3 Jan 2019listing compliance notice▼ BadMajor
Endurance filed an 8-K on January 3, 2019 that only attached a press release as an exhibit. The filing itself gave no details of what the release announced.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Jan 2019listing compliance notice▼ BadMajor
Endurance Exploration Group, Inc. deregistered its securities, ending its obligation to file reports with the SEC.
12 Oct 2018auditor change● Neutral
Endurance changed auditors again, to Thayer O'Neal, after Green & Company CPAs (its auditor since 2015, with no adverse opinions) was itself acquired by another firm - an administrative change, not a disagreement.
1 Oct 2018joint venture update● NeutralMajor
Endurance formed a 50/50 joint venture, Caird Exploration, with Global Marine Archaeological Research (GMAR), paying for its half with 12M restricted shares rather than cash; GMAR contributed sonar and research data on several already-located deep-water wrecks plus rights to a further target. Endurance separately bought a roughly $3M-replacement-value autonomous underwater vehicle from GMAR.
30 May 2018asset acquisition disposition▼ BadMajor
Unable to fund development of an in-house marine salvage tool, Endurance's independent directors approved selling the tool's parts, design and engineering rights to Eldred Industrial - a company owned by CEO Micah Eldred - in exchange for reducing the company's loan from Eldred by $38,689. The company disclosed it 'does not currently have the funding or ability' to develop the tool itself.
4 Apr 2018debt financing▼ BadMajor
CEO and 42.79% owner Micah Eldred formalized a $500,000 secured line of credit to Endurance at 5% interest, secured against company assets, so the company could keep funding salvage operations - and simultaneously papered a Demand Note for loans Eldred had already been making informally since 2017. Endurance's own CEO had become its principal secured creditor.
26 Oct 2016listing compliance notice▼ Bad
Endurance Exploration Group, Inc. withdrew a registration statement, abandoning the offering it covered.
23 Aug 2016production update● Neutral
While still awaiting its pending equity raise, Endurance said it was pivoting toward lower-cost shallow-water targets outside the US (three unidentified wrecks code-named Hawky #1-3), pending government salvage permissions.
6 July 2016production update▼ BadMajor
Endurance told shareholders its 2015 SS Connaught salvage stalled after the wreck site was found entangled in industrial fishing gear beyond its equipment's capability. The company said it had filed to raise up to $2.5M and was waiting on SEC effectiveness before it could resume operations.
9 June 2015material agreement▲ Good
Endurance licensed exclusive video footage rights from its SS Connaught recovery mission to NBC News, a non-dilutive media partnership timed to the summer 2015 salvage attempt.
18 May 2015material agreement● NeutralMajor
For the SS Connaught salvage mission, Endurance signed two more insider-linked contracts: $500,000 in stock to board member Steven Saint Amour's company, Eclipse Group, for ROV crew and equipment, and a no-fee vessel charter from Overseas Marine Vessel Holding, a company affiliated with CEO Micah Eldred (Endurance covers only operating costs).
10 Feb 2015capital raising announcement● NeutralMajor
Endurance hired Freedom Investors as placement agent to raise up to $3.75M (15M shares at $0.25) to fund salvage of its first confirmed wreck, the gold-carrying SS Connaught off New England. The company noted it had already relied on personal cash advances from its own officers in 2014 to verify the wreck's identity before this raise.
What it means for a shareholder
15.0m new shares at US$0.250 to raise about US$3.8m. That's 29% dilution: every existing holder's slice gets 29% smaller. If you held US$1,000 of shares (4,000 at the issue price), your slice goes from 0.0109% to 0.00775% of the company. To keep it you'd need 1,638 more shares - about US$410 at the issue price.
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15 Jan 2015auditor change▼ BadMajor
Endurance's auditor, DKM Certified Public Accountants, declined to stand for reappointment after its reports on the 2012 and 2013 financial statements had each included an explicit going-concern qualification - substantial doubt about the company's ability to continue as a going concern. Green & Company CPAs was engaged as the new auditor.
24 June 2014material agreement● Neutral
Endurance hired Eclipse Group - a company principally owned by its own board member Steven Saint Amour - to crew a remotely operated vehicle for a New England shipwreck investigation, paying Eclipse partly in stock and partly in cash. This was the first of several related-party contracts with Eclipse and other insider-affiliated vendors.
2 Jan 2014asset acquisition disposition▲ Good
Tecton publicized the completed Endurance acquisition, describing Endurance's shipwreck-research database of roughly 400 high-interest targets and its first two active projects: the Sailfish, a gold-carrying wreck off New England, and the Black Marlin, under a government salvage contract in the Indian Ocean.
31 Dec 2013asset acquisition disposition▲ GoodMajor
Tecton found another way to monetize its public shell: it acquired 100% of Endurance Exploration Group, LLC, a shipwreck-salvage company, issuing 20.55M shares to Endurance's members (who included CEO Micah Eldred, already in control of Tecton) and converting about $291,000 owed to controlling shareholder Endeavour Cooperative Partners into 12.73M more shares. The filing confirms Tecton officially stopped being a shell company.
22 Jan 2013bankruptcy or receivership▼ BadMajor
In a late, backdated disclosure, Tecton Corporation revealed that after both its uranium options lapsed and it went dormant in 2008, a February 2011 change of control installed Micah Eldred as sole officer and director, and a $25,000 loan from Island Capital Management funded a Chapter 11 filing in February 2012 aimed at selling the shell. The US Trustee moved to dismiss or convert the case, and Tecton consented; the bankruptcy was dismissed in April 2012 without a completed reorganization.
12 Oct 2007material agreement● Neutral
Tecton amended its option on the Wapata Lake uranium property in Saskatchewan's Athabasca Basin, delaying and raising its final payment. This property was also abandoned in 2008 along with Firefly.
5 June 2007material agreement● Neutral
As Tecton Corporation, the company (then a uranium explorer) took an option on GeoXplor's Firefly uranium claims in Utah, with staged payments and share issuances due through 2010. The option later lapsed unexercised in 2008.