14 Nov 2016auditor change▼ Bad
Auditor Mohle Adams LLP told Viking it was exiting the public-company audit business entirely and had not issued any report -- the second of two abrupt auditor exits within two weeks.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Oct 2016asset acquisition disposition▲ GoodMajor
Renamed Viking Energy Group, Inc., the company formed subsidiary Mid-Con Petroleum, LLC, opened a $3 million CrossFirst Bank revolving credit line, raised $610,000 in a private placement, and used the proceeds to add more Kansas oil leases -- the Kansas platform's first outside financing.
1 Mar 2016capital raising announcement▲ GoodMajor
The company built its first real Kansas oil position, closing two acquisitions of working interests in Miami/Franklin County leases (Cherokee formation, ~30 barrels/day) for $1,305,000 cash, a $45,000 note and 4,500,000 shares -- the start of what became the Mid-Con operating platform.
23 Jan 2015auditor change▼ Bad
Auditor DKM Certified Public Accountants declined to stand for reappointment; its last report, like its predecessor's, had flagged substantial doubt about the company's ability to continue as a going concern.
10 Nov 2014asset acquisition disposition▲ GoodMajor
The company entered the oil and gas business for the first time in earnest, paying Tanager Energy Inc. about $302,000 for a 50% working interest in the Joffre oil property in Alberta, Canada -- the real origin of the eventual 'Viking Energy' identity.
5 May 2014auditor change▼ Bad
Viking Investments Group dismissed auditor Schwartz Levitsky Feldman LLP, whose last report had flagged substantial doubt about the company's ability to continue as a going concern.
22 Apr 2013material agreement● Neutral
Renamed Viking Investments Group, Inc., the company unwound its China Wood stake -- Tom Simeo's controlling Nevis entity took back 566,813 China Wood shares in exchange for cancelling 7,472,093 of the company's own shares -- and relocated headquarters to Shanghai.
4 Nov 2011material agreement● Neutral
Viking Investments Group LLC (the controlling St. Kitts/Nevis entity, run by Tom Simeo) agreed to exit China and hand its China operations to Sinocubate's own Viking Investments Group LLC subsidiary, paying its staff in Sinocubate stock -- Tom Simeo signed as Sinocubate's CEO, confirming the insider group now ran the company directly.
2 Sept 2011asset acquisition disposition● Neutral
Renamed again to Sinocubate, Inc. and reoriented toward China, the company issued 12,569,420 shares to Viking Investments Group LLC for a stake in China Wood, Inc., and appointed biotech executive Dr. Wei-Wei Zhang to its board.
15 Oct 2008auditor change● Neutral
Under its new Viking Investments Group ownership, the company dismissed auditor Dale Matheson Carr-Hilton Labonte (no disagreements cited), continuing the recurring pattern of auditor turnover under each new controlling group.
24 Sept 2008material agreement● NeutralMajor
A change of control: Viking Investments Group LLC, having bought a controlling stake in Synthenol on August 15, 2008 at a 79% premium to market, received 284,637 more Synthenol shares in exchange for releasing the company from $270,405 of debt it held -- the direct origin of the 'Viking' name that would eventually replace Synthenol's.
30 July 2008debt financing▼ Bad
Synthenol again could not repay its Hokley Limited notes (now $15,000, $35,000 and $30,000) on schedule and extended all three to year-end with a further 10% penalty.
11 July 2008asset acquisition disposition● Neutral
Synthenol assigned its 6% stake in a medical-device company, Thermal Ablations Technology Canada, to lender Hokley Limited in exchange for cancelling a $30,000 note -- settling debt with an asset rather than cash.
7 Apr 2008asset acquisition disposition● Neutral
The company, renamed Synthenol Inc., sold two dormant gambling-related subsidiaries (Casino Marketing S.A. and 564448 BC Ltd., carrying ~$70,500 in liabilities) to Ryerson Corporation for $1, shedding the last remnants of the original poker/gambling business.
26 Feb 2008debt financing▼ Bad
LegalPlay missed the December 2007 due date on its $35,000 Hokley Limited note and again paid a 10% penalty to extend it, deepening the same debt-servicing pattern.
11 Jan 2008debt financing▼ Bad
LegalPlay again could not repay its consolidated Hokley Limited notes (now $50,000) on their due dates and negotiated a further extension with a 10% penalty -- the fourth such rescue in under two years.
12 Dec 2007debt financing▼ Bad
LegalPlay borrowed a further $60,000 at 10% interest, the largest of its recurring small promissory notes to date.
4 Oct 2007debt financing▼ Bad
LegalPlay borrowed a further $30,000, this time at a steeper 10% interest rate (versus 5% on earlier notes), reflecting rising perceived credit risk.
2 Aug 2007debt financing▼ Bad
LegalPlay again failed to repay its Hokley Limited notes on time and negotiated another extension with a 10% penalty, continuing the same liquidity strain.
24 July 2007debt financing▼ Bad
LegalPlay borrowed a further $30,000 note and separately had to ask lender Hokley Limited to extend two earlier notes it could not repay on schedule, paying a 10% penalty -- an early sign the company was overextended.
17 May 2007debt financing▼ Bad
LegalPlay borrowed another $30,000 on a 12-month, 5% note -- the debt-rollover pattern continued.
7 May 2007asset acquisition disposition▼ Bad
The original poker-tech business line wound down for good: the 2003 Blue Diamond patent purchase was unwound by default in 2005, and LegalPlay sold its Skill Poker.com Inc. subsidiary to an individual for $1 in March 2006.
1 Mar 2007debt financing▼ Bad
LegalPlay borrowed a further $35,000 on a 12-month note at 5% interest, continuing a multi-year run of small promissory notes used to keep the shell funded.
20 Feb 2007debt financing● Neutral
LegalPlay outsourced its own administration, hiring Pelican Financial Corp and Impulse Advertising Inc. for a combined $7,500/month to handle SEC compliance, investor relations and bookkeeping -- consistent with a company with no real operating staff of its own.
14 Aug 2006auditor change● Neutral
LegalPlay dismissed Amisano Hanson and hired Dale Matheson Carr-Hilton Labonte as auditor, continuing the shell's pattern of frequent accountant turnover.
31 Aug 2005debt financing▼ Bad
LegalPlay signed a CDN$33,000 note payable to its own former auditor, Pannell Kerr Forster, for unpaid audit fees -- another sign the shell was chronically short of cash.
10 Aug 2005asset acquisition disposition▲ GoodMajor
The poker.com domain and trademark dispute was resolved: Communication Services Inc. paid $435,000 into trust to settle with LegalPlay and Uninet, and LegalPlay received $42,000 cash plus 250,000 of its own shares back.
11 July 2005debt financing▼ Bad
LegalPlay borrowed $10,000 as an advance against its still-pending Ala Corp settlement, a sign of tight cash while the poker.com domain dispute dragged on.
21 Mar 2005listing compliance notice▼ BadMajor
VIKING ENERGY GROUP, INC. deregistered its securities, ending its obligation to file reports with the SEC.
16 Feb 2005auditor change● Neutral
LegalPlay dismissed its auditor Pannell Kerr Forster (no dispute cited) and hired Amisano Hanson -- the first of what became a recurring pattern of small-shell auditor turnover.