Not the first reverse merger:
A look at the last quarterly shows the history of Nates. To that, now add the ongoing reverse merger. Pay particular attention to the 'surviving entity' bit...which will happen again when this merger is closed.
"General Overview
We were incorporated in the state of Colorado on January 12, 2000. Nate’s Food Co. is domiciled in the state of Colorado, and its corporate headquarters are located in Huntington Beach, California. On May 12, 2014, Nate’s Pancakes Inc. was incorporated in the state of Indiana. On May 19, 2014, the Company completed a reverse merger between Nate’s Pancakes, Inc and Capital Resource Alliance. Nate’s Pancakes was the surviving company. In May 2014, the Company changed its name from Capital Resource Alliance to Nate’s Food Co.
In connection with the reverse merger, we became a food manufacturing and product company, and in May 2014, we executed a licensing agreement with Nate’s Pancakes to market and sell “Nate’s Homemade”, exclusively throughout the world.
Since 2021, the Company has been engaged in “Bitcoin Mining” – i.e., the process by which Bitcoins are created resulting in new blocks being added to the blockchain and new Bitcoins being issued to the miners. The Company has purchased ASIC (application-specific integrated circuit) computers - computers specifically designed for cryptocurrency mining - that is being used for Bitcoin Mining. We have placed this Bitcoin Mining equipment with 3rd party datacenters or farms (often referred as a “Co-Location”) that power and operate our Bitcoin Mining equipment for a fee. We are currently generating revenues through receiving Bitcoin from our Bitcoin Mining equipment.
Our Current Business
In General. Historically, our food development division has licensed, developed and manufactured food products. Our Board of Directors determined that we cease product manufacturing and development of new products for our food development division. We are, however, continually exploring options to license our developed products, a ready-to-use, pre-mixed pancake and waffle batter delivered in a pressurized can. We are also exploring options on monetizing our proprietary blend of pancake and waffle dry mix. Our current product line consists of the original flavor of pancake and waffle mix and three additional flavors, Banana, Blueberry and Strawberry. The flavors can be found at www.natesfoodco.com/brands, however, are not currently for sale."
It sounds to me like they were already in the process of closing down the food development department. This may have been the early indicator of the upcoming RM.
I suspect that the new name, after the merger, will be 'jpenergy' 'something'. I doubt if pancake batter will be in the mix...😏
