Yesterday, New America Energy Corp (OTCMKTS:NECA) was in the news after the kitchen and bathroom countertops and cabinetry companymade a key announcement with regards to its financial statements.
Trading Data
On Tuesday, NECA stock fell 14.29% to $0.0006 with 153.50 million shares, compared to its average volume of 129.67 million shares. The stock has moved within a range of $0.0005 – 0.0007 after opening trade at $0.0007.
Third Bench Financial Statement Overview
The announcement did not come as a boost for the New America Energy Corp as it suffered from a strong selloff and ended the day with a decline of as much as 14%. The statement from the company was in fact a clarification with regards to the financial statement of New America Energy Corp. It should be noted that the company is all set to be renamed to Third Bench.
The clarifications provided by the company on Tuesday were in relation to the 10Q and 10K financial statements. It was further noted that at this point in time the financial statement are far more streamlines.
On the other hand, New America Energy Corp also announced that it was going to hire more accounting professionals so that the financial statements are in the best possible shape. While the clarifications may have been quite welcome for many investors, it did not lead to any optimism about the New America Energy Corp stock among investors on Tuesday. It remains to be seen if it can bounce back.
Technical Data
NECA stock is trading below the 20-Day and 50-Day Moving averages of $0.0006 and $0.0007 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0012.
