Foreland Refining Corp
View this filing on EDGAR (filing index, accession 0002068524-25-000001) | All Form C filings by this company on EDGAR
Filing details
| Company | Foreland Refining Corp | (Form C, issuer information) |
|---|---|---|
| State | UT | (Form C, issuer information) |
| Platform | PicMii Crowdfunding LLC | (Form C, issuer information) |
| Filing date | 2025-06-24 | (EDGAR filing index) |
| Date of incorporation | 1998-05-29 | (Form C, issuer information) |
| Employees | 20 | (Form C, issuer information) |
| Security offered | Other Series A 10% Redeemable Preferred Stock | (Form C, offering information) |
| Price per security | $100 | (Form C, offering information) |
| Target amount | $10,000 | (Form C, offering information) |
| Maximum ask | $1,235,000 | (Form C, offering information) |
| Offering deadline | 2025-09-30 | (Form C, offering information) |
| Platform compensation | Intermediary will receive 4.9% of the funding amount raised from $0-$500k, 4.0% of the funds raised from $500k-$1M, and 3.5% of the funds raised from $1M+. Intermediary will also receive a $1,500 listing payment. | (Form C, offering information) |
Financial summary
Figures are as entered by the company in the financial summary on the cover of its Form C. They are self-reported and unaudited, and they are not taken from the financial statements filed as exhibits to the Form C, which we do not read mechanically.
| Item | Most recent fiscal year | Prior fiscal year | Source |
|---|---|---|---|
| Revenue | $23,364,188 | $50,731,283 | (Form C, financial summary) |
| Cost of goods sold | $24,900,957 | $48,551,025 | (Form C, financial summary) |
| Net income | -$6,908,688 | -$515,811 | (Form C, financial summary) |
| Taxes paid | $0 | $0 | (Form C, financial summary) |
| Cash and equivalents | $8,377 | $2,808 | (Form C, financial summary) |
| Accounts receivable | $1,123,897 | $3,517,469 | (Form C, financial summary) |
| Total assets | $14,750,555 | $18,389,502 | (Form C, financial summary) |
| Short-term debt | $9,388,693 | $11,383,474 | (Form C, financial summary) |
| Long-term debt | $8,258,345 | $2,993,823 | (Form C, financial summary) |
Mechanical checks that fired
- Going-concern language. Going-concern language appears in this offering's own Form C filing or in an amendment to it, in a sentence that states it rather than ruling it out. The quoted sentence is below. Read the auditor or accountant notes in the filing for the full context. Found in: 0002068524-25-000001, 0002068524-25-000002, 0002068524-25-000003, 0002068524-25-000004.
"Risks Related to the Company's Business and Industry Our recurring losses from operations raise substantial doubt regarding our ability to continue as a going concern."
"Risks Related to the Company's Business and Industry Our recurring losses from operations raise substantial doubt regarding our ability to continue as a going concern."
- Related-party language. Related-party language appears in this offering's own Form C filing or in an amendment to it, in a sentence that states it rather than ruling it out. The phrase can describe routine or unusual arrangements, so read the quoted sentence and the filing. Found in: 0002068524-25-000001, 0002068524-25-000002, 0002068524-25-000003, 0002068524-25-000004.
"As the Preferred Stock contains protective provisions for the holders thereof, the Company does not believe that transactions with related parties pose a risk to the holders of Preferred Stock. 23."
"As the Preferred Stock contains protective provisions for the holders thereof, the Company does not believe that transactions with related parties pose a risk to the holders of Preferred Stock. 23."
- Net loss in both years. Net income is negative in both fiscal years reported in the Form C financial summary.
- Cash below one year of losses. Net loss for the most recent fiscal year is larger than year-end cash, both as reported in the Form C financial summary.
- Debt above assets. Short-term plus long-term debt is larger than total assets in the Form C financial summary.
A check means "read this part of the filing closely." It is not a judgment about how the company will do.
Company website as listed in the Form C: https://forelandrefinery.skyquarry.com
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