22 Sept 2014listing compliance notice▼ BadMajor
Savoy Energy Corp terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Sept 2012financial restatement▼ BadMajor
In August 2012 the company said its 2010 annual accounts and its March, June and September 2011 quarterly accounts can no longer be relied on. A $35,000 compensation expense was wrongly booked against paid-in capital, and convertible notes whose conversion could require more shares than are authorized needed a derivative liability and a note discount. The filing says the 2010 net loss rises by $49,518 and total liabilities by $14,498; the table shows the net loss going from $1,117,423 to $1,170,666. Amended filings are still being worked on, and this follows the earlier restatement from 2009.
2 Apr 2012late filing notice▼ Bad
Savoy Energy Corp notified the SEC that its annual report would be filed late.
29 Nov 2011quarterly activities report▼ Bad
Savoy Energy Corp reported quarterly revenue of $4 thousand and a net loss of $213 thousand for the period ended 2011-09-30.
14 Nov 2011quarterly activities report▼ Bad
Savoy Energy Corp reported quarterly revenue of $4 thousand and a net loss of $213 thousand for the period ended 2011-09-30.
14 Nov 2011late filing notice▼ Bad
Savoy Energy Corp notified the SEC that its quarterly report would be filed late.
16 Sept 2011capital raising announcement▼ BadMajor
On September 9, 2011 the company signed a $96,499 demand note (8% interest) to CEO Arthur Bertagnolli for amounts he had lent it, and a 90-day management services deal with ASL Energy Corp. It owes ASL a $100,000 signing bonus, put into a $105,000 demand note (with $5,000 of expenses) that is convertible at $0.002 per share and secured by a first-priority claim on all company assets. ASL can also earn a further $100,000 bonus on a restructuring, $0.20 per $1.00 of liabilities it cuts, and 1% of fully diluted shares after a restructuring. The board also approved 100,000,000 restricted shares for Bertagnolli (only 5,000,000 issued for now) and waived conflict-of-interest claims over his outside dealings, including with ASL. For shareholders, the conversion price and share grants point to heavy dilution (inference), and lenders now hold a claim on all assets.
19 Aug 2011quarterly activities report▼ Bad
Savoy Energy Corp reported quarterly revenue of $2 thousand and a net loss of $153 thousand for the period ended 2011-06-30.
15 Aug 2011late filing notice▼ Bad
Savoy Energy Corp notified the SEC that its quarterly report would be filed late.
12 Aug 2011auditor change● Neutral
On August 11, 2011 the board dismissed GBH CPAs, PC, the auditor since 2009, and hired Paritz & Co. of Hackensack, NJ to audit the year ending December 31, 2011. The filing says there were no disagreements with GBH and no reportable events. GBH's reports on 2009 and 2010 both carried the going-concern warning that was already noted in the company's history, so that doubt continues.
1 July 2011quarterly activities report▼ Bad
Savoy Energy Corp reported quarterly revenue of $2 thousand and a net loss of $153 thousand for the period ended 2011-06-30.
16 May 2011late filing notice▼ Bad
Savoy Energy Corp notified the SEC that its quarterly report would be filed late.
30 Mar 2011late filing notice▼ Bad
Savoy Energy Corp notified the SEC that its annual report would be filed late.
15 Nov 2010quarterly activities report▼ Bad
Savoy Energy Corp reported quarterly revenue of $13 thousand and a net loss of $42 thousand for the period ended 2010-09-30.
16 Aug 2010material agreement● Neutral
This amendment refiles the July 27, 2010 report under the correct item (Item 1.01, material agreement). It covers Bertagnolli's new two-year employment agreement at $15,000 a month, effective June 1, 2010, with no changes to the terms.
13 Aug 2010auditor change● Neutral
Although filed under an auditor-change item, the text reports a new employment agreement signed July 27, 2010 with CEO Arthur Bertagnolli, effective June 1, 2010 for two years with automatic one-year renewals. It pays a base salary of $15,000 a month, plus perquisites and annual stock options at the board's discretion. It does not describe any auditor change; the amendment on August 16 appears to correct the item label.
