Correct me if im wrong but wouldnt they have to mention signifi here:
9. Any past, pending or anticipated stock split, stock dividend, recapitalization,
merger, acquisition, spin-off, or reorganization
On April 14, 2014, the Company filed an Amendment to its Articles of Incorporation
with the State of Florida Division of Corporations for a name change to Sylios Corp. On
April 25, 2014, the Company filed the appropriate documentation with the Financial
Industry Regulatory Authority ("FINRA") to effectively change the name of the
publicly traded entity from US Natural Gas Corp to Sylios Corp. The name change was
effective on June 20, 2014. The Company's new Cusip number associated with the
name change is 871324 109.
On July 19, 2013, the Company filed an Amendment to its articles of Incorporation
reducing the Authorized number of common shares from 9,000,000,000 to
2,000,000,000 and to effectively reduce the number of common shares outstanding
through a 1:300 reverse stock split.
On August 12, 2013, the Company effectively completed a 1:300 reverse stock split of
its common stock.
On May 28, 2010, the Company received notification from the appropriate state
agencies that the acquisition of Wilon Resources by the Company was effective. On
June 3, 2010, final approval was given by FINRA for the share exchange between the
Company and Wilon Resources. The Company issued one share of common stock for
each share of Wilon stock outstanding (49,207,973 shares) plus one warrant to
purchase an additional share exercisable for a period of 5 years from the issue date.
In July 2010, the Company canceled 1,000,000 shares of common stock relating to the
Wilon acquisition. These shares were owned by the Company. The Company's
common stock at June 3, 2010 had a value of $.035 per share making the acquisition
price $1,687,279.
The Company accounted for the business combination using the purchase
method. The estimated fair market value of Wilon's net assets (assets less liabilities)
was recorded at the value of the acquisition price of $1,687,279. Management
reduced its original estimate of the fair market value. This reduction in the estimate
had no effect on the recorded amount of the transaction as the excess fair market value over the acquisition price reduced the recorded value of oil and gas properties
and equipment. The oil and gas properties consist of 115 natural gas wells, 12,000
acres of mineral rights leases and the gathering system interconnecting the
wells. The Company intends to retain a third party to complete a Reserve Report
covering the 12,000 acres located in Wayne County, West Virginia substantiating
proven and unproven wells. The estimates used by the Company in recording the
acquisition could change significantly pending the valuation results of the third party.
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