15 Nov 2013late filing notice▼ Bad
Iron Eagle Group, Inc. notified the SEC that its quarterly report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Aug 2013late filing notice▼ Bad
Iron Eagle Group, Inc. notified the SEC that its quarterly report would be filed late.
4 June 2013material agreement termination▼ BadMajor
On June 4, 2013 Iron Eagle handed 100% of Tru-Val Electric back to Chris Totaro, reversing the August 2012 acquisition. Iron Eagle gave Totaro a $81,688 promissory note, payable within seven days of the company raising more than $250,000 in capital, and Totaro returns all his common and preferred shares in the company. The company says the two sides agreed Tru-Val is better run as a private company without public company overhead; the filing states no early termination penalties. The shares issued to Totaro are returned, which offsets some of the dilution from that deal, but the company is again without the business it bought. The filing does not mention York River.
16 May 2013late filing notice▼ Bad
Iron Eagle Group, Inc. notified the SEC that its quarterly report would be filed late.
1 Apr 2013late filing notice▼ Bad
Iron Eagle Group, Inc. notified the SEC that its annual report would be filed late.
19 Dec 2012capital raising announcement● Neutral
This amendment was filed only to attach the schedules to the July 19, 2012 York River Electric purchase agreement; the terms are unchanged ($8.5M cash, assumed debts, $3M in restricted shares within 30 days of closing, a working-capital price adjustment and a receivables make-up clause). It says it is not updated for later events, so it does not confirm whether the York River deal closed or how the cash was funded.
15 Nov 2012late filing notice▼ Bad
Iron Eagle Group, Inc. notified the SEC that its quarterly report would be filed late.
23 Oct 2012asset acquisition disposition● Neutral
This amendment repeats the August 2012 Tru-Val Electric Corp. purchase from Christopher Totaro (assumed debt, 6,011,984 common shares at $0.45, 2,638 preferred shares at $1,000, subject to adjustment) and the related share issues to insiders, with Totaro's shares locked up in two 50% tranches over 12 and 24 months. It adds that Tru-Val's financial statements and pro forma figures are still to be filed, estimated within 60 days. The filing gives the closing as August 22 (the earlier filing said August 28), and it also lists a $50,000 conversion to 200,000 shares issued to Cyberado Technologies.
28 Aug 2012asset acquisition disposition● NeutralMajor
Iron Eagle completed its purchase of Tru-Val Electric Corp. on August 28, 2012 from Christopher Totaro, paying with assumed debt, 6,011,984 common shares valued at $0.45 each, and 2,638 preferred shares at $1,000 each (subject to adjustment). The filing also lists a series of other share issues: debt conversions at $0.25 to Gamble and Hildebrand (600,000 shares each), a board-authorised conversion of up to $90,000 for Jake Shapiro, 1,037,408 shares to CEO Ed English, 312,500 shares each to Giulietti and Antonini's firm for director fees, and 500,000 shares each to Gamble and Hildebrand for consulting. Shareholders are diluted by these issues. Ed English is now named as CEO. The filing does not state a cash price, and no word on York River closing appears in it.
31 July 2012financial restatement▼ BadMajor
Iron Eagle said on July 20, 2012 that its 2011 quarterly financial statements should no longer be relied on. It left out $615,250 of compensation expense in the first quarter of 2011 for people whose pay was later waived; the amount should be booked as an expense with an equal offset to paid-in capital. The company says total assets, liabilities and stockholders' deficit are unaffected, and that the June and September 2011 quarters were not affected by this error.
26 July 2012capital raising announcement● NeutralMajor
On July 19, 2012 Iron Eagle agreed to buy York River Electric Inc. from Cathy McQuade and Mark Bryan for $8.5M in cash, assumption of all its debts and liabilities, and $3M of Iron Eagle restricted shares issued within 30 days of closing (sellers limited to selling 25% a year for 4 years). The price drops if working capital is below $3.75M, and the sellers must make up uncollected receivables after nine months. The filing does not say how the cash will be funded, and shareholders face dilution from the share issue. This is a new acquisition after the loss of Delta in 2011.
