M&A - First America Resources Corp

Form Type: 10-Q

Filing Date: 2025-05-15

Corporate Action: Merger

Type: Update

Accession Number: 000147793225003799

Filing Summary: First America Resources Corporation, previously known as Golden Oasis New Energy Group, Inc., underwent a significant business combination on April 16, 2025, entering into a Common Stock Exchange Agreement with METech Recycling, Inc. The Company issued 1,250,000 shares of common stock in exchange for all equity securities of METech Recycling. This transaction is classified as a related party transaction, with Jian Li, a principal stockholder and the Company's CEO, having control over the shares exchanged. Due to this merger, First America Resources Corporation ceased to be a 'shell company' following the completion of this transaction. The report also highlights the Company’s financial state as of March 31, 2025, which shows no revenues for the quarter, an operating loss, and significant accumulated deficits. There is a firm indication of financial instability, raising doubts over the ability to sustain operations without significant cash flow or capital.

Form Type: 8-K

Filing Date: 2025-04-21

Corporate Action: Acquisition

Type: New

Accession Number: 000147793225002850

Filing Summary: On April 16, 2025, First America Resources Corporation entered into a Common Stock Exchange Agreement with the stockholders of METech Recycling, Inc., resulting in a business combination. As part of this agreement, First America is issuing 1,250,000 shares of its common stock in exchange for all issued and outstanding equity securities of METech Recycling, which will operate as a wholly owned subsidiary. The acquisition was characterized as a related party transaction due to the involvement of Jian Li, a director and major stockholder of First America, who owns the two largest stockholder entities of METech Recycling. The acquisition is noted as completing a significant step in transitioning First America from a shell company to an operational entity, given METech's established business in electronics recycling and asset management.