August has been a great lead up towards the fall season for The Graystone Company Inc. (GYST) and traders who bought in the first week on the month. Up over 1,000% since the 1st, GYST stock has been rolling, even doubling last week after last Friday’s 61,735,296 share trading session. Is the Peruvian miner bringing the goods having shipped 10 ounces of gold or is it planning to plunge into the water like a Peruvian Booby?
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GYST Stock Chart
Friday Close: 0.0222, up 0.0032 (16.84%)
Dollar Volume: $361,266
Average Trade Size: 35,506
Class A Authorized: 700,000,000
Class A Outstanding: 179,241,320 (approx.)
Class A Insiders: 145,000,000
Class B Authorized: 5,000,000
Class B Outstanding: 5,000,000 as of June 4
There’s a few conflicts in researching Graystone. First of all, they filed an NT 10-Q last week current share data is based soley on the Company’s press release and their 10-Q/A filed June 4th. That in and of itslef is conflicting since they report having 191,352,500 shares of Class A outstanding as of March 31, 2012 but note at the top portion of the filing that only 67,778,452 were outstanding as of June 4. (see here)
Furthermore, if the data is correct that 179 million are outstanding, 145 million are held by insiders who promise not to sell until at least June 30, 2013, and there are only 5 million Class B shares authorized and outstanding, where the hell did nearly 62 million shares come from when the penny stock traded heavy on the 10th? Did the double the entire float trade or did Asher Enterprises, Inc.?
Asher Entrprises has a pretty long history with penny stocks that had huge volume days in recent months, many of which never recovered from their volume spikes. Included in the list are:
- FreezeTag (FRZT),
- eLayaway (ELAY),
- Bitzio (BTZO),
- Bio-Matrix Scientific (BMSM),
- Writers Group Film (WRIT),
- Entest Biomedical (ENTB),
- Green Envirotech Holdings (GETH),
- Vista International Tech (VVIT),
- Kenergy Scientific (KNSC),
- Medical Care Tech (MDCE),
- Revolution Medical (RMCP),
- Adino Energy (ADNY),
- Elray Resources (ELRA),
- Propell Corp. (PROP),
- Bioheart (BHRT),
- Q Lotus Holdings (QLTS),
- Blue Sphere (BLSP),
- Global Ecology Corp. (GLEC),
- East Coast Diversified (ECDC),
- Cereplast (CERP),
- Hitor Corp. (HITR),
- Surge Global (SRGG),
- POWRtec International (POWT),
- Enerteck (ETCK),
- ScripsAmerica (SCRC),
- Green Energy Renewable Solutions (EWRL),
- Clean Wind Energy Tower (CWET),
- Shamika 2 Gold (SHMX),
- Investview (INVU),
- Redfin Network (RFNN),
- League Now Holdings Corp. (LNWZ),
- First Colombia Gold Corp. (FCGD),
- Grid Petroleum Corp. (GRPR),
- Rotoblock Corp. (RTBC),
- Viper Powersports (VPWI), and
- Bergio International (BRGO)
And that’s just over the last week of SEC filings.
Asher Enterprises got in bed with Graystone in the beginning of 2012 for some notes that were convertible into stock at a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. Likely, Asher’s out and its up to you, the Peruvian Boobies to plunge into the shark infested waters for fish.
About GYST Stock
The Graystone Company, Inc. is a holding company whose primary operating activities involve to acquire and develop mining properties amenable to low cost production. In January 2012, the Company launched a new division that sells gold, silver and other precious metals to retail buyers.
Bottom Line: GYST is on the list of penny stocks that will soon be trading at under 0.01 once the 10-Q is filed and it is revealed how many notes payable were converted. We covered in our first post notes converted in Q1 which were all roughly around 0.0135. Notes from 2011 are less than half that amount. Until someone can justify the volume from August 10, GYST is off the list of penny stocks to watch.
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