Hop-On Inc (HPNN)

[Arthur]

Hafta, PM's filings are entirely cut-n-paste. That Note 4 has been there all year, with minor modifications:

NOTE 4- In 2013, the Company issued 2,500,000 shares of Preferred Stock- Series C to reduce Long-Term Liabilities down by $250,000.

The Company does not handle, sell, produce or distribute marijuana, nor does it intend to.

The Company has agreed with certain debt holders of the Company to convert their debt to preferred equity of the Company. This was announced in a press release on April 30, 2014. The Company has not physically issued the preferred stock certificates as of the date of this filing – the Company intends to do so in the next quarter, after it makes the requisite filing with the State of Nevada to increase its preferred share allotments to accommodate the conversion of the debt.

My interpretation is that HPNN debt holders got shafted by PM. The $10M debt is gone from HPNN financials, but the debt holders never actually received the Series D Preferred shares they were promised. Typical PM job.