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Was im Januar dann wieder passiert - man kanns im Chart nachlesen. Also lassen wir die alte UPDA mal wieder laufen, mir solls recht sein (grins). Aber eine richtige Cashcow wird das niiiiieeee - achja...meine Meinung natürlich.
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9-Nov-2007
Quarterly Report
Item 2. Management's Discussion and Analysis or Plan of Operation
Special Note on Forward-Looking Statements
Except for historical information contained herein, this document contains forward-looking statements. Such forward-looking statements involve risks and uncertainties and include, but are not limited to, statements regarding future events and the Company's plans and expectations. The Company's actual results may differ materially from such statements. Although the Company believes that the assumptions underlying the forward- looking statements herein are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in such forward-looking statements will be realized. In addition, the business and operations of the Company are subject to substantial risks which increase the uncertainties inherent in the forward-looking statements included in this document. The inclusion of such forward-looking information should not be regarded as a representation by the Company or any other person that the future events, plans or expectations contemplated by the Company will be achieved.
Recapitalizations and Reorganizations
On January 26, 2007, all of the Company's subsidiaries and all assets of the Company, except for the European distribution agreements, were sold to G. Richard Smith, Company's former Chairman, for $300,000 in cash and the assumption of certain trade debts (the "Sale of Assets").
On January 26, 2007, Mr. G. Richard Smith, Mr. Gary R. Smith and Mr. John LiVecchi sold to Mr. Marco Gutierrez a majority of the Company's outstanding common stock for a total of $100,000 cash.
On February 5, 2007, a 1-for-100 reverse stock split of Company's outstanding common stock (the "2007 Reverse Split") became effective. All common stock numbers set forth in this document have been adjusted for the 2007 Reverse Split. In addition, on February 16, 2007, the Company filed an amendment to its Restated Certificate of Incorporation to effect an increase in the authorized capital stock from 400,000,000 shares of $.001 par value common stock and 50,000,000 shares of $.001 par value preferred stock to 900,000,000 shares of $.001 par value common stock and 100,000,000 shares of $.001 par value preferred stock. Prior to the filing, the amendment was approved by the Company's shareholders at a special meeting and by the Company's Board of Directors. All share and per share information included in these consolidated financial statements has been adjusted to give retroactive effect of the Reverse Stock Split.
On February 6, 2007, Company completed the sale of 141,000,000 restricted shares of its post-2007 Reverse Split common stock to Ms. Karen Sandhu for $200,000 cash. Company used the proceeds from this offering to pay outstanding debts and liabilities.
On February 25, 2007, the Board of Directors approved the conversion of an aggregate of three hundred thousand dollars ($300,000) of an outstanding note of the Company payable to Mathews Investment, LLC (the "Note"), as discussed in Note 4, into shares of the Company's common stock. The conversion price of the shares of common stock to be issued was valued at $0.001 per share by the Company's Board of Directors. On March, 2007 Company's Board of Directors cancelled the conversion of the Note with the consent of the Note holder and terminated plans to issue 25,000,000 shares of common stock. The Company is in the process of issuing an aggregate of 32,042,928 of its $.001 Par Value Common Stock to Mathews Investment, LLC from the conversion of notes payable with a face value of $300,000. The conversion of the aforementioned notes payable into Common Stock has resulted in "Debt Conversion Costs" of $91,056,436 being charged to Operations during the nine months ended September 30, 2007. As of September 30, 2007, all outstanding notes owed to Mathews Investment, LLC were settled.
On March 14, 2007 Company announced the appointment of Mr. Timothy Brink as its President and Mr. Ernesto Haberer as its Vice President of Business Development.
On April 13, 2007, the Company's Board of Directors approved a 3-for-1 stock split (the "Forward Stock Split") of all of the Company's outstanding common stock. Pursuant to the terms of the Forward Stock Split, each share of the Company's common stock held by shareholders of record on April 13, 2007, on April 20, 2007 automatically became the equivalent of 3 shares of post-split common stock of the Company. The Forward Stock Split did not change the number of shares of common stock authorized under the Company's Articles of Incorporation or change the par value per share of its common stock. All share and per share information included in these consolidated financial statements has been adjusted to give retroactive effect of the Forward Stock Split.
