Minerco Resources Inc (OTCMKTS:MINE) failed to find ground to continue its next flight as the company’s second-quarter results and plans to move to a listed exchange did not excite the investors. The company’s Chairman & CEO, V.Scott Vanis wrote in a letter to shareholders that the company has attained rapid growth during the second quarter of 2015.
Q2 highlights
Vanis’ letter highlighted that Minerco Resources Inc (OTCMKTS:MINE) recorded revenues of $740,000 in the second quarter as against $502,000 in the first quarter 2015. He mentioned that the revenues grew 47% quarter-over-quarter. Also, the assets of the company rose by 270% from $1,011,586 to $2,727,038 during the period between July 2014-January 15. Vanis credited the increase in assets to the acquisition of Avanzar. The liabilities of the company during the second quarter remained largely constant, showing a little variation from $4,918,192 in the first quarter to $4,946,036 in the reported quarter.
Long haul
In his letter, Vanis said that the company is actively involved in a dialogue with various representatives of the major listed stock exchanges as well as a number of underwriters. The objective behind this effort comes as a part of the company’s plan to move to a listed exchange such as NASDAQ or NYSE. Vanis noted that the company’s proven and assessable success coupled with its consistent operating performance and its ability to communicates on the lines of a Listed company has given it such aspiration.
Vanis pointed that Minerco Resources Inc (OTCMKTS:MINE) meets 7-8 criteria out of 10 to list on major exchanges. He said that the Shareholders’ Equity requirement is most demanding one for the company at present. The company’s Total Shareholders’ Equity is in deficit of $2,219,000, and there is a long way left for the company to reach its listing dreams. Investors too sensed the point as the stock of Minerco Resources Inc (OTCMKTS:MINE) fell by over 4% to $0.00650 during the last trading session.
