MULTI-CORP INTERNATIONAL INC. company history: the story so far

History

A shell that began in mineral exploration shifted from waste management to mineral water, software and then oil and gas, ending with a control change and an audit dispute.

2008-2011: From mining shell to mineral water

The company began as Gray Creek Mining, a mineral exploration company. In November 2008 its shareholders sold 100% of the stock for $275,000 cash, and Jim Can became CEO and chairman. It bought Budget Waste Inc., an Alberta waste management business, for 5,496,054 new shares, about 52% of the company after the deal, and renamed itself BWI Holdings, Inc. Authorized stock was raised to 100,000,000 common and 20,000,000 preferred shares.

On December 30, 2010, now called Aquasil International Inc., it bought AquaSil Inc. of New York for 70,000,000 new restricted shares. That left AquaSil's sole stockholder with 88% of 79,498,063 outstanding shares. AquaSil held a license to a mineral water formula from Khasid ICT, a Tajikistan company run by a controlling stockholder, with a 5% royalty on gross revenues until December 31, 2020. The filings do not say what happened to the waste business.

2012-2013: Software, oil and gas, and a change of control

In February 2012 the company agreed to acquire EviCAT, a production and shipment tracking software, from Oveldi Canada Ltd. for 14,000,000 restricted shares. Oveldi gained the right to appoint a director, and James Brooks replaced Robert Baker as CEO. The record does not say what became of the water business.

Renamed Multi-Corp International Inc., the company agreed in December 2012 to buy the Cave Pool Property in Eddy County, New Mexico from Quad Energy Corp. This was a 100% working interest in 2,800 acres, with equipment and oil inventory on 37 well locations. It paid 12,000,000 new restricted shares at a deemed $1.60 each. Baker signed that filing as CEO, which the filing does not explain.

In March 2013 the company issued 42,000,000 shares to Jurgen Grams at $0.001 each to settle $42,000 of debt, which caused a change in control. Jean Mann then signed as CEO.

In April 2013 the company dismissed its auditor, DNTW. By a July 2013 amendment it disclosed a disagreement with DNTW over how to account for the Cave Pool purchase and the value of the shares issued for it. As of that date, Mann was the sole officer and director, and the outcome of the dispute was not stated.

Written from the 6 story beats below (2008 to 1 July 2013), which come from the company's own announcements and filings.

Beat by beat

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

201384.2m shares · US$67.4m market cap

1 July
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.
auditor change
84.2m shUS$67.4m
6 Mar
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.
capital raising announcement
87.2m shUS$3.5m

201275.2m shares · US$82.7m market cap

20 Dec
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.
asset acquisition disposition
75.2m shUS$82.7m
2 Feb
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.
asset acquisition disposition
149m shUS$822k

2011

15 Apr
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.
asset acquisition disposition

2008

13 Nov
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.)
business combination