MineralRite Corp (PINK:RITE) and Pennystock Tweets Change their Perspectives Once Again

It’s is by no means easy to start a new business venture. MineralRite Corp (PINK:RITE) should know that. They have been involved in several industries over the years and it seems that now they are ready to shift the focus of their attention once again. Pennystock Tweets are here to let everybody know about the occasion and also to inform us how great it’s all going to be. We’re not so sure.

When we saw what they are doing at the moment, we immediately got just a bit skeptical. It’s another mining company and, like most of the others that we have covered, it has sustained some massive losses over the years while searching for Mother Nature’s precious resources. This is probably why they decided to change the operations now and during the next year they would like to develop new and efficient ways to extract metals from ore that has been dug out from the ground. They tell us how environmentally friendly the process will be, how low the energy consumption will be and how they have gathered a team of experts to work on the new venture.

They are so confident in the expertise of their new employees, that even before the newcomers started working they awarded them a total of 40 million shares for their “future services”. We would like to think that before the awards are given, there should be some work done, but maybe this is just us being all totalitarian. We can’t be sure why the new managers got so many shares without even entering their respective offices, but we are quite sure of one thing – the shareholders were probably quite grumpy after they found out.

Still, they might be the sort of shareholders that strongly believe in good management and expertise and there’s nothing wrong with that. However good the management of the company is from now on, though, they will still struggle. What do we mean? RITE is entering a whole new business and they will need to invest some serious cash into the new operations if they want to turn a profit any time soon. We can’t see that happening, at least not looking at the financial statement:

• cash: $ 9 thousand
• current assets: $50 thousand
• current liabilities: $652 thousand
• accumulated deficit since inception: $5.7 million

Again, we might be a bit old-fashioned in our analysis, but instead of giving away shares for work that has not been done yet, wouldn’t it be better if the company start looking for a way to get out of this mess?

One more thing boggles the mind – their latest financial report states that RITE actually generated some revenue during the last three months. Furthermore, they have a net income instead of a net loss. So why, we wonder, did they decide to leave the oil and gas production and go for extracting metals from ore in an eco-friendly way?

All questions without anybody at hand to answer them. Maybe we should ask Pennystock Tweets. After all they are the ones that are touting the RITE shares. We doubt whether they will be able to answer. We ‘re also not sure if they will be capable of telling us what happened to SUNBELT INTL CORP (PINK:SUNB), a company that they promoted back in November. In case you are interested, it has lost about 60% since the start of the promotion.