Yesterday, before the markets opened Inergetics Inc (PINK:NRTI) issued a PR claiming the company had a contract with the United States Military Academy in West Point, New York. The price more than doubled.
NRTI gained 131.25%, closing at $0.0037 per share. The volume was 73.5 million shares.
While the news is huge, the volume is somewhat disturbing. According to NRTI’s latest financial report and to information on its website, the outstanding shares of NRTI are some 23.7 million. Yesterday’s results clearly indicate this number is not correct.[BANNER]
The report shows NRTI had 2 billion authorized shares, and two series of preferred convertible shares with approximately 65 thousand issued each.
Still, the news is very exciting, even if there are no details about the contract. Additionally, there is no 8-K about the event yet.
The incorrect number of outstanding shares is not the only discouraging thing about NRTI’s 10-Q:
- $733 cash
- $280,954 total current assets
- $9.8 million total current liabilities
- $71.7 million accumulated deficit
The negative financial situation and the OS aside, if the claims in the PR are true, NRTI could be on its way out of the mess it apparently was in after Q1 of 2011.
