History
A dormant uranium shell became a shipwreck-salvage firm in 2013, struggled to fund its wrecks while leaning on its CEO for money, and left SEC reporting in January 2019.
2013-2014: From uranium shell to shipwreck company
The company began as Tecton Corporation, a uranium explorer whose two exploration options both lapsed in 2008, leaving it dormant. In February 2011 control changed and Micah Eldred became its sole officer and director. A $25,000 loan from Island Capital Management paid for a Chapter 11 bankruptcy filing in February 2012, meant to sell the empty shell. The US Trustee moved to dismiss or convert the case, Tecton consented, and it was dismissed in April 2012 without a completed reorganization. Tecton disclosed all this late, in January 2013.
At the end of 2013 it found another use for its public listing. It acquired Endurance Exploration Group, LLC, a shipwreck-salvage business, issuing 20.55 million shares to Endurance's members, who included Eldred. It also converted about $291,000 owed to controlling shareholder Endeavour Cooperative Partners into 12.73 million more shares. Tecton was no longer a shell company. Share counts rose to about 35.8 million by the end of 2013.
2015-2017: The SS Connaught
In January 2015 the auditor, DKM, declined to stand for reappointment. Its reports on the 2012 and 2013 accounts had each carried a going-concern warning, meaning serious doubt the company could keep operating. Green & Company CPAs replaced it.
In February 2015 Endurance hired Freedom Investors to raise up to $3.75 million, by selling 15 million shares at $0.25, to salvage its first confirmed wreck, the gold-carrying SS Connaught off New England. Officers had already advanced their own cash in 2014 to verify the wreck's identity. In May 2015 it signed insider-linked deals: $500,000 in stock to Eclipse Group, owned by board member Steven Saint Amour, for underwater robot crew and equipment, and a no-fee vessel charter from Overseas Marine Vessel Holding, affiliated with Eldred.
The effort stalled. In July 2016 Endurance told shareholders the wreck site was tangled in industrial fishing gear beyond its equipment's capability. It had filed to raise up to $2.5 million and awaited SEC clearance before resuming. The record for 2017 is thin.
2018-2019: Insider funding and exit
By 2018 Eldred, who owned 42.79%, was funding the company. In April he formalized a $500,000 secured credit line at 5% interest, and papered a demand note covering loans he had made informally since 2017. In May the independent directors approved selling the design rights for an unfinished salvage tool to Eldred Industrial, his company, in return for cutting his loan by $38,689, because Endurance lacked the funding to build it.
In October 2018 Endurance formed a 50/50 joint venture, Caird Exploration, with Global Marine Archaeological Research, paying for its half with 12 million restricted shares. The partner contributed sonar and research data on several located deep-water wrecks plus rights to a further target. Endurance also bought an underwater vehicle from the partner.
On 3 January 2019 Endurance filed to deregister its stock and end SEC reporting, citing compliance cost and thin trading. It said it would continue to trade over the counter. At that date it had about 43.8 million shares on issue at the end of 2018, and its public disclosure record ended.
Written from the 11 story beats below (2013 to 3 Jan 2019), which come from the company's own announcements and filings.