13 Dec 2010material agreement● Neutral
Supatcha entered a consulting agreement dated November 16, 2010 with The Wallst Bulls Consultant Group, Inc. to build market awareness and investor-community contacts for the company.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Dec 2010other material event● Neutral
Following its November 2010 consulting agreement, Supatcha issued 4,000,000 restricted shares (about 6.5% of its 61,000,000 shares then outstanding) to The Wallst Bulls Consultant Group, Inc. as compensation for investor-outreach services, restricted for a minimum of six months.
13 Dec 2010other material event● NeutralMajor
In an 8-K filed two months after the fact, Supatcha disclosed that Steve Talley had resigned as President/CEO on October 18, 2010, replaced by director Nikolae Yagodka; the board was reconstituted with Yagodka, Andrei B. Yasinskij and new director Dennis Lipton, an investment banker with mining/energy capital-raising experience - the second full leadership change in under a year.
9 Dec 2010other material event▲ GoodMajor
Supatcha released an independent geological report on the Barlevskoye and Vynohradiv properties describing historical gold-silver-lead-zinc drill intercepts (up to 12.2 g/t gold), now referring to them as the company's own mines - though the underlying report itself is explicitly titled a preliminary 'Resource Statement' based on largely unverified Soviet-era data, not the compliant reserves report the 8-K's own cover text claims it to be.
12 Nov 2010quarterly activities report▼ BadMajor
Second-quarter fiscal-2011 report (period ended Aug. 31, 2010): net loss spiked to $255,959 for the quarter (from $12,112 a year earlier), driven by $114,762 of exploration costs and $76,159 of consulting fees tied to the Ukraine gold-license push - pushing the cumulative deficit to $387,389 even as the FY2010 10-K had already warned no financing for the deal was yet secured.
14 July 2010annual report▼ BadMajor
The delayed FY2010 10-K showed the Ukraine push straining the balance sheet: total assets fell further to $7,511 while liabilities more than tripled to $37,657 (mostly $26,850 owed to related parties), pushing the cumulative deficit to $105,722; shares outstanding had grown fivefold to 61,000,000 as the company described itself as 'committed' to the Ukraine properties contingent on financing it had not yet secured.
5 Mar 2010other material event● Neutral
Supatcha relocated its head office to Denver, Colorado to align with its new management team and said it was in discussions with potential financing sources for the Ukraine deal - no financing had actually been secured at this point.
17 Feb 2010other material event▲ GoodMajor
Supatcha signed a non-binding letter of intent to buy the Barlevskoye and Vynohradiv gold exploration licenses in southwest Ukraine from Poltavas Capital Management Ltd. for $7.5 million plus 500,000 shares, targeting an April 17, 2010 close subject to due diligence - the new board's first concrete move toward a mining pivot, though nothing was yet binding.
16 Feb 2010quarterly activities report▼ BadMajor
The restated version of the Nov. 30, 2009 quarterly report corrected the net loss for the quarter from the originally-reported $390 to $12,475 (nine months from $20,028 to $32,113), pushing the cumulative deficit to $97,392 and stockholders' equity into a $24,053 deficit - resolving the financial-restatement problem flagged two weeks earlier.
4 Feb 2010financial restatement▼ BadMajor
New CEO Steve Talley and auditor Webb & Company concluded Supatcha's interim financials for the period ended November 30, 2009 could no longer be relied upon, citing a 10-Q filed without auditor review, unrecorded accounts payable and officer in-kind services, and undisclosed officer loans - problems traced directly to the December 2009 change in management and a resulting gap in corporate recordkeeping.
15 Jan 2010quarterly activities report● NeutralMajor
Third-quarter fiscal-2010 report (period ended Nov. 30, 2009), filed one month after the new Talley/Yagodka/Yasinskij board took over: reported a suspiciously small $390 net loss for the quarter - figures that new CEO Steve Talley and the auditor would restate two weeks later, having found the original filing skipped an auditor review and omitted real accounts payable, officer in-kind services and officer loans.
21 Dec 2009director officer appointment● NeutralMajor
In a complete boardroom turnover effective December 9, 2009, founding CEO Donald Axent, secretary William Kosoris and CFO Brian Matson all resigned, replaced by new president Steve Talley alongside new directors Nikolae Yagodka (a mining geologist with 25 years' experience including Kazakhstan) and Andrei B. Yasinskij (a Russian investment executive) - the first sign of the shell being repositioned toward a new ownership group with mining ties.
10 June 2009annual report▼ Bad
The delayed FY2009 10-K showed Supatcha's cash collapsing to $8,469 (from $53,683 a year earlier) against $5,319 of liabilities, with a $52,083 net loss for the year pushing the cumulative deficit since inception to $65,279 - still a pre-revenue shell wholly dependent on the unproven Bonanza claim.
16 Dec 2008auditor change● Neutral
Eide Bailly LLP resigned as Supatcha's auditor on December 12, 2008 with no disagreements over accounting matters; the company immediately engaged Webb & Company, P.A. as its new independent auditor.
24 Sept 2008securities registration▼ BadMajor
The SEC's first review of the S-1 caught a real contradiction: the Bonanza claim's stated expiration date (Jan 14, 2008) didn't match the purchase agreement exhibit's own date (July 14, 2008) - and by the review date both had already passed, so staff asked Supatcha to explain how it still held any interest in its only asset.