On April 23, 2007, the Board of Directors of the Company adopted a resolution providing for the designation, rights, powers and preferences and the qualifications, limitation and restrictions of 500,000 shares of Series A Convertible Preferred Stock (the "Series A Preferred"). Each share of the Series A Preferred is convertible into 10,000 shares of the Company's common stock. In the event of a stock dividend, stock split, reclassification, reorganization, consolidation or merger, adjustments in the conversion ratio will be made in a manner which will provide the preferred holders, upon full conversion into common stock, the same percentage ownership of the Company that existed immediately prior to such action. The Series A Preferred has the same voting rights as the common stock, on an as converted basis, with the preferred holders having one vote for each share of common stock into which their Series A Preferred is convertible. The Series A Preferred has a liquidation preference over the Company's common stock up to the one-hundred dollar ($100) per share.
On April 23, 2007, the Company and UPDA closed the SPA business combination transaction. Pursuant to the SPA, the Company acquired one hundred percent (100%) of the capital stock of US Petroleum Depot, Inc. and Continental Trading Enterprizes, Inc. f/k/a UPDA Texas Trading, two wholly-owned subsidiaries of UPDA. The consideration received by UPDA for the Subsidiary Shares consisted of $2,500,000 in cash, receivable within 30 days of the Effective Date, and 50,000 shares of the Company's Series A Preferred stock valued at $5,000,000 (the "Preferred Stock"). The Preferred Stock is currently convertible into 500,000,000 shares of our common stock and UPDA has the right to vote the shares of Preferred Stock on an "as converted" basis in any matters for which the holders of the common stock are entitled to vote. On April 23, 2007, the Company had 149,815,833 shares of commons stock issued and outstanding. As a result of the issuance of the Preferred Stock to UPDA, on an "as converted" basis UPDA had the power to vote 500,000,000 shares of our common stock. Therefore, UPDA has the power to control the vote of approximately 77% of our common stock.
Subsequent to the closing of the SPA transaction, the Company and UPDA mutually agreed to extend the due date for the payment of the $2,500,000 cash portion of the consideration described above. In connection with the agreement to extend the due date, the Company paid $150,000 in cash to UPDA and executed a promissory note payable that was due to be paid on June 18, 2007 to UPDA for $2,350,000. The note is now due and payable on demand and bears an interest rate of 5%.
Critical Accounting Policies
"Management's Discussion and Analysis of Financial Condition and Results of Operations" discusses our consolidated financial statements that have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and assumptions about assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, we evaluate our estimates and judgments, including those related to revenue recognition, valuation allowances for inventory and accounts receivable, and impairment of long-lived assets. We base our estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. The result of these estimates and judgments form the basis for making conclusions about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The SEC suggests that all registrants list their most "critical accounting policies" in Management's Discussion and Analysis section. A critical accounting policy is one which is both important to portrayal of the Company's financial condition and results of operations and requires management's most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Management believes the following critical accounting policies affect its more significant judgments and estimates in the preparation of its consolidated financial statements.
These policies include, but are not limited to, the carrying value of the inventory and fixed assets, the life of fixed assets, the expensing of the costs relating to FDA and European licensing activities, and the valuation of common stock and options related to compensation and other services.
Complex judgments and estimates underlie these critical accounting policies, such as the estimated life of fixed assets for depreciation purposes, the market valuation of inventory in reporting inventory at the lower of cost or market, dividing consultants' compensation between expense categories of FDA licensing activities and sales activities, dividing compensation and payments to third parties between cost of goods sold category and general and administrative expense, and the determination of the market value of restricted stock when issued as compensation or as repayment for loans.
Three and Nine Months Ended September 30, 2007 and, 2006
Results of Operations.
Pursuant to the Sale of Assets to G. Richard Smith on January 26, 2007, all of the Coronado's subsidiaries and all assets of Coronado, except for the European distribution agreements, were sold to Smith for $300,000 in cash and the assumption of certain trade debts. Therefore, the Company had no operations in the first quarter of 2007.
For the three and nine months ended September 30, 2007, total revenue was $11,656,792 and $17,440,493 with a cost of goods sold of$10,132,303 and$15,516,847, respectively. For the three and nine months ended September 30, 2006, total revenues were $17,868 and $65,868 and cost of goods sold were $7,688 and $43,620, respectively.
For the three and nine months ended September 30, 2007, the Company experienced a net loss of $37,834,419 and $91,292,338, respectively, which comprised primarily of general and administrative expenses of $395,175 and $649,742, consulting fees and services of $231,135 and $520,477, interest expenses of $179,536 and $304,547, and debt conversion costs of $38,367,846 and $91,056,436, offset by a gain on sale incurred from the Sale of Assets of $114,963 as part of the proceeds from the sale of restricted common stock sold in private placement to Karen Sandhu for $200,000.
