Digagogo Ventures Corp (OTC:DOGO) may not be among the most frequently traded penny stocks, yet it is not immune to pumping activities. After getting off to a flying start with a 25% price surge on Monday, interested parties launched a campaign to raise awareness for DOGO stock. Non-paid trade alerts started popping up yesterday, putting DOGO on the watch list.
Judging from yesterday’s market performance of DOGO, the advertising program seems to be doing just fine. DOGO closed the session gaining further 11.6% and hitting a two-month high of $0.279 per share. While the turnover was far from spectacular, more than half a million DOGO shares changed hands, considerably more than the daily average volume of 333K.
DOGO’s latest press release came out a week ago. Instead of providing its stockholders with some mind-blowing updates, the company chose to play it safe by revealing … an LOI. The document reflects DOGO’s intention to acquire a company owning a special software technology that can provide hosting to a great many individual web sites.
The would-be transaction is highly regarded by CEO Fernando Londe as a big step in DOGO’s attempt to build “a perpetual sales and distribution network” aiming at getting households in touch with each other using ‘virtual portals’.
The company’s core business appears to be still in its development stage. So, let us have a glance at its financial state. DOGO is a regular SEC filer, hence its place on the OTCQB market tier. As of Dec.31, 2010 its balance sheet contained:
- zero assets;
- a working capital deficit of $53K;
- no operating revenue and a net loss of $108 thousand;
DOGO estimates it will need at least $100 thousand to cover its operating expenses in 2011. Since it has not disclosed the total amount of its authorized stock yet, investors can only guess how many DOGO shares will see the light of day in the months to come.
