So far, this week has gone exactly according to plan for the VIP members of AimHighProfits. Getting a chance to start the week off with the penny stock of GRILLiT Inc. (GRLT) and watching it run from 0.27 to as high as 1.74 yesterday or gains of 544% was great. However, the bounce play of all bounces which we didn’t expect to occur so soon took to flight yesterday when shares of FuelStream, Inc. (FLST) launched off their bottom after their former owner and operator, Sean E. Wagner, was arrested on July 19th for defrauding an airline that, get this, provided services for the U.S. Department of Defense, the U.S. Department of Homeland Security and the U.S. Marshals Service. News of regular jet fuelings was all it took to get FLST stock back into the air.
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FLST Stock Quote
Market Cap: 534.34K
Thursday Close: 0.06 ▲ +0.0388 (+183.02%)
Issued and Outstanding: 15,266,799
14-Day Rel Strength: 30.94%
1st Resistance Point: 0.0917
1st Support Level: 0.0267
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Fuelstream had to make a number of changes knowing that Wagner, who owned 9,226,622 shares of FLST, 60.44% of the issued and outstanding as of April 16, was due to be arrested. The case, Ryan International Airlines, Inc. v. Aviation Flight Services, LLC and Aviation Fuel International, Inc., the two wholly owned subsidiaries o FuelStream, was looking to recover $1,491,308.66. When we looked over this report which was issued by the USDOJ, FLST immediately went on to the watchlist.
The chart was pretty obvious that someone was trading shares of FLST for $2.50 to $3 for most of the year until the arrest as made. Quickly afterwards, volume on FLST stock not only picked up, but the PPS dramatically crashed to .03 when we added it to our watchlist.
What’s weird is that FuelStream just ended a year when they reported $1,054,826 in net sales of jet fuel for a gross profit of $147,743. Although total selling, general and administrative expenses were an overloaded $19,037,104, $6,000,410 of which was impairment of goodwill, the revenues were encouraging to say the least.
On January 18, 2012 the Company acquired 100% of the equity of Aviation Fuel International, Inc., a purchaser and reseller of aviation fuel for commercial and private aircraft, for $4,957,500 which was paid by issuance of 7,400,000 shares of FLST stock. On May 10, 2012, the Company, along with 2 partners, formed AFI South Africa LLC for the purpose of partnering with Global Aviation for brokering the sale of Fuel for aircraft in South Africa.
In September, 2012, the Company issued 2,063,550 shares of FLST stock to the partner to purchase there 20% interest in AFI South Africa which the Company valued at $5,158,875.
However, during the 3 months ended March 31, 2013, Q1, the Company reported $0 sales and total selling, general and administrative expenses of just $406,984. The word mayhave gotten out about Wagner’s conspiracy to defraud Ryan International Airlines by making kickback payments to Wayne Kepple, the former V.P. of ground operations for Ryan in charge of contracting with providers of goods and services on behalf of the company.
The news from yesterday was encouraging to see that Fuelstream apparently participated in the inaugural weekend of flights between Miami and Port-au-Prince and sees expanding into the Caribbean market as an exciting opportunity to book an estimated $1.33 million quarterly, $5.3 million annually, just on the airlines initial route. If it was just a fluff PR, at least it was enough to throw FLST stock back into the air.
About FLST Stock
FuelStream, Inc. is a development stage company that, through its two wholly owned subsidiaries, Aviation Fuel International and Fuel Stream S.A., secures fuel supplies from various vendors in the aviation and marine fuel markets.
Click here to view the SEC filings for FLST.
Click here to view the website for FuelStream.
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Big props go out to our Arizona mate from across the pond who played a big part in DDing FLST stock over the weekend. We saw .03 as being the bottom for FLST stock, but never anticipated it would be one of the hotter penny stocks so quickly after the arrest 2 weeks ago. Nice Play Mate!
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