11 July 2013auditor change● Neutral
On July 9, 2013 Victory appointed Marcum LLP, the firm that absorbed WilsonMorgan, as auditor for the year ended December 31, 2012. This follows WilsonMorgan's resignation.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 July 2013auditor change▼ BadMajor
WilsonMorgan resigned on June 27, 2013, saying it no longer wanted to provide audit services as part of its strategic plan and was merging with a third party (Marcum LLP, completed July 1, 2013). The 2012 10-K had still not been filed, and the restatement is still pending. Management also reports two material weaknesses in internal controls, including a lack of segregation of duties.
14 May 2013late filing notice▼ Bad
VICTORY CLEAN ENERGY, INC. notified the SEC that its quarterly report would be filed late.
28 Mar 2013late filing notice▼ Bad
VICTORY CLEAN ENERGY, INC. notified the SEC that its annual report would be filed late.
26 Mar 2013financial restatement▼ BadMajor
On March 25, 2013 Victory said its 2011 10-K and the 2012 quarterly reports (March, June, September) should no longer be relied on, because Navitus's 50% non-controlling interest in Aurora was not shown on the face of the financial statements. The company will restate in its 2012 10-K and estimates that total assets, liabilities and equity will not change, but that net loss per share will improve. This is the same issue Weaver raised in 2012, which the company had resisted then.
14 Nov 2012quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported quarterly revenue of $77 thousand and a net loss of $644 thousand for the period ended 2012-09-30.
14 Aug 2012quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported quarterly revenue of $68 thousand and a net loss of $498 thousand for the period ended 2012-06-30.
10 Aug 2012auditor change▼ BadMajor
On August 3, 2012 Victory dismissed Weaver and Tidwell, only about six weeks after hiring it, and re-engaged WilsonMorgan. The company says Weaver disagreed with it over showing Navitus's non-controlling interest in the financial statements, and the company dismissed Weaver because it feared missing its SEC filing deadline. Weaver's letter says Aurora (50% owned) was reported at 100% of earnings, losses and equity, which it believes does not comply with accounting rules, and that its dismissal resulted from this disagreement. This reverses the June 2012 change and opens an accounting-presentation dispute over the Aurora partnership with Navitus.
11 July 2012auditor change● Neutral
This amendment repeats the June 18, 2012 switch from WilsonMorgan to Weaver and Tidwell and adds WilsonMorgan's letter (dated July 5, 2012) agreeing with the company's disclosures. It adds no new facts about the company.
20 June 2012auditor change● Neutral
On June 18, 2012 Victory dismissed its auditor WilsonMorgan (hired Jan 2011) and engaged Weaver and Tidwell. The filing says WilsonMorgan's 2011 and 2010 reports carried a going-concern uncertainty and that there were no disagreements. No reason for the change is given.
24 May 2012asset acquisition disposition▲ Good
Through its Aurora Energy Partners partnership, Victory sold its interests in the Jones County Oil Play (5% working interest) and the Atwood Secondary Oil Recovery project (2% working interest) for $400,000 in cash. Half was received in May 2012 and $200,000 is due in July 2012. Victory expects a pre-tax gain of $267,000 in second quarter 2012. Management says it plans to put the money to work at its Lightnin' prospect.
15 May 2012quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported quarterly revenue of $64 thousand and a net loss of $5.0 million for the period ended 2012-03-31.
6 Mar 2012material agreement▲ GoodMajor
The debenture private placement that began Sept 15, 2010 closed on Jan 31, 2012 having raised $5,777,275 in principal, $1,830,000 of it in January 2012. All remaining debenture holders agreed to convert to common shares effective Feb 29, 2012, so the company states it has no debt on its balance sheet as of March 1, 2012. Debt converted in 2011 and 2012 totaled $6,024,509 including interest. This resolves the convertible debenture thread, and the shares replace the debt as dilution. The press release also mentions a 50:1 reverse split, a new CFO and a new CEO, Kenneth Hill.
17 Feb 2012director interest notice● Neutral
VICTORY CLEAN ENERGY, INC. director Ronald Zamber received a stock option grant for 1,200,000 shares.
9 Feb 2012director interest notice● Neutral
VICTORY CLEAN ENERGY, INC. CHIEF FINANCIAL OFFICER Mark Wendell Biggers bought 261,300 shares on the open market.
25 Jan 2012director interest notice● Neutral
Mark Wendell Biggers became a VICTORY CLEAN ENERGY, INC. CHIEF FINANCIAL OFFICER and company insider (initial ownership filing).
18 Jan 2012securities registration● Neutral
VICTORY CLEAN ENERGY, INC. filed notice of an exempt private placement.
9 Dec 2011asset acquisition disposition▲ GoodMajor
On Dec 6, 2011 (effective Oct 1, 2011) Victory signed a second amended agreement for the Aurora Energy Partners partnership, bringing in The Navitus Energy Group in place of James Capital Consulting and James Capital Energy. Victory's share of Aurora profits and losses rises from 15% to 50%, with Navitus holding the other 50%. Navitus may, at its option, provide up to $15,000,000 of funding, which carries a 10% preferred return and warrants or convertible debenture terms, so it is not committed money. Several 2007 agreements, including the Fund Agreement and the Zamber letter agreement, were terminated without penalty. Director Ronald Zamber is a member of both James Capital entities, and director Dave McCall's firm is counsel to both Victory and Navitus.
14 Nov 2011quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported quarterly revenue of $91 thousand and a net loss of $765 thousand for the period ended 2011-09-30.
15 Aug 2011quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported quarterly revenue of $82 thousand and a net loss of $1.1 million for the period ended 2011-06-30.
23 May 2011quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported quarterly revenue of $86 thousand and a net loss of $816 thousand for the period ended 2011-03-31.
16 May 2011quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported quarterly revenue of $86 thousand and a net loss of $816 thousand for the period ended 2011-03-31.
16 May 2011late filing notice▼ Bad
VICTORY CLEAN ENERGY, INC. notified the SEC that its quarterly report would be filed late.
16 May 2011quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported quarterly revenue of $86 thousand and a net loss of $816 thousand for the period ended 2011-03-31.
16 May 2011quarterly activities report▼ Bad
VICTORY CLEAN ENERGY, INC. reported quarterly revenue of $86 thousand and a net loss of $816 thousand for the period ended 2011-03-31.
5 May 2011director interest notice● Neutral
VICTORY CLEAN ENERGY, INC. director Robert W Grenley received a stock option grant for 700,000 shares.
5 May 2011director interest notice● Neutral
Robert W Grenley became a VICTORY CLEAN ENERGY, INC. director and company insider (initial ownership filing).
3 May 2011director interest notice● Neutral
VICTORY CLEAN ENERGY, INC. director Robert W Grenley received a stock option grant for 700,000 shares.
3 May 2011director interest notice● Neutral
Ronald Zamber became a VICTORY CLEAN ENERGY, INC. director and company insider (initial ownership filing).
3 May 2011director interest notice● Neutral
VICTORY CLEAN ENERGY, INC. director Ronald Zamber received a stock option grant for 1,200,000 shares.