30 Dec 2010director interest notice● Neutral
Benjamin Daitch became a MONGOLIA HOLDINGS, INC. director and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Nov 2010quarterly activities report▼ Bad
MONGOLIA HOLDINGS, INC. reported a quarterly net loss of $492 thousand for the period ended 2010-09-30.
21 Oct 2010material agreement● NeutralMajor
On October 15, 2010 the company's subsidiary CSI Energy signed an agreement to buy six California oil and gas fields in Kern and Santa Barbara counties from Grayson Services and RMR Energy Resources for $35 million (the press release says all cash). The fields have 54 producing wells on over 2,250 acres, producing 265 barrels of oil and 485 mcf of gas per day. Closing was set for on or before December 31, 2010, conditional on the company obtaining financing and finishing due diligence. This follows a non-binding letter of intent announced June 1, 2010.
16 Aug 2010quarterly activities report▼ Bad
MONGOLIA HOLDINGS, INC. reported a quarterly net loss of $1.6 million for the period ended 2010-06-30.
20 July 2010business combination● NeutralMajor
This amendment to the April 2010 Leland funds acquisition restates the deal: it now says 52 oil wells and 19 gas wells (up from 39 oil wells in the original). It records the purchase price at $7,421,910, based on a third-party reserve valuation and equipment appraisal, instead of the $15,555,208 first reported. It notes the shares had a quoted market price of $1.03 on April 1, 2010 (about $23.9 million in total). It also adds audited revenue and expense statements and pro forma financials for the acquired properties (figures are in exhibits not shown).
12 Apr 2010securities registration● Neutral
MONGOLIA HOLDINGS, INC. filed notice of an exempt private placement.
12 Apr 2010securities registration● Neutral
MONGOLIA HOLDINGS, INC. filed notice of an exempt private placement.
7 Apr 2010business combination● NeutralMajor
On April 1, 2010 the company (filing as Consolidation Services, Inc.) bought interests in 39 oil wells and 19 gas wells on about 1,500 leased acres in Kentucky and Tennessee from 12 oil and gas funds, paying 23,216,729 restricted shares valued at $0.67 each ($15,555,208). The shares are about 60% of the company, so control changed: Johnny Thomas and John Francis resigned as directors and officers (staying on an acquisition committee), and Stephen M. Thompson (president of the funds' manager's parent, Leland Energy) became Chairman and CEO, with Pamela Thompson as CFO and Gary Kucher as President. Existing shareholders were heavily diluted. The filing also says the company kept oil and gas rights on about 12,000 acres spun off to a subsidiary, Colt Resources, on January 1, 2010, with a 12.5% overriding royalty to Colt, and that funding to develop them is not assured.
17 Nov 2009late filing notice▼ Bad
MONGOLIA HOLDINGS, INC. notified the SEC that its quarterly report would be filed late.
2 Nov 2009securities registration● Neutral
MONGOLIA HOLDINGS, INC. filed notice of an exempt private placement.
17 Sept 2009auditor change● Neutral
The company said it reported in error that it had engaged Seale and Beers, and instead engaged GBH CPAs, PC effective September 17, 2009, including to re-audit the 2008 financial statements. This resolves the open auditor question after Moore & Associates' registration was revoked.
2 Sept 2009auditor change▼ BadMajor
The company disclosed that the PCAOB revoked Moore & Associates' registration on August 27, 2009 for rule violations and non-cooperation with an investigation, and that Moore would not provide an updated letter to the SEC. It also says no engagement letter was signed with Seale and Beers and no new firm was retained; the new firm will also re-audit the 2008 financial statements.
11 Aug 2009auditor change▼ Bad
Effective August 7, 2009 the company dismissed its auditor Moore & Associates and, on August 10, engaged Seale and Beers. The filing says Moore's reports had no adverse opinion but included a going-concern qualification, and that there were no disagreements. This was later corrected: the Seale and Beers engagement was reported in error.
27 Oct 2008securities registration● Neutral
MONGOLIA HOLDINGS, INC. filed the final prospectus for a registered offering.
15 Oct 2008securities registration● Neutral
MONGOLIA HOLDINGS, INC. amended a filing by which it registered a securities offering with the SEC.
2 Oct 2008asset acquisition disposition● Neutral
This amendment to the September LeeCo report restates the $500,000 deal and adds that CEO Johnny Thomas loaned the company $66,500 at 6%, payable on demand, to cover the $50,000 cash plus audit and closing costs. It also says LeeCo has no subleases yet on its roughly 650 leased acres and is searching for third parties, with no assurances. It adds LeeCo audited financials and pro forma statements (the figures are in exhibits not shown here) and more detail on CFO John Francis's dealings with the company.
29 Sept 2008securities registration● Neutral
MONGOLIA HOLDINGS, INC. amended a filing by which it registered a securities offering with the SEC.
