Portlogic Systems Inc. (OTCMKTS:PGSY) Gets A Pump

Portlogic Systems Inc. (OTCMKTS:PGSY) exploded 24.29% up the charts yesterday, after months of inactivity, fueled by a paid pump by Caesar’s Financial Daily.

Where to begin? Even if an investor is to disregard the disturbing historical analogies that the name of the promoter inevitably brings (pride, downfall, betrayal, knives sticking out of a person’s back), one could honestly say that NOTHING ELSE even remotely related to PGSY inspires confidence.

Let’s take a look at the number in its latest financial report, shall we?

• Cash and cash equivalents – $1.5 thousand
• Current assets – $63 thousand
• Current liabilities – $1.1 million
• Revenue – $123 thousand
• Net loss – $40 thousand

That’s right – about four months ago, PGSY had about fifteen hundred dollars to its name in cold hard cash. Even if it wasn’t for the $10 thousand paid pump targeting it yesterday, that fact alone should be enough to convince investors of its dubious nature. However, that is not even the biggest red flag due diligence on PGSY reveals. No, not by a long shot.

A cursory glance at the very same report ascertains that “On March 26, 2015, a convertible loan for $20,000 was assigned to Fenwood Capital by another party. On May 5, 2015, Fenwood Capital elected to convert the loan into 1,000,000 shares of common stock at the conversion rate of $0.02 per share. The common stock was issued on July 15, 2015.” Investors are advised to note well that this atrocity was committed well after the 1 for 750 reverse split of March 16, 2015.

And since we’ve mentioned said horrendous split, we’ be remiss to give a brief history of the company’s share structure:

• As of January 15, 2015 PGSY had 206,5 MILLION shares of common stock outstanding
• As of May 31, 2015, the Company had 275,784 shares of common stock issued and outstanding.
• As of September 15, 2015, PGSY had 33.5 MILLION shares of common stock outstanding

Another detail that investors might find interesting, and potentially helpful is a direct quotation of an 8-K related to the split, that states that “The total number of authorized shares of common stock which we will have the authority to issue will remain the same at 225,000,000 after the reverse stock split.”

The aggregate of these facts should more or less enable investors to make an educated decision about PGSY and act accordingly.