Past year: ▼ 100%(0.00c – 0.01c USD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Aug 2004auditor change● Neutral
On August 10, 2004 the company dismissed its auditor Madsen & Associates and engaged Deloitte & Touche LLP. The filing says there were no disagreements, and repeats that Madsen's report on September 10-30, 2003 raised substantial doubt about the company continuing as a going concern, dependent on obtaining more working capital.
5 May 2004business combination● Neutral
An information statement (sent for information only, no shareholder vote) repeats how control changed in February 2004: David Roff sold 1,925,000 shares each (post-split) to Nearshore Petroleum (Gawne and his wife) and 1089144 Alberta Ltd. (owned by COO John Brown's daughters) for $481.25 each, and resigned. The new board of Schmid, Gawne, Sparrow and Bolger was named under the 2003 bankruptcy plan. It reports 12,337,156 shares outstanding at April 2, 2004; Nearshore and 1089144 each hold 15.6% and Portwest (Schmid) 5.3%. This confirms the ownership and leadership already known and discloses no assets.
28 Apr 2004auditor change▼ Bad
This amends the February 2004 auditor-change report. It adds that the former auditor's report on the period from September 10 to September 30, 2003 raised substantial doubt about the company's ability to continue as a going concern, dependent on obtaining more working capital. It repeats that there were no disagreements and gives Sellers & Andersen's engagement date as March 20, 2003.
5 Mar 2004bankruptcy or receivership● NeutralMajor
Control moved from David Roff to a new Calgary-based team: on February 6, 2004 Roff sold 962,500 shares each to Nearshore Petroleum (owned by Steven Gawne and his wife) and 1089144 Alberta Ltd. (owned by the daughters of COO John Brown), each for $481.25, and resigned. Steven Gawne became CEO and president, and Horst Schmid chairman, with Curtis Sparrow and Leonard Bolger also directors. Under the bankruptcy order, 4,000,000 shares were sold to 22 buyers for $50,000 ($0.0125 each). A 2-for-1 forward split takes effect March 10, 2004, raising shares from 6,168,578 to 12,337,156 and authorized shares to 100,000,000.
23 Feb 2004auditor change● Neutral
On February 9, 2004 the company dismissed its auditor Sellers & Andersen and hired Madsen and Associates. The filing says there were no disagreements and no adverse or qualified opinion, and that Sellers & Andersen later merged with Madsen. The company's address is now in Calgary, Alberta, and Steven Gawne signs as president.
25 Nov 2003bankruptcy or receivership● Neutral
This is an amended copy of the November 18, 2003 report, with the same bankruptcy plan, change of control to David Roff, 1-for-30 reverse split and name change. In the text provided I see no new facts; any differences in the truncated parts or exhibits are not visible to me.
18 Nov 2003bankruptcy or receivership▼ BadMajor
This continues the bankruptcy: on September 10, 2003 the court confirmed a liquidating plan that paid off and extinguished the company's liabilities, ended the old management and board, and put David Roff in control. Shares were reverse split 1-for-30 (5,048,782 shares before), 2,000,000 new shares went to Roff (92.24% of 2,168,292 outstanding), and the company was renamed Deep Well Oil and Gas, Inc. and moved to Toronto. Historical-cost assets and liabilities were $0 as of September 11, 2003. Existing shareholders were left with a small fraction of the post-split company.
20 Feb 2003bankruptcy or receivership▼ BadMajor
The company, then named Allied Devices Corporation (a precision mechanical parts maker), filed for Chapter 11 bankruptcy protection on February 19, 2003 in the Eastern District of New York. It said it would keep running the business as debtor-in-possession; its press release says a third-party investor withdrew a recapitalization offer on February 7, 2003 and the banks then applied cash in its operating accounts against what it owed them.
