added some SGTN .0035 down -56% was a Rhonda Keaveney custodianship and she sold it but new management still hasnt filed any SEC financials or form 15's so it is a SEC DQ suspension risk
NOTE 8- CHANGE IN MANAGEMENT
On March 22, 2018, Small Cap Compliance, LLC was appointed Custodian of the Company by the District Court of the First Judicial District of the State of Wyoming. Please see NOTE 9- SUBSEQUENT EVENTS for further information.
NOTE 9- SUBSEQUENT EVENTS
On April 10, 2018, the Custodian of the Company appointed Jimmy Wayne Anderson as the Company’s sole officer and director. All past officers and directors were terminated from their position for abandonment of the Company.
On April 11, 2018, the Company filed its Reinstatement with the State of Wyoming and its Annual list of officers and directors.
On April 11, 2018, the Company’s Board of Directors approved the designation of a new series of preferred stock titled, Series D Super Voting Preferred Stock (“Series D”). Under the terms of the designation, the Company is authorized to issue 1,000 shares of Series D and the holder of the Series D has voting rights equal to 20 times the sum of: i) the total number of shares of Common stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of all Series of Preferred stocks which are issued and outstanding at the time of voting. The Series D has no conversion feature. The designation was filed with the Secretary of State of Wyoming.
On April 11, 2018, the Company’s Board of Directors approved the filing of an Amended and Restated Articles of Incorporation increasing the authorized common stock to 980,000,000 and changing the par value of its common stock to $0.001. The Amended and Restated Articles of Incorporation were filed with the Secretary of State of Wyoming.
On April 24, 2018, the Company appointed Gary Grimshaw to its Board of Directors. Mr. Grimshaw entered into a Board of Directors Services Agreement with the Company on the same date.
On April 24, 2018, the Company entered into a Consulting Agreement with Jimmy Wayne Anderson to assist the Company in raising capital for its business operations. The Agreement has a term of two months and the compensation due to the Consultant is $45,000.
On April 24, 2018, Jimmy Wayne Anderson resigned in his role as an officer of the Company, The Board of Directors retained Gary Grimshaw as its sole officer. Mr. Anderson retained his role as a director of the Company. Mr. Anderson entered into a Board of Directors Services Agreement with the Company on the same date.
On May 23, 2018, the Company appointed Craig Borel to its Board of Directors. Mr. Borel entered into a Board of Directors Services Agreement with the Company on the same date.
On May 10, 2018, the Company entered into an Asset Purchase Agreement with US Natural Gas Corp KY (“KY”) for the purchase of 13 previously producing crude wells, approximately 1700 acres of leaseholds, tank batteries and gathering systems all located in multiple counties throughout the State of Kentucky.
NOTE 9- SUBSEQUENT EVENTS (continued)
Under the terms of the Agreement, the Company will acquire the 13 crude wells for consideration of One Hundred Forty Thousand and no/100 Dollars ($140,000). At Closing, the Company assigned KY a royalty for payment out of production, whereby KY shall receive thirty percent (30%) of the gross proceeds of production from the acquired assets. In addition, KY shall receive ten percent (10%) of the monthly gross proceeds of production from any new drilled wells on the acquired leases. KY shall receive payments from production until such time that KY has received a total of One Hundred Forty Thousand and no/100 Dollars ($140,000).
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