Each one in plain English, with the numbers worked through for a shareholder.
31 May 2022auditor change● Neutral
On May 24, 2022 Providence dismissed Martinelli Mick PLLC, which ceased operations in 2013, and engaged Michael Gillespie & Associates for the fiscal year ended Dec 31, 2013. The company's address is now in Wuwei City, Gansu, China, and Shugang Feng signs as CEO. This is a large gap in filings since 2013, and the filing does not explain it or what became of the Australian deal or the Texas assets. The engagement covering fiscal 2013 suggests overdue reports are being brought up to date (inference).
On Dec 12, 2013 Providence signed a letter agreement with Paltar Petroleum and CR Innovations AG to acquire a 50% interest in two exploration permits and one permit application in Australia's Beetaloo and McArthur Basins, in exchange for 50% of Providence's outstanding shares, with possible additional shares tied to a farm-out. This would sharply dilute existing holders. Providence would also arrange about AUS$730,000 (about US$655,000) of bridge funding for Paltar through CRIAG, which is owned by director Christian Russenberger, who is also a director of Sweetpea, the joint-venture partner; AUS$400,000 of it would become a note convertible at US$0.02. Closing was expected by April 2014, subject to due diligence, definitive documents and shareholder approval. Marc Bruner would join the board and Russenberger would resign on closing. Nora Coccaro signs as CEO, replacing Russenberger in that role. This marks a move from Texas to Australian acreage; the filing does not mention the Val Verde leases.
On Nov 1, 2011 Providence dismissed BehlerMick PS, hired the year before, and engaged MartinelliMick PLLC. No disagreements were reported, and no letter from BehlerMick could be obtained because that firm no longer practices public accounting. Christian Russenberger now signs as CEO, CFO and director, and the office is 700 Lavaca Street, Austin.
This amendment repeats the Sept 2010 auditor change and adds that Chisholm's reports on the 2009 and 2008 financial statements each included a going-concern paragraph, with no disagreements reported. Going-concern doubt continues the funding concern in earlier filings.
