History
Universal Resources, formerly Global Immune Technologies, moved from a rescinded 2007 deal to a 2011 solar venture and a 2014 Solomon Islands deal, with audits still outstanding by 2019.
2006-2007: The MedPri deal that was undone
The company, then filing as Global Immune Technologies, Inc. (formerly Secureview Systems), set out in July 2006 to buy all of MedPri Limited. The price was 74,000,000 new shares, 7,400,000 warrants at $0.50, and two convertible notes of $10,000,000 and $4,000,000. Its auditor, Smythe Ratcliffe, resigned the same day and James Stafford Chartered Accountants replaced it. The earlier audit report carried a going-concern opinion, meaning doubt about the company's ability to keep operating.
In May 2007 the company reported the deal closed, describing itself as a shell that would become MedPri's iCardia heart-monitoring business. Two months later it reversed course. On July 11, 2007 it rescinded the exchange and said the May report should be disregarded, citing inadequate capitalization by MedPri, no named successor directors, and unfinished due diligence. It also dismissed James Stafford and hired Jorgensen & Co. The record then goes quiet for more than three years.
2010-2011: A solar technology detour
In December 2010 the company agreed to take over agreements with Germany's Institute for Applied Technology (IAT) covering solar energy collector technology, paying 1,000,000 shares. A joint venture followed through a German subsidiary, RENON GmbH, with the company taking 80% of profits and IAT 20%. The technology was to be bought for $10 plus a $2,000,000 note at 0.78% due July 29, 2011.
On February 15, 2011 the company issued 92,000,000 shares to IAT, about 80.08% of those then outstanding, plus 1,000,000 to Mid Atlantic and 5,694,508 as a finder's fee. That left 114,890,153 shares on issue and a change of control that heavily diluted existing holders. In March the board agreed to settle $659,886 of creditor debt at $0.15 per share, and a new director, Uwe Vincenz, joined. The filings do not say what became of the solar business.
2014-2019: Meekom and unfinished accounts
Now reincorporated in Nevada as Universal Resources, the company closed a deal on February 18, 2014 to acquire at least 70% of Meekom Gold Exchange and Refinery Corp. Limited, a Solomon Islands company. It issued 22,098,380 Series A Convertible Preferred shares, which convert 9-to-1 only after FINRA approval. Meekom holders were to own about 90%, a 10-to-1 reverse split was declared, and a new board led by Michael Holbrook took over.
On March 14, 2014 the company said its financial statements for fiscal 2013 and several later quarters could not be relied on, because of errors in accounting for warrants and convertible debt. The auditor L.L. Bradford was terminated around June 1, 2014 because the board said it lacked funds to re-file them, and no reports were filed for months. In July 2018 Fruci & Associates II was hired to audit the missing years. By the latest record, January 2019, KSP Group had been engaged for the audits of fiscal 2013 to 2018, which remained outstanding, along with FINRA approval of the name change and reverse split.
Written from the 9 story beats below (2006 to 19 Sept 2018), which come from the company's own announcements and filings.