1pm Industries Inc (OPMZ)

[surfkast]

WASH, RINSE AND REPEAT!

Just keep using the same crap like on every other shell!


Item 8.01. Other Events

The Company announced today that it has divested itself of all medical cannabis products. The decision to discontinue the medical cannabis business was related to the regulatory environment surrounding the industry, including but not limited to financial institutions. The Company has merged a consulting company that was created in January 2017. The Consulting entity is currently owned by our officers and directors and will be merged into the company for no compensation to our officers and directors. The consulting company was created on January 23, 2017 and has generated approximately $1.3 million in revenue since January 31, 2017.


Q.1. Can the Company provide an update on revenues for the year?
A.1. The Company has generated approximately $2,900,000 in revenue since January 30, 2017. However, this number is a non-GAAP number and represents the actual cash received by the Company from its operations.


https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12021257


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Item 8.01 Other Events.

For the quarter ending November 30, 2014, the Company had approximately $246,000 in cash and had generated approximately $631,000 in revenue with non-GAAP profits of approximately $500,000. Our financial focus is on long-term, sustainable growth in free cash flow. Free cash flow, a non-GAAP financial measure, was approximately $200,000 for the quarter ending November 30, 2014.




Note receivable from consulting services

The Company, through WB Partners, provides consulting services to clients. The Company typically is paid in cash or stock. During the fiscal year ending August 31, 2014, the Company received a note receivable for consulting services performed for Signal Bay, Inc.. The amount of the note is $40,000. The Company may convert the note into shares of Signal Bay at a conversion price of 50% of the market price at the time of conversion. The Company recorded $80,000 in derivative asset related to this note receivable.

Securities Available for sale

The Company, through WB Partners, provides consulting services to clients. The Company typically is paid in cash or stock. When paid in stock the Company books the stock as Securities Available For Sale. The Company recognizes the revenue based on the current price per share of the stock received at the date the services are complete. At the time the Company sells or otherwise disposes the shares, the company will record any realized gain or loss on the sale of the stock. Interim changes in fair value of the stock are reflected in Other Comprehensive Income (Loss) as an unrealized gain (loss).



https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10371134