Vega Biofuels, Inc. (OTCMKTS:VGPR) Falls Even Harder
On Thursday the stock of Vega Biofuels, Inc. (OTCMKTS:VGPR) suffered a massive crash of 18% and dropped down to $0.0058 but on the very next day things got even worse. The stock went straight for the bottom of the chart wiping another 20% and closing the week at just $0.0046. The number of shares dumped on the market also increased significantly and reached 100 million, over three times the average for the company.
On June 12 VGPR issued a PR in which they announced the acquisition of Gone Green, Inc. Gone Green had entered into an agreement with Biochar Now, LLC for the rights to market their product worldwide and these rights were the reason for the acquisition. Now that VGPR owns the contract they might be able to expand their operations and improve at least somewhat their dire financial state. The company finished the quarter ending March 31 with:
• $31 thousand cash and total current assets
• $184 thousand total current liabilities
• ZERO revenues since inception
• $36 thousand net loss
• $184 thousand total current liabilities
• ZERO revenues since inception
• $36 thousand net loss
In order to continue their operations VGPR has put its shareholders through some serious dilution. The issuance of shares forced the company to increase their authorized amount to 2 billion but three months ago they were already sitting at 1.3 billion outstanding shares.
VGPR has been talking about increased orders from Latin America with the biggest one coming from Ecuador but no details were revealed. Still if the company starts generating revenues investors might be enticed to return to the stock. For now 
though VGPR remains an extremely risky choice. The significant volatility demands the use of caution when dealing with the stock.
though VGPR remains an extremely risky choice. The significant volatility demands the use of caution when dealing with the stock.Right before the weekend the stock of Minerco Resources Inc. (OTCMKTS:MINE) made a significant recovery after surging up the chart by 21% and closing at $0.017. Gray Fox Petroleum Corp. (OTCBB:GFOX) also climbed higher and returned to $1.26 per share.