For the three and nine months September 30, 2006, the Company experienced a net loss of $783,703 and $3,352,279, respectively. The loss for the three months ended September 30, 2006 was comprised primarily of, general and administrative expenses incurred at the corporate level of $770,947, and interest expense of $22,936. 92.1% of Registrant's third quarter 2006 corporate expenses consisted of salaries and wages of $245,372 (31.8%), stock option and bonus compensation of $252,000 (32.7%), professional expenses of $91,478 (11.9%) and selling and media promotion of $120,773 (15.7%).
Liquidity and Capital Resources.
As shown in the consolidated financial statements, at September 30, 2007, the Company had cash on hand of $425,566, compared to none at December 31, 2006. Net cash used in operating activities was $1,172,810 for the nine months ended September 30, 2007. We had a net loss of $91,292,338. We had non-cash charges of $114,963 due to a gain on sale of assets and $1,414,093 due to an increase in accounts receivable, offset by $91,056,436 due to loss on settlement of notes payable and $721,158 increase in accounts payable and accrued expenses payable.
Net cash used in operating activities was $256,491 for the nine months ended September 30, 2006. We had a net loss of $3,352,279. We had non- cash charges of $417,367 due to services related to the issuance of common shares, $732,000 due to stock and options issued for salaries, $1,979,700 related to stock and options issued for bonuses, and $1,522 related to depreciation.
Cash flows provided by investing activities was $298,491 during the nine months ended September 30, 2007, consisting of $879,020 cash acquired as part of the acquisition of the Subsidiaries offset by $48,400 related to the purchase of a surety bond, $100,000 deposit on a pending acquisition, and $432,129 for the purchase of property and equipment.
There was no cash flow provided by or used in investing during the nine months ended September 30, 2006.
The cash flows provided by financing activities of $1,299,885 during the nine months ended September 30, 2007, consisted of $200,000 of proceeds from the sale of our common stock, $950,000 proceeds from notes payable to others, $450,000 received from advances from the line of credit, offset by a note payable repayment of $700,000 to UPDA.
The cash flows provided by financing activities of $250,375 during the nine months ended September 30, 2006, consisted of an increase in notes payable.
On April 1, 2007, the Company obtained financing in the form of a note from Kamal Abdallah for $110,000 at an interest rate of 10% per year commencing on April 30, 2007. As of March, 31, 2007, the Company received $60,000 on this note. The remaining amount was received in April 2007. On May 31, 2007 the Company obtained an additional note from Kamal Abdallah for $50,000 at an interest rate of 10% per year commencing on June 1, 2007. This note, along with all related interests, was settled on July 30, 2007. On July 31, 2007 the Company also repaid the $110,000 note to Kamal Abdallah and all related interest.
On April 1, 2007, the Company also obtained financing in the form of a note from Brainard Management Associates for $550,000 at an interest rate of 10% per year commencing on April 30, 2007. As of March, 31, 2007, the Company received $150,000 on this note. The remaining amount was received in April 2007.
On May 31, 2007, the Company obtained financing the form of a note from Aztec Well Services, Inc., for $547,952 at an interest rate of 5% per annum payable on demand. On August 13, 2007, the Company repaid the full $547,952 note due to Aztec Wells Services, Inc, along with all related interests.
We have historically incurred recurring losses from operations. Our continuation is dependent upon a successful program of acquisitions and achieving a profitable level of operations. We will need $6 million of additional financing for ongoing operations and acquisitions. The issuance of additional equity securities by us would result in a significant dilution in the equity interests of our current stockholders. Obtaining loans, assuming those loans would be available, would increase our liabilities and future cash commitments. We cannot assure that we will be able to obtain further funds we desire for our continuing operations or, if available, that funds can be obtained on commercially reasonable terms. If we are not able to obtain additional financing on a timely basis, we would cease our operations.
