UNEEQO, INC. company history: the story so far

History

A failed Nevada mineral explorer swapped into a cannabis directory business, unwound that deal within a year, and by 2016 held only a related-party software license before deregistering in 2017.

2014: From mining to cannabis

The company, then called Kore Resources, Inc., was a mineral explorer holding a lease with option to purchase over the CPG Claims from Claremont Nevada Mines LLC. On June 23, 2014 it gave notice ending the lease, saying it could not raise the funding to keep exploring. It incurred no penalties. Around then, on June 18, Mary Kay Tantum and Level Up Investments LLC bought 60,000,000 shares from Young Ju Yi for $30,000, a change in control.

The company turned to cannabis. It acquired WeedWeb Inc, a private Nevada firm, in a share exchange, issuing 15,000,000 new shares to Tantum (filings also say 10,000,000), and handed its mining business to Young Ju Yi. Matthew Killeen became CEO and Tantum vice president. Before the deal 110,000,000 shares were outstanding, and Tantum and Level Up together held 75,000,000 afterwards. A September 1, 2014 funding agreement let Craigstone Ltd. buy up to 2,500,000 shares at $0.10; it had bought 750,000 for $75,000. The auditor also changed, to Malone Bailey, LLP in August 2014.

2015-2017: Unwinding and a new license

The WeedWeb deal did not last. Effective April 29, 2015, the company settled with WeedWeb and Tantum to unwind the exchange, citing lack of performance and lack of the required consideration. WeedWeb ceased to be a subsidiary, former WeedWeb holders were to return 30,000,000 company shares, and a name change back to Kore Resources was planned. The filing did not say what business remained, and the record is quiet for the following year.

On June 10, 2016 the company, now UNEEQO, INC. under President and CEO Barend Chris Greyling, signed a license through its new UK subsidiary, Uneeqo, Ltd., for software called "Nativ Communications" from ABCG Holdings, Ltd. The license is perpetual, exclusive and worldwide, costs $1.00, and runs two years at a time with automatic renewals. It includes an option and first refusal to buy the software at an independently valued price. Greyling owns 38% of ABCG, so it was a related-party deal. On September 14, 2017 the company deregistered its securities, ending its duty to file reports with the SEC.

Written from the 6 story beats below (2014 to 14 Sept 2017), 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)

2017114m shares · US$2.4m market cap

14 Sept
UNEEQO, INC. deregistered its securities, ending its obligation to file reports with the SEC.
listing compliance notice
114m shUS$2.4m

2016113m shares · US$21.4m market cap

10 June
On June 10, 2016, the company (now UNEEQO, INC., with Barend Chris Greyling as President and CEO) and its new wholly-owned UK subsidiary Uneeqo, Ltd. signed a software license with ABCG Holdings, Ltd. for a product called "Nativ Communications". The license is perpetual, exclusive and worldwide, costs $1.00, has an initial two-year term with automatic two-year renewals, and gives the subsidiary a right of first refusal and an option to buy the software, with a price set by an independent valuation and payable in cash and/or securities. Greyling owns 38% of ABCG and is its CEO and director, so this is a related-party deal. The filing also says Uneeqo, Ltd. was formed on June 1, 2016. This is the first business described since the WeedWeb unwinding.
material agreement
113m shUS$21.4m

2015128m shares · US$25.6m market cap

5 May
Effective April 29, 2015, the company signed a settlement with WeedWeb Inc and its controlling holder Mary Kay Tantum to unwind the June 30, 2014 share exchange, citing lack of performance and lack of the required consideration. WeedWeb stops being a subsidiary (the company returns 10,000,000 WeedWeb shares to its former holders), the former WeedWeb holders return 30,000,000 company shares, and the company will change its name from WeedWeb, Inc. back to Kore Resources, Inc. This reverses the 2014 reverse acquisition and the planned WeedWeb name change; the filing does not say what business the company has afterwards.
asset acquisition disposition
128m shUS$25.6m

2014110m shares · US$19.3m market cap

17 Nov
An amended account of the WeedWeb deal adds that on June 18, 2014 Mary Kay Tantum and Level Up Investments LLC bought 60,000,000 shares from Young Ju Yi for $30,000 (30,000,000 each), a change in control. After the WeedWeb exchange (15,000,000 shares issued to Tantum), they together held 75,000,000 shares, and 110,000,000 shares were outstanding before the transaction. It also discloses a September 1, 2014 funding agreement with Craigstone Ltd. to buy up to 2,500,000 shares at $0.10 each, of which 750,000 shares had been bought for $75,000, and it drops the $50,000 cash payment mentioned in the original 8-K.
business combination
110m shUS$19.3m
8 Sept
The company (Kore Resources) says it acquired WeedWeb Inc, a private Nevada company, in a share exchange, issuing 15,000,000 new shares plus $50,000 cash, and handed its mining business and assets to Young Ju Yi. It is no longer pursuing mining and will instead run WeedWeb's cannabis-industry information business, with Matthew Killeen as CEO and President and Mary Kathryn Tantum as Vice President; this follows the June 2014 termination of the CPG Claims lease. It says it intends to change its name to WeedWeb Inc, and for accounting purposes WeedWeb is treated as the acquirer.
asset acquisition disposition
110m shUS$30.3m
3 July
The company (named Kore Resources, Inc. in this filing; the filer is listed as UNEEQO) gave notice on June 23, 2014 that it was ending its Lease with Option to Purchase Agreement with Claremont Nevada Mines LLC over the CPG Claims. The filing says it could not raise the funding needed to continue exploring them, will not renew the claims for September 2014 to August 2015, and incurred no penalties.
material agreement termination
15.0m shUS$4.5m