Consolidated Gems, Inc., formerly Electrum International, Inc. is a Delaware
corporation that was originally incorporated in Florida as We Sell for U Corp.
(“We Sell for U”) on November 12, 2007. The principal stockholder
of Consolidated Gems is Power Developments Pty Ltd., an Australian corporation
(“Power”), an entity majority owned by the Company’s president,
which owned 82.85% of Consolidated Gems as of December 31, 2016.
In December 2008, Power acquired a 96% interest in Consolidated Gems from Edward
T. Farmer and certain other stockholders. Mr. Farmer resigned as Sole Director
and Officer of Electrum, Joseph Gutnick was appointed President, Chief Executive
Officer and a Director and Peter Lee was appointed Chief Financial Officer and
Secretary. Commencing in fiscal 2009, the Company decided to focus its business
on energy opportunities.
On January 29, 2009, the Company’s Board of Directors declared a 6-for-1
stock split in the form of a stock dividend that was payable in February 2009
to stockholders of record as of February 14, 2009. The Company has accounted
for this bonus issue as a stock split and accordingly, all share and per share
data has been retroactively restated. An aggregate of 72,000,000 shares of common
stock were issued in connection with this dividend.
On March 31, 2009, the Company’s Board of Directors declared a 2-for-1
stock split in the form of a stock dividend that was payable in August 2009
to stockholders of record as of August 12, 2009. The Company has accounted for
this bonus issue as a stock split and accordingly, all share and per share data
has been retroactively restated. An aggregate of 86,400,000 shares of common
stock were issued in connection with this dividend.
Effective on August 12, 2009, the Company completed the reincorporation from
a Florida corporation to a Delaware corporation through a merger with and into
its wholly-owned subsidiary, Consolidated Gems. Each issued and outstanding
share of common stock, par value US$0.0001 per share, of We Sell For U Corp.,
a Florida-incorporated company, was automatically converted into one issued
and outstanding share of common stock, par value US$0.0001 per share, of Consolidated
Gems, a Delaware-incorporated company. The number of authorized shares of capital
stock was increased to five hundred twenty million (520,000,000) shares, of
which five hundred million (500,000,000) shares shall be Common Stock and twenty
million (20,000,000) shares shall be Preferred Stock, each with a par value
of US$0.0001 per share. For purposes of the Company’s reporting status
with the Securities and Exchange Commission, Consolidated Gems is deemed a successor
to We Sell for U.
0.000%
2.62% 