Dolat Ventures, Inc. company history: the story so far

History

Dolat Ventures changed hands in 2009, bought diamond and Sierra Leone mining businesses with newly issued shares, then went quiet until new Beijing-based management surfaced in 2017.

2009-2010: From mining shell to diamond and gold

Dolat Ventures began as a shell company holding mining claims, run by Nigar Lila. On September 29, 2009, Lila agreed to sell her 4,000,000 shares, 60.6% of the 6,600,000 then outstanding, to Gary Tice for $250,000. Tice was to become sole director, President and CEO, and said he would re-evaluate the mining strategy.

The change came quickly. On November 9, 2009 Dolat agreed to buy Dove Diamonds and Mining, Inc. for 20,622,000 new restricted shares, far more than the shares already in existence. The deal took effect on December 15, 2009, making Dove a wholly owned subsidiary. The business was described as mining and wholesale of diamonds and gemstones, based in New York, with no operations begun and only $1,000 in cash at September 30, 2009. The filing noted going-concern doubt, and although the stock had the ticker DOLV, no trading market had developed.

On April 13, 2010 Dolat took 75% of Millennium Mining LLC, a Sierra Leone diamond and gold miner, for 30,000,000 new shares. It was accounted for as a reverse merger, and Dolat said all its mining operations ran through Millennium. Together these deals sharply diluted earlier holders.

2011-2017: Silence and a new face

The record for these years is largely quiet. Shares on issue stood at 84,688,717 at the end of 2011, rising to 107,466,000 in 2012 and 172,066,362 in 2013, though the beats do not explain these increases. On May 2, 2014 the company terminated the registration of a class of its securities, ending its reporting obligation for them.

In June 2017 a filing appeared listing Dolat as a Wyoming company based in Beijing, signed by Wang DeQun as President. It said prior management had reported that auditor Egeberg was dismissed on May 30, 2013 and replaced by Patrick Rodgers CPA, PA. Egeberg had withdrawn his PCAOB registration in November 2012 and could not be found. The new management found no evidence Rodgers certified any statements, and the PCAOB banned him in March 2014. On May 25, 2017 Dolat engaged De Leon & Company, PA as auditor. As of June 27, 2017, the filings did not say whether the Dove and Millennium assets still operated.

Written from the 6 story beats below (2009 to 27 June 2017), which come from the company's own announcements and filings.

Beat by beat

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

2017172m shares · US$21.2m market cap

27 June
Filed June 2017 (the cover says an event date of May 30, 2013), this filing now lists Dolat as a Wyoming company based in Beijing, signed by Wang DeQun as President. New management says the prior management reported that Egeberg, the auditor hired in 2011, was dismissed on May 30, 2013 and replaced by Patrick Rodgers CPA, PA. The filing says Egeberg had withdrawn his PCAOB registration on November 12, 2012 (stated as November 13, 2012), that he could not be located, so no letter from him could be obtained, and that it found no evidence Rodgers certified any financial statements; Rodgers was banned from public accounting by the PCAOB in March 2014 in an unrelated matter. On May 25, 2017 the company engaged De Leon & Company, PA as its new auditor. This shows a long gap in the company's reporting and a change of control and location since the 2011 New York-based filings (the change of control and move are inferences from the changed address, state and signatory; the filing does not describe them).
auditor change
172m shUS$21.2m

2014172m shares

2 May
Dolat Ventures, Inc. terminated the registration of a class of securities, ending its reporting obligation for them.
listing compliance notice
172m sh

2010

15 Apr
On April 13, 2010 Dolat agreed to take 75% of Millennium Mining LLC, a Sierra Leone diamond and gold mining company, in exchange for 30,000,000 new Dolat shares, and says the deal took effect that day. This adds an operating mining business in Sierra Leone under Dove, and issues a large number of new shares, which dilutes existing holders (inference from the share counts). The filing says it is accounted for as a reverse merger and that Dolat conducts all its mining operations through Millennium.
asset acquisition disposition

2009

18 Dec
The Dove Diamonds and Mining acquisition took effect on December 15, 2009, with Dove shareholders receiving 20,622,000 restricted Dolat shares, and Dove is now a wholly owned subsidiary. The filing describes Dolat as a shell company before the deal. It now describes the business as mining and wholesale of diamonds and gemstones, headquartered in New York, with no operations begun as of September 30, 2009, and Dove had only $1,000 in cash at that date. Dove's auditors-related going-concern doubt is stated, and the company's stock has an OTCBB ticker (DOLV) but no trading market has developed. This completes the deal announced in November and moves the company away from its original mining-claims plan.
asset acquisition disposition
17 Nov
On November 9, 2009 the company agreed to acquire 100% of Dove Diamonds and Mining, Inc., a Nevada company, in exchange for 20,622,000 restricted new shares of Dolat. This is far larger than the 6,600,000 shares outstanding as of August 2009, so existing holders would be diluted (inference from the share counts). The deal was expected to close in November 2009 once its conditions were met. It follows the change of control to Gary Tice.
material agreement
30 Sept
Ahead of a change of control, the filing says Nigar Lila agreed on September 29, 2009 to sell her 4,000,000 shares (60.6% of the 6,600,000 outstanding) to Gary Tice for $250,000. At closing, no sooner than October 10, 2009, Lila and the current officers resign and Tice becomes sole director, President and CEO. New management says it intends to re-evaluate the company's mining strategy; no shareholder vote is required.
business combination