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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Advantego Corporation (CE) | USOTC:ADGO | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.000001 | 0.000001 | 0.000001 | 10,000 | 01:00:00 |
COLORADO
|
84-1116515
|
(State or other jurisdiction
of incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☒
|
|
|
|
Emerging growth company
|
☐
|
3 | ||
|
||
3 | ||
|
3 | |
|
4 | |
|
5 | |
|
6 | |
12 | ||
13 | ||
14 | ||
14 | ||
|
15 |
Golden Eagle International, Inc.
|
||||||||||||
Period of
|
||||||||||||
Three Months
Ended
|
Nine Months
Ended
|
July 29, 2016 (inception) through
|
||||||||||
September 30,
|
September 30,
|
September 30,
|
||||||||||
|
2017
|
2017
|
2016
|
|||||||||
REVENUES
|
$
|
5,990
|
$
|
9,420
|
$
|
-
|
||||||
OPERATING EXPENSES
|
||||||||||||
General and administrative
|
130,494
|
447,883
|
28,985
|
|||||||||
Total operating expenses
|
130,494
|
447,883
|
28,985
|
|||||||||
OPERATING (LOSS)
|
(124,504
|
)
|
(438,463
|
)
|
(28,985
|
)
|
||||||
OTHER INCOME (EXPENSE)
|
||||||||||||
Interest expense
|
(5,110
|
)
|
(15,267
|
)
|
(34
|
)
|
||||||
Total other income (expense)
|
(5,110
|
)
|
(15,267
|
)
|
(34
|
)
|
||||||
Loss before income taxes
|
(129,614
|
)
|
(453,730
|
)
|
(29,019
|
)
|
||||||
Income taxes
|
-
|
-
|
-
|
|||||||||
NET LOSS
|
$
|
(129,614
|
)
|
$
|
(453,730
|
)
|
$
|
(29,019
|
)
|
|||
Basic and diluted (loss) per share
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
(76.17
|
)
|
|||
Weighted average shares outstanding - basic and diluted
|
159,883,328
|
159,883,328
|
381
|
Golden Eagle International, Inc.
|
||||||||
Period of
|
||||||||
Nine Months
Ended
|
July 29, 2016 (inception) through
|
|||||||
September 30,
|
September 30,
|
|||||||
2017
|
2016
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income (loss)
|
$
|
(453,730
|
)
|
$
|
(29,019
|
)
|
||
Amortization of debt discount
|
8,410
|
-
|
||||||
Changes in operating assets and liabilities
|
||||||||
(Increase) in accounts receivable
|
(6,365
|
)
|
-
|
|||||
Increase in accounts payable - related parties
|
326,360
|
8,429
|
||||||
Increase in accounts payable
|
4,000
|
-
|
||||||
Increase in deferred revenue
|
7,773
|
-
|
||||||
Increase in accrued interest, notes payable -related parties
|
2,443
|
34
|
||||||
Increase in accrued interest, notes payable
|
4,414
|
-
|
||||||
|
||||||||
Net cash flows (used by) operating activities
|
(106,695
|
)
|
(20,556
|
)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
-
|
-
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Proceeds from convertible notes payable
|
50,000
|
50,000
|
||||||
Proceeds from convertible notes payable - related party
|
12,500
|
-
|
||||||
Proceeds from issuance of common stock
|
-
|
1,000
|
||||||
|
||||||||
Net cash flows provided by financing activities
|
62,500
|
51,000
|
||||||
NET CHANGE IN CASH
|
(44,195
|
)
|
30,444
|
|||||
CASH - BEGINNING OF PERIOD
|
46,111
|
-
|
||||||
CASH - END OF PERIOD
|
$
|
1,916
|
$
|
30,444
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
||||||||
Schedule of non-cash investing and financing activities
|
$
|
-
|
$
|
-
|
||||
Cash paid for:
|
||||||||
Interest
|
$
|
-
|
$
|
-
|
||||
Income taxes
|
$
|
-
|
$
|
-
|
Three Months
|
Nine Months
|
|||||||
Ended
|
Ended
|
|||||||
September 30, 2017
|
September 30, 2017
|
|||||||
Basic weighted average shares outstanding
|
159,883,328
|
159,883,328
|
||||||
Warrants
|
6,000,000
|
6,000,000
|
||||||
Convertible debt
|
5,124,480
|
4,757,081
|
||||||
Series B preferred stock
|
120,000
|
120,000
|
||||||
Total
|
171,127,808
|
170,760,409
|
As of September 30, 2017
|
As of December 31, 2016
|
|||||||||||||||
Note Description
|
Principal
|
Accrued Interest
|
Principal
|
Accrued Interest
|
||||||||||||
Gulf Coast Capital, LLC (a)
|
$
|
30,112
|
$
|
20,337
|
$
|
30,112
|
$
|
19,211
|
||||||||
Avcon Services, Inc. (b)
|
30,500
|
3,055
|
30,500
|
1,914
|
||||||||||||
Frank Grey (c)
|
12,500
|
176
|
-
|
-
|
||||||||||||
Totals
|
$
|
73,112
|
$
|
23,568
|
$
|
60,612
|
$
|
21,125
|
||||||||
Less debt discount
|
(4,893
|
