Past year: ▲ 0%(0.01c – 0.01c USD)
Each one in plain English, with the numbers worked through for a shareholder.
14 June 2011other▼ BadMajor
Three months after its March 2011 comment letter, the SEC noted Blue Gem had never substantively responded, set a hard June 28, 2011 deadline, and warned it would otherwise proceed on its own and could publicly release all of the correspondence.
17 Mar 2011other▼ BadMajor
An SEC comment letter flagged that Blue Gem's 10-Q for the quarter ended Nov 30, 2010 was still unfiled two months past its Jan 14, 2011 due date, that its SIC code still read metal mining despite becoming a food/beverage distributor, that its 2010 forward stock split wasn't retroactively restated in the financial statements, and asked for more detail on the Share Exchange Agreement terms and on how it accounts for its produce/dairy distribution arrangement with American Fruit & Produce Corp.
19 Oct 2010quarterly activities report▼ BadMajor
Reported a consolidated net loss of $311,559 for the quarter ended August 31, 2010 (versus $6,759 a year earlier) and total assets of $1,122,425 (versus $261,106) - already folding in newly-acquired Title Beverage Distribution's results even though the Share Exchange Agreement, signed August 13, didn't formally close until September 14, two weeks after this quarter's own end date.
24 Sept 2010other material event▼ BadMajor
Blue Gem publicly corrected roughly eight months of its own press releases (December 2009-July 2010), acknowledging that deals it had announced as its own were actually done by Title Beverage Distribution, which only became Blue Gem's subsidiary when the Share Exchange Agreement closed on September 14, 2010 - before that date Title was still a separate, private company merely bound to Blue Gem by letter of intent.
22 Sept 2010annual report● NeutralMajor
A 10-K/A added detail on Title's supply arrangement with drink maker Electric Beverage Company (EBC), now formally amended to add Blue Gem as a party: $1,015,000 in product pre-payments (May-July 2010) plus roughly $800,000 in further advances, with $100,000 of Title's debt forgiven by Blue Gem in exchange for EBC easing minimum-purchase requirements and extending the distribution term.
14 Sept 2010annual report▼ BadMajor
The FY2010 10-K confirmed Title Beverage Distribution had become a wholly-owned subsidiary and that Blue Gem was letting its original Golden Prince mining claim lapse rather than pay the roughly $140 annual fee to keep it. Blue Gem's own net loss was $175,292 (accumulated deficit $230,474) while Title separately lost $475,017 in its first ~8 months, with Walgreens and Publix as its main retail customers; a $2.09 million raise from 11 accredited investors in April-July 2010 was already largely spent, leaving only about three months of cash.
10 June 2010auditor change● Neutral
Friedman, Cohen, Taubman & Company, LLC was appointed June 7, 2010 to fill the auditor vacancy LBB & Associates left in April.
27 Apr 2010auditor change● Neutral
Auditor LBB & Associates resigned effective April 20, 2010, with no disagreements on any accounting matter - its prior opinions had only flagged going-concern doubt.
19 Apr 2010quarterly activities report▼ BadMajor
Net loss ballooned to $252,768 for the quarter ended February 28, 2010 (from $7,463 a year earlier), driven by a sharp jump in administrative and general expenses coinciding with the pending Title Beverage Distribution deal announced two months earlier, taking the since-inception deficit to $318,168; the company still reported no assets.
15 Dec 2009material agreement▲ GoodMajor
Blue Gem signed a letter of intent to merge with Title Beverage Distribution, Inc., the athlete-endorsed Title Sports Drink's exclusive distributor to more than 1,500 South Florida stores - the accompanying press release was headlined "Blue Gem Enterprise Acquires Title Beverage Distribution," but the deal was only a non-binding LOI at this stage, not yet a completed acquisition.
23 Oct 2009business combination● Neutral
An 8-K/A filed two days later corrected the buyer's identity in the October 21 report: the 82,236,850-share, $235,000 purchase from Belmont Partners was made by Allan Sepe personally, not by "Charter Consulting Corp." as first reported.
21 Oct 2009business combination▲ GoodMajor
Reported as bought by Charter Consulting Corp., Belmont Partners' 82,236,850-share (76.68%) controlling stake actually sold for $235,000 on October 15, 2009; new CEO/Chairman Allan Sepe (a career cruise-line beverage buyer/manager) and CFO/Secretary Anthony Dervali took over from the departing Meuse, a 16.44737-for-1 forward stock split was approved, and the company pivoted its business plan to non-alcoholic Direct Store Beverage Distribution.
5 Aug 2009annual report▼ Bad
The FY2009 10-K reported a $55,182 net loss since inception and confirmed no exploration work had begun on the Golden Prince claim; the company's offices had moved to Washington, VA, the base of its new Belmont Partners-installed management.
31 July 2009director officer appointment● NeutralMajor
Belmont Partners, LLC - a firm specializing in acquiring control of dormant shell companies - bought 5,000,000 shares (76.63%) on July 29, 2009; its managing member Joseph Meuse became Director, President and Secretary while founders Dave Beatty and Susan Loyd resigned all positions, effectively ending the original mineral-exploration plan.
25 Sept 2008other● Neutral
The SEC declared Blue Gem's September 2008 resale registration statement effective.
