The marijuana revolution on the OTC Markets is looking as if the last two weeks of October was the beginnings of yet another significant rally for the sector. Shares of popular penny stocks in the industry, like Hemp, Inc. (HEMP) and Medical Marijuana, Inc. (MJNA), had huge volume days as they closed out the month without any real news to speak of proving that there is a real buzz occurring just like what happened 10 months ago. One ticker which caught a lot of traders eyes, Algae International Group, Inc. (ALGA), did put out news and those traders that jumped into ALGA stock because of their American Seed & Oil Company, Inc. subsidiary are hoping to cash in big together with Tonaquint, Inc.
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ALGA Stock Quote
Algae International Group made a sneaky entry into the marijuana industry way back in January when their CEO, Ed Bollen, took it upon himself to design a new business plan and shift the Company’s focus (or atleast the investors) into the biggest hyped up industry on the OTC markets – the cannabis market. Even though news began to flow about the move away from trying to produce biodiesel from algae, it wasn’t until late September when cheap ALGA shares began to get swapped for as little as 0.026 a share.
Like most blossoming hopefuls in the cannabis sector, the cashless Algae International Group did put forth a bullish web presence with their subsidiary, American Seed & Oil Company, with statements like “use the seed from this year’s crop to reach its goal of planting 1,000 acres in 2015” when referring to their farming efforts in Vermont. With no cash to speak of on their books at the time of their annual report, the year ended June 30, 2014, any investor who looks at how ALGA stock has gone from under a dime to over $1 last week without yet breaking 100,000 shares traded would think they found the holy grail filled with an ounce of last year’s Cannabis Cup winner.
Although they aren’t liquid as of yet in any facet, the overloaded $6 million worth of total liabilities as of June 30, 2014 is ready to start liquidating ALGA stock for those notes payable that have been dangling around for some time already. As of June 30, Tonaquint, Inc. was due $538,425 which is convertible into 15,769,238 shares of ALGA stock for some 2010 debt, ARRG & Ceasar Capital Group was due $154,000 with accrued interest of $63,503 which is convertible into 8,700,120 shares of ALGA stock, another $471,153 with accrued interest of $161,891 s due to an unnamed debt holder which is convertible into 25,321,760 shares and there’s also another $10,000 with accrued interest of $3,471 which can be swapped out for 538,840 shares.
With the almost 50 million shares convertible on the books as of June 30, 2014 to unrelated parties and the recent driving up of ALGA stock to as high as $1.15 on Friday, there is a better than average chance that some promotional activity will commence in the very near future. Considering just how much that convertible debt cost the groups, around 0.03, sticking your neck out to grab some ALGA stock based on the statement that “American Seed & Oil Company is already the largest legal hemp grower in the State of Vermont” is one heck of a high risk move to make.
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About ALGA Stock
Algae International Group, Inc., through its operating subsidiary American Seed & Oil Company, Inc., is a development stage company focused on hemp production in Vermont to supply seed to the expanding hemp farming market, hemp based consumer products market, and hemp based construction material market.
Issued and Outstanding: 34,375,555
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