Endurance Exploration Group, Inc.

Endurance voluntarily filed to deregister its stock and suspend SEC reporting, citing the cost of compliance and thin trading. Coming after a going-concern audit opinion, insider-funded liquidity gaps and an IP-for-debt swap with its own CEO, this ended the company's public-disclosure record even as management framed it as a cost-saving move and said it would keep trading over the counter.

listing compliance notice

Endurance Exploration Group, Inc. deregistered its securities, ending its obligation to file reports with the SEC.

listing compliance notice

Endurance formed a 50/50 joint venture, Caird Exploration, with Global Marine Archaeological Research (GMAR), paying for its half with 12M restricted shares rather than cash; GMAR contributed sonar and research data on several already-located deep-water wrecks plus rights to a further target. Endurance separately bought a roughly $3M-replacement-value autonomous underwater vehicle from GMAR.

joint venture update

Unable to fund development of an in-house marine salvage tool, Endurance's independent directors approved selling the tool's parts, design and engineering rights to Eldred Industrial - a company owned by CEO Micah Eldred - in exchange for reducing the company's loan from Eldred by $38,689. The company disclosed it 'does not currently have the funding or ability' to develop the tool itself.

asset acquisition disposition

CEO and 42.79% owner Micah Eldred formalized a $500,000 secured line of credit to Endurance at 5% interest, secured against company assets, so the company could keep funding salvage operations - and simultaneously papered a Demand Note for loans Eldred had already been making informally since 2017. Endurance's own CEO had become its principal secured creditor.

debt financing

Endurance told shareholders its 2015 SS Connaught salvage stalled after the wreck site was found entangled in industrial fishing gear beyond its equipment's capability. The company said it had filed to raise up to $2.5M and was waiting on SEC effectiveness before it could resume operations.

production update

For the SS Connaught salvage mission, Endurance signed two more insider-linked contracts: $500,000 in stock to board member Steven Saint Amour's company, Eclipse Group, for ROV crew and equipment, and a no-fee vessel charter from Overseas Marine Vessel Holding, a company affiliated with CEO Micah Eldred (Endurance covers only operating costs).

material agreement

Endurance hired Freedom Investors as placement agent to raise up to $3.75M (15M shares at $0.25) to fund salvage of its first confirmed wreck, the gold-carrying SS Connaught off New England. The company noted it had already relied on personal cash advances from its own officers in 2014 to verify the wreck's identity before this raise.

capital raising announcement

Endurance's auditor, DKM Certified Public Accountants, declined to stand for reappointment after its reports on the 2012 and 2013 financial statements had each included an explicit going-concern qualification - substantial doubt about the company's ability to continue as a going concern. Green & Company CPAs was engaged as the new auditor.

auditor change

Tecton found another way to monetize its public shell: it acquired 100% of Endurance Exploration Group, LLC, a shipwreck-salvage company, issuing 20.55M shares to Endurance's members (who included CEO Micah Eldred, already in control of Tecton) and converting about $291,000 owed to controlling shareholder Endeavour Cooperative Partners into 12.73M more shares. The filing confirms Tecton officially stopped being a shell company.

asset acquisition disposition

In a late, backdated disclosure, Tecton Corporation revealed that after both its uranium options lapsed and it went dormant in 2008, a February 2011 change of control installed Micah Eldred as sole officer and director, and a $25,000 loan from Island Capital Management funded a Chapter 11 filing in February 2012 aimed at selling the shell. The US Trustee moved to dismiss or convert the case, and Tecton consented; the bankruptcy was dismissed in April 2012 without a completed reorganization.

bankruptcy or receivership