Global Equity International Inc (OTCBB:GEQU) and its subsidiary firm Global Equity Partners Plc. a specialist consultancy entity with offices based in Dubai and London reported that their client firm International FIM SRL has finalized a $7 million term sheet, with a US financial institution.
The management view
Peter Smith, the CEO of GEP, stated that their mandate was to enable International FIM SRL to capital funding of up to approximately $9 million and subsequently help the company with expansion strategy in the automotive parts manufacturing industry. He added that they are truly delighted about having identified them the first term-sheet as this funding will be mutually helpful to both International FIM SRL and Global Equity International.
Yesterday the stock price of Global Equity gained over 1% to close the trading session at $0.0339. The stock has posted remarkable gains in last four months, supported by new agreements and deals. Global Equity managed to uplist to the OTCQB marketplace, and as of now has a market cap of over $25 million.
As per the latest financial report for the period ended June 30, 2015, Global Equity posted cash of $734, current assets of $52,490 and current liabilities of over $3 million. The revenue came at $1.14 million and net income was $372,802. No doubt the company reported a positive bottom line, but again it was a result of having stock worth $865,000 in the private firm Duo World Inc, issued in lieu for services.
Global Equity reported that they intended to retire all the convertible debt it “mistakenly” agreed to in 2014. Unfortunately, before they can follow the designed plan, 75 million shares were released through conversions priced at $0.0005 per share. Also, additional shares were issued to company’s insiders for debt payment. This resulted in a colossal dilution of GEQU common stock with the count of outstanding shares surging to 752 million in August from 36.3 million reported at the start of the year.
Global Equity International Inc (OTCBB:GEQU), while in a short term downtrend, managed to end the last trading session with a minor gain of 1.19%. The volume of the day surged to 22 million; almost triple the daily average of 7.6 million, lending credibility to the strength of the bulls. The bullish notion crops up from the structure of the daily candle, which though actually a Doji, looks very similar to a Bullish hammer primarily due to the long tail. The tail shows not only the recovery from the day low but also the bullish victory at the end of the day.