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umsatz:----------5,78 mio.$-----------------11,65 mio.$ - +101%
gross profit: ----0,4 mio.$------------------1,52 mio.$ - +280%
gewinn: ---------(-0,562 mio.$)-------------0,713 mio.$ - PLUS!!!
handelmarge:-----6,9%-----------------------13,8% - +100%
buchwert/aktie:--(-0,0156$)-----------------0,053$ - PLUS!!!
cash:-------------0,159 mio.$----------------0,425 mio.$ - +167%
das sind jetzt fakten was cful hier presentiert ist ganz einfach super
und hier werden jetzt viele merken das UPDA keinen fack firma ist
morgen dürfte noch was kommen einen ausblick
nächste woche werd einen heise woche werden
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Heartland Oil and Gas Reduces Costs and Expands Assets in Third Quarter - Increased Production and Revenues Result
2007-11-14 16:26 ET - News Release
Heartland Oil and Gas (OTCBB:HTOG) (FWB:HOCA) today filed its SEC Form 10-QSB, reporting the results of its business activities for the Third Quarter, its first full quarter since being acquired by Universal Property Development and Acquisition Corporation (OTCBB:UPDA). These results demonstrate that Heartland?s new management has expanded the company?s total assets by nearly $2 million since the first of the year, drilling 20 new wells and extending its pipeline and gathering system in Kansas and cutting operating costs, positioning the company for a new era of revenue growth.
Since the end of the third quarter, Heartland has completed and connected 5 of the 20 new wells it drilled, resulting in an immediate and sustained increase in gas sales of 75%. With the remaining 15 wells scheduled to be completed and connected beginning this week and a continuing program to drill up to 20 new wells per month, consistent production and revenue growth should result.
In addition to the increased production Heartland will be generating from its new wells in Kansas, the transfer of UPDA?s properties in Palo Pinto and Jack counties in Texas will be completed during the Fourth quarter, further expanding Heartland?s production and revenue. The wells in Texas are currently generating monthly revenue of about $200,000 which is expected to double or more as result of planned recompletions, some into the Barnett Shale.
?We?ve made significant progress and are moving in the correct direction in reducing our overall Operating expenses and our Operating Net Loss in the third quarter of 2007. We reduced both categories by 16% and 13% respectfully. Now that we have streamlined our G&A expenses we can focus on our specific business plan and increase revenues for the remainder of 2007. Our focus is now to increase sales revenues by the expedited delivery of natural gas to the market,? stated Heartland CEO Steven A. Fall.
?We?ve gained quite a bit of experience drilling wells during the past few months which should allow us to pursue our aggressive drilling program with even greater efficiency,? continued CEO Fall. ?All of the wells have had impressive gas shows and the production we are seeing from the first completions is very satisfying. The plans we have for Texas are even more promising in the short run. With the cost controls we successfully implemented during the third quarter, the expanding revenue expected during the Fourth quarter and beyond should allow us to achieve our goal of expanding shareholder value.?
In April 2007, Universal Property Development and Acquisition Corporation (OTCBB:UPDA) (FWB:UP1) www.universalpropertydevelopment.com acquired a majority of the stock of Heartland Oil and Gas Corp. (OTCBB:HTOG) (FWB:HOCA) signaling the beginning of a new era of development and growth for Heartland. Since this change, a new management team was introduced at Heartland, led by veteran geologist, Steven A. Fall, and Heartland has been designated UPDA?s E&P subsidiary and undertaken an aggressive program of expansion both generically and through acquisitions.
For further information, visit www.heartlandoilandgas.net
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
Contacts:
Heartland Oil and Gas Corp.
Jack Baker (Investor Relations), 561-630-2977
info@heartlandoilandgas.com
Source: Heartland Oil and Gas Corp.
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11:25 20.11.07
JUNO BEACH, Fla.--(BUSINESS WIRE)--Universal Property Development and Acquisition Corporation (OTC BB:
UPDA), (FWB: UP1) has reported its financial results for the Third
Quarter ended September 30, 2007. In the Form 10-QSB the Company has
filed with the SEC, UPDA demonstrates the continuing success of its
business plan with an exponential increase in revenues and the near
tripling of its total assets.
Corporate & Financial Highlights on
September 30, 2007
Total Revenues for Three months ending Sept 30, 2007 Increased to
a Record $ 12,268,323 from $ 141,217 an increase of 8688%
Total Assets for Nine Months Ended Sept 30, 2007 Increased to $
22,765,219 from $ 6,296,358, an increase of 270%
Total Stock Holders Equity for Nine Months Ended Sept 30, 2007
Increased to $ 6,666,031 from $ 2,825,677, an increase of 236%
Natural gas sales. For the
three months ended September 30, 2007, natural gas sales revenue was
$446,880 compared to $ 35,528 for the same period during 2006. This was
a record revenue increase of 1258% which was a result of increased
production from UPDAs Texas subsidiaries and
the acquisition and expansion of Heartland Oil and Gas Corp. (OTC BB:
HTOG) (FWB: HOCA).
