History
A shell company sold to Gary Richard Brown in 2016 became a Virginia metallurgical coal business in 2018, diluting existing holders, before ending a securities registration in 2019.
2016: A shell changes hands
The company began as NL One Corporation, a shell controlled by Thomas DeNunzio. On May 11, 2016 he sold control to Stansbridge Limited: 324,008,000 shares, about 92.87% of the stock, for $345,000. A further 9,497,500 shares went to Diane Margaret Antonia-Lipman. Gary Richard Brown, who owns all of Stansbridge, became CEO, CFO, President and director, while Jeffrey DeNunzio and Paul Moody resigned. No shareholder vote was needed.
The company then changed its name to Flagship Global Corporation and its ticker from NLLN to FGCN. A 1-for-8 reverse split, effective June 17, 2016, cut the shares on issue from 348,890,000 to 43,611,250. Each holder's percentage stake stayed the same. Stansbridge held about 40,501,000 shares afterwards.
2018-2019: Coal
The record is quiet for almost two years. Then, on May 10, 2018, the company completed the purchase of a 57.5% majority interest in GEM Holdings Ltd., which mines high grade metallurgical coal in Virginia. This was a new business for what had been a shell. It agreed to issue 101,759,583 new shares to GEM's shareholders. The filing says Steven Moscicki and David Winduss now collectively control 70% of the shares, so existing holders were diluted and control changed.
On July 26, 2018 the company announced that its subsidiary Cobalt Coal LLC had reached an agreement with the Steinman Corporation to acquire full ownership of the mineral rights under its coal mining leases in Dickenson County, Virginia. Cobalt is a member of Clinchco Met Coal Corporation, which is 90% owned by a wholly owned subsidiary of GEM. No price or closing date was given.
The last disclosure, on December 30, 2019, said the company terminated the registration of a class of its securities, ending its reporting obligation for them. The beats do not say whether the Steinman deal closed or whether the remaining 42.5% of GEM was acquired.
Written from the 5 story beats below (2016 to 30 Dec 2019), which come from the company's own announcements and filings.