Anastas Gegov

How Long Can Lithium Exploration Group Inc (OTCMKTS:LEXG) Climb?

by Anastas Gegov May 19, 2016

Lithium Exploration Group Inc (OTCMKTS:LEXG, LEXG message board) began to descend the charts more steeply in the end of March and has since lost quite a lot of its value, almost dropping in triple zero land. The first half of this month saw LEXG close a single session in the green and the daily volumes increased significantly.

 

By now LEXG has lost quite a lot of its value, but the company’s actions have also had a hand in that. Let’s not forget that the company performed a 1-for-20 reverse split back on February 25, 2015 and another 1-for-200 reverse split on September 30, 2015. And while LEXG was busy executing reverse splits it doesn’t seem like the company is too keen on filing its latest financial report, so we have the numbers are the end of the fourth quarter of last year to work with.

 

  • cash: $14 thousand
  • total assets: $40 thousand
  • current liabilities: $3 million
  • revenues: ZERO
  • net loss: $78 thousand

 

Those clearly are some sad results and it’s no surprise that LEXG had taken such a firm downward direction recently. Some optimistic press releases from the company, however, changed that. Last week LEXG issued some fluff PR in order to boost investor confidence and it seems that things worked out well for them.

 

The May newsletter that was issued just before the weekend gave investors enough time to get overly excited for the start of this trading week and we saw LEXG burst out with a massive 245.46% gain in Monday’s trading, registering record volumes. Tuesday saw the ticker climb another 29.76% on an even bigger volume.

 

It seems, however, that things might change rather quickly. Yesterday LEXG gained 7.48% on one third of Tuesday’s volume, generating only $121 thousand in daily trade value. Things are going even worse today as LEXG is already 26.41% in the red, sitting at $0.0039 per share.

 

It would seem that investors have remembered that LEXG’s authorized share count is a massive 10 BILLION, which will leave plenty of room for dilution. Not something that hasn’t happened in the past already.

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