History
A tiny Israeli e-commerce shell turned uranium explorer in Slovakia, then lost its auditor, stopped reporting after 2009 and had its SEC registration revoked in 2013.
2007-2008: A shell changes hands and direction
Millennium Energy Corp. began as Shopper's Wallet, Inc., a tiny e-commerce shell based in Raanana, Israel, incorporated in Nevada in 2006. On November 8, 2007, Jana Whitlock agreed to buy out the two founders, Jacob Perry and Dejan Mirkovic, who held 2,500,000 shares each. She paid $25,000 apiece, $50,000 in all, and took 68.18% of the company. Both founders agreed to resign as officers and directors. It was a private share purchase, not the acquisition of any outside business.
On November 29, 2007, the company renamed itself CBp Carbon Green, Inc. and carried out a 15-for-1 forward split, which lifted its shares from 7,333,333 to 109,999,995. The plan did not last. A third party, Ariana Intervest Ltd., would not let the company use the CBp name or the related technology, and on March 26, 2008 it was renamed Millennium Energy Corp., with a new direction: uranium exploration.
2008-2009: The Slovak uranium property
On September 22, 2008, Millennium acquired a 25-year exclusive right to the Spišské Vlachy uranium-molybdenum-copper property in Eastern Slovakia, covering 41.4 square kilometres. It bought the right from Central European Metals S.R.O. and paid entirely in stock, issuing 20,000,000 restricted shares and no cash. The property carries a 1% royalty, and the deal committed Millennium to spend at least €5,000,000 on it by July 2013.
The company's first full annual report, for 2008, showed a cumulative loss since inception of $254,492 and no revenue. Total assets of $6,001,855 were almost all the $6,000,000 value the company placed on the Slovak property.
2009-2010: Auditor trouble and restatement
In August 2009 the company dismissed its auditor, Moore & Associates Chartered, and appointed Seale and Beers, CPA's, LLC. On August 27, 2009 the PCAOB, the US audit regulator, revoked Moore's registration for breaches of auditing and quality-control standards, fraud rules and failing to cooperate with an investigation. SEC staff directed the company to disclose this and to have its new auditor re-audit the prior year. Millennium amended its filing on September 10, 2009.
Its last quarterly report, filed November 27, 2009, showed a nine-month loss of $61,849, against $162,923 a year earlier, with the company largely dormant. Cumulative losses stood at $316,341. On December 8, 2009 the board decided that the 2008 annual report and the first two 2009 quarterly reports could no longer be relied on, because the book value of the Slovak property had to be restated. On January 25, 2010 the restatement was extended to the third quarter of 2009.
2010-2013: Silence and revocation
No restated accounts and no 2009 annual report were ever filed. The record is silent after the January 2010 notice. The filings do not say what became of the Slovak property or whether the €5,000,000 spending commitment was met. On June 17, 2013, the SEC revoked Millennium Energy's securities registration for failure to file periodic reports, more than three years after its last filing.
Written from the 12 story beats below (2007 to 17 June 2013), which come from the company's own announcements and filings.