Minerco Resources Inc. (OTCMKTS:MINE) Bounces, But Not For Long
The fact that Minerco Resources Inc. (OTCMKTS:MINE) has had just three green sessions in the last three weeks does not really bode well for the company, or its supporters.
Oddly enough, the ticker’s slide has been relentless for all that time in spite of MINE‘s continuous efforts to convince investors that it is doing a good job through positive announcements.
The crash intensified further with the filing of the company’s 10-K for the period ended June 30 – and who could really blame investors for abandoning ship, when MINE showed them:
- Cash – $304 thousand
- Total Current Liabilities – $1.1 million
- Quarterly Sales – $12 thousand
- Total operating expenses – $872 thousand
Take into account the evidence of dilution and toxic funding and you’d have a pretty good idea why investors have all but lost faith in MINE. So what’s up with this most recent turn of fortune? Why is MINE on the bounce now? And what’s with the heavy volume – it’s by far the most activity MINE‘s seen this quarter?
As the saying goes – even a dead cat can bounce if it falls from high enough. Every investor worth his salt knows that such a state of developments could not last, and, true enough – it didn’t. MINE is already 10% down in early trading today.