Past year: ▼ 62%(0.85c – 17.5c USD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Oct 2021auditor change● Neutral
This amendment adds Fiorello & Partners' letter dated October 20, 2021, which was awaited in the August 2021 report on the switch to AJSH & Co LLP. The filing's text is otherwise the same as the original and states no disagreements. The filing does not summarise the letter's content.
5 Aug 2021auditor change● Neutral
On July 30, 2021 the audit committee approved hiring AJSH & Co LLP, for the fiscal year ended September 30, 2020, and dismissing Fiorello & Partners, which was notified on August 4, 2021. The filing says Fiorello's report for fiscal 2019 was unqualified and there were no disagreements. Fiorello's confirming letter was still to come. The company had engaged Fiorello only a year earlier.
14 July 2020auditor change● Neutral
The company says it ended its relationship with auditor De Leon & Company on January 1, 2020 because of the death of Mr. Julio De Leon, and on July 10, 2020 engaged Fiorello & Partners, Inc. The filing says there were no disagreements and that De Leon's report carried going-concern doubt. This report came about six months after the dismissal.
9 Aug 2017material agreement● Neutral
This amendment corrects the cash portion of the Creative Land Management purchase from '$950,000,000' to $950,000; everything else in the August 2, 2017 agreement is unchanged, including the $2,600,000 price and the condition that the company raise sufficient funds. The deal is still conditional and not shown as closed.
7 Aug 2017material agreement● NeutralMajor
On August 2, 2017 the company agreed to buy 100% of Florida-based Creative Land Management, LLC for $2,600,000, contingent on raising sufficient funds. Payment is two $25,000 non-refundable deposits, $1,600,000 through seller financing with a security interest, and cash described as '$950,000,000', which is almost certainly a typo for $950,000 since the amounts must add to $2.6M (inference); the next filing corrects it. The filing says there was no prior dealing with the seller beyond negotiating the deal.
14 Nov 2016auditor change▼ Bad
On November 10, 2016 the company dismissed MaloneBailey LLP as auditor and engaged De Leon & Company P.A., the firm it had dismissed in 2014. The filing says there were no disagreements, and that MaloneBailey's reports for fiscal 2014 and 2015 carried going-concern doubt and noted that controls and procedures were not effective. No reason for the change is given.
1 Sept 2016asset acquisition disposition● NeutralMajor
On August 26, 2016 the company, now named Creative Waste Solutions, Inc., bought certain assets of Florida-based Easy Disposal, Inc. for $380,000, which includes 50,000 company shares valued at $2.00 each and the rest in cash. The assets are listed only in an exhibit whose contents are not shown. This is another waste-business purchase following the April and May 2016 deals.
25 May 2016material agreement● NeutralMajor
On May 22, 2016 the company agreed to buy all the equity of Florida-based Integrated Waste Transportation Services, Inc. for $300,000 in cash plus 50,000 shares of its common stock. The filing says there was no prior dealing with the seller beyond negotiating the deal. This continues the waste-business buildup begun in April 2016, and the share issue adds some dilution.
14 Apr 2016material agreement● NeutralMajor
Now named Silverstar Resources, Inc. and based in Boca Raton, Florida, the company agreed on April 7, 2016 to buy 100% of Florida-based Creative Waste Solutions, LLC for $25,000. The filing says the company had no prior dealings with the seller beyond negotiating the deal. It is a small first step into waste business and is unrelated to the earlier mining and Arriba assets, which the filing does not mention.
20 Nov 2014auditor change● Neutral
On November 19, 2014 the company dismissed its auditor De Leon & Company and on November 20 hired MaloneBailey LLP. The filing says there were no disagreements and that De Leon's report carried substantial doubt about the company's ability to continue as a going concern. It gives no reason for the change. This reverses the October 2011 appointment of De Leon noted earlier.
