Minerco Resources, Inc. (OTCMKTS:MINE) Goes Through the Roof
After the last few sessions saw Minerco Resources, Inc.’s (OTCMKTS:MINE) share price put on quite a bit of weight, going up in double digits over five out of six market days, yesterday the ticker’s fuse finally burnt up and the share price went through the roof, closing 92% up. MINE moved its biggest volume ever, shifting 385 million shares.
We last covered the ticker when it had its previous freak volume day and back then there was no clearly identifiable trigger for the sudden interest. This time around, the situation is not much different. There is a single, uninspired pump email targeting MINE that came through last Friday, but it was not compensated and consisted of mostly generalities, making it seem the promoters were keeping their fingers crossed for a breakout after the accumulation over the past few sessions.
The company has not released any new filings or press announcements that would warrant this sort of spike either. In fact, MINE published a notification of late filing, as the company was not able to furnish its due quarterly for the period ending January 31, 2014. The last available public report of MINE covers the quarter ended Oct 2013 and contains the following figures:
- $85 thousand in cash
- $3.4 million in liabilities
- zero in quarterly revenues
- $2.7 million in quarterly net loss
The company announced that its RISE and COFFEE BOOST product lines were launched into Southern California stores as early as Sep 17, 2013. A release from Sep 25 stated that the beverages were available into as many as 80 stores. Yet, the quarterly for the quarter ended October 31 contained zero revenues, which would suggest that products that were supposedly shelved for over a month by that date generated no sales.
It’s a little curious that the ticker went up in massive leaps and bounds just when it should have released its quarterly containing its first product revenue numbers. Even though the report was delayed, MINE is currently up another 26% in early trading, after spiking even higher and then reversing.
Riding green spikes is always exciting. Traders should also keep in mind that when the quarterly comes out, there’s a chance it may contain numbers that don’t quite live up to the inflated expectations created by the current price climb.
