31 July 2008substantial holder notice● Neutral
Egani, Inc, Daniel R. Peralta, * Laura Monica Gallo disclosed a new substantial CannAwake Corp shareholding (59.39% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2008director interest notice● Neutral
Daniel R Peralta became a CannAwake Corp 10%+ owner and company insider (initial ownership filing).
28 July 2008director interest notice● Neutral
Laura Monica Gallo became a CannAwake Corp 10%+ owner and company insider (initial ownership filing).
14 July 2008director interest notice● Neutral
Malcolm Willard Sherman became a CannAwake Corp director and company insider (initial ownership filing).
15 May 2008late filing notice▼ Bad
CannAwake Corp notified the SEC that its quarterly report would be filed late.
26 Mar 2008late filing notice▼ Bad
CannAwake Corp notified the SEC that its annual report would be filed late.
11 Mar 2008director interest notice● Neutral
James L Weintraub became a CannAwake Corp director and company insider (initial ownership filing).
11 Mar 2008asset acquisition disposition▼ BadMajor
On March 4, 2008 Delta Mutual bought all of Altony SA (Uruguay), which owns South American Hedge Fund LLC, from Egani, Inc. in exchange for 130,000,000 new shares (valued at $2,600,000), and issued another 10,000,000 shares ($200,000) to a consultant. Egani's owners, Daniel Peralta and Monica Gallo, each hold about 26.7% and intend to designate a majority of directors, so control of the company changes. The hedge fund is described as seeking investments in South America, while management says it will keep pursuing Middle East environmental remediation. This is a major shift away from the earlier Indonesian oil sludge and building-materials focus and sharply dilutes existing holders.
6 Nov 2007capital raising announcement● Neutral
This corrects the prior day's report: the $266,000 note converted on October 30, 2007 into 5,320,000 shares, not 5.32 billion. The $16,000 note (the May 2006 one due November 2007) also converted on November 3 into 290,667 shares. Both notes are thus converted into shares, which retires that debt and adds shares.
5 Nov 2007capital raising announcement● Neutral
The filing says the $266,000 note was converted on October 30, 2007 into 5,320,000,000 shares (a typo, as the next day's amendment shows), and that a $16,000 note converted on November 3 into 290,667 shares. It was corrected the next day.
1 Oct 2007capital raising announcement● NeutralMajor
On September 25, 2007 the $550,000 note issued in May 2007 was converted into 11,000,000 shares, matching the stated $0.05 conversion price. This removes that senior debt but adds 11 million shares for existing holders to absorb.
11 May 2007late filing notice▼ Bad
CannAwake Corp notified the SEC that its quarterly report would be filed late.
7 May 2007capital raising announcement▼ BadMajor
On May 1, 2007 Delta Mutual issued a $550,000 10% convertible note due June 2008, convertible at $0.05 into 11,000,000 shares. It ranks senior to the company's other convertible notes and the company may force conversion under certain conditions; the filing lists $50,000 in discounts. Two small 6% convertible notes ($17,000 and $26,600, due April 9, 2008) were also issued on April 9. This is a larger and more senior layer of debt than before.
2 May 2007debt financing● Neutral
On April 30, 2007 Delta Mutual amended the $266,000 convertible note from April 5: the maturity moves from September 6, 2007 to April 5, 2008, with piggyback registration rights and more antidilution protection. This gives the company more time to repay but gives the lender stronger protection.
11 Apr 2007capital raising announcement▼ Bad
On April 5, 2007 Delta Mutual issued a $266,000 6% convertible note due September 6, 2007 to a lender, convertible at $0.05 into 5,320,000 shares. It also issued 111,040 shares ($13,880) as payment of accrued interest on a $100,000 convertible note. This is new debt, and conversion would add many shares.
26 Jan 2007director interest notice● Neutral
CannAwake Corp Sr. VP & CFO Martin G Chilek gifted 100,000 shares.
31 Oct 2006capital raising announcement▼ Bad
This amended report corrects the earlier one: the 1,500,000-share sale reported for August 25, 2006 did not happen and was replaced by a similar sale on October 30, 2006. It also lists further issues: 131,578 consultant shares ($50,000), 1,500,000 shares on Aug 30 ($75,000), two note conversions ($11,500 and $20,000 principal), 45,000 consultant shares, and private sales on Oct 30 of 1,000,000 shares ($50,000) and 3,000,000 shares ($150,000). Share issuance continues at roughly $0.05 a share (inference).
