History
GSV Inc handed control to Polystick through a 2003 oil and gas merger, then spent years extending small debts before deregistering from SEC reporting in July 2009.
2002-2003: Polystick takes control
GSV's move into oil and gas began on 5 June 2002, when it agreed to buy working interests in two Louisiana gas wells from Polystick U.S. Corp. for $550,000 in cash and 850,000 GSV common shares. GSV also gained an option, with a right of first refusal, on other Polystick oil and gas properties, and signed a consulting agreement with Polystick to help it pursue new opportunities.
In April 2003 the two sides signed a non-binding term sheet for GSV to buy all of Polystick's oil and gas properties for stock valued at $2.65 million. Polystick already held 32.2% of GSV's common stock and would gain the right to elect up to three directors. The deal closed on 21 July 2003 as a merger. GSV issued 4,500,000 common shares and 1,500,000 Series B preferred shares, leaving Polystick and its owners with about 79.3% of the common stock on an as-converted basis. Existing holders were heavily diluted. GSV also redeemed all its Series A preferred for $400,000.70, paying $200,000.70 in cash and the rest with a note secured on all company assets. Polystick's Sagi Matza joined the board.
2006-2009: Extending debts, then leaving the SEC
The record is quiet between 2003 and early 2006. In January 2006 GSV ended the lease on its former Jersey City offices with 116 Newark Avenue Corporation. It paid $70,000 in cash, issued a $356,249.04 note and 200,000 Series C preferred shares, and covered $10,000 of legal fees. Polystick guaranteed the note and pledged 356,249 of its Series B shares.
In January 2008 that note was restructured into 24 monthly installments of $14,843.71, with maturity moved to December 2009. GSV also signed an $8,000-a-month consulting agreement with Matza.
In July 2008 GSV's subsidiary Cybershop ended a back-in right owed to B & L Oil and Randall Petroleum. Each of the three parties received an undivided one-third right to take part in prospects in the HLM Project in Liberty and Montgomery Counties, Texas. The same month, a $200,000 convertible note held by Emerald was extended to July 2009, with Polystick pledging 200,000 Series B shares behind it. By March 2009 a note to Brooks Station had been paid down to $140,000 and extended to September 2009.
On 27 July 2009 GSV deregistered its securities, ending its obligation to file reports with the SEC. It remained controlled by Polystick, with notes still outstanding and no pending transactions.
Written from the 7 story beats below (2002 to 27 July 2009), which come from the company's own announcements and filings.