Anastas Gegov

Lithium Exploration Group Inc (OTCMKTS:LEXG) Gets Corrected

by Anastas Gegov November 11, 2015

Lithium Exploration Group Inc (OTCMKTS:LEXG, LEXG message board) had an explosive start of the month in which it managed to log in some impressive gains. The gains came after a newsletter was distributed by the company CEO and we also saw a serious increase in daily volumes.

 

Meanwhile, we are still waiting for the next financial report of the company to become available. LEXG is currently marked as OTC Pink Limited Information as the latest quarterly that the company has filed covers the first three months of this year. The numbers contained in it don’t look very promising either.

 

  • cash: $59 thousand
  • current assets: $115 thousand
  • current liabilities: $1.2 million
  • quarterly revenues: $16 thousand
  • quarterly net loss: $1.1 million

 

And even though the company announced that they are “busy completing our annual audit, which should be filed in the next few days” over a week ago we still haven’t seen any results. In light of that, it’s not really surprising that LEXG began to correct itself.

 

After the climb that led it to $0.35 after the final bell of Monday’s session we saw the ticker lose a hefty 25.71% of its value in yesterday’s trading and close at $0.26. A total of 1.31 million shares were traded and generated $504 thousand in daily dollar volume as investors were rushing out before incurring more severe losses.

 

LEXG is still sliding in today’s trading and has already reached a low of $0.19. It has managed to regain some ground, however, and is currently sitting at 25 cents per share, having lost 3.85% of its value. Doing your due diligence and weighing out the risks before putting any money on the line is absolutely crucial.

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