Solanbridge Group Inc (PINK:SLNX) are Shrouded in Mystery
During the last couple of days we have been receiving some emails about Solanbridge Group Inc (PINK:SLNX). The promotion was carried out by a single promoter – SmallMovesBigGains – and during the first day of the pump SLNX did gain a respectable 70%, however, the next trading session resulted in a 41% loss which means that the ticker is pretty much back where it started. We decided to do a bit of research and see if SNLX deserve the attention they receive.
Let’s start with the promotional newsletters. Usually when you open such an email, you are presented with countless projections and promises of huge revenues and they are, more often than not, garnished with long explanations of how profitable the sector of the featured company is. Since finding information about SNLX is rather difficult, the pumpers decided that instead of doing that, this time they will fill their email with tonnes upon tonnes of technical information that is rather confusing for the normal person.
We prefer a different approach and when we set out to find what sort of business SNLX are actually operating in, we hit a brick wall. The descriptions available on the internet are rather confusing and according to their profile on OTC Markets, their official website is the one of a small seafood restaurant somewhere in Florida. We had to do a lot of digging around to finally find out that the restaurant in question is their latest acquisition. Once they took control of it in February, there was even a change in the management team which would suggest that they have high hopes for this business. Having in mind the company’s history, we’re sure that they’re quite eager to finally find a business sector through which they can actually generate some revenue. But can they?
Well, again, it’s rather hard to know. We’re not quite sure if their newest subsidiary is even opened for business and we have no way of knowing if it’s successful or how successful it is since the latest financial statement was published a few months before the acquisition was completed. If the report covering the third quarter of 2012 is anything to go by, they are in deep trouble. Here are the figures that we found in it:
- total assets: $0
- current liabilities: $532 thousand
- revenue since inception: $0
- quarterly net loss: $17 thousand
It’s safe to say that they have been struggling ever since they started and until we can see a consolidated financial statement containing the assets, liabilities and profit (if any) of the restaurant, we are not able to say how big their chances of success are.
One thing is for sure, SNLX’s shareholders haven’t had an easy ride during the last months. For example, while it’s not reflected anywhere in the filings on the OTC Markets, it would seem that they have increased the number of authorized shares from 100 million to 5 billion. Of these, a lot of shares were issued during the last couple of months. The financial report states that they had 18 million shares outstanding as of September 30. According to the company profile on the OTC Markets website, there are now 2.3 billion shares of common stock issued and outstanding. Of these, 367 million are absolutely freely tradable and, although the price is relatively low, there’s still quite a lot of money to be made from them. What really raises our eyebrows is the fact that SLNX‘s management team has somehow forgotten to inform the public about the increase in authorized shares and the issuance of the new stock.
One more thing disturbs us. According to a press-release that was issued back in February, one of the directors of the company, Mr. Charles Lance, has resigned. This, however, has not been reflected on the website of Nevada’s Secretary of State, and since there are no filings on the matter either, we’re not sure if we should believe the PR or not. And this information is important to some extent since we managed to find out that Mr. Lance has been involved with other companies, among which is UNION EQUITY INC (PINK:UNQT) – a business that issued some exciting news in August of last year. After the commotion was over, the price fell and the ticker’s been stuck at par value for the last couple of months. It would appear that the former (or not) director of SLNX was also named as defendant in this lawsuit in the US Bankruptcy Court.