)
|
(6,022
|
)
|
||||||||||||
Net Convertible Notes Payable - Related Parties
|
$
|
68,219
|
$
|
54,590
|
(a)
|
Gulf Coast Capital, LLC is a company owned by Mark Bogani, our former CEO. The note is dated September 30, 2016 and represents the consolidation of various smaller notes payable previously outstanding totaling $145,112 plus $15,471 in accrued interest. Interest continues to accrue at the rate of 5%, with principal and interest being due on demand and convertible into our common stock at the option of the lender at a fixed rate of $.025 per share. Upon the note's inception, there was a beneficial conversion feature totaling $29,022 that is being amortized ratably over the five-year conversion period (with acceleration if converted) and netted against the principal balance as a debt discount. On December 30, 2016, Gulf Coast Capital converted $115,000 of the note into 4,600,000 shares of the Company's Common Stock, resulting in an unpaid principal balance of $30,112 at September 30, 2017 and December 31, 2016. Debt discount amortization totaled $376 and $1,129 for the three and nine months ended September 30, 2017, respectively, resulting in an unamortized debt discount of $4,893 and $6,022 at September 30, 2017 and December 31, 2016, respectively. Interest expense totaled $379 and $1,126 for the three and nine months ended September 30, 2017, respectively, resulting in accrued interest of $20,337 and $19,211 at September 30, 2017 and December 31, 2016, respectively. The net balance of the note was $25,219 and $24,090 on September 30, 2017 and December 31, 2016, respectively.
|
|
|
(b)
|
Avcon Services, Inc. is a company owned by Tracy Madsen, our former CFO. The note represents amounts due for CFO services during the period of June 2014 through September 2015, is dated December 31, 2015, carries an interest rate of 5%, and is due on demand. The note and accrued interest, or any portion thereof, are convertible at the option of Avcon, into the Company's common stock at a fixed rate of $.025 per share at any time through December 31, 2020. Interest expense for the three and nine months ended September 30, 2017 was $385 and $1,141, respectively, resulting in $3,055 and $1,914 in accrued interest as of September 30, 2017 and December 31, 2016, respectively.
|
(c) | On June 29, 2017, the Company entered into an uncollateralized note payable with its CFO, Frank Grey, in the amount of $12,500. The note carries an interest rate of 6%, and matures on June 29, 2018. The note and accrued interest, or any portion thereof, is convertible at the option of the lender, into the Company's common stock at a fixed rate of $.025 per share. Accrued interest and interest expense as of and for the three months ended September 30, 2017 was $176. |
Warrants
|
Stock
Price
|
Exercise
Price
|
Expected
Life (Yrs)
|
Risk-Free
Rate
|
Warrant
Value
|
Number of Warrants
|
Extended
Value
|
Series A
|
$.025
|
$.05
|
.75
|
.54%
|
$.010625
|
2,000,000
|
$21,249
|
Series B
|
$.025
|
$.10
|
1.75
|
.69%
|
$.014909
|
2,000,000
|
$29,817
|
Series C
|
$.025
|
$.20
|
2.75
|
.85%
|
$.017384
|
2,000,000
|
$34,767
|
Total
|
|
|
|
|
|
|
$85,833
|
Cash (used in) operations
|
$
|
(106,695
|
)
|
|
Proceeds from convertible note payable - related party
|
$
|
12,500
|
||
Proceeds from convertible notes payable
|
$
|
50,000
|
● |
the lack of formal written documentation relating to the design of our controls.
|
● |
we did not maintain adequate segregation of duties related to job responsibilities for initiating, authorizing, and recording of certain transactions due to the small size of our company.
|
● |
we do not have sufficient personnel to provide adequate risk assessment functions.
|
● |
we do not have an audit committee.
|
|
|
|
|
GOLDEN EAGLE INTERNATIONAL, INC. | |||
November 27, 2017
|
By:
|
/s/ Robert Ferguson | |
Robert Ferguson, Principal Executive Officer | |||
By: | /s/ Philip F. Grey | ||
Philip F. Grey, Principal Financial Officer |
1 Year Advantego (CE) Chart |
1 Month Advantego (CE) Chart |
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