Swingplane Ventures, Inc. (OTC:SWVI) Keeps Suspense Up
The whole Swingplane Ventures, Inc. (OTC:SWVI) saga began nearly a month ago when Awesome Penny Stocks started pumping the stock. It’s reaching a climactic point, as this week important questions should be answered.
Last Friday, SWVI closed up 12.28% at $0.685 per share. The volume reached 8.4 million shares – closer to the lower end of the range since the pump started.
The company was supposed to file a copy of the finalized agreement with Mid Americas Corp by Friday. There is no new filing after the 10-Q from Feb. 8. If the agreement has been filed, it isn’t publicly available.
The aforementioned 10-Q shows that as on December 31, 2012 SWVI had:
- $49,099 in cash and cash equivalents
- $291,564 in total assets
- $474,585 in total current liabilities
- $0 in revenue
- $158,158 net loss for the quarter
At the closing price from Friday, the market valuation of SWVI was close to $300 million. Until the Super 8-K with the financial information about Mid Americas is filed, the public has no way of knowing what that company may have other than an option for the Algarrobo property.
Furthermore, assuming the acquisition goes through, there is no way to tell if the company will be able to turn a profit, and the decision not to undertake a feasibility study is nothing, if not questionable. Not to mention, SWVI would have to pay millions of dollars to keep the option in force.
On the bright side, the serious dumping hasn’t started yet, and some people have had the chance to take profits and done so. Those who are still in, may have some time left, but they should be very careful not to get stuck on the wrong end of this. The chart of World Moto, Inc. (OTC:FARE) may give you an idea why.
