31 Aug 2010securities registration● Neutral
Sylios Corp registered a securities offering with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Aug 2010quarterly activities report▼ Bad
Sylios Corp reported quarterly revenue of $65 thousand and a net loss of $273 thousand for the period ended 2010-06-30.
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.
17 May 2010late filing notice▼ Bad
Sylios Corp notified the SEC that its quarterly report would be filed late.
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.
31 Mar 2010late filing notice▼ Bad
Sylios Corp notified the SEC that its annual report would be filed late.
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.
29 Dec 2009securities registration● Neutral
Sylios Corp registered a securities offering with the SEC.
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.
6 Feb 2009securities registration● Neutral
Sylios Corp filed the final prospectus for a registered offering.
8 Jan 2009securities registration● Neutral
Sylios Corp amended a filing by which it registered a securities offering with the SEC.
9 Dec 2008securities registration● Neutral
Sylios Corp amended a filing by which it registered a securities offering with the SEC.
29 Oct 2008securities registration● Neutral
Sylios Corp registered a securities offering with the SEC.