In our latest article about New America Energy Corp (OTC:NECA), we informed you about a massive ongoing promotional spiral in support of its stock. Now, three weeks later, the same emails having one and the same content are not only arriving one after another, but are also showing no signs of slowing down.
Indeed, the notorious ‘FACT SHEET SUMMARY’ designation serves as a title to the vast majority of all emails in favour of NECA that have so far reached our promotional database. The last two of them arrived shortly before the beginning of yesterday’s session. Whether their potential to give NECA stock has gone past its heyday is evident on the chart.
NECA closed the session at $0.37 per share falling 2.6% in comparison with its pre-Christmas close. A total of 98 thousand shares of common NECA stock changed hands, which is well below the daily average trading volume of 211 thousand.
The company filed a full-blown 10-K report for the fiscal year ended Aug. 31, 2011 on Dec. 14. Although it was long overdue, the document has at least undergone a complete audit. As seen on the report, NECA’s balance sheet a/o Aug. 31 contained:
- cash and total assets of $20K;
- $12K of total liabilities;
- zero revenue and an annual loss of $692K as opposed to a net loss of $11K for the preceding fiscal year.
While NECA delayed the publication of the aforementioned 10-K, it has managed to submit a new, albeit unaudited, 10-Q for the quarter ended Nov. 30. nfortunately, it showed no signs of improvement. On the contrary, the company has accrued a net loss of an additional 107K.
At least, the very fact that NECA is constantly incurring costs indcates that it might be working on developing its lithium projects. If that should be the case, investors might be in for corporate updates in due course as this is the only way to keep their eyes fixed on NECA.
