Six days ago, the Depository Trust & Clearing Corporation (DTCC) issued an official notice by which it deleted the CUSIP accounts of a couple of pink sheets, one of which was Green Energy Live, Inc.(OTC:GELV). Thus, its positions from the Continuous Net Settlement System (CNS) were removed.
Rumour has it that this decision was based on suspicions about a possible pump-and-dump scheme in which GELV stock was also involved. While the move was not automatically followed by any SEC restrictions , it was GELV that voluntarily suspended its reporting obligations with the Commission on the very next day, Feb. 23. As a consequence, it was probably the last really dynamic performance of GELV stock on the market for a while. Keeping its value at $0.0002 per share, the traded volume skyrocketed to a staggering 213.5 million, marking a ten-fold increase over the average value.
President and CEO Gerald Danos has only been in charge of the company for six weeks now, yet he somehow managed to create utter confusion among GLEV stockholders. Some of them have already started calling the company a scam over at iHub. Others foresee a major change in the structure of the company. Still others go even further suggesting that a whole new entity is in the works.
No matter which hypothesis turns out to be the pure truth in the end, presently Green Energy Live, Inc. claims to have developed a unique technology which could be used for creating special conversion systems capable of turning animal waste into renewable energy. The undertaking is supposed to be in favour of all livestock farmers.
While GELV seems to be full of good intentions, its financial state can hardly ensure that they will be carried out in the best possible way. The latest Q3 financial report covering the period ended Sept. 30, 2010 indicates:
Since last week's events put the company in a more negative light, its future moves will be crucial for all interested traders holding GELV stock.