Yesterday, Amerilithium Corp. (OTC:AMEL
, AMEL message board
) lost almost 8% on its price, despite being regularly promoted. Unlike its price, this
time the traded volume of AMEL hit over 535 thousand shares at the end of the day. Looks like the recent promotions were not enough to support the stock and investors started losing interest in it.
Except all the promotions, last week Amerilithium reported the positive results from the additional exploration of its Lithium project in Nevada. The company announced that the report on the project was to be released on the 13th of September, however, no further information on it can be found yet.
Amerilithium Corp. is an exploration-stage mineral exploration company working in the field of the global Lithium industry. The company has quite a fancy website, though, it has supported its stock mainly through series of promotions.
In May this year, AMEL used to trade at $1.80 per share, however, after that the price fell under $1. In the meantime, its traded volume was flying up due to the promotions and the positive releases by the company.
The financial report of Amerilithium shows that it has not generated any revenue and gross profit since its creation, though it has incurred increasing net losses and huge expenses. The company has registered more assets than liabilities, however, its stockholders' equity is progressing up, presently reaching over $7 thousand.
According to its 10-Q report, by the end of this June AMEL "had suffered losses from development stage activities to date" and now the company is out of cash. Currently, despite its efforts to support itself, Amerilithium keeps moving down and its future cannot be predicted.
In that case, we can only repeat the claim of the company, that "Our ability to continue in existence is dependent on our ability to secure additional funding and comment full scale operations".