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IPMN is severely delinquent in filing their Financials and corporate filing obligations to the SEC. On Feb. 20, 2015 the SEC suspended 8 stocks from the Delinquent SEC Filers list, and it is likely that more delinquent Filers will be suspended.
Since Jan 1st, 2010 the SEC has suspended over 1290 stocks for Financials delinquencies. All of those Suspended stocks had their stock registrations revoked.
Shareholders should contact the company and pressure the Mgmt to file their delinquent Financials because ALL shareholders would be wiped out IF the SEC suspends the stock.
IPMN is on the list of delinquent filers:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=110680509
And what would that be? Does the process tar sands process finally work? Or are they still saying it is almost up and running like thwy have for three years?
ITEM 8.01
OTHER EVENTS
On December 18, 2013 , Imperial Petrole um, Inc. and e-Biofuels, LLC, (“Company”) received N otice of Violation (NOV) of Renewable Fuel Standards with respect to an investigation by the United States Environmental Protection Agency (EPA) into the Company ’ s compliance with the Section 211(o) of the Clean Air Act and the renewable fuel standard regulations promulgated at 40 C.F.R. Part 80, Subpart M (RFS regulations). Under the NOV the EPA is alleging that all of the Renewable Information Numbers (RINs) generated from July 1, 2010 through June 2, 2011by e-Biofuels (Company ID 4694 and Facility ID 82845), 33,573,595 RINs with a D-Code of 4 in total are invalid. The NOV asserts that e-Biofuels was not the producer of the fuel during this period. Under RFS regulations, 40 C.F.R. 80.1431 and 80.1461(c) “any parent corporation is liable for any violation of this subpart that is committed by any of its subsidiaries”. The Clean Air Act authorizes EPA to assess civil penalties of up to $37,500 for every day for each violation, plus the economic benefit or savings resulting from each violation.
As previously reported, on April 4, 2012, the Company ’ s wholly owned subsidiary, E-Biofuels, LLC filed for protection from creditors under Chapter 7 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Indiana
ITEM 9.01
EXHIBITS
99.1 Notice of Violation of Renewable Fuel Standards.
What is illegal about making 100% profit on sales???? They sold biofuel for more than they paid for it - Nothing different than Exxon, GE, Verizon sell air - they all get subsidies from Uncle Scammy - why pick on a lil low-level operator like IPMN??? There are billions being scammed daily from the deep pocketed corporations who get tax deductions for financing political campaigns............. THAT IS A LARGER FRAUD THAN THIS.
In a separate action, the U.S. Attorney’s Office for the Southern District of Indiana today announced criminal charges.
U.S. ATTORNEY HOGSETT ANNOUNCES CHARGES AGAINST INDIANA-BASED BIOFUELS FRAUD SCHEME
Seven individuals, three corporations charged with scheming to defraud taxpayers, consumers, and investors of tens of millions of dollars
PRESS RELEASE INDIANAPOLIS
http://www.justice.gov/usao/ins/press_releases/Pressrelease13/EBiofuel.Indy.20130918.pdf
SEC Charges Indiana-Based Company and Executives for Defrauding Investors in Renewable Fuel Production Scheme
FOR IMMEDIATE RELEASE
2013-184
SEC complaint
http://www.sec.gov/litigation/complaints/2013/comp-pr2013-184.pdf
Washington D.C., Sept. 18, 2013 — The Securities and Exchange Commission today charged a company in Evansville, Ind., and several executives and suppliers for posing to investors as a legitimate biodiesel production business while concealing the extensive illegal activity that accounted for 99 percent of its revenues.
The SEC alleges that when Imperial Petroleum purchased Middletown, Ind.-based E-Biofuels LLC as a subsidiary in 2010, E-Biofuels’ owners falsely represented that they were producing renewable fuel from raw agricultural products such as soybean oil and chicken fat. E-Biofuels received significant government incentives based on its biodiesel production representations. But E-Biofuels actually used middlemen to buy finished biodiesel and portrayed those purchases in fake invoices as the raw “feedstock” needed to produce biodiesel. E-Biofuels later sold the purchased biodiesel for as high as double the price it paid for it. When Imperial’s CEO Jeffrey Wilson learned that E-Biofuels was not producing biodiesel from raw materials, he allowed the scheme to continue instead of taking corrective action. Imperial’s annual revenue increased from $1 million to more than $100 million and its stock price soared as the company falsely told investors that E-Biofuels was in the business of environmentally friendly biodiesel production. Imperial’s stock price plummeted to less than 10 cents per share after the scheme fell apart, resulting in a market loss of approximately $60 million.
