13 Aug 2015agm notice● Neutral
Jayhawk Energy, Inc. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Aug 2015material agreement▼ Bad
On August 6, 2015 Jayhawk raised the maximum on its June 30, 2015 revolving credit note with controlling shareholder Vast Exploration from $100,000 to $150,000. Chairman Scott Mahoney, who controls Vast, recused himself from the vote.
31 July 2015agm notice● Neutral
Jayhawk Energy, Inc. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
14 July 2015material agreement termination● NeutralMajor
On July 8, 2015 Jayhawk signed a contract operating agreement, retroactive to January 1, 2015, making controlling shareholder Vast Exploration operator of record for all its properties for $20,000 a month. The company still pays all property fees, expenses and taxes. The term is two years with automatic one-year renewals, and the agreement ratifies services Vast already gave. Chairman Mahoney recused himself from the vote.
6 July 2015material agreement termination▼ Bad
On June 30, 2015 Jayhawk set up a revolving credit loan with Vast Exploration, its controlling shareholder, allowing borrowing up to $100,000 at 1.5% per month. Principal is due on demand or by June 30, 2016, and Vast can convert the loan into common stock at any time. Chairman Scott Mahoney, who controls Vast, recused himself from the vote.
20 May 2015quarterly activities report▼ Bad
Jayhawk Energy, Inc. reported a quarterly net loss of $332 thousand for the period ended 2015-03-31.
18 May 2015late filing notice▼ Bad
Jayhawk Energy, Inc. notified the SEC that its quarterly report would be filed late.
7 May 2015director interest notice● Neutral
Vast Exploration, LLC became a Jayhawk Energy, Inc. 10%+ owner and company insider (initial ownership filing).
6 May 2015material agreement termination▼ BadMajor
Vast Exploration, LLC bought the 2009 and 2010 debentures from the original holders on April 17, 2015. Effective April 30, 2015 the conversion price on all of them is reset to $0.01 and the derivative provisions are deleted. Vast converted four of them ($1,187,497.88 of principal and interest) into 118,749,788 shares, giving it 59.64% of the voting stock of 199,125,629 shares and majority control. Vast keeps debentures worth $1,079,964.38. Vast is controlled by board chairman Scott Mahoney, and an affiliate, Vast Petroleum, is the company's Kansas farmout partner. Control has moved to Vast, and existing shareholders were diluted.
4 May 2015director interest notice● Neutral
Scott Mahoney became a Jayhawk Energy, Inc. director and company insider (initial ownership filing).
28 Apr 2015director interest notice● Neutral
Scott Mahoney became a Jayhawk Energy, Inc. director and company insider (initial ownership filing).
27 Apr 2015director interest notice● Neutral
Vast Exploration, LLC became a Jayhawk Energy, Inc. 10%+ owner and company insider (initial ownership filing).
23 Feb 2015quarterly activities report● Neutral
Jayhawk Energy, Inc. reported quarterly revenue of $69 thousand and net income of $269 thousand for the period ended 2014-12-31.
17 Feb 2015late filing notice▼ Bad
Jayhawk Energy, Inc. notified the SEC that its quarterly report would be filed late.
29 Dec 2014late filing notice▼ Bad
Jayhawk Energy, Inc. notified the SEC that its annual report would be filed late.
19 Aug 2014quarterly activities report▼ Bad
Jayhawk Energy, Inc. reported quarterly revenue of $84 thousand and a net loss of $1.3 million for the period ended 2014-06-30.
15 Aug 2014late filing notice▼ Bad
Jayhawk Energy, Inc. notified the SEC that its quarterly report would be filed late.
9 June 2014material agreement▼ Bad
On June 3, 2014 Jayhawk and one of the existing debenture investors agreed a further partial reset of the 2009 and 2010 debentures. That investor can convert up to $200,000 more of principal at $0.01 per share, in addition to the amount covered by the 2013 reset. This continues the pattern of cutting the conversion price and adds to potential dilution (inference).
9 June 2014material agreement▼ BadMajor
On June 6, 2014 Jayhawk agreed to sell a further $200,000 secured convertible debenture to an accredited investor. It is due in 60 months, convertible at $0.01 (20,000,000 shares), and secured by Kansas assets and the pipeline subsidiary's stock. The investor also gets a wastewater disposal fee on the North Dakota wells of $0.50 per barrel for five years, then $0.25. Unlike the June 3 deals, no royalty is mentioned.
9 June 2014material agreement▼ BadMajor
On June 3, 2014 Jayhawk agreed to sell $200,000 of secured convertible debentures each to an institutional investor and to director Lindsay Gorrill, $400,000 in total. They are due in 60 months and convertible at $0.01 (40,000,000 shares in total). They are secured by Kansas assets and a pledge of the pipeline subsidiary's stock. Each investor also gets a 1% royalty on five North Dakota oil wells and a $1.00 per barrel wastewater disposal fee for the first five years, then $0.50.
20 May 2014quarterly activities report▼ Bad
Jayhawk Energy, Inc. reported quarterly revenue of $59 thousand and a net loss of $436 thousand for the period ended 2014-03-31.
16 May 2014late filing notice▼ Bad
Jayhawk Energy, Inc. notified the SEC that its quarterly report would be filed late.
25 Apr 2014material agreement● NeutralMajor
On April 18, 2014 Jayhawk signed a farmout with Vast Petroleum Corporation covering its leases, wells and gas pipeline. Vast must restart natural gas production within a year, after which it earns a 50% interest in the Farmout Area. Vast also agreed to evaluate for oil and drill test wells, up to twenty, and to operate the leases under a joint operating agreement and bear the development costs. This hands half of the Kansas-type lease assets to Vast in return for its work and spending.
25 Feb 2014quarterly activities report▼ Bad
Jayhawk Energy, Inc. reported quarterly revenue of $70 thousand and a net loss of $67 thousand for the period ended 2013-12-31.
18 Feb 2014late filing notice▼ Bad
Jayhawk Energy, Inc. notified the SEC that its quarterly report would be filed late.
30 Dec 2013late filing notice▼ Bad
Jayhawk Energy, Inc. notified the SEC that its annual report would be filed late.
19 Aug 2013quarterly activities report● Neutral
Jayhawk Energy, Inc. reported quarterly revenue of $109 thousand for the period ended 2013-06-30.
15 Aug 2013late filing notice▼ Bad
Jayhawk Energy, Inc. notified the SEC that its quarterly report would be filed late.
22 July 2013material agreement● Neutral
On July 16, 2013 Jayhawk settled the Gross Capital lawsuit, filed March 2012 in Texas federal court seeking over $132,000, by agreeing to pay $60,000 in four $15,000 monthly installments from July 19 to October 19, 2013. The suit will be dismissed with prejudice once paid in full. The company had earlier offered $42,000.
20 May 2013quarterly activities report● Neutral
Jayhawk Energy, Inc. reported quarterly revenue of $43 thousand for the period ended 2013-03-31.