5 Aug 2010quarterly activities report▼ Bad
Savoy Energy Corp reported quarterly revenue of $13 thousand and a net loss of $42 thousand for the period ended 2010-09-30.
10 May 2010quarterly activities report▼ Bad
Savoy Energy Corp reported quarterly revenue of $17 thousand and a net loss of $34 thousand for the period ended 2010-06-30.
31 Mar 2010late filing notice▼ Bad
Savoy Energy Corp notified the SEC that its annual report would be filed late.
9 Mar 2010material agreement▼ Bad
On March 1, 2010 the company signed 12-month financial services agreements with Excelsus Consulting, LLC and Excelsus Capital Partners, LLC, replacing earlier agreements. Consulting gets a $5,000 commencement fee, $5,000 a month and 3,000,000 shares to help with financing and find acquisition or merger candidates. Partners gets 2,000,000 more shares (4,000,000 in total) to help with debt restructuring and finding investors. These share issuances add to the share count.
29 Dec 2009material agreement● NeutralMajor
On December 3, 2009, effective November 1, the company settled a debt with Lucas Energy, Inc. by handing over working interests in three wells (Louis Zavadil No. 1, Rozella Kifer No. 1, Ali-O Unit No. 1), each a 16% working interest and 0.112 revenue interest. In exchange it was released from owing $117,404.95. The company has less debt but gives up part of its well interests.
23 Nov 2009financial restatement▼ BadMajor
The company said its 2008 annual accounts and the March and June 2009 quarterly accounts can no longer be relied on and will be restated. GBH, hired to re-audit after Moore's PCAOB revocation, found errors; the largest was that the oil and gas properties should have been written down to a net $24,168, with an impairment expense of $674,321. The quarterly errors included overstated properties and expenses, unaccrued interest on the 'OIL' debt and CEO salary, and general and administrative expenses overstated by $560,250 from overvalued shares issued for services. Amended filings were to follow.
16 Nov 2009late filing notice▼ Bad
Savoy Energy Corp notified the SEC that its quarterly report would be filed late.
14 Sept 2009auditor change● Neutral
On September 10, 2009 the company dismissed Seale and Beers, CPAs and engaged GBH CPAs, PC as its auditor, just over a month after hiring Seale and Beers. The filing reports no disagreements and notes the June 30, 2009 quarterly statements carried a going concern qualification.
8 Sept 2009auditor change▼ Bad
This amends the August auditor-change report to add that the PCAOB (the audit regulator) revoked Moore & Associates' registration on August 27, 2009 for rule violations and non-cooperation with an investigation. Moore declined to provide the usual letter to the SEC, on advice of counsel.
14 Aug 2009late filing notice▼ Bad
Savoy Energy Corp notified the SEC that its quarterly report would be filed late.
11 Aug 2009auditor change● Neutral
On August 3, 2009 the board dismissed its auditor Moore & Associates Chartered and hired Seale and Beers, CPAs. The filing states there were no disagreements, and that the 2008 financial statements carried a going concern qualification (doubt about continuing as a business).
26 May 2009business combination● Neutral
This is an amendment to the April 2009 merger report, filed solely to add a stockholders' equity statement to the pro forma financials in Exhibit 99.1. The merger terms are repeated unchanged.
15 May 2009late filing notice▼ Bad
Savoy Energy Corp notified the SEC that its quarterly report would be filed late.
6 Apr 2009business combination● NeutralMajor
The shell company formerly called Arthur Kaplan Cosmetics merged with Plantation Exploration, Inc., a private Texas company, on April 2, 2009, and was renamed Savoy Energy Corporation on April 3. Plantation's sole owner received 2,000,000 new shares and became CEO (Arthur Bertagnolli), while former CEO Arthur Kaplan took back the cosmetics business in exchange for returning shares and forgiving $33,194 owed to him. The filing gives conflicting share counts (17,100,000 outstanding after the merger in one place, 7,000,000 in another), so the post-deal share total is unclear. The company now intends to run Plantation's oil and gas business. Bertagnolli's pay package includes $14,000 a month, stock bonuses tied to oil output and reserves, and options at $1.00.