Medical Marijuana Inc (MJNA)

[Det_Robert_Thorne]

MJNA finally files AoC acknowledging 7/2/2012 mistake

Summary: I am right yet again.

In June, 2013, MJNA filed a series of Articles of Correction with the Oregon Secretary of State, rescinding a series changes to the number of Authorized Shares (AS) because they used votes of the Board, rather than the required shareholder votes, to change the AS in the company's Articles of Incorporation.

After analyzing the filings, I stated that the number of AS had never been legally changed from 5B.

At the time, I also stated that the one remaining Article of Amendment that was filed on 7/02/12 was not rescinded also should have been:

That 7/2/12 form is likely incorrect as well

Notice that it shows that it was adopted without shareholder approval, and since it starts at 600M, and not the actual 5B established by the rescission of the January, 2010 form, IMO, it's also incorrect.

I don't know why they didn't file a form rescinding this July form, but the company has some 'splanin' to do, and they shouldn't wait until the Q2 filing in August to do so.

Some argued that I was wrong:

MJNA never rescinded the filing that changed the A/S to 750 million and IF you were correct, that the 15 million LOC never went through, then MJNA cancelled the 200 million shares they had used to secure the LOC which would reduce the O/S to 735 million, thus the O/S would still be lower than the A/S.

But I stuck to my guns:

I don't know why they didn't file an Article of Correction to rescind this filing, but it was probably sloppiness on management's part, as we've seen many other errors from them in the past.

Last week, nearly 10 months later, MJNA filed an AoC rescinding that filing from 7/2/13, and that form became downloadable today (or yesterday).

I stand vindicated.

Now, when will MJNA admit that the AS is actually 5B shares?