On Wednesday, 1ST GLOBAL FINANCIAL CORP (PINK:FGBF) hit a phenomenal gain of 86%. However, yesterday the climb was 
suddenly broken on the shocking traded volume of over 1.8 million shares. What’s happening with FGBF?
Historical data shows that the company has not released any news on its business recently and no one is familiar with its operations. Thus, the current chart movement of FGBF cannot be explained.
The last news on 1st Global came up in mid-August, when they reported the purchase of two lots in Newfoundland, Canada. The company has paid $350.000 for the lots and planned to expand its operation beyond the North American Continent. Though, since that time no news on FGBF was to follow. [BANNER]
1st Global Financial Corporation aims to create strategic partnerships with individual and institutional owners of property portfolios and to finance their acquisition. However, according to the company’s 10-Q report for the period ended June 30, 2011, its financials are too far from satisfying. The results are as it follows:
* $2,384,073 total assets
* $3,676,635 total liabilities
* $1,292,562 stockholders’ deficit
* $0 cash
So far, so bad. And if we consider the accumulated deficit of $14,548,325, as well as the lack of revenues, the situation looks totally disastrous. At the same time, 1st Global claims it has spent $350.000 for new lots with no reasonable explanation.
In other words, while operating under a going concern, the company is spending money that it hasn’t earned yet.
