Nutranomics, Inc. f/k/a Buka Ventures Inc (OTCBB:NNRX) Continues Its Descent
Nutranomics, Inc. f/k/a Buka Ventures Inc (OTCBB:NNRX) has had a rough three months lately. It suffered a disastrous crash in the last days of September when its stock dropped from its comfortable high of $1.43 to the abysmal low of $0.47 virtually overnight. Since then share prices had begun to pick up and looked like they would be going strong still, as unwarranted trader trust and with it – stock prices – steadily begun to rise. Another catastrophic crash followed on Dec. 9, the company’s stock dropping by more than 50% from the height of $1.23, right back into the proper penny stock list.
Since then the prices have gone down even further, despite the company’s attempts to get back into the investors’ good graces. Their most recent efforts consisted of a 8-K filed on the very same Dec. 9, announcing that they have entered in an equity purchase agreement for up to $10,000,000 worth of the Company’s common stock. The buyer is Southridge Partners II, LP, a Delaware limited partnership, who, if everything goes as planned, will own approximately 10% of NNRX. A promissory note has also been issued for the buyer, that will allow Delaware certain discounts that don’t appear unduly unfair, given their willingness to invest despite NNRX‘s history and obvious financial state.
And the latter is not great, to say the very least. Its last report – the one from July 31 – states that all its income has literally atrophied to half it was in comparison with its more active periods. Though the numbers show that their expenses have shrunk with it, NNRX still barely covers its liabilities and is accumulating net loss at an increasing pace, while receiving no income whatsoever from revenues.
Given the situation, it’s no wonder that the investors were not impressed with the company’s meager transactions. Share prices continued to drop after “the second fall”, reaching an all-time low of $0.41 on Dec. 13. Which is, by and large, the logical outcome for a company as idle and financially unsound as NNRX has proven itself to be on a number of occasions. Traders are, as ever before, advised to do their due-diligence when trading, especially when trading in NNRX stock.