When you try to divine the future in a gypsy’s crystal ball, things are usually obscured by a lot of mist. The case with the latest developments around Toron Inc. (OTC:TRON) may be similarly hazy.
Yesterday TRON got another round of promotions by pumper newsletters who have been paid $100 thousand by a third party. The pump effort coincided with a company press release, stating that they have finally received their long-awaited geological report on the Tiblemont Gold Property, acquired by TRON. Any specifics from the report, however, are veiled behind half-formed promises of potential and not a lot more.
The company is run by a Mr. Michael Whitehead, a gentleman of many talents, who is CEO, CFO, President ans sole Board Member all at once. This fact is brought into new light when investors doing their due diligence examine the latest 10-Q of TRON. The document states that as of April the company was indebted to its President and Director (listed separately, even though they’re the same Mr. Whitehead) in the amounts of, respectively, $13 thousand an $10 thousand.
While Mr. Whitehead may find it reasonable to pay himself consulting fees with his investors’ money, being the company’s CFO as well, traders may think otherwise.
The financial information from the 10-Q is a sad sight as well:
- Zero revenues since inception in 2008
- Net loss of $1.4 million for 2012
- $4 thousand in cash assets
Potential investors may want to be careful with TRON. While its stock did try to move up yesterday, the close was virtually back at the previous close value, which was already abysmal. The previous round of paid pumps touting TRON stock dates back to the end of May 2012. The outcome of those was a plunge of 43% and it kept sliding further.
Traders looking into that crystal ball may just want to make sure they don’t get lost in the haze.
