Lithium Exploration Group Inc. (fka LEXG)

[chemist72]

Any start-up company relying on public financing has to raise capital by "selling" a potential product idea that they are developing to interested investors. They can do this in any number of ways, but this particular company, LEXG, has been making promises now for more than 3 years regarding a product that still (as far as we know) has not been fully developed and/or tested.

In the meantime, LEXG has racked up nearly $6M in current liabilities and has nearly no cash according to their last 10-Q financial statement. They have had several reverse stock splits over the past 3 years and have always raised capital by continuing to issue shares of stock over that period. About a year and a half ago, the CEO said that the company would be debt free soon and indeed at one point in 2015, their liabilities were less than $1M. However, since then as you can see from their SEC filings, debt has ballooned again to almost $6M. So until they actually have their first sales (or rental) contract in hand I would not give them a single penny of my hard earned cash for what has been up to this point nothing but a "pipe dream".