21 Feb 2006director interest notice● Neutral
CannAwake Corp Vice President Jerome Kindrachuk received a stock option grant for 800,000 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Feb 2006director interest notice● Neutral
CannAwake Corp President Peter F Russo received a stock option grant for 2,850,000 shares.
21 Feb 2006director interest notice● Neutral
CannAwake Corp VP & CFO Martin G Chilek received a stock option grant for 2,000,000 shares.
30 Jan 2006capital raising announcement▼ Bad
Delta Mutual listed share issues from December 2005 to January 2006: 45,000 shares to a consultant, 300,000 shares on partial conversion of a $37,500 note, 1,136,364 shares to a consultant valued at $250,000, and 2,000,000 shares sold to a private investor on January 25 for $120,000 (about $0.06 a share, inference from the figures). More shares are being issued, mostly at low prices, which dilutes holders (inference).
26 Jan 2006financial restatement● NeutralMajor
On July 21, 2005 the board decided to restate the 2004 annual accounts and the first-quarter 2005 accounts because of a change in how $961,400 of 2004 convertible debt and warrants is accounted for. The restated 2004 net loss is $1,950,399 instead of $3,920,699 (a $0.14 loss per share instead of $0.28), and the stockholders' deficiency is $512,982 instead of $1,262,182. Total assets ($441,444) and cash are unchanged, so the change is accounting only; this filing came six months after the board's decision.
28 Nov 2005capital raising announcement▼ Bad
Delta Mutual issued 855,498 shares on November 17, 2005 on conversion of a $40,000 note (including interest), and sold 3,125,000 shares to a private investor on November 23 for $250,000 with $36,800 in fees. The price is about $0.08 a share (inference from the figures), so further raises are coming at lower prices and dilute holders more.
9 Nov 2005late filing notice▼ Bad
CannAwake Corp notified the SEC that its quarterly report would be filed late.
19 Oct 2005capital raising announcement● Neutral
Delta Mutual sold 1,666,667 shares to a private investor on October 13, 2005 for $250,000 (with $50,000 in fees) and issued 7,500 shares to a consultant for $3,100. The sale price works out to $0.15 a share, well below the $0.30 T&T placement price (inference from the figures), and the filing does not say what lowered the price.
3 Oct 2005capital raising announcement● Neutral
Delta Mutual listed share issues from August to September 2005. These include 581,395 shares to Pagan, 116,279 to Straub and 100,000 to Latza under the August 26 construction agreements, plus note conversions and a warrant exercise. Four note conversions on August 30 and September 27 turned notes of about $10,000, $40,000, $50,000 and $20,531 into 211,185, 848,806, 1,061,008 and 424,769 shares. A further 200,000 shares came from a warrant exercise at $10,000 and 45,000 shares went to a consultant. This confirms that the construction-deal shares were issued and shows note holders converting, which dilutes existing holders (inference).
31 Aug 2005material agreement● NeutralMajor
On August 26, 2005 subsidiary Delta Technologies bought intellectual property for an insulated concrete wall forming system from Richard Straub Jr. and John Latza (a Delta Mutual employee), and signed consulting deals with Juan Bautista Rodriguez Pagan (four years) and Straub (three years). Payments include $50,000 cash to Straub, and shares and monthly pay to the consultants, including Pagan's $6,000 a month and commissions of 5% of Delta Technologies' gross sales up to $1,700,000. This is a new construction materials line, separate from the Indonesian oil sludge project, and brings long-running share and cash obligations.
23 Aug 2005capital raising announcement● Neutral
Delta Mutual sold 1,616,667 shares to a private investor on August 17, 2005 for $485,000 (with $97,000 in fees) and issued 760,000 shares to T&T Asset Management on August 23 valued at $319,200. The $485,000 sale is the first large raise beyond the initial $150,000 under the T&T arrangement (inference: it falls under that agreement; the filing does not say). It adds shares and dilutes existing holders (inference).
18 Aug 2005capital raising announcement▼ Bad
This amends the August 8 filing and discloses an August 3, 2005 addendum to the T&T placement deal: T&T's fee rises to 20% on the next $820,000 raised, plus 1,430,000 restricted shares, then reverts to 12%. The corrected table shows the June 24 sales were $37,500, $37,500 and $75,000 (total $150,000, each with a 12% fee), and the 670,000 August 3 shares ($201,000) went to T&T Asset Management, a financial consultant. It also adds 10,000 shares sold to a financial consultant on June 9 for $6,270. This makes the fundraising costlier than the original 12% terms.
12 Aug 2005late filing notice▼ Bad
CannAwake Corp notified the SEC that its quarterly report would be filed late.
8 Aug 2005capital raising announcement● Neutral
Delta Mutual listed new unregistered share sales: three June 24, 2005 sales of 125,000, 125,000 and 250,000 shares to private investors at $0.38, and 670,000 shares to a consultant on August 3, 2005 at $0.30. The June 24 sales match the date the T&T placement first raised money; the filing does not itself link them. More shares outstanding means existing holders are diluted (inference).
