Yesterday the stock of Digagogo Ventures Corp. (OTC:DOGO
, DOGO message board
) got its third move on the chart, this time jumping up and getting suddenly unexpected trading activity. No news has been announced, but probably investors expect such as the company filed last week to have changed its shell company status.
The company was founded in January last year, but according to the chart DOGO stock started trading in the beginning of this March. DOGO closed the last session at $0.271 for a share and with a 8.40% jump in the share price from the previous close.
Trading volume exceeded 3 million shares.
Information about Digagogo Ventures can be found in its latest SEC filings. According to them, the company has since last November a new majority shareholder, Mr. Fernando Londe, who also became in March this year DOGO's new President, CEO, CFO, Secretary, Treasurer and Director. The employment agreement is for 5 years and Mr. Londe will receive a monthly salary of $2,000. He also got a one-time bonus of 30 million shares of DOGO common stock.
Currently, Mr. Fernando Londe owns 60 million shares, or 70.58% of the company. His professional background in the communication technologies as Chief Technology Officer at two companies based in Italy sounds appropriate for Digagogo Ventures new intended business, but only the future would show if this could justify the over $23 million market cap that DOGO currently holds. Mr. Fernando Londe acquired the majority of DOGO shares (3 million pre-forward split shares) for a price of $195,000 last November.
The company now plans to develop a sales and distribution network to connect households together and enable individuals to buy or sell items within a local community. DOGO plans to generate revenues from two defined products: a household portal and a digital household network, namely it plans to charge distribution and placement fees for products offered and sold over the network.
Yet, any business model needs money to get started, and unfortunately as at December 31, 2010 the company had no assets whatsoever. Total liabilities amounted for $53,198 and they included an unsecured $2,536 loan payable to an unrelated party, bearing a 10% per annum interest and due on demand.