“Imperial Petroleum and its executives outright lied to investors about how their company turned a profit,” said Robert Burson, Associate Director of the SEC’s Chicago Regional Office. “When their illegal scheme collapsed, investors paid the price.”
The SEC’s complaint filed in federal court in Indianapolis charges Imperial Petroleum and Wilson as well as three former owners of E-Biofuels – brothers Craig and Chad Ducey of Fisher, Ind., and Brian Carmichael, who now lives in Bend, Oregon. The complaint also charges three New Jersey-based companies – Caravan Trading LLC, Cima Green LLC, and CIMA Energy Group – and their operators Joseph Furando and Evelyn Pattison (also known as Katirina Tracy) for acting as the middlemen in the scheme. They allegedly provided false and misleading documents to deceive government regulators and attract investors to Imperial.
In a separate action, the U.S. Attorney’s Office for the Southern District of Indiana today announced criminal charges.
According to the SEC’s complaint, Imperial falsely stated in its annual reports for fiscal years 2010 and 2011 that E-Biofuels produced and sold more than 28 million gallons of biodiesel from May 24, 2010 (the closing date of Imperial’s acquisition of E-Biofuels) to July 31, 2011 (end of the fiscal year). More than 99 percent of Imperial’s revenues came from E-Biofuels during this time period. Wilson, the Duceys, Carmichael, and others under their direction misrepresented to customers that the product they were selling was valid renewable fuel produced by E-Biofuels. In reality, the vast majority was biodiesel bought from the New Jersey companies and fraudulently recertified with new incentives and tax credits. The biodiesel was purchased and then resold unchanged to customers for more than $100 million.
The SEC alleges that the scheme generated gross illicit profits of more than $50 million by buying the biodiesel at or near market price, fabricating invoices describing the transactions as the purchase of soybean oil or some other legitimate type of feedstock, and falsely certifying to the Environmental Protection Agency that E-Biofuels had produced biodiesel. On some occasions, E-Biofuels pretended to blend the biodiesel in order to receive improper tax credits, or sold the fuel with the tax credits to end users. From November 2009 to January 2012, E-Biofuels created more than 52 million fraudulent renewable energy credits and $35 million in false tax credits. This illegal business model was never disclosed to Imperial’s investors or auditors.
According to the SEC’s complaint, Wilson knew by at least mid-June 2010 that E-Biofuels was not operating in the manner described in its annual report for 2010. Nonetheless, he signed and certified the accuracy of the 10-K filing. For the next three quarters and in the 10-K a year later, Imperial filed similar disclosures falsely describing the business as “biodiesel production” and misrepresenting that it used raw feedstock – primarily “premium white grease (chicken fat)” – to produce biodiesel. Wilson signed and certified the accuracy of these reports. Wilson also gave a false portrayal of the company when he had direct contact with prospective investors, including a power-point presentation with a video about E-Biofuels purportedly producing biodiesel from waste oils and greases. In reality, E-Biofuels’ business was almost entirely illegal and unsustainable.
The SEC complaint charges Imperial with violating Section 17(a) of the Securities Act of 1933 and Sections 10(b), 13(a), and 13(b) of the Securities Exchange Act of 1934 and various rules thereunder. Wilson, the Duceys, and Carmichael are charged with violating Section 17(a) of the Securities Act, Sections 10(b) and 13(b) of the Exchange Act, and various rules thereunder. They also are charged with aiding and abetting violations of the Exchange Act. The complaint charges Furando, Pattison, and the three New Jersey companies with aiding and abetting violations of Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act, and Rule 10b-5.
The SEC’s complaint seeks disgorgement of ill-gotten gains, financial penalties, and permanent injunctions against further violations of the securities laws. The SEC seeks to bar Wilson, the Duceys, and Carmichael from acting as officers or directors of a public company.
The SEC’s investigation, which is continuing, has been conducted by Scott J. Hlavacek and James A. Davidson of the Chicago Regional Office. The SEC’s litigation will be led by John E. Birkenheier and Anne Graber Blazek. The investigation of the criminal action was conducted by the U.S. Attorney’s Office for the Southern District of Indiana, the Department of Justice’s Environmental Crimes Division, the Federal Bureau of Investigation, the Environmental Protection Agency, the Internal Revenue Service, and the Department of Agriculture.
