28 July 2021listing compliance notice▼ BadMajor
U.S. Lithium Corp. deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 May 2020auditor change▼ BadMajor
On April 30, 2020 Sadler Gibb resigned as BioELife's auditor for the year ended December 31, 2019, having never issued an audit report for the company. The filing says there were no disagreements and gives no reason for the resignation. The company again has no auditor for its 2019 financial statements, and the filing does not say who will replace Sadler Gibb.
7 Apr 2020debt financing▼ Bad
On March 20, 2020 BioELife borrowed $60,000 from The Magic Owl Corp (a Nevis company) through an unsecured one-year note at 10% interest. It converts at a 30% discount to the then trading price, the same terms as the February 2020 Catanga note. This adds a new lender and more potential dilution.
2 Apr 2020auditor change● Neutral
The company, now filing as BioELife Corp. (formerly U.S. Lithium), reports that its auditor PLS CPA resigned on December 24, 2019. PLS had audited 2014 through 2018, and its reports carried a going-concern warning. Sadler Gibbs was engaged as the new auditor on January 24, 2020. The filing states there were no disagreements. It also confirms the company has been renamed BioELife Corp.
11 Feb 2020debt financing▼ BadMajor
On February 4, 2020 the company borrowed $100,000 from Catanga International S.A. through an unsecured one-year note at 10% interest. Unlike Catanga's earlier notes with fixed conversion prices, this one converts at a 30% discount to the then trading price. A floating price can mean more shares when the stock is lower.
6 Feb 2020material agreement▲ Good
On January 30, 2020 the company signed an agreement with International Healthcare Network (Pennsylvania) to buy certain of its CBD products (tinctures, gummies, a topical salve) at wholesale and resell them. The 8-K describes this as non-exclusive, but the attached press release calls it an exclusive, multi-year purchase and distribution agreement. No dollar amounts are given. This is the first customer deal under the new CBD business. The press release repeats that a name and symbol change is in progress.
24 Jan 2020capital raising announcement● NeutralMajor
On January 20, 2020 the company bought four hemp and CBD supply, manufacturing and sales contracts from Hemp Cloud 9 LLC in exchange for 4,700,000 new shares. The accompanying press release says the company will change its primary business from minerals to cannabinoids and plans to change its name and stock symbol within 30 days. This is a major break from the lithium and mineral claims story, and the share issue dilutes existing holders. The filing does not say what happens to the earlier mineral claims or options.
19 Nov 2019quarterly activities report▼ Bad
U.S. Lithium Corp. reported a quarterly net loss of $48 thousand for the period ended 2019-09-30.
13 Nov 2019late filing notice▼ Bad
U.S. Lithium Corp. notified the SEC that its quarterly report would be filed late.
19 Aug 2019quarterly activities report▼ Bad
U.S. Lithium Corp. reported a quarterly net loss of $106 thousand for the period ended 2019-06-30.
15 Aug 2019late filing notice▼ Bad
U.S. Lithium Corp. notified the SEC that its quarterly report would be filed late.
3 July 2019capital raising announcement● NeutralMajor
On June 28, 2019 unnamed debt holders agreed to convert $406,357.02 of principal and interest into 2,083,884 new shares at $0.195 per share. This clears that debt but dilutes existing shareholders. The filing does not name the holders or say which notes were converted, only that the debt was reported in the March 31, 2019 quarterly report. The $0.195 price is far above the earlier $0.015 to $0.03 conversion prices. The filing does not say why (possible inference: a share consolidation in the gap). The company's address is now Seal Beach, California.
21 May 2019quarterly activities report● Neutral
U.S. Lithium Corp. reported a quarterly net income of $80 thousand for the period ended 2019-03-31.
20 May 2019quarterly activities report● Neutral
U.S. Lithium Corp. reported a quarterly net income of $80 thousand for the period ended 2019-03-31.
15 May 2019late filing notice▼ Bad
U.S. Lithium Corp. notified the SEC that its quarterly report would be filed late.
13 Nov 2018quarterly activities report● Neutral
U.S. Lithium Corp. reported a quarterly net income of $38 thousand for the period ended 2018-09-30.
14 Aug 2018quarterly activities report● Neutral
U.S. Lithium Corp. reported a quarterly net income of $191 thousand for the period ended 2018-06-30.
23 May 2018quarterly activities report▼ Bad
U.S. Lithium Corp. reported a quarterly net loss of $50 thousand for the period ended 2018-03-31.
15 May 2018late filing notice▼ Bad
U.S. Lithium Corp. notified the SEC that its quarterly report would be filed late.
3 Apr 2018late filing notice▼ Bad
U.S. Lithium Corp. notified the SEC that its annual report would be filed late.
13 Feb 2018material agreement● Neutral
On February 5, 2018 the company sold Catanga a $20,000 convertible note for $20,000 cash. It is due February 5, 2019, pays 10% simple interest, and converts at $0.021 per share. This continues the series of small Catanga loans.
20 Nov 2017quarterly activities report▼ Bad
U.S. Lithium Corp. reported a quarterly net loss of $49 thousand for the period ended 2017-09-30.
15 Nov 2017late filing notice▼ Bad
U.S. Lithium Corp. notified the SEC that its quarterly report would be filed late.
15 Nov 2017material agreement● Neutral
On November 13, 2017 the company sold Catanga a $22,000 convertible note for $22,000 cash. It is due November 13, 2018, pays 10% simple interest, and converts at $0.021 per share. Another small loan from the same lender.
14 Sept 2017material agreement● Neutral
On September 13, 2017 the company sold Catanga a $20,000 convertible note for $20,000 cash. It is due September 13, 2018, pays 10% simple interest, and converts at $0.029 per share. This continues the run of small loans from Catanga.
21 Aug 2017quarterly activities report▼ Bad
U.S. Lithium Corp. reported a quarterly net loss of $45 thousand for the period ended 2017-06-30.
15 Aug 2017late filing notice▼ Bad
U.S. Lithium Corp. notified the SEC that its quarterly report would be filed late.
3 Aug 2017capital raising announcement▼ BadMajor
On July 31, 2017 the company extended the maturity of seven notes held by Robert Seeley and Catanga by six months each, and cut the conversion price on all of them to $0.015 per share. A lower conversion price means more shares if the notes are converted, which dilutes existing holders. Separately, Seeley converted his April 8 and April 21, 2016 notes (principal $15,000 plus accrued interest) into 1,280,827 new shares. This resolves those two notes and dilutes other holders. The table also lists a $50,000 Seeley note (May 5, 2016), a $8,000 Seeley note (March 3, 2017) and a $25,000 Catanga note (May 23, 2017) that were not in earlier filings. It shows the June 2017 Catanga note maturing June 15, 2018, whereas the June 2017 filing said January 15, 2018.
22 June 2017material agreement● Neutral
On June 15, 2017 the company sold Catanga International S.A. a $40,000 convertible note for $40,000 cash. It is due January 15, 2018, pays 10% simple interest, and converts to shares at $0.018 at the holder's option. This is a new lender, extending the pattern of small convertible loans previously taken from Robert Seeley.
30 May 2017quarterly activities report▼ Bad
U.S. Lithium Corp. reported a quarterly net loss of $62 thousand for the period ended 2017-03-31.