6 July 2012auditor change● Neutral
On June 27, 2012 Iron Eagle dismissed The Hall Group as auditor, saying management believes the new firm is better suited, and hired Marcum LLP to audit 2011. Hall's reports on 2010 and 2009 carried a going-concern qualification, and the company reports no disagreements. This is yet another auditor change, following the Kelly to Hall switch in January 2011.
16 May 2012late filing notice▼ Bad
Iron Eagle Group, Inc. notified the SEC that its quarterly report would be filed late.
30 Mar 2012late filing notice▼ Bad
Iron Eagle Group, Inc. notified the SEC that its annual report would be filed late.
13 Mar 2012director interest notice● Neutral
Gary Giulietti became a Iron Eagle Group, Inc. director and company insider (initial ownership filing).
5 Mar 2012director interest notice● Neutral
Edward M. English became a Iron Eagle Group, Inc. Chief Executive Officer and company insider (initial ownership filing).
5 Mar 2012director interest notice● Neutral
Jed Sabio became a Iron Eagle Group, Inc. Executive Vice President and company insider (initial ownership filing).
5 Mar 2012director interest notice● Neutral
Joseph E. Antonini became a Iron Eagle Group, Inc. director and company insider (initial ownership filing).
14 Nov 2011late filing notice▼ Bad
Iron Eagle Group, Inc. notified the SEC that its quarterly report would be filed late.
27 Sept 2011material agreement termination▼ BadMajor
On September 23, 2011, Bookbinder took back 100% of Delta after Iron Eagle failed to pay the seller note by September 16, 2011; the company says it could not raise the money because of market conditions. The rescission also extinguished the roughly $9M seller note, but Iron Eagle loses Delta, the business it bought in January 2011. The company says it is in talks with Bookbinder and private investors about re-buying Delta and with unnamed acquisition targets, with no certainty of any deal. This resolves the Delta purchase thread negatively.
6 Sept 2011securities registration● Neutral
Iron Eagle Group, Inc. amended an already-effective registration statement.
1 Sept 2011material agreement▼ BadMajor
Iron Eagle disclosed that it bought Delta Mechanical Contractors on January 21, 2011, paying with a seller note of about $9.0M, later cut to $8.8M. The note was extended to September 16, 2011 by Bruce Bookbinder, the former owner. It is secured by a pledge of Delta's parent, and the filing says that if it is not paid, Bookbinder will very probably take Delta back and Iron Eagle would lose its entire investment and have no business operations. The company depends on its proposed public offering to repay. The attached press release reports $23.3M of revenue for the first six months of 2011 (Delta results counted from January 21), an effective registration statement for up to 3 million shares at $5.00 after an 8-for-1 reverse split, and Joseph Antonini as the new chairman. This shows the company moving from the earlier Farache plan to Delta as its operating business, with a deadline that put it at risk.
15 Aug 2011quarterly activities report▼ Bad
Iron Eagle Group, Inc. reported a quarterly net loss of $898 thousand for the period ended 2011-06-30.
10 Aug 2011securities registration● Neutral
Iron Eagle Group, Inc. amended a filing by which it registered a securities offering with the SEC.
9 Aug 2011securities registration● Neutral
Iron Eagle Group, Inc. amended a filing by which it registered a securities offering with the SEC.
23 May 2011quarterly activities report▼ Bad
Iron Eagle Group, Inc. reported a quarterly net loss of $898 thousand for the period ended 2011-03-31.
16 May 2011late filing notice▼ Bad
Iron Eagle Group, Inc. notified the SEC that its quarterly report would be filed late.
12 May 2011asset acquisition disposition● Neutral
A second amendment to the January 2010 filing on the Iron Eagle Nevada share exchange. It corrects the closing date to August 18, 2010, when the last condition was met, and adds pro forma financials. The 373,491,825 shares were released from escrow and Gamble and Hildebrand resigned as officers and directors. The pro forma statements as of/for the year to June 30, 2010 show total assets of $843,452, a stockholders' deficit of $(162,556) and a net loss of $(1,777,101). This confirms the share exchange from earlier in the story and closes the open item about the still-missing pro forma statements.
25 Apr 2011securities registration● Neutral
Iron Eagle Group, Inc. registered a securities offering with the SEC.
20 Apr 2011director interest notice● Neutral
Iron Eagle Group, Inc. 10%+ owner Jake Shapiro sold 50,000 shares at $1.25.