22 May 2018quarterly activities report● Neutral
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and net income of $125 thousand for the period ended 2018-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 May 2018quarterly activities report● Neutral
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and net income of $125 thousand for the period ended 2018-03-31.
16 May 2018late filing notice▼ Bad
Lithium Exploration Group, Inc. notified the SEC that its quarterly report would be filed late.
14 Nov 2017quarterly activities report▼ Bad
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and a net loss of $441 thousand for the period ended 2017-09-30.
24 Aug 2017capital raising announcement▼ BadMajor
Settled the $708,000 note secured on the Alta Disposal subsidiary by issuing 70 million new Class C preferred shares carrying enhanced voting rights. The last substantive financing event of the company's life handed voting control to a creditor in place of a debt it could not pay; nine months later the filings stopped altogether.
17 Aug 2017capital raising announcement▼ BadMajor
Revealed how deep the hole was: $2.42 million owed to Blue Citi and $1.67 million to Concord on notes issued since 2014. Neither would be repaid - both simply agreed to stop enforcing, in exchange for $800,000 of warrants struck at a quarter and a third of a cent and a cut in their conversion discount from 50% to 25%. The company was being kept nominally alive by lenders choosing not to foreclose.
22 May 2017quarterly activities report▼ Bad
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and a net loss of $3.1 million for the period ended 2017-03-31.
16 May 2017late filing notice▼ Bad
Lithium Exploration Group, Inc. notified the SEC that its quarterly report would be filed late.
25 Apr 2017capital raising announcement▼ BadMajor
Signed six more convertible notes in eight weeks with JDF Capital and a new lender, Concord Holding Group - roughly $400,000 of cash for about $445,000 of face value, every one convertible at half the lowest price of the previous twenty days and one capped at half a cent a share. That price cap is the clearest statement of what the stock was then worth.
14 Apr 2017capital raising announcement▼ BadMajor
Settled a lawsuit by handing over 90 million shares. Union Capital, one of the eleven lenders from 2014, had sued after the anti-dilution ratchet cut its warrant price from 53 cents to five hundredths of a cent and the company refused to deliver the 24.6 million shares it claimed; the settlement cost nearly four times that. The same filing disclosed the company's own suit against PetroChase and Stephen Moore, who took $250,000 from subsidiary Black Box Energy in 2016 for a working interest in Pennsylvania wells that were never drilled.
22 Feb 2017quarterly activities report● Neutral
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and net income of $417 thousand for the period ended 2016-12-31.
15 Feb 2017late filing notice▼ Bad
Lithium Exploration Group, Inc. notified the SEC that its quarterly report would be filed late.
14 Nov 2016quarterly activities report▼ Bad
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and a net loss of $3.2 million for the period ended 2016-09-30.
28 Sept 2016late filing notice▼ Bad
Lithium Exploration Group, Inc. notified the SEC that its annual report would be filed late.
12 Sept 2016material agreement▼ BadMajor
By 2016 the sums were tiny and the terms punitive: JDF advanced $37,000 against a $42,500 note and a $50,000 bridge loan, with a clause pushing the old $708,000 note's conversion discount from 35% to 50% if the bridge was not repaid within two months. The same filing announced talks with five noteholders to buy back $252,856 of notes and $195,000 of warrants for up to $460,000 cash plus $232,500 of fresh notes - an attempt to buy off the dilution with money the company plainly did not have, though the standstills did at least pause conversions.
17 May 2016substantial holder notice● Neutral
Toledo Advisors LLC disclosed a new substantial Lithium Exploration Group, Inc. shareholding (9.90% of votes).
4 Mar 2016financial restatement▼ BadMajor
The restatement widened a month later: while fixing the warrant valuations the company found it had also failed to recognise a derivative liability on the conversion rights embedded in its convertible notes. Two separate accounting failures, both of them about the toxic financing that kept the company alive.
3 Feb 2016financial restatement▼ BadMajor
Told investors not to rely on two full years of audited accounts, plus three quarters, after discovering it had mis-valued the warrants issued to its convertible lenders by mishandling their full-ratchet anti-dilution terms. The very instruments that had been diluting shareholders since 2011 had never been accounted for properly.
29 Sept 2015late filing notice▼ Bad
Lithium Exploration Group, Inc. notified the SEC that its annual report would be filed late.
22 May 2015quarterly activities report▼ Bad
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and a net loss of $3.0 million for the period ended 2015-03-31.
18 May 2015late filing notice▼ Bad
Lithium Exploration Group, Inc. notified the SEC that its quarterly report would be filed late.
23 Feb 2015quarterly activities report▼ Bad
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and a net loss of $1.9 million for the period ended 2014-12-31.
18 Feb 2015late filing notice▼ Bad
Lithium Exploration Group, Inc. notified the SEC that its quarterly report would be filed late.
19 Nov 2014quarterly activities report● Neutral
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and net income of $1.4 million for the period ended 2014-09-30.
17 Nov 2014late filing notice▼ Bad
Lithium Exploration Group, Inc. notified the SEC that its quarterly report would be filed late.
30 Sept 2014late filing notice▼ Bad
Lithium Exploration Group, Inc. notified the SEC that its annual report would be filed late.
3 Sept 2014substantial holder notice● Neutral
VISTA CAPITAL INVESTMENTS, LLC. EIN:, David Clark disclosed a new substantial Lithium Exploration Group, Inc. shareholding (7.15% of votes).
12 Aug 2014auditor change▼ Bad
Dismissed Anderson Bradshaw and engaged RBSM as auditor - the fourth firm in five years. Anderson's reports on the 2012 and 2013 accounts had carried a standing warning that accumulated losses and negative cash flow left real doubt the company could keep operating.
11 Aug 2014substantial holder notice● Neutral
Black Mountain Equities, Inc, Adam Baker disclosed a new substantial Lithium Exploration Group, Inc. shareholding (9.90% of votes).
7 Aug 2014material agreement▼ BadMajor
Borrowed again from JDF - $708,000 of face value for $600,000 of cash paid in six monthly instalments, convertible at 65% of the lowest price in the previous twenty days (about four cents at signing), with 17.7 million warrants attached. Crucially, the note was secured in first position over every asset of Alta Disposal, the subsidiary holding the Blue Tap and Tero water businesses: the company had pledged its only real operations to the lender that was already diluting it.