17 June 2024auditor change▼ Bad
Yinfu dismissed Pan-China, which likewise never completed a fiscal 2023 audit, and engaged J&S Associate PLT of Malaysia -- its seventh auditor since going public.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 July 2023material agreement● Neutral
Yinfu raised just US$120,000 in working capital by privately placing 120 million shares (par value $0.001) to seven individual subscribers.
6 Jan 2023auditor change▼ BadMajor
Yinfu dismissed JLKZ, which had gone four straight fiscal years (2019-2022) without issuing any audit report, and engaged Pan-China Singapore PAC.
7 Dec 2018auditor change▲ Good
WWC resigned after actually completing a clean audit opinion for the fiscal year ended March 31, 2018 -- the company's first completed audit in years -- and Yinfu engaged JLKZ CPA LLP as its new auditor.
5 Dec 2017auditor change▼ BadMajor
Yinfu dismissed Anthony Kam & Associates after the PCAOB revoked that firm's registration entirely, engaging WWC, P.C. of California instead; again, no audit reports had been issued for fiscal 2016-2017.
7 July 2016auditor change▼ BadMajor
Yinfu dismissed MaloneBailey, auditor since 2012, and engaged Anthony Kam & Associates of Hong Kong; the filing discloses that had MaloneBailey issued any reports for fiscal 2011-2012, they would have included going-concern doubt -- meaning years passed without a completed audit.
23 Sept 2015material agreement termination▼ BadMajor
Yinfu terminated the Eternal Fairy/YouDai deal, cancelling and returning to treasury all 1.2 billion escrowed shares -- the second consecutive multi-hundred-million-dollar "acquisition" it announced and then abandoned.
6 Feb 2015material agreement▼ BadMajor
Yinfu replaced the e-commerce deal with an even larger one: agreeing to acquire 100% of Eternal Fairy International, owner of Chinese peer-to-peer lending platform Dongguan YouDai, for 1.2 billion newly issued shares valued at a stated US$600 million -- many times the company's actual size.
25 Nov 2014material agreement● NeutralMajor
Yinfu pivoted away from mining, agreeing to acquire 100% of China Enterprise Overseas Investment & Finance Group -- owner of the Dahua online shopping platform -- for 800 million newly issued shares valued at a stated US$48 million.
9 Sept 2013listing compliance notice● Neutral
Yinfu withdrew a Form 15 notice it had filed in July 2013 to deregister from SEC reporting, choosing instead to remain a reporting company (it had 762 holders of record at the time).
24 July 2013listing compliance notice▼ BadMajor
Yinfu Gold Corp. suspended its duty to file periodic reports with the SEC.
7 June 2013material agreement▼ BadMajor
Yinfu abandoned three of the deals it had announced in 2012: the Kalimantan coal mine (the seller never completed due diligence), the Chongqing jewelry stake (Yinfu's own due diligence failed), and the Abbots Brook, Newfoundland gold claim (forfeiting the $25,000 cash and 5 million shares already paid without ever taking the claim).
5 Feb 2013material agreement● Neutral
Yinfu agreed to acquire 65% of African Resources (Zambia) Limited, which holds a mining and processing permit near Lusaka, Zambia, for US$2,000,000 cash.
17 Dec 2012material agreement● Neutral
Yinfu agreed to acquire 70% of Xinjiang Tianshengweiye Investment Co., which holds several gold and copper exploration claims in Xinjiang Province, China, for 58.48 million restricted shares.
5 Dec 2012material agreement● Neutral
Yinfu agreed to acquire 100% of the Dabao Lead-Zinc mine in Yunnan Province, China.
13 Nov 2012material agreement● Neutral
Yinfu, with a strategic partner, agreed to acquire a 30% stake in Chongqing Number One Jewelry Co. for 30 million shares, pending four months of due diligence.
1 Nov 2012material agreement● Neutral
Yinfu agreed to acquire 51% of Hitric Resources (Singapore), which holds 80% rights to a coal mine in South Kalimantan, Indonesia, for 3.3 million shares, projecting over $13.5 million in first-year revenue.
19 Oct 2012material agreement● Neutral
Yinfu agreed to acquire a 70% interest in the already-producing Dayu Gold Mine in Guangxi Province, China, which it said was generating roughly $294,000 in monthly revenue.
17 Sept 2012material agreement● Neutral
Yinfu agreed, through its subsidiary Element Resources International, to provide technical and management services for the Niutoushan copper-silver and Monk Bridge copper-gold mines in Anhui Province, China, in exchange for 35% of their monthly net profit.
14 Aug 2012material agreement▼ BadMajor
Yinfu unwound its founding 2010 reverse merger entirely: a Deed of Termination cancelled the Joyous Fame acquisition and voided the 70.5 million shares issued for it, after former President Wilson Huang Dong-sheng (also Joyous Fame's managing director) admitted the Penglai mine could never be profitable under China's tightened mine-safety rules -- a problem the filing itself states was never disclosed to shareholders or regulators until this termination, roughly two years after the original deal.
30 July 2012material agreement● Neutral
Yinfu agreed to acquire 100% of the Abbots Brook Gold Claim in Labrador, Newfoundland, Canada -- three staked claims, not yet a proven deposit -- for $25,000 cash plus 5 million restricted shares.
24 July 2012auditor change▼ Bad
Auditor Parker Randall resigned and, unusually, did not provide the SEC the standard consent letter confirming or disputing the company's account of the departure.
5 July 2012material agreement● Neutral
Yinfu signed a US$3 million best-efforts placement agent agreement with Legarleon Securities Limited -- an affiliate of the Hong Kong exchange firm it had bought a 51% stake in back in 2010 -- to raise capital in Hong Kong and possibly mainland China.
7 Feb 2011material agreement termination▼ BadMajor
Yinfu's management determined the Rongcheng gold mine -- one of the original three Shandong mines -- was worth far less than the agreed price; the seller then terminated the deal and returned the escrowed shares. The company also disclosed the Penglai mine's operations had been suspended pending compliance with tightened local safety regulations, with resumption expected February 9, 2011.
27 Sept 2010material agreement● NeutralMajor
Now renamed Yinfu Gold Corporation, the company signed MOUs to pursue two more Chinese gold properties -- Maoling in Liaoning Province (previously explored by Mundoro Mining, claiming 4.8 million ounces measured/indicated plus 4.4 million inferred) and Zhaishang in Gansu Province (claiming roughly 108 tonnes of gold under Chinese reporting standards) -- and extended the Guangdong mine deal's closing to November 30, 2010.
11 Aug 2010material agreement● Neutral
Element92 agreed to acquire a producing gold mine in Guangdong Province, China from a group led by Valiant King Investments Limited for 26.88 million newly issued restricted shares.
9 Aug 2010auditor change● Neutral
The company replaced its auditor, Morelli CPA (a clean, voluntary resignation), with Parker Randall CF (H.K.) CPA Limited -- a Hong Kong firm matching its new focus on Chinese assets.
30 June 2010material agreement● Neutral
Element92 closed the remaining 23% of Legarleon, bringing its total stake to a controlling 51% for 2 million shares in aggregate.
15 June 2010business combination▲ GoodMajor
The reverse merger closed: Joyous Fame's former shareholders received 76.5 million shares (87.78% of the company), Wilson Huang Dong-sheng became Chairman, and the company began the process of renaming itself Yinfu Gold and pursuing a planned Nasdaq listing.
10 June 2010material agreement● Neutral
Element92 extended the closing of the Shandong gold-mine acquisitions again, to June 15, 2010, to finish due diligence.