29 Dec 2008late filing notice▼ Bad
USCORP notified the SEC that its annual report would be filed late.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2008capital raising announcement● NeutralMajor
On September 28, 2008 USCorp sold a $1,200,000 non-recourse convertible note to a private European fund. It pays 4% a year, is due March 31, 2011, and converts into Class A common stock at $0.125 per share. The fund also received one-year warrants for 4,800,000 shares at $0.20, which would bring in another $960,000 if exercised, for $2.16 million in total. The press release says the money arrives in tranches ($200,000 already received, with the rest due through January 2009) and describes USCorp as a gold exploration company with the Twin Peaks (Arizona) and Picacho Salton (California) projects. This adds a second debt instrument alongside the 2005 gold note, with possible dilution if the note is converted or the warrants exercised.
15 Aug 2008late filing notice▼ Bad
USCORP notified the SEC that its quarterly report would be filed late.
11 Feb 2008late filing notice▼ Bad
USCORP notified the SEC that its quarterly report would be filed late.
26 Dec 2007late filing notice▼ Bad
USCORP notified the SEC that its annual report would be filed late.
15 Feb 2007late filing notice▼ Bad
USCORP notified the SEC that its quarterly report would be filed late.
29 Sept 2006securities registration● Neutral
USCORP filed the final prospectus for a registered offering.
7 Sept 2006securities registration● Neutral
USCORP amended a filing by which it registered a small-business securities offering with the SEC.
11 Aug 2006securities registration● Neutral
USCORP amended a filing by which it registered a small-business securities offering with the SEC.
24 July 2006director interest notice● Neutral
Ahrens Jundith became a USCORP director and company insider (initial ownership filing).
24 July 2006director interest notice● Neutral
O'baugh Carl became a USCORP director and company insider (initial ownership filing).
24 July 2006director interest notice● Neutral
Dietz Larry became a USCORP President, Sec., & Treas. and company insider (initial ownership filing).
26 June 2006securities registration● Neutral
USCORP registered a small-business securities offering with the SEC.
1 June 2006capital raising announcement● NeutralMajor
On May 30, 2006 USCorp signed an agreement with Dutchess Private Equities Fund, L.P. under which Dutchess commits to buy up to $10,000,000 of USCorp common stock over 36 months, in draws ('puts') the company requests. Shares are priced at 95% of the lowest closing bid during a five-day pricing period after each draw, so shareholders face dilution that depends on the share price at each draw. USCorp must file a registration statement within 30 days of closing. This is the company's first equity funding line in the story, following the 2005 gold-denominated note.
3 Oct 2005debt financing● NeutralMajor
On September 27, 2005 USCorp took on a two-year promissory note through a private Swiss fund for 1,375 ounces of gold (cash value $635,662.50), at 9% compounded interest. It is due September 27, 2007 at 1,634 ounces of gold, can be repaid early by mutual agreement, and is non-recourse. This is the first debt in the story so far; the amount owed is tied to gold rather than cash.
26 Mar 2004auditor change● Neutral
On March 19, 2004 USCorp dismissed its auditor Henry Schiffer and hired Donahue Associates, L.L.C. of Monmouth Beach, New Jersey. Schiffer's reports for both prior years carried a going-concern warning (losses and lack of net capital), and the filing says there were no disagreements with him.
8 Oct 2002asset acquisition disposition● Neutral
Amendment No. 2 to the April 2002 8-K on the USMetals acquisition; the visible text again repeats the original report (Dultz 78.0%, one-for-one exchange). The excerpt does not show what changed, so no new facts can be reported from it.
23 Aug 2002asset acquisition disposition● Neutral
Amendment No. 1 to the April 2002 8-K on the USMetals acquisition; the visible text repeats the original report, including Robert Dultz's 78.0% stake and the one-for-one share exchange. The excerpt does not show what changed, so no new facts can be reported from it.
15 Aug 2002late filing notice▼ Bad
USCORP notified the SEC that its quarterly report would be filed late.
13 June 2002asset acquisition disposition● NeutralMajor
USCorp reports that around April 2, 2002 it acquired USMetals, Inc. through a one-for-one share exchange offered March 14, 2002, making USMetals a wholly owned subsidiary. This completes the Arizona-mining acquisition flagged by the January letter of intent (inference: USMetals is that target; the visible text does not say so). Robert Dultz now holds 19,997,000 shares (78.0%) and U.S. Metals and Minerals, Inc. holds 2,700,000 (10.5%), so other shareholders cannot affect votes. The filing admits it was filed late.
30 Jan 2002asset acquisition disposition● NeutralMajor
At a January 14, 2002 special meeting, shareholders voted to rescind the October 2000 Fantasticon merger (Fantasticon.com, Madman Backstage Productions, Impact Interactive) and its Earn Out Agreement, and cancelled the 6,025,000 escrowed shares issued for it. The filing says the company ended operations in July 2001, replaced the former officers and directors with Larry Dietz, Spencer Eubank and Carl O'Baugh, renamed the company USCorp, changed auditors from Brian Donahue to Henry Schiffer, and signed a letter of intent to buy an Arizona mining claims company (not yet completed).
14 Aug 2001late filing notice▼ Bad
USCORP notified the SEC that its quarterly report would be filed late.
15 Aug 2000late filing notice▼ Bad
USCORP notified the SEC that its quarterly report would be filed late.