When First Corp. (OTC:FSTC)
filed a PRE 14C Form with the SEC on Apr. 3 announcing that stockholders had given managers the green light to execute the Securities Subscription and Option Agreement with Gecko Landmarks Ltd., no one seemed to care about that as FSTC stock was never traded on that day.
Today, the company has reissued the news, this time in the form of a corporate press release. In addition, there is a full-blown promotion worth a total of $10,000 which is expected to boost FSTC's market value during the forthcoming session.
Yesterday, the company which used to explore for precious and base metals until 2008 barely shifted 250 shares without changing a whit. In the end, FSTC stock remained stuck at its Tuesday close of $0.60 and failed to even partially make up for its Monday loss of 19%.
While FSTC used to pursue a definitive business goal until 2008, the current situation about the company is much more vague. In fact, prior to the acquisition of Gecko Landmarks Ltd., the company seemed to have disappeared into the blue for quite a while sticking to a closed-door policy. At least, this problem appears to be fixed now.
When FSTC finished the fourth calendar quarter of 2011, it had:
- cash reserves of $14,447;
- negative working capital of $245K;
- zero revenue and a net quarterly loss of $66,734, as well as a cumulative net loss of $1.13 million incurred since inception.