According to our database, a total of $219 thousand was spent on the pump for Colorado Gold Mines f/k/a Cascade Springs Ltd ( OTC:CGLD ). This, you would agree, is a huge amount for a promotion on any company, especially when there's little evidence to suggest that CGLD are actually onto something. So, how did they fare? We wrote about them on March 5 when the promotion was just getting started. On that day they lost 19% of their value. The next trading session saw them lose an additional 22% and yesterday the ticker calmed down a bit wiping out only 2% of the price. In all, about half of CGLD's value is gone, which means that the $219 thousand that was spent on the pump went to waste. [BANNER] That's a real shame since CGLD would have been a lot better off if they were the ones who got this amount. As we wrote in our previous article, CGLD are in a deep financial mess and there is little to suggest that they will get themselves out any time soon. Here are the most important figures from their quarterly report once again: cash: $25 total assets: $25 total liabilities: $160 thousand revenue: $0 net loss: $13 million The astronomical net loss is due to the fact that they have canceled some shares recently, which could raise the value of their shareholders a bit, but it will have a very short term effect since CGLD have not started their operations yet. With assets comprising of nothing more than $25 in the bank, we're struggling to see how they will manage to get the ball rolling. They don't seem to be all that worried, though and they are quite happy to tell us that they have signed an agreement which grants them the option of acquiring some mining claims near Las Vegas. We read the agreement quite carefully and we saw that in order to execute the option, they will need to pay a total of $500 thousand by March 15 and by the end of August, they will need to have $2.5 million to invest in the mines. We're not sure how this will happen. All in all, with just $25 in the bank, all they can do is continue on their downward trend that started in January. Until then, the ticker was all but dormant and the start of the free fall coincided with the start of the pumps. The chart reveals that in a matter of just three months, they have dropped from around $0.75 per share to just $0.10. At the same time they swapped their office and instead of a shed in the middle of nowhere , they now have a luxury home in Las Vegas . There is absolutely nothing that can be said about CGLD that could make them look as an even remotely viable investment alternative. What really bothers us is the fact that instead of trying to find a way to finance their future operations, CGLD prefer to pump the price of their shares through optimistic press-releases and find themselves constantly promoted by newsletters with shabby track records. To give you an example of how badly things could go wrong for promoted companies with little or no operations, we dug out the chart of Graphite Corp ( PINK:GRPH ) who got recently pumped by Awesome Stocks , the last newsletter to send an email about CGLD yesterday. As you can see from the chart on the right, things have gone horribly wrong both for GRPH, and especially for the people who believed the emails.