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and this final paragraph may well explain some of the further behind the scenes goings on and subsequent silence.
Heres hoping- lots of little pointers starting to materialise. As Depeche Mode sang - break the silence. LMOA
In September 2018, it came to the Company's attention that on August 28, 29, 30, 2018, and
September 3, 2018, YA II PN, Ltd. arbitrarily sold 82,077,412 ordinary shares in the Company that
have not been authorised, issued and admitted to trading by the Company. On August 28, 2018 and
September 3, 2018, the Company received conversion notices from YA II PN, Ltd. in respect of 241
of its Series A Preferred Convertible Shares each in lieu of respective cash payments for the months
of August and September. Those conversion notices stipulated that the number of Ordinary Shares
to be issued following conversion were 82,077,412 and 93,784,120 Ordinary Shares respectively.
The Company immediately commenced an investigation into this matter and on September 12, 2018
the Company's legal advisers informed YA II PN, Ltd. that (i) the Company had serious concerns as
to the validity of the conversion notices and the calculations contained therein and (ii) the Company
does not consider that it would be appropriate to action any conversions in respect of the conversion
notices pending further investigation. In response, later on the same day, the Company received a
purported notice of default from YA II PN, Ltd. in respect of the conversion notices and demanded
the redemption in cash of the outstanding 2,650 Preferred Shares at a liquidation amount of
$2,650,000. The Company vigorously disputes the validity of both the conversion notices and the
purported default notice, and is continuing to investigate YA II PN Ltd.'s actions in that regard,
particularly the above sales and YA II PN, Ltd.'s any other possible unauthorized dealings in shares.
Events occurring after June 30, 2018 were evaluated through September 26, 2018, the date these
financial statements were available to be issued, to ensure that any subsequent events meeting the
criteria for recognition or disclosure were included.
i can think of 6.4 million reasons why the GG would want to assist in a T/O and the 400 million more reasons
Enforcement of Arbitration Award and Collection of Amounts due from Defendants
On January 9, 2008, Frontera Eastern Georgia Limited ("FEGL"), a subsidiary of the Company,
served a notice of arbitration and claim on ARAR, Inc., for breach of contract under drilling services
contract dated May 2, 2007. On December 16, 2008, FEGL entered into a settlement agreement
with ARAR Inc, ARAR Petrol ve Gas Arama Uretim Paz A.S., and Mr. Fatih Alpay (collectively,
“Defendants”), which was confirmed by the arbitration panel and pursuant to which Defendants
were required to make a series of payments to FEGL through December 2009 in the aggregate
amount of $1.25 million. As a result of court hearings and appeals as well as subsequent execution
proceedings undertaken in November 2017, FEGL collected from the Defendants the full amount
of the Final Award plus interest and expenses as of June 30, 2018 in the total amount of
$2,026,126.
Georgian Tax Refund
From the inception of operations in Georgia, the Company has incurred certain tax expenses which
per the terms of the Production Sharing Agreement with the Georgian government are subject to
reimbursement from the state. The Company has notified the appropriate authorities and is in the
process of collecting a tax refund from the Georgian government. As of June 30, 2018 the amount
of refund due to the Company was $6.4 million. As collectability is uncertain, the Company has not
recognized a receivable as of June 30, 2018 or 2017 for these ongoing proceedings.