For the second consecutive day, the penny stock of Kenergy Scientific, Inc. (KNSC) is not fooling around after their “State of the Union” address issued prior to Mondays session. The last time the Company issued a news release was on or about August 8 2013 which is a good reason why traders had left KNSC stock alone. Knowing now that their SparX Business Media Inc. division has some customers in the energy, beverage and agro industry space and is entering into the marijuana industry (just like every Mom and Pop OTC ticker), two consecutive days of over 1 billion shares traded is a pretty good reason to be watching what happens next.
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KNSC Stock Quote
Market Cap: 7.83M
Last: 0.0015 ▲ +0.0009 (+150.00%)
Dollar Volume: $1,533,742
Issued and Outstanding: 5,217,475,719
14-Day Rel Strength: 88.04%
1st Resistance Point: 0.002
1st Support Level: 0.0007
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Yesterday, when Kenergy Scientific addressed the public with their update, the inclusion of the word “marijuana” is sure to have sparked off the rally behind this troubled, toxic financed company in years past. If you try to make heads or tails of the most recent Q filing for the 3 months ended September 30, 2013, beyond the incredible increase in revenues, trying to figure out who lent what when to who for how many shares will give you a migraine.
Between March 5, 2012 and June 11, 2013, Kenergy Scientific amended their Certificate of Incorporation three (3) separate times to increase the number of authorized Class A Common Stock Shares. First they increased the total number of KNSC stock authorized from 125,000,000 to 625,000,000, then a little more than 8 months later, increased that to 4,000,000,000. When that wasn’t enough, on June 11, 2013, the most recent increase was effectuated: 10,000,000,000.
Now, somewhere along the line (actually it was in July, 2013), Kenergy dropped the idea of selling solar powered products and focused on SparX Business Media Inc. – their main line of business now. However, for the 3 months ended September 30, 2013, the Company booked $202,174 as revenues which stemmed from Shell sales and IR deals.
In any case, KNSC stock, as diluted and toxic as it is, is on fire all because of one paragraph from the “State of the Union” address:
Over the last 6 months the Company has been developing a media portal that will service the very lucrative marijuana industry. The portal is in its final stages of completion. The Company expects to launch the portal shortly. The Company foresees advertising revenues to be the main initial driving force. Other appropriate expansions of this marijuana division are planned.
About KNSC Stock
Kenergy Scientific, Inc., through their wholly owned media company, Sparx Business Media Inc., is a development stage company focused on providing clients cutting edge marketing solutions driven by results.
Click here to view the SEC filings for KNSC.
Click here to view the website for Kenergy Scientific.
Last 5 Trading Sessions:
The move away from a failed solar powered product sales concept to a more lucrative business plan, for penny stock traders at least, which includes marijuana is paying off for KNSC. If the Kenergy can defy Scientific data that oversupplied demand tends to create a weakened price, then KNSC could test their resistance of .002 only because it’s the top volume OTC ticker at the moment.
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