Each one in plain English, with the numbers worked through for a shareholder.
1 July 2013auditor change▼ BadMajor
A second amendment now says the company did disagree with its former auditor DNTW over how to account for the oil and gas properties bought in December 2012 (the Cave Pool Property from Quad Energy) and over the value of the shares issued for them. This contradicts the earlier filings, which said there were no disagreements. The filing calls the company's CEO Jean Mann the 'sole officer and director' and says she authorized DNTW to answer the new auditor's questions. For shareholders, the carrying value of the Cave Pool assets and the shares issued for them, deemed at $1.60 each, is now in question; the filing does not say how it was resolved.
This amendment to the April auditor-change filing adds that DNTW's past audit reports included a going-concern warning, meaning doubt about the company's ability to keep operating. It also files DNTW's letter to the SEC, and the company says it does not agree with DNTW's assessment in that letter. The text does not say what DNTW's letter says. The reason given for the dismissal (fees) and the reported lack of disagreements are unchanged here.
On April 16, 2013 the company dismissed its auditor DNTW Chartered Accountants, LLP (auditor since March 2010) and hired M & K CPAS, PLLC. The filing says the board found the fee quoted for the December 31, 2012 audit too onerous and decided to seek other quotes; it reports no disagreements and no adverse opinions. This comes right after the annual report was flagged as late on April 2.
On March 4, 2013 the company issued 42,000,000 shares to Jurgen Grams at $0.001 per share to settle $42,000 of debt, and reported that this caused a change in control. Existing shareholders are diluted by the new shares; the filing does not say what percentage Grams now holds. The filing is signed by Jean Mann as CEO and shows a new Texas address, with no explanation of the leadership change.
20 Dec 2012asset acquisition disposition● NeutralMajor
Now named Multi-Corp International Inc., the company agreed on December 17, 2012 to acquire a 100% working interest in the 2,800-acre Cave Pool Property in Eddy County, New Mexico, plus the production equipment and oil inventory on its 37 well locations, from Quad Energy Corp. It pays 12,000,000 new restricted shares at a deemed $1.60 each (10,000,000 for the working interest, 2,000,000 for the equipment), which marks the company's move into oil and gas. Robert Baker signed the filing as president and CEO, although James Brooks had been named CEO in February 2012; the filing does not explain this.
2 Feb 2012asset acquisition disposition● NeutralMajor
On February 1, 2012 Aquasil International agreed to acquire intellectual property rights to EviCAT, a production and shipment tracking software, from Oveldi Canada Ltd. in exchange for 14,000,000 restricted shares; Oveldi also gets the right to appoint a director. Robert Baker resigned as president and CEO and James Brooks, head of Oveldi Worldwide Shipping, became CEO, president and director. This is a new business direction after the mineral water deal, though the filing does not say what happens to that business.
This amendment to the April 15, 2011 filing corrects one number in the water test table: the silver reading was stated as 0.005 and should read 0.035. It does not report any new events.
On December 30, 2010 the company, now named Aquasil International Inc. (formerly BWI Holdings), bought 100% of AquaSil Inc. of New York for 70,000,000 new restricted shares, leaving AquaSil's sole stockholder with 88% of 79,498,063 outstanding shares. AquaSil holds a license, running to December 31, 2020 with a 5% royalty on gross revenues, to a formula from Khasid ICT, a Tajikistan company run by a controlling stockholder of the company, and the company plans to distribute 'Mineral Silver Water'. This is a shift from the BWI waste management business described in the 2008 filings; the filing as provided does not say what happened to that business.
BWI Holdings issued 40,000,000 restricted shares on July 12, 2010 to an investor, Harry James, in return for $40,000 of the roughly $790,714 the CEO (Jim Can) had lent the company, which the CEO assigned to him; this works out to $0.001 per share. A 1-for-10 reverse split on August 16, 2010 reduced those shares to 4,000,000. The filing does not state what happens to the remainder of the CEO's loans.
BWI Holdings replaced its auditor: HLB Cinnamon Jang Willoughby resigned and DNTW Chartered Accountants LLP was engaged effective March 15, 2010. The filing says there were no disagreements with HLB and that HLB had not issued any audit report, because the audit for the year ended March 31, 2009 had not been completed.
The shell company then called Gray Creek Mining (a mineral exploration company) changed hands: shareholders sold 100% of its stock for $275,000 cash, and Jim Can became CEO and chairman. On November 10, 2008 it bought Budget Waste Inc. (Alberta, a waste management business) for 5,496,054 new shares (about 52% of the company after the deal), and on November 7 it renamed itself BWI Holdings, Inc. and raised authorized stock to 100,000,000 common and 20,000,000 preferred shares. Can was expected to control about 67% after Budget Nevada distributes its shares. This explains the Kendall Dilling and Robert Baker director filings of the same date. (The text provided is truncated, so details beyond this are not covered.)
