TRCH - Torchlight Energy: We Believe Its Orogrande Project Is Worthless Management Has A Questionable Past - 90% Downside
Introduction
We are short Torchlight Energy Resources, Inc. (TRCH) because we believe it is a classic pump-and-dump run by a questionable management team in our opinion, with some of the leadership having previous run-ins with securities regulators.
Since commencing operations in 2013, the company has generated only $10.7 million in revenue while incurring $52.8 million in operating expenses and paying $14.4 million in interest expense, for a cumulative net loss of $83.9 million. Given those numbers, a reasonable question may be: how did this company make it through the in-depth due diligence the SEC requires