History
A planned Chinese fast food start-up turned to Oklahoma oil and gas in 2008, then spent years cleaning up unaudited filings before deregistering in 2021.
2008: From fast food to oil and gas
The company began in April 2005 as a planned fast food business in China and was then called Toro Ventures Inc. In January 2008 it announced two new directors, Lixin Yang and Zhixin Xiao, and a plan to rename itself Jet Petroleum Corp. as it moved toward oil and gas exploration. At that point 5,363,000 shares were outstanding, and Yan Liu held 3,000,000 of them (55.9%). Within two weeks the plan was cancelled, the board returned to Yan Liu as sole director, and the name stayed Toro Ventures.
Change came anyway. In February 2008 the company said Frederick Graham Jr. would become president, CEO, treasurer and sole director, with Yan Liu resigning effective February 23. The address moved to Seattle, and the filing showed 5,845,000 shares outstanding. The filing did not say whether Yan Liu's shares were changing hands. On April 1, 2008, the company signed a turnkey agreement with Nitro Petroleum, Inc. to buy a 60% working interest in the Crown Oil and Gas leases in Pottowatomie County, Oklahoma, for $250,000. This was its first stated oil and gas asset.
2009-2015: Management changes and a filing clean-up
The record for these years is thin. The filings show the company's address moving to Seal Beach, California in 2009 and Gregory Rotelli as CEO in December 2009, but they do not explain the changes in control and management, the status of the Crown leases, or how the $250,000 was funded.
By April 2014 the company was using the Baying Ecological Holding Group name, with Jiao Zhouping as CEO and an address in Malibu, California. It disclosed that an SEC comment letter of February 12, 2014 had found that eighteen reports for fiscal 2009 to 2013, filed in June 2013 by prior management, lacked audited or reviewed financials because the company had treated itself as an inactive entity. A new board hired auditor Terry L. Johnson, effective March 24, 2014, and planned to re-file them by about May 20, 2014. The filings do not say whether that happened.
In October 2015 the company said its fiscal 2014 financial statements could no longer be relied on, because Johnson was the subject of an SEC order dated September 17, 2015. BF Borgers CPA was engaged to re-audit fiscal 2014 and audit fiscal 2015. By then the address was Troy, Michigan, and Parsh Patel was CEO. The share count in the data fell sharply in 2014, but the filings do not explain why.
The record is then quiet until September 14, 2021, when the company deregistered its securities, ending its obligation to file reports with the SEC.
Written from the 7 story beats below (2008 to 14 Sept 2021), which come from the company's own announcements and filings.