Each one in plain English, with the numbers worked through for a shareholder.
3 Jan 2019listing compliance notice▼ BadMajor
Endurance voluntarily filed to deregister its stock and suspend SEC reporting, citing the cost of compliance and thin trading. Coming after a going-concern audit opinion, insider-funded liquidity gaps and an IP-for-debt swap with its own CEO, this ended the company's public-disclosure record even as management framed it as a cost-saving move and said it would keep trading over the counter.
Endurance changed auditors again, to Thayer O'Neal, after Green & Company CPAs (its auditor since 2015, with no adverse opinions) was itself acquired by another firm - an administrative change, not a disagreement.
Endurance formed a 50/50 joint venture, Caird Exploration, with Global Marine Archaeological Research (GMAR), paying for its half with 12M restricted shares rather than cash; GMAR contributed sonar and research data on several already-located deep-water wrecks plus rights to a further target. Endurance separately bought a roughly $3M-replacement-value autonomous underwater vehicle from GMAR.
30 May 2018asset acquisition disposition▼ BadMajor
Unable to fund development of an in-house marine salvage tool, Endurance's independent directors approved selling the tool's parts, design and engineering rights to Eldred Industrial - a company owned by CEO Micah Eldred - in exchange for reducing the company's loan from Eldred by $38,689. The company disclosed it 'does not currently have the funding or ability' to develop the tool itself.
CEO and 42.79% owner Micah Eldred formalized a $500,000 secured line of credit to Endurance at 5% interest, secured against company assets, so the company could keep funding salvage operations - and simultaneously papered a Demand Note for loans Eldred had already been making informally since 2017. Endurance's own CEO had become its principal secured creditor.
While still awaiting its pending equity raise, Endurance said it was pivoting toward lower-cost shallow-water targets outside the US (three unidentified wrecks code-named Hawky #1-3), pending government salvage permissions.