30 Aug 2006capital raising announcement▼ Bad
Delta Mutual reported 400,000 shares to a consultant on July 26, 2006 ($40,000) and two private sales on August 25, 2006: 1,200,000 shares for $60,000 and 1,500,000 shares for $75,000. The 1,500,000-share sale was later reported as not having taken place (see the October 2006 amendment). More dilution at about $0.05 a share for the private sales (inference).
7 Aug 2006substantial holder notice● Neutral
Juma Technology, LLC disclosed a new substantial CannAwake Corp shareholding (0.00% of votes).
1 Aug 2006substantial holder notice● Neutral
Juma Technology, LLC disclosed a new substantial CannAwake Corp shareholding (9.79% of votes).
25 July 2006capital raising announcement▼ Bad
Delta Mutual listed more unregistered share issues in July 2006: three private sales of 1,000,000 shares each for $50,000 (July 13 twice, July 20), 30,000 consultant shares ($2,550), and 233,280 shares on conversion of a $29,160 promissory note. This continues the steady issuance of cheap shares (about $0.05 each, inference), diluting existing holders.
10 July 2006capital raising announcement● Neutral
Delta Mutual sold 2,000,000 shares on June 30, 2006 for $100,000 and 1,000,000 shares on July 7 for $50,000 to private investors (about $0.05 a share, inference). On July 3 the board cancelled 7,978,000 options held by four employees and one subsidiary employee (exercise prices $0.17-$0.25) and regranted the same number at $0.11, exercisable for five years, which the company says adds about $44,000 a quarter in non-cash charges from Q3 2006. This follows the February 2006 option grants and the July 5 option disposals by the CEO; the filing does not say why the options were repriced.
5 July 2006director interest notice● Neutral
CannAwake Corp President Peter F Russo disposed of 2,850,000 shares via option/appreciation-right settlement.
29 June 2006capital raising announcement● Neutral
Delta Mutual issued shares on June 26 and 27, 2006: 560,000 on conversion of a $28,000 note, 2,300,992 on conversion of the remaining $104,000 note (including all accrued interest), and 300,000 sold to private investors for $15,000 total. The large conversion appears to retire that note (inference), which cuts debt but adds shares and dilutes holders.
26 June 2006capital raising announcement▼ Bad
Delta Mutual sold a new $16,000 6% convertible note on May 3, 2006, due November 3, 2007 and convertible into 266,667 shares (about $0.06 a share, inference). It also issued shares: 550,664 on conversion of a $25,000 note, 1,160,000 shares sold for $58,000 on June 8 and 740,000 shares for $37,000 on June 23, plus 30,000 consultant shares. Share sales are now at about $0.05 each (inference from the figures), well below the $0.30 T&T price of a year earlier.
12 May 2006late filing notice▼ Bad
CannAwake Corp notified the SEC that its quarterly report would be filed late.
8 May 2006capital raising announcement● Neutral
Delta Mutual listed share issues from February to early May 2006: consultant shares, warrant exercises at $0.10, a settlement issue of 225,000 shares ($42,750), small private sales, and 500,170 shares on conversion of a $22,500 note. The individual issues are small, but the share count keeps rising. One entry is dated February 23, 2004, which looks like a typo for 2006 (inference).
3 Apr 2006late filing notice▼ Bad
CannAwake Corp notified the SEC that its annual report would be filed late.
1 Mar 2006material agreement● Neutral
Delta Mutual signed a new three-year employment agreement with CEO Peter F. Russo, effective March 11, 2006, with a base salary of $180,000 but a minimum of $6,500 a month until the board decides the company can pay in full. Six months' salary continues if he is terminated other than for death or cause, and extra pay applies if he is terminated without cause after a change in control.
27 Feb 2006material agreement▲ GoodMajor
Delta Mutual's Indonesian joint venture partner PT. Triyudha received a contract dated February 6, 2006 from Pertamina, the state oil company, for about 3,000 metric tons of oil sludge at $100 per ton (about $300,000, inference from the figures), to be finished by April 21, 2006. The joint venture's facility began production on December 15, 2005 and can process up to 200 tons a day. This is the first sign the Indonesian project from April 2005 is operating and has a paying customer.