After a 16.36% loss on Tuesday, Mustang Alliances, Inc. (PINK:MSTG
, MSTG message board
) got back on track. However, yesterday it kept its chart
position from Wednesday to close at $0.50 per share. Yet, traded volume of MSTG jumped up, reaching 783 thousand shares for the day.
Nevertheless, the next move of the stock is hard to be predicted as any announcements on Mustang's present activities are missing. The last news came up on Nov 1 when MSTG reported that it has dismissed its principal independent accountants by notifying Wolinetz, Lafazan & Company. Though, since then nothing further was announced.
The situation got even more questionable when Mustang reported that its quarterly report was not ready on time. On Monday, the company filed a notification of late filing for the quarter ended September 30 this year and did not specify when the results will be released.
In this case, what's left to discuss about Mustang? At this point - only old data that might be not reliable at present. And even if it were, the previous 10-Q of MSTG is rather discouraging. Especially, when looking at the negative stockholders' deficit, the increasing accumulated deficit and the higher amount of liabilities.
All the above-mentioned facts can easily explain the going concern consideration for Mustang and its future operation.