15 Dec 2014late filing notice▼ Bad
CIRCLE STAR ENERGY CORP. notified the SEC that its quarterly report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Sept 2014quarterly activities report▼ Bad
CIRCLE STAR ENERGY CORP. reported a quarterly net loss of $291 thousand for the period ended 2014-07-31.
19 Aug 2014quarterly activities report▼ Bad
CIRCLE STAR ENERGY CORP. reported a quarterly net loss of $291 thousand for the period ended 2014-07-31.
18 Aug 2014financial restatement▼ BadMajor
On August 18, 2014 the company said its 10-Q for the quarter ended January 31, 2014 should no longer be relied on. The gain on the January 2014 royalty sale was overstated: it was restated from $1,728,235 to $1,232,279, and nine-month depletion expense from $134,685 to $496,659. Net income for the three months falls from $1,566,415 to $708,485, and for nine months from $1,089,117 to $231,187. The errors were found during the audit of the April 30, 2014 statements, and an amended 10-Q is expected.
29 July 2014late filing notice▼ Bad
CIRCLE STAR ENERGY CORP. notified the SEC that its annual report would be filed late.
19 Mar 2014director interest notice● Neutral
CIRCLE STAR ENERGY CORP. Chief Executive Officer S Jeff Johnson received 126,208 shares as part of the equity award.
14 Mar 2014substantial holder notice● Neutral
S. Jeffrey Johnson disclosed a new substantial CIRCLE STAR ENERGY CORP. shareholding (12.50% of votes).
14 Mar 2014quarterly activities report● Neutral
CIRCLE STAR ENERGY CORP. reported a quarterly net income of $708 thousand for the period ended 2014-01-31.
7 Mar 2014capital raising announcement▼ Bad
On March 6, 2014 the company authorized 7,758,621 restricted shares at $0.0145 each: 4,310,345 to CEO S. Jeffrey Johnson for a $50,000 bonus (including a 25% tax gross-up), 3,103,448 to Jayme Wollison for $135,500 of accrued salary being settled for $45,000, and 344,828 to an employee for a $5,000 bonus. This continues the practice of paying people in shares seen in June 2013, and dilutes existing holders; the filing does not give a reason.
4 Mar 2014capital raising announcement● NeutralMajor
On February 28, 2014 the company settled with Mediapark and Soloman, holders of the 10% convertible notes due February 8, 2013 (originally $1,375,000 each), who had sued in October 2013 to force payment. The company paid $500,000 to each and issued new $1,155,000 notes at 12% due December 31, 2014, guaranteed by JHE and secured on oil and gas properties; 70% of proceeds from any further JHE asset or NPI sales must go to the noteholders. It also agreed to issue 2,500,000 shares to each holder (the CEO votes them for six months and the company can buy them back at $0.15) plus two-year warrants for 2,500,000 shares each at $0.05, exercisable from February 1, 2015. The lawsuit is to be dismissed once the deeds of trust are filed, and the old notes cancelled. This resolves the overdue 2012 notes thread but adds dilution and a new debt deadline.
30 Jan 2014asset acquisition disposition▲ GoodMajor
On January 24, 2014 the company sold all its royalty and overriding interests in properties held by its subsidiary JHE Holdings (in Madison, Grimes, Dimmit and Fayette Counties, Texas) for $2,000,000 cash to three unrelated buyers: GOC Madison, AshTan Royalties and WABR. The filing says most of the proceeds are being used to reduce debt and accounts payable. JHE itself is still owned by the company; only these royalty and overriding interests were sold.
16 Dec 2013quarterly activities report● Neutral
CIRCLE STAR ENERGY CORP. reported a quarterly net income of $72 thousand for the period ended 2013-10-31.
13 Sept 2013quarterly activities report▼ Bad
CIRCLE STAR ENERGY CORP. reported a quarterly net loss of $549 thousand for the period ended 2013-07-31.
30 July 2013late filing notice▼ Bad
CIRCLE STAR ENERGY CORP. notified the SEC that its annual report would be filed late.
27 June 2013capital raising announcement▼ Bad
The company authorized 4,201,007 restricted shares, mostly in place of accrued salary and employment-agreement share installments: 1,591,675 to CEO S. Jeffrey Johnson for $63,667 of accrued salary and 1,568,750 to Jayme Wollison for $62,750 (each including a 25% tax gross-up), 757,249 to Johnson for his June 1, 2013 restricted share installment and gross-ups, and 283,333 to two employees. The Johnson and Wollison shares were valued at $0.05 versus a $0.0353 closing price. Paying salary in shares dilutes holders; the filing does not give the reason for doing so.
2 Apr 2013listing compliance notice▼ Bad
CIRCLE STAR ENERGY CORP. withdrew a registration statement, abandoning the offering it covered.
18 Mar 2013quarterly activities report▼ Bad
CIRCLE STAR ENERGY CORP. reported a quarterly net loss of $1.6 million for the period ended 2013-01-31.
11 Mar 2013director interest notice● Neutral
CIRCLE STAR ENERGY CORP. Chief Executive Officer S Jeff Johnson received 1,514,500 shares as part of the equity award.
18 Jan 2013securities registration● Neutral
CIRCLE STAR ENERGY CORP. amended a filing by which it registered a securities offering with the SEC.
16 Jan 2013securities registration● Neutral
CIRCLE STAR ENERGY CORP. filed a free-writing prospectus - marketing material for an offering in progress.
15 Jan 2013securities registration● Neutral
CIRCLE STAR ENERGY CORP. amended a filing by which it registered a securities offering with the SEC.
17 Dec 2012quarterly activities report▼ Bad
CIRCLE STAR ENERGY CORP. reported a quarterly net loss of $5.9 million for the period ended 2012-10-31.
11 Oct 2012securities registration● Neutral
CIRCLE STAR ENERGY CORP. registered a securities offering with the SEC.
11 Oct 2012capital raising announcement● NeutralMajor
Holders of the February 2012 10% convertible notes agreed to extend maturity from Feb 8, 2013 to Sept 30, 2014, but only if the company closes a $5,000,000 financing within 90 days (extendable in 30-day steps at the holders' discretion); otherwise the original terms stand. The company issued 250,000 shares now and owes another 250,000 shares on closing of the financing. Interest since May 1, 2012 is paid at closing, then monthly. The extension depends on a financing that has not happened yet.
19 Sept 2012quarterly activities report▼ Bad
CIRCLE STAR ENERGY CORP. reported a quarterly net loss of $1.9 million for the period ended 2012-07-31.
17 Sept 2012late filing notice▼ Bad
CIRCLE STAR ENERGY CORP. notified the SEC that its quarterly report would be filed late.
30 Aug 2012capital raising announcement● Neutral
A holder of a $500,000 convertible note (due March 14, 2013, originally convertible at $1.50) agreed to convert it, with the company cutting the conversion price to $0.4677, in exchange for 1,100,000 shares covering the principal and $14,516.13 of interest. This removes that debt but issues 1,100,000 new shares at a much lower price than the original terms, diluting existing holders.
31 July 2012late filing notice▼ Bad
CIRCLE STAR ENERGY CORP. notified the SEC that its annual report would be filed late.
30 July 2012director interest notice● Neutral
CIRCLE STAR ENERGY CORP. director Elmer Dale Reed received 150,000 shares as part of the equity award.
30 July 2012director interest notice● Neutral
CIRCLE STAR ENERGY CORP. director Morris B Smith received 150,000 shares as part of the equity award.