From time-to-time CRDNews will highlight a company we feel warrants a bit of special attention. During the month of July 2024, we highlighted a company called MineralRite Corporation (Symbol: RITE)
RITE is still trading sub-penny – but the price has been moving up recently on pretty substantial volume and that is generally a good sign. When we did that highlight, we noted:
RITE had already reclaimed millions of shares and was working on reclaiming more and – they have been doing just that – with a target of reclaiming as many as 800 million shares;
RITE had derecognized time-barred obligations of over $750,000 – and the last financials they posted showed they actually derecognized a bit more than that;
RITE had renegotiated certain convertible obligations, saving billions of shares in dilution – and it seems that the true number was roughly 1.2 billion shares; and,
RITE was expecting to post net income of $519,000 for the first half of 2024, albeit because of that derecognition – and they did that as well.
Since that highlight, we have heard RITE announce that they have engaged a PCAOB auditor. That’s an auditor who can practice in front of the SEC. We have heard all along that RITE wants to become fully reporting – well, that requires a PCAOB auditor.
We have also heard that RITE wants to re-engage with the brokerage community and do a Regulation A Offering, possibly Tier 2 – and that requires the Company to become fully reporting. To become fully reporting, a company needs audited financials.
Just recently we heard that RITE has acquisitions in its pipeline and its joint venture partners are being queued up.
The more we hear, the more interesting the story.
RITE seems to be doing exactly what management said they were going to do. Every time RITE has said something or dropped a “breadcrumb,” RITE has followed it up with performance.
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