Past year: ▼ 93%(0.01c – 0.80c USD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Mar 2020material agreement● Neutral
Assigned the Deep Green Waste & Recycling package it had bought in January - a $23,000 convertible note, a 262,500-share warrant and the related purchase and registration rights agreements - to Armada Investment Fund for $10,500 cash plus forgiveness of what remained on Armada's own replacement note of February 2019. It closed on 12 March, about two months after the position was taken on.
17 Jan 2020material agreement▼ BadMajor
Sylios agreed to help Deep Green prepare its S-1 for $7,500, of which $5,000 was received. Separately, it bought a $35,000 Deep Green convertible note ($5,000 OID, 8%, due January 2021) with a warrant for 262,500 shares.
16 Jan 2020capital raising announcement▼ Bad
Armada and Fourth Man each issued Sylios another $18,425 convertible note on the same falling terms, with 32 million shares reserved for each -- the toxic-financing treadmill continued into 2020.
17 Dec 2019capital raising announcement▼ Bad
Armada issued yet another $16,500 convertible note on the same terms, with 13 million more shares reserved -- the fifth such note in six months.
4 Nov 2019capital raising announcement▼ Bad
Armada extended Sylios another $25,300 convertible note at the same falling $0.024 warrant strike, with 22 million more shares reserved for conversion -- the toxic-note balance kept climbing while the warrant price kept falling.
30 Oct 2019asset acquisition disposition▼ BadMajor
In an unusual pair of deals for an oil-and-gas registrant, Sylios bought 30,000 "Squeeze" soap-filled scrubbers and 1,000 wireless earbuds as surplus inventory from Wanshan Engineering Services, paying entirely in stock -- 16 million restricted shares for $160,000 of consumer goods, far outside the company's stated business.
18 Oct 2019capital raising announcement▼ BadMajor
BHP Capital and Fourth Man extended another $27,500 in convertible notes to Sylios, this time with warrant strike prices cut to $0.024 (from $0.08 three months earlier) and 16 million shares reserved for conversion -- terms consistent with a falling stock price.
31 July 2019capital raising announcement▼ BadMajor
Three weeks later Sylios took on $46,200 more in identical convertible notes, this time from three lenders at once (Armada, BHP Capital NY and Fourth Man) -- the toxic-note roster was widening, not narrowing.
9 July 2019capital raising announcement▼ BadMajor
Years after suspending its reporting duty in 2012 and returning to the SEC in 2019 (by now renamed Sylios Corp), the company resumed the same toxic-financing pattern: two convertible notes totaling $33,000 to Armada Investment Fund at 8% with five-year warrants, and over 5 million shares already reserved for conversion.
16 Apr 2012listing compliance notice▼ BadMajor
Sylios Corp suspended its duty to file periodic reports with the SEC.
22 Dec 2010material agreement● Neutral
US Natural Gas Corp's subsidiary E2 Investments renegotiated a 2009 note with Harlis Trust, cutting the amount owed from $396,500 to $20,000 in exchange for handing over lease assignments, rights-of-way and deeds of trust -- debt relief traded for real assets.
21 Oct 2010capital raising announcement▼ BadMajor
The company borrowed $40,000 from Asher Enterprises on a nine-month, 8% convertible note. It converts at 58% of the average of the three lowest trading prices in the prior ten trading days, so more shares are issued as the stock falls.
14 July 2010capital raising announcement▼ Bad
US Natural Gas Corp paid a stock-promotion firm, Del Mar Corporate Consulting, $20,000 cash plus up to 2 million shares and warrants to generate "market awareness" for the stock -- a heavily dilutive investor-relations arrangement rather than an operating deal.
22 Apr 2010auditor change▼ Bad
Now as US Natural Gas Corp, the company dismissed Michael T. Studer and engaged Louis Gutberlet of LGG & Associates -- its fourth auditor in nine months.
4 Mar 2010material agreement▲ GoodMajor
Adventure Energy's board agreed terms to buy Wilon Resources by share exchange, giving each Wilon holder one share plus a five-year $0.25 warrant. That would bring the combined acreage to about 17,000 acres with 115 gas wells and 30 oil wells, though all of Wilon's wells had been shut in since 2005. The renaming to US Natural Gas Corp was to follow a March 19, 2010 shareholder vote.
29 Jan 2010listing compliance notice▼ Bad
Sylios Corp withdrew a registration statement, abandoning the offering it covered.
14 Jan 2010auditor change● Neutral
The board dismissed Paula Morelli, who had only ever reviewed quarterly filings and never audited an annual one, and engaged Michael T. Studer as the new auditor -- the company's third auditor change in six months.
12 Nov 2009asset acquisition disposition▲ GoodMajor
Adventure Energy bought real producing oil and gas assets for the first time in this record: 15 active and 30 previously drilled wells plus about 2,000 leased acres from KYTX Oil & Gas in Kentucky, for $120,000 (mostly paid upfront) plus a 3% royalty to the seller.
9 Oct 2009capital raising announcement▼ BadMajor
The company lined up an equity line of credit with Tangiers Investors for up to $3 million, selling shares at a discount to market (90% of the lowest recent price) and paying Tangiers $150,000 of stock just to sign -- a dilutive, market-price-linked financing structure.
11 Sept 2009material agreement▼ BadMajor
Adventure Energy acquired SLMI Options, LLC from SLMI Holdings for a $1 million secured promissory note plus 1.5 million shares, and issued preferred stock that could convert into up to 10 million more common shares and hand the sellers three board seats if the company defaults -- a heavily leveraged deal that puts real dilution and control risk on the table.
20 Aug 2009auditor change● Neutral
Adventure Energy filed a second amendment to its report on dismissing Drakeford and Drakeford, repeating the July 15, 2009 dismissal and the PCAOB revocation as the reason. This version refers only to the going-concern doubt in the 2008 audit report (the earlier amendment also named 2007), and attaches a new Drakeford letter dated August 20, 2009. It states there were no disagreements with the auditor.
4 Aug 2009auditor change● Neutral
The company engaged Paula S. Morelli CPA as its new auditor for fiscal 2009.
31 July 2009auditor change● Neutral
Adventure Energy amended its report on dismissing its auditor Drakeford and Drakeford, which the board did on July 15, 2009 because the PCAOB revoked Drakeford's registration. This version adds that Drakeford's audit reports for both 2008 and 2007 raised substantial doubt about the company continuing as a going concern, and attaches Drakeford's letter dated July 31, 2009; the filing reports no disagreements with the auditor.
17 July 2009auditor change▼ Bad
Adventure Energy dismissed its auditor Drakeford and Drakeford after the PCAOB revoked Drakeford's own registration; Drakeford's prior audit had already flagged substantial doubt about the company's ability to continue as a going concern.
