32 700 000 for 2 – the almost exciting Tuesday of US Natural Gas Corp.(PINK:UNGS). There is much coming out these days, concerning this pink sheet. The stock still floats in sub-penny levels, however, the right catalyst that could push it out of there is yet to come. 
So, as mentioned, an all-time high. Almost 33 million shares exchanging hands, making up for just 2% increase in the stock price this Tuesday. This hype is the combined result of positive news and optimistic promo newsletters. Actually, just one newsletter. Came out yesterday morning, costing $5k to the third party and managed to focus some attention on UNGS. As did the news, obviously. Yesterday, the company announced that an acquisition of 25 oil wells has been closed. Just this morning, another one came out – US Natural Gas Corp initiates natural gas development project in Kentucky. Good news, overall.
News, however, especially in the pink sheet world usually tend to create a different notion that the one a person might get from reading the financial statements. UNGS is a good example. Below are stated some figures, extracted from its latest 10-Q with an end-date March,31,2011: [BANNER]
- $2.8k in cash;
- $264k in accounts receivable;
- $483k in total current assets;
- $2.3 million in total current liabilities;
- $2.8 million in accumulated deficit;
- $167k in net loss;
Not the most optimistic financial data out there. Not the worst, either. Actually, the above figures are for the most part better than the ones at the end of 2010. Also, companies like UNGS are set to burn money for some time, before they make it up to success, if ever. Yet to see what this enterprise could do.