25 Sept 2008asset acquisition disposition● NeutralMajor
On September 22, 2008 the company closed the Eastern Kentucky Land Corp. option, resolving that open thread: it bought the oil, gas and other mineral rights on the Buckhorn property for $1,000,000 ($200,000 cash, with $50,000 of option payments credited, plus 415,584 restricted shares at $1.925, value guaranteed if the lock-up is followed). CEO Johnny Thomas loaned $150,000 for the cash due at closing, plus $50,000 earlier for the extension payments, both at 6% payable on demand. The filing says there is no assurance the resources exist in economic quantities.
17 Sept 2008asset acquisition disposition● NeutralMajor
The company agreed (effective June 19, 2008, signed September 11, closed September 16, 2008) to buy a 50% stake in LeeCo Development LLC from Billy David Altizer and Pat E. Mitchell for $500,000: $50,000 cash (provided by CEO Johnny Thomas) and 225,000 restricted shares valued at $2.00 ($450,000, value guaranteed if the lock-up is followed). LeeCo leases coal on about 650 acres, and the company gets its oil and gas rights (less a 1% interest kept by the two original owners). Altizer is also the Buckhorn and AMS figure from earlier deals. Separately, Helen Thomas resigned as Secretary/Treasurer and director, and CFO John Francis took over the Secretary/Treasurer role.
28 Aug 2008asset acquisition disposition● NeutralMajor
On August 25, 2008 the company exercised its option and bought about 1,000 acres in Owsley County, Kentucky from Larry Bruce Herald for $1,000,000: $500,000 cash, funded by a $513,655 demand loan from CEO Johnny Thomas at 6% interest, and a $500,000 non-interest note due October 15, 2008 secured by a mortgage on the land. It also agreed with AMS Development to handle coal permitting and mining plans, paying AMS $100,000 cash, 50% of the coal royalty rights and 200,000 restricted shares valued at $2.00 ($400,000) with a guaranteed value. AMS's managing member, Billy David Altizer, is also a managing member of Buckhorn, linking this deal to the Buckhorn thread.
20 Aug 2008securities registration● Neutral
MONGOLIA HOLDINGS, INC. amended a filing by which it registered a securities offering with the SEC.
11 July 2008securities registration● Neutral
MONGOLIA HOLDINGS, INC. amended a filing by which it registered a securities offering with the SEC.
30 June 2008asset acquisition disposition● Neutral
This amendment to the May 2008 Buckhorn report restates the 50% Buckhorn deal ($4.2 million: $550,000 cash paid, $1,550,000 in installments, 1,093,750 shares). It adds that as of June 1, 2008 the company bought Vector Energy Services, Inc., a shell with no significant assets, from its CFO John Francis, and plans to run its energy business through Vector. It also describes Buckhorn as planning to lease its coal to third-party miners for royalties rather than mine itself, and says the company holds the EK option on the underlying oil, gas and minerals.
27 May 2008asset acquisition disposition● NeutralMajor
On May 20, 2008 the company completed its purchase of a 50% stake in Buckhorn Resources LLC, which owns about 10,000 acres with coal rights in Eastern Kentucky, for $4.2 million. It paid $550,000 cash at closing, owes $1,550,000 in installments over twelve months, and issued 1,093,750 restricted shares valued at $1.92 each ($2.1 million), which adds to the share count; the company guarantees the share value if the lock-up is followed. This follows the earlier EK option on the oil, gas and mineral rights beneath that same land.
10 Apr 2008securities registration● Neutral
MONGOLIA HOLDINGS, INC. registered a securities offering with the SEC.
2 Apr 2008material agreement● NeutralMajor
The company (then named Consolidation Services, Inc.) signed an option, effective March 31, 2008, giving it until October 1, 2008 to close a purchase of the oil, gas and mineral rights on Buckhorn Resources LLC's property from Eastern Kentucky Land Corporation, which keeps a $0.30-per-ton coal right. The price is $200,000 cash plus 415,584 unregistered shares valued at $1.925 each ($800,000); the company pays $20,000 by April 8, 2008 and $5,000 monthly, credited against the cash, and guarantees the $800,000 share value if sales follow the lock-up (weekly sales up to 7,992 shares from April 1, 2009).
1 Feb 2008securities registration● Neutral
MONGOLIA HOLDINGS, INC. filed the final prospectus for a registered offering.
25 Jan 2008securities registration● Neutral
MONGOLIA HOLDINGS, INC. amended an already-effective registration statement.
14 Nov 2007late filing notice▼ Bad
MONGOLIA HOLDINGS, INC. notified the SEC that its quarterly report would be filed late.
14 Aug 2007late filing notice▼ Bad
MONGOLIA HOLDINGS, INC. notified the SEC that its quarterly report would be filed late.