30 Jan 2013substantial holder notice● Neutral
BlackRock, Inc disclosed a new substantial Richland Resources Corp. shareholding (7.18% of votes).
Announcements, explained
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.
6 June 2012quarterly activities report● Neutral
Richland refiled its January 2012 quarterly report, correcting a cover-page checkbox that had again incorrectly indicated the company was not a shell company - the same error its FY2011 10-K/A had fixed a few months earlier.
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.
15 Mar 2012late filing notice▼ Bad
Richland Resources Corp. notified the SEC that its quarterly report would be filed late.
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.
26 Jan 2012late filing notice▼ Bad
Richland Resources Corp. notified the SEC that its annual report would be filed late.
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.
29 Sept 2011quarterly activities report▲ Good
Richland's cumulative deficit still held at $767,988 through July 31, 2011 - a third straight quarter with no new operating activity - but a $116,610 related-party debt forgiveness during the year flipped the balance sheet from a stockholders' deficit to positive equity of $28,655.
15 Sept 2011late filing notice▼ Bad
Richland Resources Corp. notified the SEC that its quarterly report would be filed late.
23 June 2011quarterly activities report● Neutral
Richland reported no financial activity during its fiscal second quarter (February-April 2011): the cumulative deficit held flat at $767,988, reflecting the shell's continued dormancy shortly after Goggans took control.
14 June 2011late filing notice▼ Bad
Richland Resources Corp. notified the SEC that its quarterly report would be filed late.
2 May 2011quarterly activities report▲ Good
Richland's first quarterly report under Kenneth Goggans showed a rare net gain of $26,191 for the quarter, attributed to a one-off $72,068 gain on settling debt that cut the cumulative deficit to $767,988 - a figure a 2012 restatement later found was an accounting error (misrecorded accounts payable) and reversed.
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.
18 Mar 2011late filing notice▼ Bad
Richland Resources Corp. notified the SEC that its quarterly report would be filed late.
15 Mar 2011director interest notice● Neutral
Donald Orin Fairholm, Shengrui's outgoing CFO, reported the disposal of the 4,120,000-share control block (held via Shengrui International Holding Group Co. Ltd.) that Kenneth Goggans bought for $100,000, confirming the March 2011 change of control.
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.
9 Mar 2011substantial holder notice● Neutral
Kenneth A. Goggans disclosed a new substantial Richland Resources Corp. shareholding (75.50% of votes).
9 Mar 2011director interest notice● Neutral
Kenneth A Goggans became a Richland Resources Corp. director and company insider (initial ownership filing).
1 Feb 2011late filing notice▼ Bad
Richland Resources Corp. notified the SEC that its annual report would be filed late.
14 Sept 2010quarterly activities report▼ Bad
Shengrui reported a net loss of $30,170 for the quarter ended July 31, 2010 (cumulative deficit $798,667), still with no acquisition and no revenue.
14 June 2010quarterly activities report▼ Bad
Shengrui reported a net loss of $26,968 for the quarter ended April 30, 2010 (cumulative deficit $768,497).
15 Mar 2010quarterly activities report▼ Bad
Shengrui reported a net loss of $15,967 for the quarter ended January 31, 2010 (cumulative deficit $741,529), continuing its unsuccessful search for a China-based mineral-resource acquisition.