Swingplane Ventures, Inc. (OTC:SWVI) Files Quarterly, Deal Still Not Closed
Today, Swingplane Ventures, Inc. (OTC:SWVI) filed its 10-Q for the quarter ended Dec. 31. The filing contains some details about the financial situation of SWVI, but the information that investors really need will be in the Super 8-K, which still hasn’t been filed.
Yesterday SWVI added another 14.43% and closed at $0.452 per share on 9.2 million shares. There is absolutely nothing in the 10-Q to justify a $213 million valuation of SWVI, but inflated prices are a key feature of pump jobs.
As of December 31, 2012 SWVI reported:
- $50 thousand in cash
- $242 thousand in prepaid expenses
- $474 thousand in total current liabilities
- $nil in revenues
Awesome Penny Stocks (APS) is doing its job, sending a torrent of tout emails. One of the latest starts off with “SWVI just closed at another 52-week high today.” A rather ridiculous statement, seeing how SWVI has a trading history of 15 sessions.
Meanwhile, less than two months after its APS pump, World Moto, Inc. (OTC:FARE) is trading around $0.08 per share, down about 75% from the pump high. Volume is also nowhere near the levels from the pump campaign.
Instead of getting hyped-up by the uncertain future of SWVI, potential investors may want to consider that SWVI has a working capital deficit, has to pay $750 thousand on or before June 30, 2013, and the company doesn’t “expect to generate any revenues in the near future.”
