Following the acquisition of Endeavor Canada, we paid $1,640,000 in principal and accrued interest to Endeavor Canada’s note holders with 1,093,155 shares of our restricted common stock.
On February 1, 2008 we entered into an agreement with our former Chief Executive Officer, Cameron King, which provided us the option of exchanging all of our interest in Endeavor Canada for the our Series A Preferred shares and the Class A Preferred shares of First Endeavor Holdings, Inc. previously issued to Mr. King in connection with our original acquisition of Endeavor.
On February 15, 2008 the option was exercised. As a result, the 6,500 shares of our Series A Preferred stock and the 6,500,000 Class A Preferred shares of First Endeavor Holdings issued to Mr. King were returned to us and cancelled and all outstanding shares of Endeavor Canada were transferred to Mr. King. The assets of Endeavor Canada included all of the Company’s Canadian-based oil and gas holdings.
We have recognized net losses from the discontinued operations of Endeavor Canada totaling $2,455,000 and an extraordinary gain upon the divestiture of Endeavor Canada of $783,868.
PLUS, if you look at the Consolidated Balance Sheet Liabilities and Stockholder (Page 2)shows no Preferred shares oustanding at this point.
No granted...I could be missing something...but that's the way it looks to me.
Randy
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