29 July 2013capital raising announcement▼ BadMajor
On July 22, 2013 the company swapped $175,028 of overdue demand loans (including accrued interest) from four lenders for convertible debentures due July 22, 2017. Two debentures are held by Tina Bressert ($41,118 at 10%, convertible at $0.0025 per share, and $3,297 at 17%, convertible at $0.35), plus Nottingham Group ($19,586), Petra Corp. ($75,754) and Elco Securities Ltd. ($35,273), all at 17% and convertible at $0.35. The filing says conversion could let Bressert buy up to 98.83% of the common stock, Nottingham and Petra (under common control) up to 75%, and Elco up to 34.13%, all on a non-diluted basis, so existing shareholders face heavy potential dilution. This is an amendment (No. 2) of an earlier report; the filing does not say what changed. The filing does not mention the Arriba deal or the exploration funding question.
18 June 2013asset acquisition disposition▼ Bad
A second amendment withdraws Arriba's audited financial statements and the Grant Thornton audit report dated November 30, 2012 that were added in May. The filing says Grant Thornton asked for the removal while it completes extra audit work needed to meet PCAOB standards, and mentions certain amendments to the original report. So the company again has no usable audited Arriba financials on file; it does not say when they will return. The deal description is otherwise unchanged.
21 May 2013asset acquisition disposition● Neutral
This amendment was filed to add Arriba's audited financial statements for the years ended December 31, 2011 and September 30, 2012 to the February 2013 closing report. The filing says no other material changes were made; the deal text still shows the original 4,179,852 shares, not the later reduction.
17 May 2013material agreement▲ GoodMajor
Effective May 14, 2013 the company and Arriba's shareholders signed a revised agreement cutting the shares issuable for Arriba from 4,179,852 to 2,139,926; the warrants and other terms are unchanged. The filing says 2,039,926 shares previously authorized will be cancelled and returned to treasury (the arithmetic gives 2,039,926, though the reduced total is stated as 2,139,926 - the filing's figures differ from a straight subtraction by 100,000, which it does not explain). This reduces the dilution from the Feb 2013 closing. The exhibit is labelled as an agreement dated April 1, 2013, which the filing does not reconcile with the May 14 effective date. The company address is now Henderson, NV.
19 Feb 2013asset acquisition disposition● NeutralMajor
The Arriba Resources share exchange announced in December 2012 closed on February 15, 2013: the company issued 4,179,852 shares plus warrants over 2,078,477 shares at $1.75 for 360 days. Arriba holds 70% of a drilling company and 50% of the La Palma gold and silver property in Mexico, with an option for a further 30%. The company says its business focus is now operating that drilling company and exploring La Palma. Mexican Resources Ltd. became the control shareholder, with 1,319,852 shares and equal warrants, about 46.4% of voting securities. This resolves the open question of whether the deal would close.
24 Jan 2013resource reserve update● Neutral
The company furnished a technical report on the Ahbau Lake gold property in British Columbia, written by geologist Erik Ostensoe (effective July 20, 2012). The report says the property is optioned to a Silverstar Canadian subsidiary, no exploration has been done by the company, and the area is not yet sufficiently explored; it recommends Phase 1 work of $136,100 and Phase 2 of $126,500. This is a new property, separate from the Nevada and Idaho claims and the pending Arriba deal. It is furnished, not filed, and states no resources or reserves in the text shown.
11 Jan 2013material agreement● Neutral
This amendment was filed only to attach the Arriba share exchange agreement as an exhibit, which the December 31, 2012 filing left out; the company says nothing else was changed. The Arriba deal terms (4,179,852 shares, same conditions) are unchanged and still unclosed.
31 Dec 2012material agreement● NeutralMajor
On December 27, 2012 the company agreed to buy all of Arriba Resources Inc., a Canadian-incorporated company, for 4,179,852 of its shares. Closing depends on conditions including consents, no material adverse change, Arriba having no more than 20,899,262 shares, due diligence and audited September 30, 2012 financials, and the filing says there is no assurance it will complete. The company's address is now Jersey City, NJ.
