Yesterday, the stock of Lithium Exploration Group, Inc. (OTC:LEXG
, LEXG message board
) registered one of its best performances for the last couple of weeks. Today's session will, as it seems so far, follow suite.
Closing at $0.76, LEXG went up $0.069, or 9.99%, its highest market value since Mar.
16. Investors' interest in LEGX was emphasized by the 564 thousand shares that changed hands yesterday, the company's highest turnover since November 2011. Today, 34 minutes into the current session, LEXG has already gained 9.87% on a volume of approx. 29 thousand.
LEXG is not promoted, at least for the time being. And even if it was, no one would take it seriously, especially considering what happened last April. Nor has any news come up to provide a reasonable explanation for LEXG's awakening on the charts. As it is, what is happening with LEXG stock right now could easily be attributed to insiders or market makers.
Although the company's cash reserves go beyond the $0.5 million mark, its current liabilities are twice as big as its current assets bringing about a current ratio of 0.49. What is more, with a stockholders deficit of $593 thousand and total liabilities of $1.56 million, the company could hardly be able to raise any external capital unless it has a commercially viable proof of concept which, reality shows, it has not figured out yet.