Past year: ▼ 100%(0.00c – 0.01c USD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Dec 2024auditor change● Neutral
The board dismissed auditor BF Borgers on May 3, 2024, the same day the SEC barred that firm from practicing before it. On August 28, 2024 the board engaged Michael Gillespie & Associates, PLLC to review or audit periods after September 30, 2022. This reverses the 2022 switch from Gillespie to Borgers; the filing itself was made on December 31, 2024. The prior Borgers report included a going-concern paragraph.
13 Dec 2024capital raising announcement● NeutralMajor
Starting around September 18, 2024, the company began a private share sale at $0.0001 per share, aiming to raise up to $75,000. So far 8 accredited investors have bought 240,000,000 restricted shares for $24,000, including 138,000,000 shares bought by Decus Pro OU, an entity controlled by CEO Boriss Aleksandrov. Proceeds are meant for working capital and day-to-day operations, and the issuance adds a large number of new shares.
4 Oct 2022auditor change▼ Bad
Auditor Michael Gillespie & Associates resigned on September 27, 2022, and BF Borgers CPA PC was appointed on September 28, 2022 to audit the quarter ending September 30, 2022 and fiscal 2022. Gillespie's report on fiscal 2021 included a going-concern paragraph, and no disagreements were reported. Gillespie was the auditor consulted on the 2022 restatement.
15 Mar 2022financial restatement▼ BadMajor
On March 10, 2022 the board concluded the June 30, 2021 quarterly financial statements can no longer be relied on and must be restated, with an amended filing expected by March 25, 2022. The restatement lowers operating expenses by $16,437,280, mostly by reducing the value of stock issued for services, and raises liabilities by $20,000.
13 Jan 2012listing compliance notice▼ BadMajor
Sino American Oil Co deregistered its securities, ending its obligation to file reports with the SEC.
17 Mar 2011material agreement▲ GoodMajor
On March 14, 2011 the company signed an option with Sentry Petroleum (Australia) Pty. Ltd. to earn a 70% interest in ATP 865 and ATP 866 in Queensland. To earn it, the company must pay the full cost of drilling and completing one well and fund up to US$1,000,000 of other geological, geophysical and engineering work. This follows the 2010 statement of an intended move into oil and gas, but it is an option and not yet an owned interest.
12 Nov 2010asset acquisition disposition● NeutralMajor
On November 11, 2010 Raphael Industries renamed itself Sino American Oil Company through a merger with a new wholly owned subsidiary, with no shareholder vote needed. The name reflects an intended move into oil and gas exploration, which will not happen until it acquires a property. It is in talks with one entity about one property, but nothing binding is signed.
4 Dec 2007material agreement● Neutral
The company, still named Raphael Industries, extended its license with Global Commodity Press to December 1, 2009. The license lets it market GCP's lists to prospective users, and it keeps 30% of net rental income. This continues the data-list licensing business seen in the 2006 filing.
21 Nov 2007auditor change▼ Bad
Auditor Manning Elliott resigned on November 16, 2007 and the company hired K.R. Margetson Ltd. on November 19, 2007. Manning Elliott's report on the year ended September 30, 2006 included a going-concern doubt, and the filing reports no disagreements with the auditor.
20 Nov 2006material agreement● Neutral
Under its earlier name, Raphael Industries Ltd., the company extended its option to buy a licensed database until August 15, 2007, paying the licensor $10,000. From November 15, 2006 its share of revenue from third-party agents fell from 40% to 25%, and the balance to exercise the option stays at $50,000 (owed to Free Enterprise Press).
