According to the promotional disclosures from yesterday, at least 5 promoters worked for MRES share price appreciation and volume accumulation. It seems that four of them are run by the same owner, disclosing that their compensation consists of $80,000, paid for one-week of advertising. Another promoter got $25,000, also for a one-week contract.
It is not the first time that MRES shares get promoted and the dates of the promotions can be seen clearly on the chart. This time it looks like the stock was aimed to actually upgrade the trading channel as it broke the resistance from the beginning of October and touched the 200-day moving average at $0.045. The market then closed at $0.037 for a share, or 32.14% higher than the day before that, and the trading volume reached 11.30 million shares.
Neuro-Biotech prefers giving the details about its current and planned products and sources of financing over press releases. This proven practice has been kept this week as well. The latest news about the company that had at the end of this September over $1.6 million in liabilities, all of which due in short, and $0 cash is that it has now suddenly become debt-free. The press release from Tuesday announced that MRES has repaid all the $1.125 million owed to third parties, at the cost of “hard work and administrative organisation to finance and bring to market the distribution of its products”.
The latest 10-Q of Neuro-Biotech leaves less room for interpretation of the exact terms at which that debt can be repaid. There, the company states that the amount was previously converted into shares of common stock, but the stock was then returned back to the company and canceled in June 2010. After that, MRES and the debt holders agreed on new but not further described in the report terms for the repayment. With a zero cash position, tangible assets of around $51,000 and no revenues that new terms should hardly be much different than a possible conversion into shares of common stock.
