{"id":5055,"date":"2014-11-01T13:13:09","date_gmt":"2014-11-01T13:13:09","guid":{"rendered":"\/?p=5055"},"modified":"2014-11-01T13:16:36","modified_gmt":"2014-11-01T13:16:36","slug":"minerco-resources-inc-otcmktsmine-crashes-once-more","status":"publish","type":"post","link":"\/articles\/minerco-resources-inc-otcmktsmine-crashes-once-more\/","title":{"rendered":"Minerco Resources Inc (OTCMKTS:MINE) Crashes Once More"},"content":{"rendered":"\n

Yesterday Minerco Resources Inc (OTCMKTS:MINE<\/a>)’s downfall continued, as it wiped out 11.76% on a volume of 72 million shares. This was MINE<\/a><\/strong>‘s fourth negative session and so far the stock has obliterated 25% of its market price. It is currently sitting at $0.0045.<\/p>\n

If you visit MINE<\/a><\/strong>‘s OTC company profile, you’ll see it’s listed as Delinquent on its reporting. That is because the company is late with its annual report. The 10-K for the fiscal year ended July 31 was supposed to be filed by the end of October, but on Oct 29 MINE<\/a><\/strong> filed a Notification of Late Filing. The company stated that the 10-K “will be filed on or before the fifteenth calendar day following the prescribed due date<\/em>”. MINE<\/a><\/strong> has explained that the delay was due to the company waiting “for certain information from a third party<\/em>”.<\/p>\n

MINE<\/a><\/strong>‘s downfall began on Oct 27. On that day the company filed an 8-K and issued a PR. The 8-K stated that the company’s subsidiary Level 5 has entered into an agreement with Avanzar Sales and Distribution, LLC on Oct 24, which was effective as of Sept 15. The agreement is for the acquisition of “an initial thirty percent (30%) equity position and fifty-one percent (51%) voting interest”<\/em>. As an initial payment Level 5 transferred $150 thousand of the $500 thousand it has to pay Avanzar.<\/p>\n

The press release on the same day announced that Level 5 has acquired controlling interest in Avanzar. According to the PR with Level 5’s help Avanzar’s gross revenues are projected to reach $5.5 million in 2015 “and continued exponential growth in 2016<\/em>”. Time will tell whether these impressive projections will turn out to be true.<\/p>\n

Seeing as how MINE<\/a><\/strong>‘s 10-K will be filed later than expected, let’s look at their latest quarterly report. It covered the three months ended April 30 and was far less than impressive. Besides the dismal numbers, it also showed that MINE<\/a><\/strong> had printed over 1 billion shares for the conversion of about $360 thousand worth of debt. That would make the average conversion price around $0.00035.<\/p>\n

Investors would do well to familiarize themselves thoroughly with the details surrounding MINE<\/a><\/strong>, before committing to its stock.<\/p>\n","protected":false},"excerpt":{"rendered":"

Yesterday Minerco Resources Inc (OTCMKTS:MINE)’s downfall continued, as it wiped out 11.76% on a volume of 72 million shares. This was MINE‘s fourth negative session and so far the stock has obliterated 25% of...<\/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":[185],"class_list":["post-5055","post","type-post","status-publish","format-standard","hentry","category-news","tag-mine"],"_links":{"self":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/5055","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=5055"}],"version-history":[{"count":0,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/posts\/5055\/revisions"}],"wp:attachment":[{"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/media?parent=5055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/categories?post=5055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/articles.thehotpennystocks.com\/articles\/wp-json\/wp\/v2\/tags?post=5055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}