11 Jan 2022auditor change▼ Bad
Fuse Group dismissed auditor Prager Metis; its prior reports had again flagged going-concern doubt and the same internal-control material weaknesses persisted.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Dec 2021late filing notice▼ Bad
FUSE GROUP HOLDING INC. notified the SEC that its annual report would be filed late.
1 Oct 2021capital raising announcement● Neutral
Fuse Group amended its March 2021 filing on the E-Mo Biotech deal to state that E-Mo is a start-up, development-stage vaccine, immunological treatment and diagnostic research company with no commercial sales. The deal terms are restated unchanged: 100,000,000 new shares to the sellers, of which 57,250,000 go to Qiyi Xie, who would hold 31.97% and become the largest shareholder ahead of Landbond. This is a disclosure clarification only. It does not state that the deal closed; the company's earlier context records the deal as terminated in September 2021.
1 Oct 2021material agreement termination▼ BadMajor
The E-Mo Biotech acquisition collapsed - the parties terminated the deal without it ever closing. In the same filing, Fuse Group disclosed it would restate its March and June 2021 quarterly financials after its auditor found an accounting error in how it had booked the shares issued as a deposit for the (unrelated) Mexican mining acquisition.
28 Sept 2021capital raising announcement▼ Bad
Fuse Group amended its February 2021 filing on the Mexican mining deal to say that Portafolio en Investigacion Ambiental owns only concession rights to explore five mineral locations, with no business, no mining operations, no sales contracts and no permits or licenses beyond those concessions. The terms are unchanged: 14,285,715 new shares to the five sellers. This tones down the earlier description of the target as a company that owns five mines. The amendment also deletes the second paragraph of Item 1.01 in the original filing.
16 Aug 2021quarterly activities report● Neutral
FUSE GROUP HOLDING INC. reported quarterly revenue of $150 thousand and net income of $20 thousand for the period ended 2021-06-30.
11 May 2021quarterly activities report● Neutral
FUSE GROUP HOLDING INC. reported quarterly revenue of $250 thousand and net income of $46 thousand for the period ended 2021-03-31.
22 Mar 2021securities registration● Neutral
FUSE GROUP HOLDING INC. filed notice of an exempt private placement.
17 Mar 2021capital raising announcement● NeutralMajor
Weeks after its Mexican mining deal, Fuse Group announced a second, much larger acquisition in a completely different field: 100,000,000 new shares to buy E-Mo Biotech Holding, a biology R&D company - a deal so large it would hand control of Fuse Group to E-Mo's largest owner (about 32% of the combined company), surpassing longtime majority shareholder Landbond.
16 Feb 2021capital raising announcement▲ GoodMajor
Fuse Group agreed to acquire Portafolio en Investigacion Ambiental, a Mexican company owning five mines, for 14,285,715 new shares - its first real move into operating mining assets after years as a shell/software company.
8 Feb 2021quarterly activities report▼ Bad
FUSE GROUP HOLDING INC. reported quarterly revenue of $100 thousand and a net loss of $80 thousand for the period ended 2020-12-31.
10 Aug 2020quarterly activities report● Neutral
FUSE GROUP HOLDING INC. reported quarterly revenue of $200 thousand and net income of $52 thousand for the period ended 2020-06-30.
22 May 2020quarterly activities report▼ Bad
FUSE GROUP HOLDING INC. reported quarterly revenue of $200 thousand and a net loss of $6 thousand for the period ended 2020-03-31.
11 Feb 2020quarterly activities report▼ Bad
FUSE GROUP HOLDING INC. reported quarterly revenue of $250 thousand and a net loss of $29 thousand for the period ended 2019-12-31.
30 Dec 2019late filing notice▼ Bad
FUSE GROUP HOLDING INC. notified the SEC that its annual report would be filed late.
12 Aug 2019quarterly activities report● Neutral
FUSE GROUP HOLDING INC. reported quarterly revenue of $250 thousand and net income of $29 thousand for the period ended 2019-06-30.
19 July 2019auditor change▼ Bad
Now renamed Fuse Group Holding Inc., the company dismissed auditor MJF & Associates; MJF's prior reports had flagged going-concern doubt and the company separately disclosed material weaknesses in its internal controls (no audit committee, inadequate IT controls) - the first of a recurring pattern for this company.
14 May 2019quarterly activities report▼ Bad
FUSE GROUP HOLDING INC. reported quarterly revenue of $250 thousand and a net loss of $50 thousand for the period ended 2019-03-31.
11 Feb 2019quarterly activities report▼ Bad
FUSE GROUP HOLDING INC. reported quarterly revenue of $516 thousand and a net loss of $62 thousand for the period ended 2018-12-31.
14 Aug 2018quarterly activities report▼ Bad
FUSE GROUP HOLDING INC. reported quarterly revenue of $0 and a net loss of $2.7 million for the period ended 2018-06-30.
2 July 2018capital raising announcement● NeutralMajor
Fuse Enterprises eliminated the $6.87 million related-party promissory note owed to majority shareholder Landbond Home Limited by converting it into 19,628,050 new shares at $0.35/share - erasing the debt but further entrenching Landbond's control.
14 May 2018quarterly activities report▼ Bad
FUSE GROUP HOLDING INC. reported quarterly revenue of $0 and a net loss of $353 thousand for the period ended 2018-03-31.
9 May 2018material agreement● NeutralMajor
Fuse Enterprises signed a $3.0 million contract with Hong Kong's Prime King Investment Limited to develop 'Mineral Mining Interactive Technology' software and data systems, paid half upfront and half on completion - an unusual pivot for what had been a small shell company.
13 Feb 2018quarterly activities report▼ Bad
FUSE GROUP HOLDING INC. reported quarterly revenue of $0 and a net loss of $239 thousand for the period ended 2017-12-31.
11 Sept 2017director interest notice● Neutral
Michael J Viotto became a FUSE GROUP HOLDING INC. Chief Finanical Officer and company insider (initial ownership filing).
4 Aug 2017quarterly activities report▼ Bad
FUSE GROUP HOLDING INC. reported quarterly revenue of $0 and a net loss of $516 thousand for the period ended 2017-06-30.
11 May 2017quarterly activities report▼ Bad
FUSE GROUP HOLDING INC. reported quarterly revenue of $0 and a net loss of $518 thousand for the period ended 2017-03-31.
20 Apr 2017auditor change● Neutral
Fuse Enterprises dismissed auditor KLJ & Associates and engaged MJF & Associates, APC as its new independent auditor, with no disagreements noted.
24 Mar 2017debt financing● NeutralMajor
Fuse Enterprises (as the company was then named) restructured a related-party loan: majority shareholder Landbond Home Limited (60.9% owner, Samoa) exchanged an existing convertible note for a new $6.87 million promissory note from subsidiary Fuse Trading Limited, at 3% interest, maturing in 12-24 months.
21 Feb 2017director interest notice● Neutral
Umesh Patel became a FUSE GROUP HOLDING INC. CEO, President and company insider (initial ownership filing).