Oil & Condensate sales. For
the three months ended September 30, 2007, oil and condensate sales
revenue was $11,817,460 and compared to $ 105,689 for the same period
during 2006 an increase in revenues of over 11,000% for this segment.
This record expansion was the result of ongoing production from the
wells in the Canyon Creek and Catlin subsidiaries as well as the
acquisition and growth of condensate sales revenue from UPDAs
Continental Fuels, Inc. (OTC BB: CFUL) (FWB: CIQB) subsidiary.
We continue to focus on expanding revenues
and the accumulation of assets as we build an integrated energy holding
company with subsidiaries concentrating on particular segments of the
industry, reports UPDA Vice President Chris
McCauley. While there are significant capital
expenditures and integration costs associated with this growth,
Continental has already reported operating income less than 6 months
after acquisition by UPDA and Heartlands
drilling program is showing impressive results in a very short period of
time. As these subsidiaries mature and UPDA continues the execution of
its business strategy, we expect further success to result.
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Heartland Continues to Expand Production - Appoints Manager of Petroleum Engineering and Senior Petroleum Geologist - Retains Local Production Engineers
2007-11-26 05:20 ET - News Release
Also News Release (U-HTOG) HEARTLAND OIL & GAS CORP
Company Website: http://www.heartlandoilandgas.com
HOUSTON -- (Business Wire)
As Heartland Oil and Gas Corp. (OTC BB: HTOG)(FWB: HOCA) continues to expand its production through the drilling of new wells and the recompletion of existing wells it is also building a professional staff prepared to design and execute its plans for the aggressive growth of production and revenues. With the recent hiring of T. Brian Clancy as its Manager of Petroleum Engineering and Paul D. Newsom as Senior Petroleum Geologist and the retention of local petroleum engineers to consult on the expansion of production from the wells it is acquiring in Texas and the execution of the well drilling and pipeline extension program at its vast coalbed methane field in Eastern Kansas, Heartland is positioning itself to maximize the opportunities presented by rising energy prices heading into winter.
In announcing these appointments, Heartland CEO Steven A. Fall remarked that ?Paul Newsom?s experience in managing field operations will yield immediate results in Kansas where the first five new wells nearly doubled the production we had been generating from 16 wells. As Paul works with our new consulting engineers to design fracs and perforations and map and construct the pipeline expansion, we anticipate even better results going forward. Brian Clancy?s work on our reserve analysis should enable us to establish accurate estimates and increase production from previously untapped zones particularly the Barnett Shale in Palo Pinto County, Texas where, working with our consulting engineer, we expect to more than double production. We will continue to add technical staff and consultants in order to maximize revenue growth and build shareholder value.?
Paul D. Newsom, 48, has in excess of twenty-five years of diversified E&P industry experience in drilling, well completions, and production operations. He has successfully drilled hundreds of wells in unconventional reservoirs. Mr. Newsom graduated from Trinity University in 1981 with a Bachelor of Science degree in Geology. He served as Chief Geologist for Ames Oil and Gas Corporation and has consulted as an independent geologist for numerous companies during the past two decades and has extensive experience in managing field operations and directing project management. Mr. Newsom will concentrate on management of the drilling program in Kansas.
T. Brian Clancy is a Petroleum Engineering graduate of Texas A&M University. He has experience working with oilfield service companies and applying various field engineering principles. Mr. Clancy focuses on in-house reserves for Heartland Oil and Gas Corp., as well as working with consulting field engineers on specific projects, particularly the recompletions planned for the wells in Jack and Palo Pinto counties in Texas.
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....einen positiven Schub bekommen (wenn überhaupt), wenn se noch einige male
wieder "sehr positive" Meldungen veröffentlichen können, die nicht auf Wünsche oder
Annahmen zurückzuführen sind.
Die letzten Meldungen haben sich zwar schon sehr positiv angehört, aber.........
Trading Insider hat alles "menschenmögliche" getan um dieses Papier am Markt
unmöglich zu machen.....
Die komische Aktiendividende hat denen praktisch den Todesstoß gegeben.
Wenn se wenigstens das Papier zum Handel freigegeben hätten, dann hätten
die gebeutelten Investoren zumindest einen Teil der Einlagen wieder in Bargeld
umwandeln können.
Evtl. sollten die sich mal einen seriösen "Menschen" mit guten Referenzen suchen
dem man Vertrauen schenken kann. (Für Öffentlichkeitsarbeit)
Gruß
PS: Wann können wir den mit den nächsten Ergebnissen (Zahlen) rechnen.
