For a second quarter in row, New World Gold Corp (PINK:NWGC) has published financial reports showing growing revenue and income. The company, as the name suggests, is engaged in gold, yet the market doesn’t seem to care much.
Yesterday, NWGC closed down 1.11% at $0.089 with an above the average volume of 201 thousand shares. All trades were done 40 minutes into the session and even the press release about the financial results didn’t manage to bring interest in NWGC.[BANNER]
The press release was issued yesterday, but the actual reports were filed last Friday, yet as you can see on the chart, the market didn’t react. Maybe today will be different after AlphaPennyStock.com sent out a promotional newsletter on NWGC.
The promoter was paid $5,000 for this promotion, and as usual, the company is praised in the email. It is quite possible this will lead to some action on the market, but the question is why hasn’t NWGC skyrocketed after the financials were published.
Either no one believes what they have published, or no one had noticed. The latter is not true as NWGC shares have been traded in the sessions after the report came out.
It has to be pointed out that the report in question is somewhat sketchy and compared with the previous one it is obvious there is a line missing in the current liabilities section. For Q1 NWGC had a working capital deficiency, mainly due to approximately $1.3 million in accrued officer compensation and $676 thousand due to note holders. These two lines are missing in the report for Q2, which would suggest the liabilities have been paid off.
However, the $500 thousand financing from June and the income for the quarter wouldn’t have been enough to cover them. So, it is not quite clear what happened. At any rate, the market has remained unaffected by the report so far. It will be interesting to see what the promotion does for NWGC today.
