Legacy Ventures International Inc. (OTCBB:LGYV) Gets Another Pump
Legacy Ventures International Inc. (OTCBB:LGYV) managed to climb all the way up to a nickel yesterday, after being targeted by a couple of paid pumps.
A 14.09% up is normally nothing to sneer at if it happens to be organic growth, but as far as pumps go, it is sort of unimpressive. True, the dollar volume was about a hundred times heavier than what LGYV is usually capable of doing, but even so inflated it was still below $250 thousand.
So, while DamnGoodPennyPicks and BeatPennyStocks could be said to have done a reasonably good job fr what little they were paid to tout LGYV, the whole affair seems a bit lackluster by any standards.
Then again, the term “lackluster” seems to be an apt description of any and everything about LGYV. Its newsfeed is barren, with no meaningful announcements having been made since April. Its latest financial report looked rather ugly:
- Cash – $16 thousand
- Total current assets – $624 thousand
- TOTAL LIABILITIES – $369 thousand
- Quarterly Revenue – $79 thousand
- Quarterly Net Loss – $2.7 million
The only good news that can be gleaned from this report is that LGYV doesn’t seem to have issued all that many shares of common stock since the previous time it reported. Further, all of the company’s convertible notes seem to date from a time not that long ago when LGYV was flying high, and as such don’t really convert at profitable rates right now.
Unfortunately, this does not mean that investor can breathe a sigh of relief at this point, because that 11.2 million shares of common stock that LGYV issued a couple of years back for the grand total of $16 thousand may still be around, just waiting for the best moment to be unleashed on the market.
So in the end once some due diligence is done, LGYV seems just like your regular ordinary classical OTC Markets pump-job. Investors should regard it as such and act accordingly.