Each one in plain English, with the numbers worked through for a shareholder.
15 July 2026capital raising announcement▼ Bad
This amendment to the May 8 filing adds a second financing that was left out of it. On May 5, 2026 HNO also sold Lambda Ventures, LLC a $67,500 convertible note and a warrant for 385,000 shares at $0.25, for $62,500 gross and about $57,625 net, on the same terms as the Monroe Street note. Each note converts at 60% of the lowest price in the prior 20 trading days, carries an 8% interest charge that is fully earned at issue, and matures May 5, 2027. Each is payable at 150% of principal and interest on default, which includes the market cap falling below $3 million. The filing also corrects the earlier Monroe Street figure: $62,500 was the gross amount, not the net. The Lambda Ventures name matches the $30 million equity line from May 1, so it is probably the same investor (inference), which would add convertible debt on top of that facility. This continues the pattern of small, discounted, dilutive notes. Each note carries a 20,000,000-share reserve minimum, though the filing's Monroe Street section states the reserve and the Lambda section is cut off.
Issued Monroe Street Capital Partners a $67,500 convertible note and a warrant for 385,000 shares for $62,500 gross, about $57,625 net after fees. The note converts at 60% of the lowest recent trading price.
Entered a new $30 million, 24-month equity line of credit with Lambda Ventures, allowing puts at 80% of the lowest recent trading price — steeper terms than the 90%-of-market GHS facility from 2023, suggesting weakened negotiating position.
Issued Jefferson Street Capital a $96,250 convertible note and a warrant for 385,000 shares for $87,500 gross, about $82,250 net after fees. A near-identical note was sold to Lambda Ventures two days later.
Dismissed Barton CPA (whose clean reports for FY2024-2025 nonetheless carried a going-concern qualification) and engaged Green Growth CPAs as the new independent auditor.
Sold a $150,000 convertible note (net $133,000) to CFI Capital LLC convertible at 60% of the lowest 20-day trading price — worsening to 50% if a DTC 'chill' is imposed or 45% on default — a classic toxic death-spiral structure.
Extended the HNO Green Fuels promissory notes a third consecutive time, to December 2026 — now a well-established pattern of annual rollovers on related-party debt rather than repayment.
Restated FY2024 and the two subsequent interim periods a second time for the same root cause — understated stock-based compensation from mis-valued service-stock issuances, adding $1.1 million (FY2024) and $4.8 million (Q1 FY2025) of non-cash expense — confirming a recurring, unresolved internal-controls weakness around valuing stock paid for services.
New auditor Barton CPA found errors in the valuation of stock issued for services, forcing a restatement of the FY2023 financial statements — a direct consequence of the forced auditor change after BF Borgers was barred.
CEO Donald Owens and HNO Green Fuels exchanged 245 million and 115 million common shares respectively for 245,000 and 115,000 shares of new Series B Convertible Preferred. This cut outstanding common shares by about 82% to roughly 74 million, though each preferred share can convert back into 1,000 common shares.
Extended the same stack of HNO Green Fuels promissory notes for a second time, pushing maturities from December 2024 to December 2025 — the related-party debt rollover becoming a recurring annual event rather than being resolved.
Dismissed BF Borgers CPA as auditor after the SEC barred the firm from practicing before it (a May 3, 2024 enforcement order affecting hundreds of public companies) and engaged Barton CPA — an industry-wide audit disruption, not company-specific misconduct, but a real one nonetheless.
Extended six more promissory notes owed to HNO Green Fuels, all issued in March and April 2023, from maturity dates in March-April 2024 to December 31, 2024.
Extended three promissory notes (originally issued 2021-2022) owed to affiliated lender HNO Green Fuels, Inc., waiving prior defaults and pushing maturity to December 2024 — the company had been in default on debt to its own affiliate.
Now renamed HNO International, Inc., entered a $10 million equity line of credit with GHS Investments, allowing the company to sell stock at 90% of the lowest recent trading price over a 24-month period — a dilutive, market-price-linked financing facility, plus upfront commitment shares to GHS.
Sold its Clenergen India subsidiary to Maxrise Powergen for $1, with the $1.01 million payment due under the deal not yet received. It also formed a joint venture with Futenco AG, cutting its Ghana stake to 40% (Futenco 57%), while four directors resigned and new leadership was appointed.
Borrowed $300,000 from TCA Global Credit Master Fund at 10% interest plus a 7.5% commitment fee and other charges, netting only $277,950 against a $331,500 repayment obligation due within six months — another expensive short-term facility.
Agreed to acquire an existing 18MW biomass power plant near Chennai, India, projected to generate about $15 million in annual revenue and $3 million in annual surplus cash at an 80% load factor — a major scale-up from the 1.5MW India plant bought weeks earlier.
8 June 2010asset acquisition disposition▲ GoodMajor
Acquired United Bio Fuels Private Limited, owner of a 1.5MW biomass power plant in Salem, Tamil Nadu, India, for about $1.76 million — mostly used to retire the plant's debt to India's government renewable-energy lender — giving the company its first operating power asset.
Borrowed $250,000 from Vastani Trading Limited at 24% annual interest with a 3-month maturity and warrants struck at a 30% discount to market, plus escalating penalty warrants for every month the note went unpaid past maturity — expensive, high-risk short-term financing.
Four unregistered share issues in a fortnight totalling 582,500 shares: 12,500 and 350,000 to consultants for entering consulting agreements, and 100,000 and 120,000 under stock purchase agreements to offshore buyers.
The post-merger board replaced auditor Chang G. Park with the larger firm Holtz Rubenstein Reminick LLP, a step up in audit quality befitting the newly merged operating company.
Closed the reverse merger with Clenergen UK, establishing the company as a biomass renewable-energy developer with a public-private partnership in Ghana (a planned 56MW biomass plant on a 14,000-acre energy plantation) and operations underway in India.
Signed a share exchange agreement to acquire UK-based Clenergen Corporation Limited, issuing 70.3 million shares to its shareholders — the reverse merger that would turn this shell into a renewable-energy operating company.
Now renamed Clenergen Corporation, issued 57.4 million shares as compensation to 22 individuals for services rendered and to be rendered — a large stock-for-services issuance rather than a cash raise.
As American Bonanza Resources Corp. (this company's original name), lost its founding auditor to resignation just 16 months after inception, with the outgoing accountant's only report already flagging going-concern doubt due to no operations; Chang G. Park, CPA engaged as replacement.
