A lesson in patience when it comes to buying penny stocks in hopes of a 10-bagger was taught yesterday as shares of VGTel, Inc. (OTC PINK: VGTL), a development stage company operating as 360 Entertainment and Productions, proved just how easily a long shot can pull through. More than doubling on the session, shares of VGTL stock refused to bow down to the bidders as ask slaps on the non-dilutive market maker list persisted on squeezing each and every ounce of juice the Monday momo play had to offer. Without news, filings or any logical reason for the increase in share price, those who dug in over a month ago and held long are hoping today adds to their already 4-digit gains and another “green” close among the top 10 penny stocks traded.
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VGTel is not an anomaly among penny stocks in terms of seeing a subpenny ticker that traded as low as 0.0019 two months ago that surpassed 0.02 for gains of over 1160%. It is rare to see such a move occur without some form of financial filing or news update, but VGTL stock proved that it isn’t a requirement.
Back in March, the last news announcement, VGTel’s wholly owned subsidiary, Motion Picture Scanning Services, Inc., was said to have entered into a cooperation agreement with New York City film studio and post-production company Domicile NYC. The announcement stated that Domicile would serve as MPSS’ sales agent for the New York metropolitan area to promote and sell MPSS’ film scanning services in association with the post-production services currently offered by Domicile.
Having not recorded any revenues for the nine months ended December 31, 2014, that relationship establishment would have to be considered “fluff” as VGTL stock reacted by trading just under 5 million shares before closing at 0.006. The hope faded further after the Company filed a 15-12G to start April meaning their span of reporting their filings with the SEC were being abandoned and MSWord/Quicken photocopy filings would be the future basis for those looking to see what’s occurred.
Even with the 15-12G filed, VGTel still hasn’t updated their filings on the OTC Markets and the last known Q filing showed 27,075,203 shares of VGTL stock were issued and outstanding as of February 9, 2015 – an amount that was almost reached in yesterday’s trading volume and was surpassed twice on June 4 and July 2. The details about the $987,197 VGTel borrowed from third party lenders for the nine months ended December 31, 2014 is likely a contributing factor to that.
Of the convertible notes VGTel held on their books as of December 31, 2014, one note for $200,000, due September 1, 2014, was in default. Other notes, due on various dates from March 8, 2015 through September 1, 2015 and with interest rates between 8% – 12% per annum, were and are convertible at rates of 55% to 60% of the average from the lowest to the third lowest trading price for the ten to twenty trading days prior to the conversion. Do the math and you can imagine that those conversions took place prior to Amilya Antonetti taking over the reigns.
On July 6, Antonetti, took over as VGTel’s President, bringing along with her a packed resume which includes her own personal brand as a national speaker and media personality across TV, radio and print, appearing regularly as “the small business voice” and contributing expert on Fox News and Fox Business as well as CNBC, NBC, ABC, and CBS. The hotness of the new CEO must have stimulated those who speculate well because VGTL stock last traded below 0.003 when the announcement was made.
Find out more about VGTL shares here: $VGTL
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