Cannabis Sativa Inc (CBDS)

[ecmoney]

10-K

As of April 14, 2014, there were 11,714,071 shares of the issuer’s common stock outstanding.


We currently have two employees each of whom is an officer of the Company. Wild Earth currently has one employee who conducts its research and development activities. Our employees are not represented by unions and we consider our relationship with our employees to be good.


At December 31, 2013 we had $32,514,948 in current liabilities (including the non-cash $32,309,105 derivative liability for the conversion feature of our convertible promissory notes) and a working capital deficit of $32,494,332. We do not have sufficient cash on hand to pay our current liabilities. The Company’s failure to pay its obligations would have a material adverse effect on the Company, including the possibility of the Company ceasing to conduct operations. During the quarter ended March 31, 2014, the $78,112 in principal amount of the convertible notes was converted into 3,889,071 shares of the Company’s common stock. The conversions resulted in the cancellation of the Company’s convertible notes, the remaining discount on those notes and the associated $32,309,105 derivative liability related to the notes.







http://www.sec.gov/Archives/edgar/data/1360442/000144586614000348/cann10k04102014.htm