What it means for a shareholder
250,000 new shares at $0.380 to raise about $95,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
30 June 2005material agreement▲ GoodMajor
On June 17, 2005 Delta Mutual hired T&T Vermoegensverwaltungs AG of Zurich on a best-efforts basis to raise up to $1,500,000 by July 31, 2005 by selling shares at $.30, with an option for up to $2,000,000 more within 120 days. T&T gets a 12% placement fee, and the company received the first $150,000 on June 24, 2005. Only the first $150,000 is confirmed raised.
25 May 2005capital raising announcement● Neutral
Delta Mutual signed a three-year employment agreement with CFO Martin G. Chilek, effective June 1, 2005, with a base salary of $132,000 but a minimum of $6,000 per month until the board decides the company can pay the full amount. It also listed share sales at $0.30 (285,000 on April 27, 285,000 on April 28, 166,667 on May 4) plus conversion and consultant issues.
13 May 2005late filing notice▼ Bad
CannAwake Corp notified the SEC that its quarterly report would be filed late.
26 Apr 2005capital raising announcement● Neutral
Delta Mutual listed unregistered share issues from January to April 2005: shares issued on conversion of notes (including 252,542, 500,000 and 206,954 shares at $0.05), 300,000 shares on warrant exercise at $0.10, and small consultant issues. This shows note holders converting, which adds shares (inference: dilution).
11 Apr 2005debt financing● NeutralMajor
On April 5, 2005 Delta Mutual issued $210,655.04 of 8% term notes to three private investors, due October 2, 2005. The proceeds are to buy equipment for an oil sludge processing facility that its Delta-Envirotech subsidiary will set up as a local joint venture, Tryhuda-Envirotech, in Indramayu, West Java, Indonesia. This is the first mention of an Indonesian project.
30 Mar 2005late filing notice▼ Bad
CannAwake Corp notified the SEC that its annual report would be filed late.
25 Mar 2005debt financing● Neutral
On March 22, 2005 Delta Mutual issued a 6% promissory note of $71,731.29 to a private investor, repayable in three equal installments with the last due December 20, 2005. The filing does not state the use of the money.
10 Feb 2005director interest notice● Neutral
CannAwake Corp President Peter F Russo received a stock option grant for 2,500,000 shares.
10 Feb 2005director interest notice● Neutral
CannAwake Corp VP and CFO Martin G Chilek received a stock option grant for 1,750,000 shares.
10 Feb 2005director interest notice● Neutral
CannAwake Corp VP - International Jerome Kindrachuk received a stock option grant for 750,000 shares.
2 Dec 2004capital raising announcement● NeutralMajor
Delta Mutual settled with Joseph Friedman and Sons International, Inc. effective November 26, 2004, paying with a $50,000 6% convertible note due November 24, 2006 (convertible into 1,000,000 shares), 1,000,000 warrants and 412,000 shares. The filing does not say what the dispute was. It also issued 545,000 shares to consultants in November 2004. The series of notes previously sold totalled $394,000.
9 Nov 2004capital raising announcement▼ Bad
Delta Mutual sold another $37,500 of 6% convertible notes (due November 1 and 4, 2006), convertible into 750,000 shares with 750,000 warrants. The filing says $356,500 had been sold before this, so the series reaches $394,000. It also issued 250,000 shares to a consultant at $0.1415.
25 Oct 2004capital raising announcement▼ Bad
Delta Mutual sold a further $25,000 of 6% convertible notes due October 18, 2006 to an institutional investor, convertible into 500,000 shares with 500,000 warrants. The series total sold before this sale was $331,500, so it is now $356,500.
7 Oct 2004capital raising announcement▼ Bad
Delta Mutual sold another $30,000 of the same 6% convertible notes (due September 22 and 26, 2006), convertible into 600,000 shares with 600,000 warrants. Total sold in this series is now $331,500. It also issued 750,000 shares to a consultant on October 4, 2004 at $0.05.
24 Sept 2004capital raising announcement▼ BadMajor
Delta Mutual sold $301,500 of 6% convertible notes due September 16, 2006 to investors, convertible at $0.05 per share into 6,030,000 shares, with 6,030,000 warrants at $0.10 expiring March 31, 2006. It also issued 625,000 shares to consultants at $.05 to $.12. If the notes convert, existing holders would be diluted (inference).
3 Sept 2004capital raising announcement● NeutralMajor
Delta Mutual reported small unregistered sales: a term sheet for a $37,500 convertible note due January 16, 2007 (convertible into 750,000 shares), and 600,000 shares sold to investors and a consultant at $.125 in late August 2004. It raised authorized common stock from 20,000,000 to 100,000,000 shares, approved by stockholders on August 30, 2004. Peter F. Russo was elected sole director and a 2004 Stock Option Plan was approved, but a new preferred stock class was not approved. More shares can now be issued, which could dilute existing holders (inference).