Past year: ▼ 89%(0.01c – 0.11c USD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2017capital raising announcement▼ BadMajor
On January 24, 2017 the company signed a second settlement with Rockwell Capital Partners, which acquired at least $158,419.46 of company liabilities; a Florida court approved it on January 25, 2017. From Jan 6 to Jan 26, 2017 the company issued Rockwell 251,008,000 common shares. This is a very large further dilution on top of the 395,429,557 shares outstanding after the December 2016 issuances; the filing does not give a new total.
5 Jan 2017capital raising announcement▼ BadMajor
Around December 30, 2016 the company issued 150,000,000 restricted common shares each to Meyers Associates, L.P. and Gregory Traina (300,000,000 total) for placement agent and other services. Shares outstanding rose from 95,429,557 to 395,429,557, and the two holders together have 59.36% of voting power, which the filing reports as a change in control. This takes over from Crawford's Series A Preferred voting stake of November 2015, which was about 65% of votes before this issuance.
29 Dec 2016capital raising announcement▼ BadMajor
Under the Rockwell court order, the company issued 7,500,000 shares to an unrelated third party through Dec 21, 2016 and another 4,500,000 around Dec 27, 2016. Shares outstanding rose from 83,429,557 (as of the Dec 12 information statement) to 95,429,557. This is the first look at share dilution since the 35,944,750 shares shown on the Dec 31, 2013 balance sheet.
24 Nov 2015capital raising announcement▼ BadMajor
On about November 24, 2015 the company issued CEO Timothy Crawford 1,000,000 new Series A Preferred shares, valued at about $100,000, as deferred compensation. Each carries 110 votes, which the filing says gives him about 65% of the voting power, so he now controls the company's votes. Existing common shareholders are diluted in voting terms. The filing also shows the company's address as Abilene, Texas.
13 Sept 2013capital raising announcement▼ Bad
On September 11, 2013 the company sold Asher Enterprises an $83,500 convertible note at 8% interest, maturing June 4, 2014. After 180 days Asher can convert it into stock at a 58% discount to market price (average of the lowest three closing bids in the prior ten trading days), capped at 9.99% ownership. This is another small, short-term, heavily discounted convertible loan after the August 2013 notes, and conversion would dilute shareholders (inference). The filing does not state what the money is for.
21 Aug 2013capital raising announcement▼ BadMajor
Around August 20, 2013 the company borrowed a total of about $250,000 across five 120-day convertible notes from Equity Trust Company accounts for Amy and Scottie Alley and from Scottie and Amy Alley jointly (amounts $12,498 to $98,485.75). Interest was prepaid with 333,334 restricted shares valued at about $249,999, and the notes can be converted into common stock. Roughly the same amount in shares as was borrowed was issued as interest, which is a heavy cost for short-term money and would dilute holders (inference). The filing does not say what the money is for; it follows the Kansas purchase agreement signed a day earlier, but no link is stated.
21 Aug 2013capital raising announcement● NeutralMajor
On August 19, 2013 the company agreed to buy 100% working interest in Kansas Petroleum Resources' oil and gas assets (about 17,000 acres, 19 wells, Pawnee and Hodgeman counties, 80% NRI) for $27,500,000: $25,000,000 cash and $2,500,000 in stock. Closing is due by September 30, 2013 (extendable up to 30 days) and depends on due diligence, an audit and the company closing on financing, which is not yet in place. This is far larger than the $400,000 Texas purchase. Separately it agreed to a $25,000 conference sponsorship, paid with 33,647 restricted shares to two individuals.
10 June 2013capital raising announcement● Neutral
On June 5, 2013, the renamed Cardinal Energy Group signed a non-binding term sheet with AGS Capital Group under which AGS would commit to buy up to $8,000,000 of its stock over 3 years, at 90% of the lowest closing bid in the following 15 trading days, subject to a floor price. A definitive agreement is still needed and the filing says there is no assurance one will follow. The company paid AGS a fee of 25,862 restricted shares (about $30,000), and separately hired Atlanta Capital Partners on a 3-month consulting deal for $1,500 plus 10,000 shares. Issuing shares at a discount to market would dilute existing holders (inference).
