Dabney IS the BOGAT FAMILY TRUST. He is equal partners with Cowan and Melamede as the BOgat Trust owns 1/3 of the perferred shares and thus has 1/3 of the say.
Also, didn't CBIS have something to do with South Beach Live?
As part of this Agreement, Molina was issued five million shares (5,000,000) of the Company's common stock for his management services for a period of one year and Molina was appointed President and CEO of the Company as well as acting CFO. The Company also issued five million shares (5,000,000) of its common stock in restricted form to the Bogat Family Trust (Bogat Trust) on behalf of Raymond Dabney (Dabney) as consideration for the management services Mr. Dabney will be providing to the Company in operating the music and entertainment portion of the business for a period of one year. Neither Molina, Dabney or the Bogat Trust are shareholders of Old West. Old West's sole shareholder, officer and director is Mark Jordan. Mr. Jordan, Molina and the Bogat Trust were non-related and non-affiliates of the Company prior to this transaction.
Why is the Bogat Trust being paid for services performed by Dabney?
South Beach Live, Ltd. Note
During Calendar 2009, the Company executed a $100,000 Line of Credit Note Payable with South Beach Live, Ltd. (South Beach), a significant Company stockholder, to provide funds necessary to support the corporate entity and comply with the periodic reporting requirements of the Securities Exchange Act of 1934, as amended. This note bears interest at 10.0% and matures in Calendar 2011. Through March 31, 2012 and December 31, 2011, respectively, an aggregate of approximately $243,134 and $236,359 has been advanced against this note.
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