Independence Energy (IDNGD.OB)
Independence Energy (IDNGD.OB) is a $100+ million self-recognized oil organization, that doesn’t really create any oil, and has an administration with a background marked by association in advanced organizations which experienced ensuing calamitous decrease in share price. This piece will concentrate on administration’s questionable foundation, current limited time exercises encompassing IDNG’s stock and some extra supporting proof that IDNG is being utilized as a vehicle for a Pump and Dump plan.
Its outstanding shares are standing around 357,072,547, while authorized share are at 450,000,000.
Independence Energy Corp. came into its present incarnation as a consequence of a converse merger with a recorded shell organization Oliver Creek Resources in 2008, as plot in this 8-K. Analysts highlights reverse merger organizations are regularly utilized as vehicles for extortion and the SEC has likewise cautioned financial specialists about the dangers of putting resources into converse merger stocks like IDNG in a late notice accessible here.
As indicated by its filings, IDNG was composed to investigate normal asset properties, right now in The United States.
Then, the recorded financials of the latest 10-Q demonstrate that the organization has never created any income or oil from its properties and records an unimportant $308K in resources. As indicated by the latest 10-K the main representative, officer and board executive is Gregory C. Rotelli.
The recent stock split also raised traders concerns. Since it looks bad from a business point of view and would just serve to restrain the real financing choices accessible to IDNG, analysts see the split as a manipulative activity. There is no purpose behind this stock split other than to make the stock less alluring to short. The company’s authorized shares are standing around 450,000,000.