June 11, 2015: A new promotion campaign was launched today on World Oil Group, Inc. (WOGI) after yet another rebranding of the company and change in its ticker symbol.
In a classic case of a company suffering from ADD, the latest change in direction came in December 2014, after the company changed it's name from Cyber Kiosk Solutions and its ticker from CYBK. In its less than two years as CYBK, the company at various times tinkered with the drug testing industry, the gaming software industry, and of course the marijuana industry. Unable to conjure up any sustained interest in its stock, the company shook the proverbial Etch-a-Sketch screen in an attempt to erase its squandered past. As is often the case with fraudulent schemes like WOGI, there is no mention of what became of the fictional assets or agreements supposedly cultivated during life as CYBK.
CYBK itself was begat from Dynasty Limousine, Inc. (DNYS), after a previous name and ticker change that took place in February 2013. DNYS described itself as "a full service Limousine and Transportation firm with offices in Jacksonville and Orange Park, Florida", and at one time listed over $1 million in cars as an asset and over $200K in quarterly revenues. Not surprisingly, the company did not deem it necessary to explain to its shareholders what happened to the assets or the supposedly viable line of business once it changed direction.
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Now, as WOGI, the company purports to be exploring for oil and gas in Pennsylvania. In that vein, the company recently announced that it had wired out payment for its 10th oil well. This announcement is particularly interesting considering that in its most recent financials, WOGI's subsidiary, EPA Petroleum, the entity under which the exploration work is being conducted, reports having no tangible assets, save for a little cash. It does book $300,000 in drilling fee receivables, but those are not explained and seem strange since WOGI has already stated that it is paying for drilling activity, not getting paid to do it. With no income being reported, exactly how is this activity being paid for?
Considering the lack of credibility and reputation WOGI has carved out for itself, taking anything this company says at its word would be foolhardy, as we expect that future bag holders will soon discover.