{"id":7276,"date":"2015-10-26T00:02:12","date_gmt":"2015-10-26T00:02:12","guid":{"rendered":"\/?p=7276"},"modified":"2015-10-26T00:14:54","modified_gmt":"2015-10-26T00:14:54","slug":"indo-global-exchanges-pteltd-otcmktsigex-cut-in-half","status":"publish","type":"post","link":"\/articles\/indo-global-exchanges-pteltd-otcmktsigex-cut-in-half\/","title":{"rendered":"Indo Global Exchange(s) PteLtd (OTCMKTS:IGEX) Cut in Half"},"content":{"rendered":"\n

Let’s put it mildly and say that Indo Global Exchange(s) PteLtd (OTCMKTS:IGEX<\/a>) is a hard company to like.<\/p>\n

The problem doesn’t lie with the press releases. In fact, few and far between as they are, they sound quite positive. Last month, IGEX<\/a><\/strong> issued its most recent PR and said that a major deal has been signed with a New Zealand-based financial technology company called INVESTOR Limited. Previously, the management team made some more announcements, but they all seem to be in a stark contrast to the financial statements. <\/p>\n

On July 7, the same management team published a 10-Q and said that at the end of April, the company had no cash<\/strong>, a little over $7,600 in current assets<\/strong>, $530 thousand in current liabilities<\/strong>, $10,500 in quarterly revenues<\/strong>, and operating expenses for the quarter of $796 thousand<\/strong>.<\/p>\n

Investors were appalled and so were the people from TAAD LLP – IGEX<\/a><\/strong>‘s accounting firm. On July 15, the management team admitted that they have published the 10-Q without the accountants’ permission and said that it should not be relied upon. Two months later, an amendment was filed, and it looks even worse than the original. Here’s a summary of the real figures:<\/p>\n