Yesterday, Searchlight Minerals Corp. (OTC:SRCH) stock reported the third consecutive session with an increase in the share price. Unfortunately, it is only the positive chart to be pointed out as the company keeps issuing no news directly related to its business. 
SRCH closed the last trading session at $0.84 for a share on a trading volume of 194,444 traded shares. That activity is substantially lower than the daily average for the past three months, and it is only a small part of the volume generated on Monday. The chart suggest market consolidation, probably in expectation of the restated financial reports of the company.
On Friday, SRCH filed an 8-K which said that the annual reports for 2010, 2009 and 2008, as well as for the period ending March 2011, June 2011 and September 2011, should not be relied upon. Changes in the new statements would concern the valuation and the accounting of certain warrants issued by the company in past years. Namely, the terms of these warrants had subsequently been amended and the amendments had not been properly reported by the company’s accountants.
Though SRCH had over 27.3 million outstanding stock options and warrants at the end of September 2011, and the changes in their value could have a significant impact on the numbers in the company’s financial reports, it still remains only a matter of accounting. Thus, nothing should change about the company’s operations and cash flows, which show so far no revenues and huge losses.
