times and its volume jumped to over 343 million shares during the day. Keeping in mind that its average value totals approximately 22 million shares, that’s a phenomenal jump for GEL.Following the records, we can see that apart from the three promotions yesterday, the stock was promoted one more time over the week. Though, it didn’t reflect much on its price. However, the volume has kept its high values during the whole week.
There’s been no other news on Green Energy this month, except the announcement released yesterday. According to it, GEL has updated its intent to acquire 100% of the stock of Peck Electric Inc., that will become a wholly owned subsidiary of the company. To provoke the investors, Green Energy supported the optimistic announcement by expressing satisfaction of its potential acquisition.[BANNER]
Green Energy Live, Inc. is a renewable energy technology company focused on developing and commercializing energy conversion technologies in the field of fossil fuel alternatives. Last year, the company used to trade much higher, though since October a downtrend has occurred. Currently, the stock still keeps its low position, though its volume climbs up at full speed. Looks like the promotions and the optimistic projections don’t attract the traders much.
The latest financial report of Green Energy shows that the company has generated revenue of around $142 thousand from principal operations, though its operating expenses exceeded $1 million. By the end of this June, GEL had a working capital deficit of over $2 million, while its cash balance was about $2 thousand.
The company claims that its “primary liquidity needs are to fund our working capital deficit acquisition debt service and acquisitions” and that its primary source of liquidity is the issuance of convertible notes, which GEL expects to be converted to common shares.
In order to cover its debt and working capital deficit, Green Energy has reached a tentative agreement with Duchess Equity Fund LP, however, it is still a subject to the Board’s approval. Based on this fact and on the company’s financials, GELV will definitely need additional financing to support its operations.
