26 Mar 2018listing compliance notice▼ BadMajor
WHOLEHEALTH PRODUCTS, INC. deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Nov 2008debt default or forbearance▼ BadMajor
Gulf Western Petroleum defaulted on its $3.7 million of secured convertible notes to Metage Funds and NCIM by failing to repay them at maturity on 10 September 2008, which pushed the rate to 18%. On 14 November Metage demanded payment in full by 25 November or delivery of the collateral, which is substantially all of the company's assets - $3.7 million of principal plus about $167,000 of accrued and default interest, rising $1,825 a day.
9 Sept 2008material agreement termination▼ BadMajor
Amerpro failed to close and pay under the farm-out deal by its extended deadline, so the company terminated the agreement, keeping only Amerpro's forfeited $100,000 deposit - losing the funding it needed just as its Texas lease neared expiration.
11 Aug 2008farm in farm out agreement▼ Bad
The Amerpro farm-out deal was amended to push back the closing date to August 28, 2008 and cut the near-term fee Amerpro owed the company from $1.2 million to $260,000 - a weaker deal than originally struck.
16 June 2008farm in farm out agreement▲ GoodMajor
Gulf Western Petroleum farmed out four planned wells on its Wharton County, Texas leases to Amerpro Industries, which would fund 100% of drilling costs in exchange for the bulk of the working interest; Amerpro also agreed to pay the company a $1.2 million fee for the opportunity.
14 Apr 2008listing compliance notice▼ Bad
WHOLEHEALTH PRODUCTS, INC. withdrew a registration statement, abandoning the offering it covered.
11 Apr 2008material agreement termination● Neutral
The company and its 2007 note lenders, Metage Funds and NCIM, mutually terminated the registration-rights agreement tied to that financing after a rule change reduced how long the lenders needed to hold their shares before reselling - a housekeeping change, not a sign of the notes themselves being resolved.
19 Mar 2008capital raising announcement▼ Bad
With cash tight, Gulf Western Petroleum took a $500,000 personal loan from an individual lender and raised only $62,500 more in stock at $0.25 per unit - a further price decline from the $0.40 level seven months earlier.
9 Oct 2007capital raising announcement● Neutral
The board formally ratified a batch of stock and warrant issuances from the prior three months that together exceeded 5% of shares outstanding, mostly small private placements and payments for services.
5 Oct 2007auditor change● Neutral
Gulf Western Petroleum dismissed auditor Malone & Bailey, which had also noted going-concern doubts in its prior reports, without any stated accounting disagreement.
17 Sept 2007capital raising announcement● Neutral
The company raised a further $400,000 at the same discounted $0.40 per unit price.
13 Sept 2007capital raising announcement▼ BadMajor
Gulf Western Petroleum took on $3.7 million of senior secured convertible notes at a steep 15% interest rate from Metage Funds and NCIM Limited, pledging nearly all of its assets as collateral - expensive, all-asset-secured debt that would ultimately prove the company could not service.
21 Aug 2007capital raising announcement▼ Bad
Now renamed Gulf Western Petroleum Corporation, the company raised $685,000 in another private placement - but at $0.40 per unit, well below the $1.00 price of its January 2007 raise, an early sign the stock was losing value.
18 May 2007capital raising announcement● Neutral
The company raised another $525,000 in a small private placement and issued bonus shares to two lenders who had earlier funded Wharton Resources before the merger.
5 Feb 2007asset acquisition disposition● NeutralMajor
The company bought a Kansas oil and gas prospect (the Mound Branch Property) for $6.8 million, paid mostly in stock and a convertible note, from Orbit Energy - a company owned by the company's own CEO and affiliated with its President, both of whom sat on its board, making this a related-party transaction.
25 Jan 2007capital raising announcement▲ GoodMajor
The newly combined company raised $3.2 million by privately selling stock-and-warrant units at $1.00 each, funding to develop the oil and gas properties it had just acquired through the Wharton merger.
22 Jan 2007auditor change● Neutral
Following the Wharton merger, the company dismissed its original auditor, Dale Matheson Carr-Hilton Labonte, which had flagged going-concern doubts in its last report.
10 Jan 2007business combination▲ GoodMajor
The Wharton Resources merger closed on January 3, 2007: Georgia Exploration (previously a company with only mineral claims in British Columbia and no operations) issued 30 million shares to Wharton's owners, cancelled 15.6 million founder shares, and became an oil and gas exploration company with Wharton's Texas, Kansas and Kentucky leases.
29 Nov 2006material agreement● NeutralMajor
Georgia Exploration and Wharton Resources signed a definitive merger agreement: Wharton's shareholders would receive 30 million Georgia shares (plus warrant/note assumptions) and Wharton would end up a wholly-owned subsidiary of the renamed shell.
20 Oct 2006business combination● NeutralMajor
Dormant Nevada shell Georgia Exploration signed a letter of intent to combine with Wharton Resources, a private Texas/Kansas/Kentucky oil and gas exploration company, in a reverse-merger structure that would turn the shell into an operating driller.