Past year: ▼ 90%(0.01c – 0.10c USD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Dec 2011capital raising announcement▼ Bad
On December 15, 2011 the company issued seven-year warrants (expiring December 14, 2018) at $0.20 a share as pay for services: 6,367,687 to the CEO, 632,962 to the Executive Vice President, 100,000 to a field supervisor and 200,000 to a manager at the SAHF subsidiary, and 200,000 to an attorney. In total this is 7,500,649 shares of potential dilution if exercised.
12 May 2010capital raising announcement● Neutral
This amendment repeats the April 2010 table of unregistered share sales with one correction: the December 4, 2009 note conversion is now $35,000 of principal at $0.58 a share (the original said $36,000 at $0.60). The 60,000 share count and all other entries are unchanged.
6 Apr 2010capital raising announcement▼ Bad
The company listed 18 unregistered share sales from April 27, 2009 to April 1, 2010, mostly to private investors plus two to consultants. Prices ranged from $0.08 to $0.60 a share; the largest single sale was 1,000,000 shares at $0.20 on April 1, 2010. One sale was a conversion of a $36,000 note into 60,000 shares. This continues the pattern of regular share issuance and dilution.
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.
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.
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.
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).
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.
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.
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).
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).
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.
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).
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.
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.
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.
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).
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).
