Resolution 4 .... Consolidation of Capital(one for 10 basis)
(surprise surprise)
Resolution 5 .... Named Officer Compensation
(so you can see the payouts)
Think their own filing sums it up pretty well
Annual Report is also available ... my bolding
"Business Strategy Before and after the Foreman Butte Sale,our business strategy is to create a competitive and sustainable rate of return to shareholders by exploring for, acquiring anddeveloping oil and natural gas resources in the United States. Our primary financial goal is to develop profitably ouroil properties while maintaining a strong balance sheet, and specifically to focus on the exploration, exploitation and developmentof our major project – our retained 15% working interest in the Home Run Field within the Foreman Butte Project in Montanaand North Dakota."
Our auditors and management haveexpressed substantial doubt about our ability to continue as a going concern. As disclosed in the financial statements,we incurred a net loss of $6.0 million for the year ended June 30, 2018. As at that date, our total current liabilities of $34.8million (excluding discontinued operations) exceed our total current assets of $3.5 million (excluding discontinued operations).Additionally, we are in violation of our debt covenants and have suffered recurring losses from operations. We believe these circumstancesraise substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concernis dependent on the pending sale of substantially all of our assets. If we are not able to generate the funds needed to cover ourongoing expenses, then we may be forced to cease operations or seek bankruptcy protection, in which event our shareholders couldlose their entire investment. We are in breach of multiple covenantsunder our credit agreement and we are relying on our senior lender’s forbearance from exercising its rights under the creditagreement, which include the right to foreclose upon our assets. We remain in breach of multiple covenantsunder our credit agreement with Mutual of Omaha Bank. There is no assurance that the Bank will not declare a default and seek immediaterepayment of the entire debt borrowed under the facility because of these breaches.
Nothing we don't already know ... but its also a week past Oct 15 ... surely MOB has written something to the Board??
And filed under (redacted to key out of trouble)
"We depend on key members of our management team. The loss of key members of our managementteam could reduce our competitiveness and prospects for future success. We do not have any “key man” insurance policiesfor our Chief Executive Officer; or any other executive. Our exploratory drilling success and the success of other activitiesintegral to our operations will depend, in part, on our ability to attract and retain experienced management professionals. Competitionfor these professionals is extremely intense."
Didn't really look to deeply at any of the numbers reported.
