Whether you’re looking to invest in FOREX or penny stocks, research is 99.99% of the equation with 0.01% being the “luck factor” of any trade you plan to execute becoming a successful one. Such is not the case for those who have spent all of last week banking gains off the momentum International Global Exchange (OTC PINK: IGEX), an innovative provider of financial, advisory, funds management, and investment services globally, threw up on the boards. With filings that make no sense and have not even been authorized by the company account, IGEX stock is an animal all its own and traders could expect to hear it roar even louder this week based on some rumors that were floated around over the weekend.
Indo Global Exchange has, for the most part, been a disaster when it comes to executing their business model of being an innovative provider of financial, advisory, funds management, and investment services globally. Having booked revenues of $ 482 and $ 9,164 for the three and six months ended January 31, 2015, the numbers are simple pitiful when you consider the first thing you see on their website is how if you deposit $10,000, they will credit you up to an additional $20,000 to use for trading with them. In reality, they would have been better off selling deep fried bananas in the street s of Jakarta, Indonesia where the company hails from.
The last time anything publicly was disseminated by the company was in May when John O’Shea, IGEX CEO, commented about the company’s current filing status with the SEC. Speaking about the period ended January 31, 2015 by saying “We believe this illustrates our commitment to corporate governance and financial transparency,” O’Shea followed with “There are new business opportunities in development, soon to be rolled out which I will inform the market on over the next few weeks.”
Nothing has come out since that, yet some who had been in contact with Indo Global Exchange shared some info that news was due to come out in August which could only be expected to be similar to their May news. On July 15, the company filed an 8K saying TAAD, LLP, their independent registered public accounting firm, never authorized the quarterly report for the period ended April 30, 2015. In reality, when you begin to check out the share structure, it really wouldn’t matter if they did or didn’t authorize it.
According to OTCMarkets, there’s 100,000,000 shares authorized and 72,493,750 shares of IGEX stock issued and outstanding. When checking with the SEC filings, authorized or not authorized, there are 100,000,000 shares authorized, but there are 487,588,928 issued and outstanding as of April 30, 2015; an increase of nearly 100,000,000 since their “current status” filings from the three month period ended January 31, 2015.
With the true share structure being the FUBAR situation that it is, it states in the “unauthorized” recent filing that, o April 9, 2015, the Company issued 90,000,000 shares of IGEX stock to settle a $10,000 debt with two unrelated parties. Mathematically speaking, that’s 90,000,000 IGEX shares at $0.00011.
Right number of shares, wrong number of shares, $0.00011 shares issued in April… no one can deny the fact that IGEX stock was green all of last week, gaining as much as 480% during the 5-day span. After having reached the peak price of 0.0029 at the start of “power hour” on Friday, a follow through this week to test the 3’s and possibly even the 4’s has penny stock traders chomping at the bits to see if this momentum monster can keep roaring up the charts.
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