Past year: ▲ 55%(2.52 – 5.38 GBX)
Each one in plain English, with the numbers worked through for a shareholder.
23 Nov 2012listing compliance notice▼ BadMajor
Voluntarily deregistered its common stock with the SEC, certifying just 46 holders of record; the filing was signed by Max Elghandour as CFO/Treasurer, a further leadership change from Goggans not otherwise disclosed in this record, and the company's address had moved to Rockwall, Texas.
14 Sept 2012quarterly activities report▼ BadMajor
Richland's net loss ballooned to $872,745 for the quarter ended July 31, 2012 (cumulative deficit $2,559,808, shareholders' deficit -$1,765,629) as it took on real oil and gas operations: a farmout agreement (with Sun Delta, Inc. and Amerril Energy LLC) to earn oil and gas leases from Bancorp Holdings, Carrier Acquisitions, and LHMF by drilling a well, plus disclosure of a related Manek Energy Pressure Pumping hydraulic-fracturing joint venture involving Goggans' own holding company and Amerril Energy - a dramatic, short-lived pivot into real oilfield operations two months before the company deregistered with the SEC.
6 June 2012annual report● Neutral
Amended the FY2011 10-K solely to correct a cover-page checkbox that had incorrectly indicated the company was not a shell company.
6 June 2012quarterly activities report▼ BadMajor
Richland reported a net loss of $565,479 for the quarter ended April 30, 2012 (cumulative deficit $1,687,062) as salaries, rent, and professional fees kept climbing; the filing also restated the year-earlier quarter, reversing a previously reported $36,068 'gain on settlement of debt' that turned out to be misrecorded accounts payable owed to the company's former parent.
20 Mar 2012quarterly activities report▼ BadMajor
Richland's costs jumped sharply to a $277,641 net loss for the quarter ended January 31, 2012 (cumulative deficit $1,121,583), as the shell began incurring real salaries ($165,234), rent, and professional fees for the first time under Goggans - a sign of actual operations starting up.
29 Feb 2012annual report▼ BadMajor
FY2011 10-K, audited by new auditor Hein & Associates LLP: net loss $49,763 for the year (cumulative deficit $843,942 since Oct 2006 inception per the MD&A, though the audited financial-statement table's own total reads $834,942 - a roughly $9,000 discrepancy within the same filing); the company had no cash or assets and traded on the OTCQB as 'RRCH' with a non-affiliate market value of just $546.
7 Dec 2011auditor change● Neutral
The SEC closed out its comment thread on the auditor-change disclosure following the company's Dec 1, 2011 amendment.
5 Dec 2011auditor change● Neutral
Amended the auditor-change 8-K to disclose that Davidson & Company's reports for FY2006-2010 had each included an emphasis paragraph on going-concern uncertainty, and attached the former auditor's confirming letter, resolving the SEC's comment.
18 Nov 2011auditor change● Neutral
The SEC's comment letter on the auditor-change 8-K flagged that the filing had not disclosed Davidson & Company's own going-concern qualification on the company's prior financial statements, as Item 304(a)(1)(ii) of Regulation S-K requires.
16 Nov 2011auditor change● Neutral
Davidson & Company LLP (auditor since FY2006) resigned Nov 14, 2011 with no disagreements cited; Hein & Associates LLP was engaged the same day as successor, a clean same-day transition. By this filing the company was already operating under the name Richland Resources Corp.
6 Apr 2011director officer appointment● NeutralMajor
Skagen and Fairholm resigned every position; Goggans became CEO, President, Secretary and Treasurer, and the company moved to Sulphur Springs, Texas. Goggans had been CEO/sole director of a private company called Richland Resources Corporation since June 2010, and had earlier founded Manek Energy, Inc. (2005, Marcellus Shale well-completion services, sold to Weatherford International, Ltd. in Feb 2010), Manek Equipment, Inc. (2008, oilfield equipment supplier), and Manek Exploration, Inc.
25 Mar 2011annual report▼ Bad
FY2010 10-K (still as Shengrui Resources): net loss $68,617 for the year, cumulative deficit $794,179 since Oct 2006 inception, no cash or assets and a $171,456 working-capital deficit; the China mineral-resource acquisition search had not produced a deal.
10 Mar 2011director officer appointment● NeutralMajor
Texas oil/gas entrepreneur Kenneth A. Goggans bought 4,120,000 shares (about 75.5% of the company) from Shengrui International Holding Group Co. Ltd. for $100,000 cash - his first personal investment in the company, unrelated to any prior dealings.
12 Feb 2010annual report▼ BadMajor
FY2009 10-K: under Sino-Western/Shengrui ownership the company abandoned oil and gas entirely - it let its Worsley, Alberta interest expire (writing off $25,000 in exploration costs and $20,000 in advances, partly offset by a $36,000 debt-settlement gain) - and pivoted toward acquiring mineral-resource operating companies in China; net loss was $124,509 for the year, cumulative deficit $725,562.
26 Aug 2009other material event● Neutral
FINRA processed the Shengrui Resources name change effective Aug 20, 2009, assigning a new CUSIP (82322F105) and ticker symbol 'SRUI'.
27 Apr 2009director officer appointment● NeutralMajor
The Sino-Western Petroleum share purchase closed April 16, 2009: Shacker resigned every position, and the company appointed Jianshu Tang (China-based finance/investment executive) as President, Arthur Wayne Skagen (President/CEO of Sino-Western Petroleum, Inc. since 2006) as CEO and director, Donald Orin Fairholm as CFO and director, and Haifeng Wang as Secretary.
3 Apr 2009director officer appointment● NeutralMajor
Sole officer/director Susan Shacker agreed to sell 4,120,000 shares (about 76% of the company) held via 138999 Alberta Ltd. to Sino-Western Petroleum, Inc. for $65,000 cash plus assumption of up to $35,000 in the company's outstanding liabilities, with closing set for April 20, 2009.
29 Jan 2009annual report▼ BadMajor
FY2008 10-K: net loss of $586,708 for the year (including $449,550 of stock-based compensation), pushing the cumulative deficit since Oct 2006 inception to $601,053, against just $323 cash; held an interest in an oil and gas property near Worsley, Alberta.
