History
Raphael Industries renamed itself Sino American Oil in 2010 to chase oil and gas, optioned Queensland permits in 2011, left SEC reporting in 2012, and by 2024 was raising tiny sums.
2010-2012: A new name and an option
Raphael Industries renamed itself Sino American Oil Company on November 11, 2010, through a merger with a new wholly owned subsidiary, with no shareholder vote needed. The name reflected an intended move into oil and gas exploration, which would not happen until the company acquired a property. It was in talks with one entity about one property, but nothing binding was signed. Shares on issue rose from 19,023,000 at the end of 2010 to 43,534,500 a year later, though the record here does not explain that increase.
On March 14, 2011 the company signed an option with Sentry Petroleum (Australia) Pty. Ltd. to earn a 70% interest in two Queensland permits, ATP 865 and ATP 866. To earn it, the company had to 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. It was an option, not an owned interest. On January 13, 2012 the company deregistered its securities, ending its obligation to file reports with the SEC.
2022-2024: Restatement and a small raising
The record is quiet for about a decade. The filings do not say how the Sentry option ended, or whether any oil and gas work took place. Shares on issue stood at 114,669,500 at the end of 2021 and 134,664,500 a year later.
On March 10, 2022 the board concluded that the June 30, 2021 quarterly accounts could no longer be relied on. The restatement cut operating expenses by $16,437,280, mostly by reducing the value of stock issued for services, and raised liabilities by $20,000. An amended filing was expected by March 25, 2022, but completion is not confirmed.
Starting around September 18, 2024, the company began a private share sale at $0.0001 per share, seeking up to $75,000 for working capital. By December 13, 2024, eight accredited investors had bought 240,000,000 restricted shares for $24,000. Decus Pro OU, controlled by CEO Boriss Aleksandrov, bought 138,000,000 of them. The sale adds a large number of new shares, and the offering was still open. Auditors have noted going-concern doubt, meaning doubt the company can keep operating.
Written from the 5 story beats below (2010 to 13 Dec 2024), which come from the company's own announcements and filings.