The penny stock of Green EnviroTech Holdings Corp. (GETH) is finally a candidate to add to the watch list now that they removed Asher Enterprises debt. Nearly a month since reporting their earnings for the period ended September 30, 2012, GETH stock is finally a candidate since the debt has been satisfied. While CEO Gary De Laurentiis may be happy they were willing financiers during 2011, traders can now speculate on better days for the recycled commercial plastics focused company.
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GETH Stock Chart
Market Cap: 1.10M
Last: 0.008, 0.0025 (45.45%)
Volume: 1,663,983
Dollar Volume: $10,436
High: 0.008
Low: 0.005
Trades: 21
Average Trade Size: 79,237
Authorized: 250,000,000
Issued and Outstanding: 249,958,471
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Because Asher Enterprises, Inc. filed for a conversion of $7,500 of default debt into 2,205,882 common shares of Green EnviroTech Holdings Corp. and had them issued to them on October 5, 2012, the authorized shares were virtually equal to the outstanding shares. So even though it looks for right now that no further dilution will occur on the revenue-less waste plastics Company, they are in the process of amending its Charter to facilitate the authorization of an additional 250,000,000 million shares of common stock bringing the authorized shares to a total of 500,000,000.
So, Asher may have been satisfied, but they still have a ton of GETH stock and are gonna walk her down to 0.003, the break even number as per the last convertible note. However, getting Asher off your books is like getting the elephant in the room out in the open or the monkey off your back. It’s like getting the privacy you need to let those built up bean burrito built-up gasses releases as your elevator passes the 3rd floor on the way to the lobby. In short, GETH stock is good now that Asher is gone.
Once the Authorized shares are approved, expect to see them back for another round of financing which is when you can exit the elevator and let the next poor soul deal with the aftermath.
Our GETH alert was issued at 0.007 (see here). A good entry would be near where Asher got it, 0.003.
About GETH Stock
Green EnviroTech Holdings Corp., formerly known as Wolfe Creek Mining, Inc., is a development stage waste plastics recovery, separation, cleaning, and recycling company. The Company intends to supply recycled commercial plastics to industries such as the automotive and consumer products industries, and plan to construct large-scale plastics recycling facilities near automotive shredder locations nationwide.
Last 4 Trading Sessions:
| Date | Last | Change | % Change | Volume |
| 11/15/12 | 0.0055 | +0.0015 | +37.50% | 716,800 |
| 11/14/12 | 0.0040 | -0.0020 | -33.33% | 309,500 |
| 11/13/12 | 0.0060 | unch | unch | 292,000 |
| 11/12/12 | 0.0060 | +0.0023 | +62.16% | 356,500 |
Click here to view the SEC filings for GETH.
Bottom Line: GETH is a superb short-term penny stock play for Friday. Last week, Freeze Tag did a similar move by wiping Asher off the debt portion of their balance sheet and subsequently saw FRZT stock surge over 200%. GETH stock is one to watch today for entry, especially if you have level 2.
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