History
A Nevada shell, once Blue Spa, passed through Swiss-linked ownership and a peat-moss venture before a 2023 Danish lithium merger, then restated accounts and deregistered in 2026.
2016-2019: From shell to mineral claims
The company began as Blue Spa Incorporated, with 7,000,000 shares on issue. In August 2016 Workplan Holding Inc., owned by Christopher Grunder, bought 4,000,000 of them (57.1%) from sole director Law Yau Yau for $4,000, and Suha Hächler was to take over as sole director and officer.
By March 2017 it had become Sustainable Petroleum Group Inc., based in Naples, Florida. It bought 13 mineral claims in the Thunder Bay Mining Division from Workplan, paying CDN$5 million by issuing 1,250,000 restricted shares. The claims carry a 3% royalty to John Leliever. Because the seller was the controlling holder, this was a related-party deal. In July 2017 it disclosed more share-based deals: 400,000 shares for a Zurich office lease deposit, a 20% stake in SP Group (Europe) AG bought from Grunder, small private placements, and 10,000 shares issued to settle $35,000 of debt.
The Zurich arrangement unwound. The company left the office in October 2018, and the 400,000 shares were handed back and cancelled in January 2019. Workplan sold 4,148,686 shares during 2018, ending Grunder's control. In February 2019 the company formed a joint venture with Cormo AG, a developer of peat moss replacement and natural foam products. Each owned 35%, and the venture had $400,000 of working capital. Several other owners were major shareholders or the CEO.
2020-2025: Lithium Harvest and restatement
The record is quiet for 2020 to 2022, and shares on issue stayed under 9 million.
On February 14, 2023 the company bought all of Lithium Harvest ApS of Denmark by issuing 206,667,233 new shares. With 287,190,813 shares outstanding afterwards, Lithium Harvest holders owned about 72%, Kestrel Flight Fund (which held a convertible loan) about 25%, and previous shareholders about 3%, so existing holders were heavily diluted. Sune Mathiesen became CEO and Chairman, Stefan Muehlbauer became CFO, and Paw Juul became CTO. The deal was a reverse merger, with Lithium Harvest treated as the buyer for accounting. Whether the Cormo venture, the Thunder Bay claims and the other older stakes were kept is not stated.
The company then raised money through private placements: 8,847,000 shares in August and December 2023 for $2,946,450, and 2,278,723 shares at $0.35 in September 2024 for $797,500. In December 2023 the board said its 2022 annual accounts and the March and June 2023 quarterly accounts could no longer be relied on, citing a goodwill write-down, inventory write-downs at its YER Brands subsidiary, and a change in how the merger was shown. Restated figures were not given. Auditors changed repeatedly, with AOGB CPA Limited engaged in January 2025, and reports carried going-concern doubt. On June 30, 2026 the company deregistered its securities, ending its obligation to file reports with the SEC.
Written from the 8 story beats below (2016 to 30 June 2026), which come from the company's own announcements and filings.