Snoogoo Corp. (SGOO) company history: the story so far

History

A container maker built on a $50M purchase promise and a $4M funding deal pivoted in 2015 to a website, then stopped filing SEC reports in 2023.

2010-2013: Container deals and debt

The company, then called Casey Container Corp and formerly Sawadee Ventures, set out to sell container products. In April 2010 it signed a Product Purchase Agreement with Taste of Aruba (US), Inc., which committed to buy at least $50,000,000 of products between April 2010 and December 2015. The filings seen do not say what came of that commitment.

In July 2011 it signed a Funding Agreement with Crown Hospitality Group, LLC. Crown was to provide $4,000,000 over about twelve months in return for restricted shares (shares with resale limits), which could make it the largest shareholder with up to 50%. The money was meant for building two to four production facilities in the continental US. The filings seen do not confirm that the money arrived.

By mid-2013 the company was short of cash. On May 28, 2013 it ended its relationship with Lankford Consulting Group and affiliates because the ARG Vermogensverwaltung equity financing had made no progress, and it said it was talking to other investors. In July it issued 11,000,333 shares to three officers to clear $662,000 of debt, and 1,000,000 shares to a consultant for $50,000 of unpaid invoices. This cut liabilities but diluted existing shareholders.

2015-2023: A new business and a quiet exit

In February 2015 the company changed direction. It bought the intellectual property behind the TagLikeMe search-and-share website from Richard Elliot-Square, planning web and mobile apps. He was to receive 10% of future advertising revenue up to $4 million, and the company held an option to buy the asset outright for $3 million once $1 million had been paid. It also issued 6,668,000 restricted shares to MRN Associates, Inc., a company owned by its President and CEO, to settle $200,040 of invoices, again diluting other holders.

The record then goes quiet. The filings seen show no result for the website. By then the company was named Snoogoo Corp. On April 14, 2023 it suspended its duty to file periodic reports with the SEC, and that is where the record ends.

Written from the 5 story beats below (2010 to 14 Apr 2023), which come from the company's own announcements and filings.

Beat by beat

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

2023202m shares · US$3.6m market cap

14 Apr
Snoogoo Corp. suspended its duty to file periodic reports with the SEC.
listing compliance notice
202m shUS$3.6m

201594.8m shares · US$3.3m market cap

17 Feb
On February 11, 2015 Casey Container bought the intellectual property behind the TagLikeMe search-and-share website from Richard Elliot-Square, planning web and mobile apps. It will pay him 10% of future advertising revenue up to $4 million, with an option to buy out the asset for $3 million once $1 million has been paid. It also issued 6,668,000 restricted shares to MRN Associates, Inc., a company owned by its President and CEO, to settle $200,040 of invoices, which dilutes other shareholders. The filing's described business is a shift from the container products in earlier filings.
asset acquisition disposition
94.8m shUS$3.3m

201382.2m shares · US$7.4m market cap

1 July
Casey Container issued 11,000,333 restricted shares to three officers in exchange for releasing $662,000 of debt owed to them for expenses, fees and loans, and 1,000,000 shares to a consultant for $50,000 of unpaid invoices. This cuts liabilities but dilutes existing shareholders. Separately, on May 28, 2013 it ended its relationships with Lankford Consulting Group and affiliates over lack of progress on the ARG Vermogensverwaltung equity financing, and says it is talking to other investment groups.
capital raising announcement
82.2m shUS$7.4m

201160.8m shares · US$5.1m market cap

7 July
Casey Container signed a Funding Agreement with Crown Hospitality Group, LLC on July 4, 2011. Crown is to provide $4,000,000 over about twelve months, in return for 60,456,667 restricted shares issued as funding arrives, which would make Crown the largest shareholder with up to 50%, plus two board seats once 50% of funding is delivered. Existing shareholders would be diluted, and the funds are restricted to building two to four production facilities in the continental US.
material agreement
60.8m shUS$5.1m

2010

7 Apr
The company, now named Casey Container Corp (formerly Sawadee Ventures), signed a Product Purchase Agreement with Taste of Aruba (US), Inc. on April 1, 2010. Taste of Aruba commits to a minimum purchase of $50,000,000 of Casey Container products from April 1, 2010 through December 31, 2015, and Casey Container agrees to meet the production requirements.
material agreement