Yesterday’s Dip of Tungsten Corp. f/k/a Online Tele-Solutions Inc. (OTCMKTS:TUNG)
Tungsten Corp. f/k/a Online Tele-Solutions Inc. (OTCMKTS:TUNG) had a decent run in the second half of last week as well as the first days of this in which their stock gained 22% going from $0.56 when the market closed on June 11 to $0.71 on Tuesday this week.
The situation, however, changed yesterday as TUNG‘s stock fell 11% down. They opened at $0.71 and gained a quick little boost to $0.7199, but the prices started to fall almost instantly and they were at a low of $0.58 shortly after 11:00 A.M. They managed to recover a bit and the afternoon went in a pretty straight line without any big jumps or dips in price as they closed the day at $0.63.
Since the last time we covered them there haven’t really been any interesting press releases from the company, neither were they pumped. Their stock seemed as if it was going on the momentum that the June 12 pump created and the interesting promotional campaign that we talked about in our last article about them as well as the video from the end of May, which was carried out mainly through paid subscription newsletters, landing pages and paper mailers.
As the serious trading started after May 1 the company has generated quite good volumes and trade values. This leads us to believe that a lot of insiders made high profits as virtually all of the stock was in the hands of the seed shareholders (who got it at promotional price) and the previous and current CEO’s, CFO’s, and so on.
The most recent news about the company are about their latest filing with the SEC. They filed their quarterly financial report covering the period ended April 30, 2013. We see a movement in their finances that can be optimistic for some. Let’s take a quick moment to check out the numbers of prime interest from the report in question.
- cash: $53 thousand
- total assets: $1.2 million
- current liabilities: $134 thousand
- net loss: $89 thousand
- total liabilities: $1.2 million (including stockholders deficit)
They seem to be doing better considering that they have 10 times more cash now than they had in January this year. However, it is still unknown if they will be able to make a profitable business. As we can see they have no money listed as exploration costs which is rather bizarre considering that they had quite a lot of press releases in the period, covered in the report, that indicate they are exploring for oil and gas. Instead of that all their expenses come in the form of officer compensation, professional fees and general & administrative expenses, so be sure to do your diligence before you decide to invest in them.
Another ticker that we are keeping a close eye on is that of Xumanii Corp f/k/a Medora Corp (OTCMKTS:XUII). They didn’t do so well in yesterday’s trade session either, as they registered their third day in the red, going a further 11% down and closing at $0.18. Western Graphite Inc (OTCBB:WSGP), which we covered earlier didn’t do so well either as it slid from $0.735 to $0.59 yesterday marking a 21% downfall for their stock.