History
A tiny shell that swapped mineral claims for apparel, then oil and gas, was diluted into billions of shares and left a stalled ticketing merger before deregistering in 2017.
2009-2010: A change of control and a new business
Mondial Ventures began as a mineral exploration company with 9,800,000 shares on issue. In December 2009 Marc Juliar bought 6,000,000 of them, 61.2% of the total, from Scott Taylor. Taylor agreed to resign as a director, passing control of the board to Juliar.
The exploration business then ended. Its Q29 claims expired on December 15, 2010 and were not re-staked. On December 30, 2010 Legacy Athletic Apparel LLC merged into Mondial, with Mondial surviving. Legacy's members could receive up to 51,000,000 new shares. Debts of $28,099 and $50,609 were converted into 10,670,000 and 15,200,000 shares, and two director nominees received 13,330,000. Shares outstanding rose from 9,800,000 to 100,000,000, so existing holders were heavily diluted. The filings do not say what became of the apparel business.
2012-2013: Turning to oil and gas
The record is quiet in 2011. On July 31, 2012 Mondial bought working interests (shares of ownership in producing or drilling projects) in oil and gas assets from Energy Producers, Inc., a subsidiary of EGPI Firecreek. It issued 14,000,000 shares for the assets, 5,000,000 to assign the share purchase agreement and 5,000,000 to new management, and cancelled 64,330,000 shares, leaving 59,670,000. Dennis R. Alexander became Chairman and CEO and Joanne Sylvanus became CFO, replacing the Legacy-era management.
On October 30, 2012 Mondial, acting as nominee of CUBO Energy PLC, signed a short form agreement with the same EGPI unit over Texas leases in Callahan, Stephens and Shackelford counties. The price was $175,000, of which $10,000 was paid as a deposit, for a 3-D seismic study and a proposed buyout of partner interests. The company also approved 5,000,000 restricted shares, valued at $750,000, for consultant Steven Antebi. The year-end share count for 2012 shows only 39,333, but the beats do not explain that figure, so it is best treated with caution.
2014: Insider control and runaway dilution
In January 2014 Mondial created Series C preferred stock carrying 31,500 votes per share. It issued 50,000 shares each to Global Media Network USA, owned by Alexander, and to Sylvanus, giving the two insiders voting control. An omnibus agreement dated December 31, 2013 had Mondial pay EGPI $218,875 for Ward County, Texas interests and assume $550,000 of debt owed to TWL Investments and Thomas J. Richards. EGPI was to give Mondial a $550,000 8% convertible note. Mondial also agreed to sell its J.B. Tubb leasehold interests to Ontario-based Shale Corp. for US$1,282,430, though the filings never confirm that the sale closed. Alexander was to be Shale's president, so the dealings were not at arm's length.
In March a Florida court approved a settlement with IBC Funds, which had bought $206,000 of Mondial's past-due vendor bills. Mondial would pay in shares, capped so IBC held no more than 9.99%. Further restricted shares went to insiders and consultants for services.
The heaviest dilution came from swapping small debts for shares. Between May 20 and July 31, Mondial issued 309,120,125 shares to cut $77,382 of note and payable balances, lifting shares from 23,182,295 to 332,302,490. Similar issues followed almost weekly. On August 19, authorized shares rose from 1,500,000,000 to 5,000,000,000. By October 29, 2014 about 1,976,025,753 shares were outstanding.
On September 10 Mondial and its majority-owned Boomerang Oil signed a non-binding letter of intent with MRGB3, LLC, a reduced-carbon farming company. It was never reported as closed.
2015-2017: The ticketing merger that stalled
On June 11, 2015 Mondial signed a merger agreement with online ticketing company EZTicket Live, Inc. EZTicket holders would receive about 75% of Mondial's shares. Closing depended on consolidating debt, filing all overdue reports and paying certain debts. The agreement was extended in July, then again by December 2015, when the extension named a deadline of November 30, 2015, a date already past. Later extensions ran to February 19, 2016, with no closing.
On July 20, 2015 operator Success Oil was allowed to use the participation-option properties as collateral, temporarily ending Mondial's option interests. They could be reinstated for $65,000, and Mondial said it planned to do so before new drilling. Whether it did is unknown.
On September 19, 2017 Mondial deregistered its securities, ending its duty to file reports with the SEC. The EZTicket merger was never completed.
Written from the 23 story beats below (2010 to 19 Sept 2017), which come from the company's own announcements and filings.