Scout Exploration, Inc

The SEC revoked Scout Exploration's registration under Section 12(j) for failing to file periodic reports, ending the company's life as an SEC reporting company - no annual report was ever filed for FY2013 or any later year, and the IDS Offshore oil-spill-technology deal's fate was never disclosed.

registration revoked

FY2012 net loss jumped to $407,648 as the IDS Offshore deal advanced - amended twice more (July and September 2012) to push the cash payment schedule out to mid-2013 - and the company issued 5,000,000 shares (valued at $0.05 each) on signing the amended letter of intent, taking shares outstanding to 15,441,356 and the stockholders' deficit to $458,268.

annual report

Catching up on FY2011: on September 14, 2011 Scout signed a letter of intent with IDS Offshore Inc. for the exclusive rights to an oil-spill-response ("rapid oil boom") technology under development by IDS, for $4,265,000 of cash consideration over three years plus up to 12,500,000 new shares; FY2011 net loss was $75,322, with the stockholders' deficit widening to $380,584.

annual report

Catching up on FY2009 (year ended September 30, 2009): confirmed that, after Mahood's default claim and the collapse in oil and gas prices, Scout sold its entire stake in Kerrisdale back to him for $1 under a Settlement, Share Sale and Release Agreement (effective April 1, 2009, closed June 30, 2009), unwinding the deal entirely; FY2009 net loss was $167,156, with stockholders' equity now a $231,774 deficit.

annual report

Nearly three years later, restated the FY2008 annual report: Scout determined that, based on the actual terms of the purchase agreement, it never controlled Kerrisdale Resources despite owning 100% of its shares, and reclassified the investment from full consolidation to the equity method; the same filing confirmed Scout had deferred all further exploration work on its original Wheaton River claims.

annual report

FY2008 brought a real pivot beyond its dormant Yukon claim: under a Share Purchase Agreement (signed June 18, 2008, effective January 1, 2008), Scout acquired 100% of Kerrisdale Resources Ltd., an Alberta oil and gas company, from Brian Mahood for CDN$775,000 (CDN$425,000 cash plus a CDN$360,000 secured debenture), consolidating Kerrisdale's results and pushing FY2008 net loss to $368,828 - though stockholders' equity turned positive ($303,720) on the capital raised to fund the deal. Soon after year-end, falling oil and gas prices left Kerrisdale unable to service the debenture, and Mahood declared the company in default.

annual report

Its first annual report as Scout Exploration: FY2006 (year ended September 30, 2006) net loss was $85,201 - up sharply from prior years' minimal shell-maintenance costs (a few thousand dollars a year since 1999) - reflecting the mineral-property acquisition and share issuances that funded it (1,700,000 shares for $85,000 cash, 500,000 shares for the Wheaton River claims); the company ended the year with just $2,075 of stockholders' equity.

annual report

Registered up to 1,700,000 shares for resale by existing shareholders (no proceeds to the company) as Scout Exploration, Inc. - renamed from Virtual Curricula Corp. (an interactive-education-products shell) on April 10, 2006 after abandoning that business to pursue mineral exploration on the Wheaton River gold-silver claims (9 claims, Yukon Territory) acquired from Iscis Holdings Ltd.

securities registration