While it is always amusing to investigate the financials of pump & dumps, which are invariably horrible, Bryn Resources (Pink: BRYN) has to take the cake. BRYN is the new PennyStockChaser pump. The stock has almost quintupled from $0.04 to $0.19 in just two days, giving the company a market cap of $20.4 million.
What do investors idiots get for $20.4 million? They get a company with no revenues, no sales, and no assets! BRYN does not just lack a positive book value, it has no assets whatsoever. No cash, no property, no accounts receivable, no inventory, no prepaid expenses. Of course, like any crappy company, BRYN has plenty of liabilities and it thus has a negative book value of $648,000.
See the quarterly report here.
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