###
http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539817118
IPMN is gaining massive attension and momentum
EVANSVILLE, Ind.--(BUSINESS WIRE)--
(IPMN) Imperial Petroleum, Inc., on behalf of its wholly-owned subsidiary, Arrakis Oil Recovery, LLC, is pleased to provide the following update on its oil sands joint venture and business prospects:
The development of the Stampede Mine in Logan County, Kentucky is progressing despite weather delays to the pace of construction. Core drilling at several locations on the property indicates the Big Clifty oil sand ranges in thickness from about 15-20 feet across the permitted acreage. Surface mining has begun to stockpile ore at the Process facility awaiting installation of the ore crushing equipment.
The initial Process Unit to recover the heavy oil has been installed in the Process building and field testing has begun to recover heavy oil from crushed sands through the system consistent with previous tests of the system in Houston, Texas. Fabrication of the ore crushing circuit and installation of the tank battery and water recycling systems is underway.
Jeffrey Wilson, President of the Company, said, “In conjunction with our partners on this project, we began processing oil sands mined at the site through the Process Unit last week and recovered our first barrel of heavy oil at the site from this revolutionary process.
We expect to continue to run additional tests to evaluate the system and better understand and control any variables as the rest of the facility is completed over the next few weeks.
Although we have experienced several delays to construction due to weather, we are optimistic about completion of the installation and startup of this facility in the near future.
The project is designed to recover heavy oil from surface mineable oil sands at the rate of about 1,000 barrels of oil per day. We have also begun permitting a second site in the area and are working to complete that application as soon as possible.”
Gotta Link?? Thanks
IPMN got at least one barrel of oil!!!
I hope the rise in stock price means that things are moving forward with Arrakis. I think the investors would love to see Jeff Wilson release some "Good News," or any news on progress of the project at this point.
For whatever reason, it looks like the bottom has turned up.
IPMN 10Q.. IMPERIAL PETROLEUM, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Three Months Ending Nine Months Ending
04/30/12 04/30/11 04/30/12 04/30/11
Revenue
Oil and gas revenue
$ 1,515 64,684 135,290 168,863
Other revenue
500 0 14,250 0
Total operating income
$ 2,015 64,684 149,540 168,863
Costs and Expenses:
Oil and Gas expenses
$ 0 310,191 424,314 664,234
General and administrative
609,313 567,194 4,102,162 989,718
Impairment
267,255 0 267,255 0
Depreciation, depletion and amort.
3,124 7,622 8,720 28,027
Total costs and expenses
$ 879,692 885,007 4,802,451 1,681,979
Net (loss) from continuing operations
$ (877,677 ) (820,323 ) (4,652,911 ) (1,513,116 )
Other income and (expense)
Interest expense
(2,268,300 ) (119,068 ) (2,470,641 ) (356,320 )
Gain on sale of assets
0 0 (3,767,827 ) 0
Gain on Bankruptcy
5,369,281 0 5,369,281 0
Other Income/expense
0 0 306,837 500,000
Other
Total other income/(expense)
3,100,981 (119,068 ) (562,350 ) 143,680
Net gain/ loss before income taxes
$ 2,223,304 (939,391 ) (5,215,261 ) (1,369,436 )
Provision for income taxes
Current
0 0 0 0
Deferred
0 0 0 0
Total benefit from income taxes
0 0 0 0
Net income/loss from continuing operations
$ 2,223,304 (939,391 ) (5,215,261 ) (1,369,436 )
Net income/loss from discontinued operations
$ (1,142,692 ) 3,307,559 (1,866,812 ) 4,171,156
Net Income (loss)
1,080,612 2,368,168 (7,082,073 ) 2,801,720
Net Income(loss) per share from continuing operations
$ 0.054 (0.035 ) (0.132 ) (0.056 )
Net Income(loss) per share from discontinued operations
$ (0.028 ) 0.125 (0.047 ) 0.172
Weighted Average Shares – basic and diluted
40,937,616 26,365,777 39,466,518 24,222,486
See Notes to Condensed Consolidated Financial Statements
nice volume and uptrend the past couple of days
Yeah, over 38m shares exempt from registration now, wtf. Sounds like
a recipe for mischief. But, hey! Maybe it will fly then they'll short
the heck out of it and use the shadow shares to cover.
Two groups of 16m shares mentioned in the last 8k. That is where
I got the 38m. These things are written for much smarter folks than
I. Important thing is be clear what you are playing, company could care less
about shareholders IMO.
