Since the beginning of last week, NACF stock is steadily going up and it has formed an already seen pattern. It turns out that the company plans the next “promising” project. With $24,000 of cash in the bank and over $4 million in debts, National Clean Fuels announced that it would now build a “biomass-to-electricity” plant in Mississippi, partnering with the City of Port Gibson, where the plant would be located and would “generate electricity by gasifying sawdust and woodchips to power a massive turbine”.
Looking at NACF previous performance though, the over 200% gain of the share price in the last two weeks was maybe to be expected. The previous plans from the end of August were to grow in the solar energy market and a corresponding acquisition of a Chinese solar technology company was also announced. But so far, the only thing that actually grew remains the share price, which got 700% higher in two weeks and then lost the gain in less than two days. Yesterday, NACF jumped by 56.8% and closed at $0.168.
The company has no SEC filings. According to the published on the OTC markets unaudited reports, all NACF assets consist of equipment valued at $2.6 million, along with the above mentioned cash. That should be the carrying value of the acquired last October “dormant biodiesel facility in Poteet, Texas”, for which the company paid through the issuance of a note payable over $3 million.
Since its inception, NACF has never had any revenues, has not incurred any research or development costs though still in the development stage, but has spent over $5.6 million for general and administrative expenses. Regardless of that, the stock chart shows that NACF share price was around $10 by the end of last year.
