading approximately 99% lower.

We always say due diligence is of extreme importance, and there’s plenty of that about PSON. Still, there are people who will ignore it and get burned. If they wonder where their money went, most of it is with the people who organized the scheme and the rest is in the hands of the more sober traders who played the pump for what it is.