Minerco Resources Inc. (OTCMKTS:MINE) Spikes On PR, Then Crashes Again
Minerco Resources Inc. (OTCMKTS:MINE) had a horrible crash on June 23, falling 15.66% immediately after its latest 10-Q hit the web. The ticker shot up on the next day on some fresh PR, but the the jump was woefully short-lived. As of yesterday, MINE has turned bright red again, registering another 15.97% fall in that session.
That the company took a nose dive as soon as the report for Q1 of 2014 came out wasn’t really all that surprising. Investors were really looking forward to a good report, and all they got was:
- Cash – $291 thousand
- Current Assets – $411 thousand
- Total Current Liabilities – $6.4 MILLION
- Revenue – $7 thousand
- Expenses – $164 thousand
- Net Loss – $8.1 MILLION
What is more interesting is the fact that MINE actually managed to break its fall momentarily, and that, for a single day at least, it had a green run. Granted, it is excellent news that VitaminFIZZ is being launched in the New York City Market. This means that, if MINE‘s main product sells well, the company might actually start making some serious revenues – maybe even profits.
Sadly, that’s just a future possibility for results that MINE may or may not end up achieving, and even if the company does manage to do so – it will be some time before an official filing with said results hits the web.
Until that time comes, all investors really have to go on for their due diligence on MINE is the above mentioned disappointing 10-Q, as well as the occasional 8-K, like the one that hit the web yesterday. It declared that MINE‘s CEO has retired $363 thousand wort of common stock in order to acquire $530 thousand worth of the company’s Series B preferred stock.
Much like most other OTC Markets pot-stocks, such as Terra Tech Corp. (OTCMKTS:TRTC) and Creative Edge Nutrition Inc. (OTCMKTS:FITX), MINE is currently in desperate need for results – results that may not turn up for some time still. That being the case, is it any wonder that MINE‘s stock is currently falling as hard as it is?
MINE is already down 6% in early trading today, and it looks like it’s just picking up the pace.