{"id":1865,"date":"2013-07-04T12:11:40","date_gmt":"2013-07-04T12:11:40","guid":{"rendered":"\/?p=1865"},"modified":"2013-07-04T12:12:58","modified_gmt":"2013-07-04T12:12:58","slug":"solar-energy-initiatives-inc-otcmktssnry-takes-a-step-back","status":"publish","type":"post","link":"\/articles\/solar-energy-initiatives-inc-otcmktssnry-takes-a-step-back\/","title":{"rendered":"Solar Energy Initiatives, Inc. (OTCMKTS:SNRY) Takes a Step Back"},"content":{"rendered":"<p> <img loading=\"lazy\" decoding=\"async\" style=\"float: right;\" src=\"http:\/\/www.hotstocked.com\/articles-img\/small\/SNRY_chart2.png\" border=\"0\" alt=\"SNRY_chart2.png\" title=\"SNRY_chart2.png\" width=\"450\" height=\"201\" \/>After a crazy run that saw Solar Energy Initiatives, Inc. (OTCMKTS:<a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=SNRY\">SNRY<\/a>) double in price in a single session last Thursday, then double on the new price over the first two sessions of this week, that rapid climb was reversed in yesterday&#8217;s short market session, where <a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=SNRY\">SNRY<\/a> dropped 7%. <\/p>\n<p>The initial surge of 100% last Thursday came after a prolonged period of time that the company spend in triple-zero land. The original trigger was a press release issued by <a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=SNRY\">SNRY<\/a> concerning the company providing photovoltaic units for California medical marijuana growers. It seems the hype around the green leaf is so widespread these days that any company that drops the M-bomb in a press release can cause a surge of interest, despite the overall situation of the business in question.<\/p>\n<p>The situation of <a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=SNRY\">SNRY<\/a> in particular is not exactly rosy. Here is what the company reported as of April 30 this year:<\/p>\n<ul>\n<li>$12 thousand in cash<\/li>\n<li>$2.4 million in current liabilities<\/li>\n<li>zero revenues<\/li>\n<li>$388 thousand in quarterly net loss, $17 million in accumulated deficit<\/li>\n<\/ul>\n<p>In a previous article we took a brief look at current <a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=SNRY\">SNRY<\/a> CEO Mr. Michael Gelmon&#8217;s track record with previous OTC companies where he mostly served as CEO, as well as the total failure those enterprises turned out to be. This list includes Banyan Corp. (OTCMKTS:<a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=BNYN\">BNYN<\/a>), Protocall Technologies, Inc. (OTCMKTS:<a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=PCLI\">PCLI<\/a>), PaperFree Medical Solutions, Inc. (OTCMKTS:<a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=PFMS\">PFMS<\/a>). What those businesses have in common is also the bitter pill of toxic financing which eventually drove them to their current status of around $0.0001 per share, and in the Pink No Information tier.<\/p>\n<p><a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=SNRY\">SNRY<\/a>&#8216;s own filings contain the name of Asher Enterprises, Inc. &#8211; an infamous entity that provided heavily toxic financing for other OTC companies in the past. Combining that with the fact that <a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=SNRY\">SNRY<\/a> recently assumed a fair additional amount of convertible debt from a restaurant business, and then approved a twofold increase of their own authorized shares, the situation leaves very little to the imagination of traders and gives little hope that this latest venture of Mr. Gelmon will be a success.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" style=\"float: right;\" src=\"http:\/\/www.hotstocked.com\/articles-img\/small\/AGIN_chart2.png\" border=\"0\" alt=\"AGIN_chart2.png\" title=\"AGIN_chart2.png\" width=\"330\" height=\"147\" \/>Other stocks that backtracked down the charts in yesterday&#8217;s short session were Affymax, Inc. (OTCMKTS:<a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=AFFY\">AFFY<\/a>) who slipped by nearly 6%, and American Graphite Technologies, Inc. (OTCBB:<a href=\"http:\/\/www.thehotpennystocks.com\/Stock-Quotes\/?stock=AGIN\">AGIN<\/a>) who dropped another 8% to log their fourth red day in a row.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After a crazy run that saw Solar Energy Initiatives, Inc. (OTCMKTS:SNRY) double in price in a single session last Thursday, then double on the new price over the first two sessions of this week,&#46;&#46;&#46;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[735,50,819,817,818,811],"class_list":["post-1865","post","type-post","status-publish","format-standard","hentry","category-news","tag-affy","tag-agin","tag-bnyn","tag-pcli","tag-pfms","tag-snry"],"_links":{"self":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/1865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/comments?post=1865"}],"version-history":[{"count":0,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/1865\/revisions"}],"wp:attachment":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/media?parent=1865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/categories?post=1865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/tags?post=1865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}