Friday’s volume and price action suspiciously reminded about the day on which the first for this year paid stock promotion for AMNG was disclosed. Exactly two weeks ago, three different stock promoters disclosed to be receiving $5,000 each to advertise AMNG to investors. The record trading volume for the stock on that first promotional day could not be topped on Friday, but still over 100 million shares were traded and the total price jump was 19.03% to a close at $0.0358.
It seems that only the press release at the end of the week must have attracted the buyers to the market. AMNG announced that its “subsidiary” PanPacific International has launched an interactive electronic travel network for hotels throughout China. Though, as AMNG has never filed any reports with the SEC, it sounds much more probable that the largest part of the recent interest is only of a speculative nature.
Interestingly, before being able to visit AMNG’s official corporate website, those interested are asked to read and accept a disclaimer related to the risks of investing in the company’s stock, as if that were their main field of business.
Further, no revenues are to be seen in AMNG’s annual report submitted with the OTC Disclosure & News Service and no concrete plan where they could come from in the future. The nearly $3 million in assets consist of around $1,000 in cash and the rest is some multimedia enhancement software reported as “intellectual property”. The largest part of the assets is an investment made in May this year.
Then, the company entered into a Joint Venture Production Agreement with a company named Panpacific Business Limited. The only thing mentioned about this agreement is that AMNG will receive 50% of the profits in three scheduled concerts in Hong Kong, for which the company paid with 60 million shares of its restricted common stock valued at $2.4 million, a value as already mentioned, added to AMNG’s assets.
On the other side, AMNG has $2.6 million in liabilities, consisting of loans from shareholders and two debentures. This way of financing, along with AMNG’s inability to pay in cash for certain services received, resulted in the issuance of over 333 million shares of common stock only for the year ended this June. Thus, the number of common shares outstanding increased in that period from 18.5 million to nearly 352 million.
