Sylios Corp. (fka UNGS)

[No-Quarter]

I will save you some time.

From Page 11 of todays released Supplemental Information Document;

B. Legal/Disciplinary History
None of the foregoing persons have, in the last five years, been the subject of:
1. A conviction in a criminal proceeding or named as a defendant in a pending criminal proceeding (excluding traffic violations and other minor offenses);
2. The entry of an order, judgment, or decree, not subsequently reversed, suspended or vacated, by a court of competent jurisdiction that permanently or temporarily enjoined, barred, suspended or otherwise limited such person’s involvement in any type of business, securities, commodities, or banking activities;
3. A finding or judgment by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission, the Commodity Futures Trading Commission, or a state securities regulator of a violation of federal or state securities or commodities law, which finding or judgment has not been reversed, suspended, or vacated; or
4. The entry of an order by a self-regulatory organization that permanently or temporarily barred, suspended or otherwise limited such person’s involvement in any type of business or securities activities.

In response to this, I offer the following;

MEMORANDUM OPINION AND ORDER denying as moot Plaintiffs' 44 Motion for Entry of Default Judgment; granting Plaintiffs' 47 Motion for Entry of Default Against Wayne Anderson; VACATING the Court's 40 Order granting plaintiffs' 37 Motion for Default Judgment; directing the Clerk to enter default against Wayne Anderson, American Energy Holdings,LLC, Wilon Resources, Inc., E2 Investments, LLC, US Natural Gas Corp. WV, and US Natural Gas Corp.; further directing the Plaintiffs to take the appropriate steps to effect a default judgment as more fully set forth herein. Signed by Judge Robert C. Chambers on 12/2/2016. (cc: Wayne Anderson; counsel of record; any unrepresented parties) (jsa)

Source material located here;

https://docs.justia.com/cases/federal/district-courts/west-virginia/wvsdce/3:2013cv30435/135624/50

https://dockets.justia.com/docket/west-virginia/wvsdce/3:2013cv30435/135624

http://law.justia.com/cases/federal/district-courts/west-virginia/wvsdce/3:2013cv30435/135624/10/

https://casetext.com/case/scruggs-v-wayne-anderson-individually-energy-holdings-llc

Also from todays released Supplemental Information document, page 11;

Item 14: Management’s Discussion and Analysis or Plan of Operation
Plan of Operation
We began operations on March 28, 2008 and are engaged in the oil and natural gas industry focusing on exploration, development, and production. We operate oil and gas wells in which we own the majority of the working interest, and are presently re-working and completing oil wells on our current leaseholds in Kentucky. We maintain leaseholds covering approximately 4,600 acres in South Central Kentucky and are presently expanding our leasehold interests. Our first revenue from production was generated in July 2009. The Company has incurred losses of $10,783,671 for the period March 28, 2008 (inception) through March 31, 2017 and has negative working capital balance aggregating $2,287,551. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

In response to this I offer also from page 11;

Mr. Anderson is compensated $221,767.00 per year.

From page 8 of todays released Supplemental Information Document;

Our primary SIC code is 1311. The Company is not now and has never been a shell.

In response, I offer from page 5 of todays released Quarterly Report document;

On March 10, 2017, the Company's former wholly owned subsidiary, The Greater Cannabis Company, Inc. (f/k/a The Greater Cannabis Company, LLC), was spun-off to the Company's shareholders. The Greater Cannabis Company, Inc. will no longer be treated as a wholly owned subsidiary of the Company (Please see NOTE T- SPIN-OFF for further information). All intercompany accounts and transactions have been eliminated in consolidation.