14 Feb 2020quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $153 thousand for the period ended 2019-12-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Nov 2019auditor change● Neutral
On November 1, 2019 GulfSlope dismissed its auditor BDO USA and engaged Pannell Kerr Forster of Texas for the fiscal year ending September 30, 2019. The filing reports no disagreements with BDO. It notes material weaknesses in internal controls (contract review as of September 2018, and valuation of accounts receivable as of March and June 2019) and going-concern doubt in BDO's 2017 and 2018 reports. The receivables weakness fits with the September 2019 restatement (inference).
5 Nov 2019securities registration● Neutral
GULFSLOPE ENERGY, INC. filed the final prospectus for a registered offering.
28 Oct 2019capital raising announcement▼ BadMajor
On October 22, 2019 GulfSlope and Delek GOM Investments signed a post-drilling agreement: GulfSlope issues 38,423,221 shares to Delek as compensation tied to insurance proceeds from drilling the Tau well, and replaces its $1,220,548 owed under the March 2019 term loan with a 12% convertible debenture due October 22, 2020, convertible at $0.05 into up to 24,410,960 shares. The term loan is terminated and Delek's liens are released except those attributable to the Tau well. This closes out the March 2019 Delek loan and adds more shares and a new debt owed to Delek.
25 Oct 2019substantial holder notice● Neutral
SHARON ITSHAK, DELEK GROUP LTD, DKL INVESTMENTS LIMITED, DELEK GOM HOLDINGS, LLC, DELEK GOM INVESTMENTS, LLC reported a GULFSLOPE ENERGY, INC. shareholding of 301,426,999 shares (26.10% of votes) in a periodic institutional filing.
18 Oct 2019securities registration● Neutral
GULFSLOPE ENERGY, INC. amended a filing by which it registered a securities offering with the SEC.
25 Sept 2019financial restatement▼ BadMajor
On September 24, 2019 the company said its results for the quarter ended March 31, 2019 should not be relied on because bad debt expense was recorded in error. The correction is expected to be $672,500, which would lower the reported net loss and raise assets and equity by that amount (preliminary), and a corrected 10-Q/A will follow. This changes the $5.3 million quarterly loss reported in May 2019 and the company is assessing fixes to its accounting controls.
15 Aug 2019late filing notice▼ Bad
GULFSLOPE ENERGY, INC. notified the SEC that its quarterly report would be filed late.
5 Aug 2019securities registration● Neutral
GULFSLOPE ENERGY, INC. registered a securities offering with the SEC.
31 July 2019material agreement● Neutral
On July 24, 2019 GulfSlope and YA II PN, Ltd. agreed a letter removing the 'Coverage Failure' provisions of the June 2019 debenture purchase agreement as they apply to the third closing. The filing does not explain what those provisions were or why the change was made.
27 June 2019capital raising announcement▼ BadMajor
On June 21, 2019 GulfSlope agreed to sell up to $3.0 million of 8% convertible debentures, with $2.1 million bought at signing and $400,000 and $500,000 more tied to filing and SEC effectiveness of a resale registration statement. The debenture matures June 21, 2020 and converts at the lower of $0.05 or 80% of the lowest 10-day trading average price, and the buyer also got warrants for 50.0 million shares at $0.04. The buyer is not named in this filing. The variable conversion price means the number of new shares depends on the future share price (inference: it could dilute existing holders). This is new funding after the March 2019 Delek loan was converted to shares.
15 May 2019quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $5.3 million for the period ended 2019-03-31.
29 Mar 2019material agreement● Neutral
On March 25, 2019 GulfSlope signed a registration rights agreement with Delek GOM, as promised in the March 2019 term loan, under which it must register Delek's shares and warrants for resale if asked. The filing deadline is 30 days after a written request from Delek, and the agreement also gives Delek piggyback and underwritten-offering rights. It gives Delek a route to sell its holdings, but the filing does not say whether it will.
27 Mar 2019substantial holder notice● Neutral
SHARON ITSHAK, DELEK GROUP LTD, DKL INVESTMENTS LIMITED, DELEK GOM HOLDINGS, LLC, DELEK GOM INVESTMENTS, LLC reported a GULFSLOPE ENERGY, INC. shareholding of 238,095,238 shares (21.90% of votes) in a periodic institutional filing.
7 Mar 2019substantial holder notice● Neutral
SHARON ITSHAK, DELEK GROUP LTD, DKL INVESTMENTS LIMITED, DELEK GOM HOLDINGS, LLC, DELEK GOM INVESTMENTS, LLC disclosed a new substantial GULFSLOPE ENERGY, INC. shareholding (21.90% of votes).
7 Mar 2019capital raising announcement● NeutralMajor
On March 1, 2019 GulfSlope entered a Delek GOM term loan facility of up to $11.0 million at 5% interest, due six months after closing and secured by substantially all its assets, and had borrowed $10.0 million by March 6. Delek was issued warrants for 238,095,238 shares at $0.042, and by March 6 it exercised them in full by cancelling the company's outstanding debt to it, so the $10.0 million was converted into shares rather than repaid in cash. CEO Seitz agreed to subordinate his loans to Delek's. This deepens the Delek relationship from the 2018 farm-out and adds a large number of new shares for existing holders.
7 Mar 2019director interest notice● Neutral
Delek Group, LTD. became a GULFSLOPE ENERGY, INC. 10%+ owner and company insider (initial ownership filing).
14 Feb 2019quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $346 thousand for the period ended 2018-12-31.
14 Aug 2018quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $993 thousand for the period ended 2018-06-30.
15 May 2018quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $546 thousand for the period ended 2018-03-31.
27 Apr 2018agm notice● Neutral
GULFSLOPE ENERGY, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
17 Apr 2018agm notice● Neutral
GULFSLOPE ENERGY, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
14 Feb 2018quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $514 thousand for the period ended 2017-12-31.
12 Jan 2018capital raising announcement▲ GoodMajor
On January 8, 2018 GulfSlope signed a participation agreement with Delek GOM Investments and Texas South to farm out its Gulf of Mexico prospects: the parties commit to drill the Canoe and Tau prospects, and Delek can take part in further drilling phases, earning a 75% working interest by paying 90% of well costs while GulfSlope keeps 20% and pays 8%. Delek also pays about $1.1 million per exploration plan filed (the press release says $1.5 million, split 73% GulfSlope and 27% Texas South) and can buy up to 20% of GulfSlope's stock; GulfSlope issued 80 million shares to Hi-View for consulting, to be returned if Delek does not fund the roughly $1.1 million payment within six months. This follows the 2015 Texas South farm-out and brings in a large new partner for drilling, expected from mid-2018.
14 Aug 2017quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $3.8 million for the period ended 2017-06-30.
15 May 2017quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $826 thousand for the period ended 2017-03-31.
14 Feb 2017quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $553 thousand for the period ended 2016-12-31.
15 Aug 2016quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $3.3 million for the period ended 2016-06-30.
22 July 2016auditor change● Neutral
GulfSlope's auditor Mantyla McReynolds merged into BDO USA on July 1, 2016 and told the company it would not stand for reappointment; BDO was appointed on July 20, 2016 for the year ending September 30, 2016. Mantyla's reports for fiscal 2014 and 2015 contained a going-concern doubt, and the filing reports no disagreements with Mantyla.
16 May 2016quarterly activities report▼ Bad
GULFSLOPE ENERGY, INC. reported a quarterly net loss of $526 thousand for the period ended 2016-03-31.