Turn around, or perhaps more of the same inconsistency and pipe dreams that we have heard about and have fallen apart for the last year. Good luck. Particularly the tar sands, which this company's future rides on, has been promised to start production in a month or two all last year. That was all promised before they announced bankruptcy and a partner to dump 750k more in to tar sands. I think the process has a major problem or problems.If your plan is for a few cents or a triple, the price has been hopping around, but I don't have faith for a rebound of any substantial amount.
IPMN .045 http://stockcharts.com/c-sc/sc?s=IPMN&p=d&b=5&g=0&id=p17970548896
Once everyone gets tired of screwing with this one.... I consider a .046+ more than a day as a sign of Nplay.
Yeah, that's a Play4Profits!
News is set up, price is almost there
May 14, 2012
Imperial Updates Operations (Business Wire)
April 18, 2012
Imperial Begins Leasing Program in the Illinois Basin (Business Wire)
April 11, 2012
Imperial Provides Update on Oil Sands Business (Business Wire)
April 9, 2012
Imperial Announces Shareholder Conference Call (Business Wire)
April 6, 2012
Imperial Announces Corporate Re-Structuring and Management Changes (Business Wire)
sc
Well, something really stinks about the way sh were treated. Yeah, I didn't pay enough attention to the writing on the wall and I will eat my loss, but there are other fish in the sea, and I will never trust these folks again. gltu
Imperial Begins Leasing Program in the Illinois Basin
(OTCQX: IPMN)
Imperial Petroleum, Inc. announced today that it has formed a lease pool with a private group to begin acquiring acreage on certain oil and natural gas drilling prospects located in the Illinois Basin.
Jeffrey Wilson, President of the Company, said, “In addition to our oil sands business located in the eastern Illinois Basin, we have identified several promising shallow drilling prospects in other parts of the Illinois Basin and have formed a lease pool to begin acquiring acreage. Our partner will provide the cash, while the Company will source drilling prospects and manage acreage acquisition. We will share on a 50-50 basis in the proceeds and retained interest in the subsequent sale of each prospect. ” Mr. Wilson added, “Our initial project covers a 6,500 acre drilling project to depths of less than 2,500 feet and is targeting development of the Trenton formation in an old field using current completion techniques. This particular field was partially developed 60 years ago in the Trenton formation and was produced without the benefit of hydraulic fracturing or horizontal drilling techniques, so oil recoveries were low. We believe with new completion practices we will be able to significantly improve oil production and recovery. There is renewed interest now being shown in the Illinois Basin by large independents and we believe that we can position the Company to strategically take advantage of this activity. ”
i gonna start buying BK stocks I think
IPMN.. $0.082,, I don't think this is the case any longer.. Should be taken down as a sticky.. I bought some @0.082 for a trade but I will not overstay my position as I do believe we will see sub $0.05 on this gem.... hank
Biofuels bancruptcy news
http://finance.yahoo.com/news/imperial-announces-corporate-structuring-management-154200963.html
I guess I was kinda right with my hunch a few days ago. I hope that nobody is invested here anymore. I remember somebody posted a few weeks ago that management (or was it IR) said to him that the debt will be taken care of and everything is going as planned. I guess not.
I also love it how they put out such news on a good friday market holiday. Way to go guys!!
I would say it doesn't look too good for this company. They need some kind of financing very soon, otherwise they can do their next PP at 10 cents. And there is still the unresolved debt issue
IMPERIAL PETROLEUM, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
Three Months Ended Six Months Ended
1/31/2012 1/31/2011 1/31/2012 1/31/2011
Revenues and other income:
Biodiesel
$ 13,227,815 $ 13,090,859 $ 49,253,214 $ 28,921,186
Biodiesel Government Incentives
24,573 0 416,073 0
Oil and gas
58,618 75,228 133,775 104,179
Other revenue
25,710 29,200 25,710 92,027
Total operating income
$ 13,336,716 $ 13,195,287 $ 49,828,772 $ 29,117,392
Costs and expenses:
Biofuels Direct Costs
12,640,083 $ 12,275,542 46,144,258 $ 25,853,710
Oil and Gas expenses
75,359 240,078 395,981 354,043
General and administrative
2,887,867 731,839 5,795,966 2,037,685
Depreciation, depletion and amortization
200,914 214,070 419,679 427,243
Total costs and expenses
15,804,223 13,461,529 52,755,884 28,672,681
Net Income (Loss) from operations
(2,467,507 ) (266,242 ) (2,927,112 ) 444,711
Other income and (expense):
Interest expense
(888,275 ) (471,483 ) (1,644,961 ) (803,063 )
Interest income
0 0 2,826 0
Other income (expense)
(49,311 ) 481,904 (23,449 ) 791,904
Gain (loss) on sale of assets
(3,876,922 ) 0 (3,876,922 ) 0
Gain (loss) on valuation of derivative liability
217,360 0 306,932 0
Total other income and (expense)
(4,597,148 ) 10,421 (5,235,574 ) (11,159 )
Net income (loss) before income tax
(7,064,655 ) (255,821 ) (8,162,686 ) 433,552
Provision for income taxes
0 0 0 0
Net Income (Loss)
$ (7,064,655 ) $ (255,821 ) $ (8,162,686 ) $ 433,552
NET INCOME/(LOSS) PER SHARE (basic)
$ (0.175 ) $ (0.011 ) $ (0.211 ) $ 0.019
WEIGHTED AVERAGE SHARES OUTSTANDING (basic)
40,432,800 23,825,127 38,743,028 23,162,748
NET INCOME/(LOSS) PER SHARE (diluted)
N/A N/A N/A $ 0.018
WEIGHTED AVERAGE SHARES OUTSTANDING (diluted)
N/A N/A N/A 24,215,020
See Notes to Condensed Consolidated Financial Statements
Because I flipping sold on Friday.
