Each one in plain English, with the numbers worked through for a shareholder.
9 Nov 2022asset acquisition disposition● NeutralMajor
On November 7, 2022 the company agreed to sell its minority investment in Ranken Energy Corporation to former CEO David St. James for $112,000, paid as accrued compensation. The filing says the wells produce nominal revenue, are fully depleted on its books and are non-core to its health and wellness strategy. This ends the company's remaining oil and gas exposure, tying back to its earlier oil and gas history, and is a related-party deal.
On October 28, 2022 the company signed a binding agreement to buy the assets of an unnamed Midwest training software provider founded in 1980, which had annual revenues of roughly $500,000. The price is up to $280,000: $120,000 cash due by November 30, 2022, notes of $70,000 and $40,000, and a $50,000 earnout. The filing says there is no assurance the company can finance it, and the target's name is withheld under an NDA. This is a new business direction.
On October 19, 2022 the board accepted the resignation of auditor Boyle CPA, LLC and engaged Victor Mokuolu, CPA PLLC to audit fiscal years ending July 31, 2022 and 2023. The filing reports no disagreements, and Boyle's opinions carried only a going-concern paragraph.
On August 15, 2022 the company agreed a junior convertible debenture with a third-party lender for $39,250, netting $35,000 after fees and legal costs; funding closed August 23, 2022. This is another small convertible loan.
3 Aug 2021asset acquisition disposition● NeutralMajor
Reported August 3, 2021 (the filing states the event of July 31, 2021), Himalaya Technologies (formerly Homeland Resources) bought 100% of KANAB CORP. by issuing 300,000 Series B Preferred shares. The stock purchase agreements are with FOMO CORP and Vikram Grover; the filing does not give KANAB's business or value. The company now lists Chicago as its address and Vikram Grover as CEO, years after the 2015 convertible-debt troubles.
From September 21 to October 22, 2015 the company issued 34,929,106 shares as KBM, LG Capital and Typenex converted notes at falling prices. It says KBM and Vis Vires have alleged default because authorized shares are insufficient, and would waive penalties if balances are paid by October 30, 2015, which the company says it is unlikely to manage. It also says it needs financing to file its July 31, 2015 annual report, the TSS deal is unlikely before the debt is resolved, and oil revenues have fallen. This is the dilution risk flagged earlier, now playing out.
16 July 2015material agreement termination▼ BadMajor
The January 2015 agreement with TSS expired on July 15, 2015. The company let it lapse because any new agreement would be on a substantially different basis, and says talks continue about buying a division or project of TSS, with no assurance of a deal. This ends the original 50% stake plan and replaces it with uncertainty.
On June 25, 2015 the company issued 1,500,000 shares on exercise of warrants (likely from the March 2015 units; an inference) and sold 500,000 units at CAD $0.06 for $30,000, each with a warrant at CAD $0.10 until June 25, 2016. Finder's fees of $4,500 and $3,000 were paid. Small amounts of new equity were raised, adding to the share count.
Auditor Stark Schenkein resigned on May 22, 2015 after certain individuals joined SingerLewak LLP, and the company appointed SingerLewak on June 17, 2015. The filing says there were no disagreements, and the prior reports carried only a going-concern uncertainty statement, consistent with the earlier going-concern history.