After a month long spam campaign on the penny stock of USA Graphite Inc. (USGT), inboxes are finally clear as the crash is no longer avoidable after the 10-Q filing. Defying all odds of logic and the CAN-SPAM scam act, USGT survived a month long awareness campaign from Suzy, Leonette, Georgina and a plethora of other creative techniques used to spam from gmail accounts how excellent an opportunity the graphite miner was said to be. Now that the November 30, 2012 financial data is live, it’s time to put this one to bury this one in the non-existent mines.
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USGT Stock Chart
Market Cap: 118.75M
Last: 0.701 ▼ -0.186 (-20.97%)
Volume: 3,123,987
Dollar Volume: $2,367,787
Open: 0.91
High: 0.91
Low: 0.685
Trades: 1,372
Authorized: 175,000,000
Issued and Outstanding: 169,400,000
14-Day Rel Strength: 47.01%
14-Day Stochastic: 54.09%
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As we uncovered back in May, prior to becoming USA Graphite, the company sold 26.4 million shares of common stock at a price of $0.0227 per share to approximately 32 investors. The shares never saw any trading activity until mid November after they entered into a Property Option Agreement with Nevada Minerals Holdings, Inc. for the right and option to acquire 100% of the mining interests in the Blue Wing Mountains Graphite Project, a 1,985 acre abandoned plot of land located in Pershing County, Nevada.
Since then, the Company entered into another Option Agreement with Nevada Minerals Holdings, Inc. for the right and option to acquire 100% of the mining interests in the Gordon Creek Graphite Property, a 206 acres abandoned plot located in Elko County, Nevada, an Employment Agreement with Wayne Yamamoto, and, most recently, a Letter of Intent with Nevada Minerals Holdings, Inc. for the right and option to acquire 100% of the mining interests in the Ruby Mountains Graphite Property, another 785 acres of abandoned land located in Elko County, Nevada.
All of the above occurred with USA Graphite having total assets of only $2,212 consisting of cash in the bank in the amount of $12 and prepaid expenses of $2,200 as of November 30, 2012. What’s disturbing most is that, as most often seen in a 10-Q filing, the shares outstanding are not as of the date of the filing, but instead as of the end of the reporting period which opens up a Pandora’s box of possibilities for subsequent events to have taken place. Then again, it really doesn’t matter since almost all the authorized shares were outstanding anyway.
While there was a decent run from the dip at the start of December on through the second week of January, 0.31 to 0.965, all in all, USGT was a bag issuing opportunity to learn to check and clean out your spam box on a regular basis if you trade penny stocks. Goodbye USGT – you will not be missed until the dip is worth bouncing a couple dimes off your forehead.
About USGT Stock
USA Graphite Inc., as of November 30, 2012, knows of no material, existing or pending legal proceedings against the company, nor are they yet to be involved as a plaintiff in any material proceeding or pending litigation. Click here to view the SEC filings for USGT.
Last 5 Trading Sessions:
| Date | Last | Change | % Change | Volume |
| 01/22/13 | 0.7010 | -0.1860 | -20.97% | 3,123,987 |
| 01/18/13 | 0.8870 | +0.0470 | +5.60% | 2,683,100 |
| 01/17/13 | 0.8400 | +0.0800 | +10.53% | 2,249,400 |
| 01/16/13 | 0.7600 | +0.0100 | +1.33% | 1,229,400 |
| 01/15/13 | 0.7500 | +0.0600 | +8.70% | 1,273,200 |
Bottom Line: Tuesday was just the first of many “red” days for USGT as it slowly removes itself from the top 10 penny stocks traded list. Until such time that USGT stock hits the teens or lower, a bounce play is as risky as playing the next alert that shows up in the spam box from a gmail sender.
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