That is why
It is on very light volume of only 9K shares so it doesn't mean much. Perhaps people are excited that they actually filed an NT 10-K.
Why is the price per share increasing?
Agreed. I'm glad I bailed in January.
I would say it doesn't look too good for this company. They need some kind of financing very soon, otherwise they can do their next PP at 10 cents. And there is still the unresolved debt issue.
We expect a significant change in the results of operations from the corresponding period for the prior fiscal year. The cause of this significant change is due in part to the sale of the Registrant’s Oil and Gas operations for a substantial loss of approximately $4,000,000. The Registrant also realized a significant decrease in the sales of its biodiesel operations during the quarter included in this filing. The decreased sales associated with the biodiesel operations were a result of the expiration of a Blender’s Tax Credit that was in place during the prior fiscal year.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=8491917-891-11015&type=sect&TabIndex=2&companyid=10352&ppu=%252fdefault.aspx%253fcik%253d355356
Nice volume yesterday thought we would bust threw those .20,s to the upside .
Chart looks like a disaster, capitulation yesterday?
Anyone who follows the Company closely, can we expect any PR's in the near future?
Thanks in advance.
~ $IPMN ~ Possibly going long scan results (Daily and Weekly) for for the week of March 1st 2012 - Daily and Weekly views.
Chart results for you to ponder with me.. These are technical scans only, Click next or previous at the top of the page to see my others. Twitter: @MACDgyver ---> IPMN <---
Keyword: MACDscan ----> http://tinyurl.com/MACDscan
Bombshell about Jeff Wilson. He would like to return but this accountant Tim Jones has other ideas. He is trying to block Jeffs return in a power struggle. He knows NOTHING about the energy industry like Jeff does and only has limited knowledge of the biofuel industry. He is just sitting on the oil sands technology and is doing nothing with it currently. If you are a shareholder then call the company and demand that they reinstate Jeff Wilson as president and CEO.
IPMN has purchased the right to be the exclusive licensee for Sandklene 950. Royalty payments will be made to MDKM in the future. Win/Win for both companies in my view. I am guessing about Mr. Wilson. Apparently his medical problems have been resolved and I am speculating that he will end up being CEO again. I think this is good news for IPMN if it does in fact happen.
If Wilson is back, it might be just what this company needs to revive. A new CEO and a new board member only made it a couple weeks each before they terminated. Are the challenges insurmountable? Still no mention of the tar sands, which should be the focus of this company now, imo.
Otc, couple questions. How did you find out Wilson is back? We knew he was to continue to consult , but I haven't heard an update till now.
I thought Sandklene was purchased outright by Imperial and they own the rights to manufacture and distribute the chemical. What is the relationship to the chemical company that you mention?
tia.
IPMN has a relationship to MDKM. Sandklene 950 the wave of the future?
It's good to see Mr. Wilson is back. Me thinks he is going to be CEO soon.
It's the weather, way to hot for the X-new CEO.
that is what is going on. They expect things to improve in the spring. and that is why the oil sands technology is so important, but they keep delaying it. Put up a machine and start oil extraction now. Why the wait? It would help offset the diesel drop.
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Shares Outstanding | 34,90M | a/o July 31, 2011 |
Float | 22,14M | |
Authorized Shares | 150,000,000 | a/o |
Diluted EPS | .21 |
Volume | |
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