1 Dec 2011capital raising announcement● NeutralMajor
The board approved selling 125,000 units at $0.40 ($50,000 total) to Larry Frick, each unit being one share plus a two-year warrant exercisable at $0.70 (not exercisable for six months). The filing says this leaves 167,669 shares outstanding and Frick owning about 75%, a very small share count compared with the 60 million-plus shares of 2008 (the filing does not explain the drop, though a reverse split is a possible inference). Frick becomes the controlling shareholder.
What it means for a shareholder
125,000 new shares at $0.400 to raise about $50,000. That's 75% dilution: every existing holder's slice gets 75% smaller. If you held $1,000 of shares (2,500 at the issue price), your slice goes from 5.9% to 1.5% of the company. To keep it you'd need 7,410 more shares - about $2,964 at the issue price.
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22 Nov 2011auditor change● Neutral
Second amendment to the auditor-change report, again restating Stafford's October 24, 2011 resignation and now stating there were no disagreements with the former accountant. It adds no new events; it finalises the wording of the earlier filings.
14 Nov 2011auditor change● Neutral
First amendment to the auditor-change report, restating Stafford's October 24, 2011 resignation and stating there were no reportable events. It oddly refers to the company as 'Colmena Corp.' in one place, which the filing does not explain; no new substance beyond correcting the earlier report.
4 Nov 2011auditor change▼ Bad
On October 24, 2011 auditor James Stafford, Inc. resigned, and on October 25 the company engaged DeLeon & Company. Stafford's reports for fiscal 2009 and 2010 each included a going-concern doubt paragraph, and the filing reports no disagreements. Management is now at a New York address with Neil Kleinman as CEO, a change from the 2008 Idaho-based team (the filing does not explain the transition).
20 Jan 2009capital raising announcement● Neutral
On January 15, 2009 the company closed a private placement of 484,837 shares at $0.45 each for gross proceeds of $218,176.65, sold to 10 non-US and 1 US buyer. The price is higher than the $0.25 paid in the 2008 placements; it adds shares and cash.
What it means for a shareholder
484,837 new shares at $0.450 to raise about $218,177. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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17 Oct 2008material agreement▲ GoodMajor
Two insiders agreed to hand back shares for cancellation with no payment: president Donald James MacKenzie 1,200,000 shares (agreement October 16, 2008) and former director/officer Greg Cowan 15,000,000 shares (September 30, 2008). This reduces the number of shares outstanding, which is a positive for remaining holders' percentage ownership.
14 Oct 2008capital raising announcement● Neutral
On October 10, 2008 the company closed a private placement of 950,000 shares at $0.25 each, raising $237,500 gross, sold to 6 non-US and 3 US buyers. This adds shares (dilution for existing holders) and cash, following the similar $250,000 raise in July.
What it means for a shareholder
950,000 new shares at $0.250 to raise about $237,500. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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28 July 2008business combination● NeutralMajor
The Silverdale purchase closed on July 24, 2008, resolving the June agreement: 4,334,000 new shares were issued, leaving 60,834,000 shares outstanding, with Silverdale's former holders owning about 7.12%. The filing also describes the company as an exploration-stage miner with its Rose Prospect claim in Nevada, Silverdale's option on eight Idaho claims (to date $50,000 paid of a $1,000,000 cash commitment), a March 31, 2008 agreement for a 50% interest in the Silver Strand mine with New Jersey Mining Co. (expected to close by July 31, 2008), and a $250,000 private placement of 1,000,000 shares at $0.25 closed July 23, 2008. The company was formerly a shell, so this filing gives full business information.
16 June 2008material agreement● NeutralMajor
The company, filing under the name Silverstar Mining Corp., agreed on June 13, 2008 to buy all of Silverdale Mining Corp., an Idaho-focused exploration-stage mining company, by issuing 4,334,000 of its shares to Silverdale's shareholders. The deal was conditional (including delivery of audited financials) and the filing says there was no assurance it would close.
