Indo Global Exchange(s) PteLtd (OTCMKTS:IGEX) Headed North Again

Which one would you prefer to have: information that can not be relied upon, no information at all, or information that, according to a random person on the internet, is 100% legitimate. Apparently the people who jumped in Indo Global Exchange(s) PteLtd (OTCMKTS:IGEX) on Friday are pretty happy with the third option.

The company has been having quite a lot of difficulties keeping up with its reporting obligations for a while. Plenty of 10-Q’s and 10-K’s were missing a few months ago, and a large portion of the recent reports needed to be amended for various reasons. Thankfully, at the end of April IGEX finally managed to sort out all the issues and it regained its current status.

The 10-Q for the three months ended April 30 was supposed to come out in mid-June and although it didn’t file it on time, the company managed to publish it on July 7 which, by IGEX standards, is not that huge of a delay. Unfortunately, just a week after filing it, IGEX‘s management team realized that they had done that without the authorization of TADD LLP, the company’s certified accounting firm.

TADD said that the 10-Q in question should not be relied upon and they announced that as soon as they go through the books, they will publish an amended version which is guaranteed to represent IGEX‘s real financial situation. Hopefully, they’ll manage to find something that could make the report look better because it is absolutely atrocious in its current form:

  • cash: $642
  • total assets: $7,642
  • current liabilities: $531,829
  • quarterly revenues: $10,513
  • quarterly net loss: $3,680,382

The figures aren’t the only bad thing about IGEX‘s report. It also shows that on April 9, when retail investors were paying around a third of a penny for the stock, the company issued a grand total of 90 million shares at $0.0001 apiece. At the end of January, when the ticker was still above the $0.01 mark, IGEX printed 8 million shares at a tenth of the market price.

Of course, this information is contained in the 10-Q that hasn’t undergone the accountants’ review which, as we’ve established already, means that it should not be relied upon. Probably that’s why, investors are ignoring it and they’re buying IGEX like hot cakes.

On Friday, they traded more than 140 million shares which pushed the dollar volume up to nearly $270 thousand. The ticker gained a whopping 136% and it finished the day above the $0.002 mark for the first time in over three months.

People are excited because some investors around the message boards are telling them that news will be coming out of IGEX‘s headquarters in the very near future. There are even screenshots of emails from the CEO flying around and that alone is enough of a reason for some people to say that IGEX will be bigger than anyone ever expected.

The thing is, this is not the first time people around the internet have been optimistic about the future of the company and its stock. And so far, the ticker has been refusing to perform under the pressure.

Is this about to change? Sadly, we don’t have any reliable information to work with, so a definitive answer remains elusive.

You may also like...