Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
🌊 Catch the Wave of Trading Opportunities on Ping Exchange!
📈🟢The Core Token and Core Coin markets have been the center of attention for the last 24 hours, showcasing impressive trading volumes.
🔺CTN/USDC: A whopping 350K Core Tokens traded!
🔺XCB/USDC: Core Coin also made a strong showing, with a remarkable trading volume of 119K!
🔺CTN/BTC: The trading pair of Core Token and Bitcoin gained notable traction, achieving a significant volume of 34K!
🚀 Embark on your trading adventure with CTN and XCB today at ➡️https://ping.exchange.
🌐Discover how Core Blockchain and Core Coin are spearheading groundbreaking advancements in the world of cryptocurrency and smart contracts, revolutionizing digital finance and securing a brighter future for decentralized technologies.
https://pingexplore.com/post/what-is-core-blockchain-and-core-coin
Big Update for Our Japanese CorePass Users! 🇯🇵
We're thrilled to share some fantastic news! The transliteration issues with Non-Latin documents, particularly affecting our Japanese community, have been resolved by our service provider. A smooth, seamless CorePass experience awaits! 🚀
🔹 New to CorePass? Dive in without a worry – the path is clear!
🔹 For our existing family members affected by this hiccup, we're putting the final touches on a straightforward solution to make things right. Watch out for a detailed guide in the next day or two, walking you through every step to resolve any past issues.
Your patience and support have been invaluable, and we're excited to turn this page together. Stay tuned for our next update, and let's continue this incredible journey with a stronger, more user-friendly CorePass!
?????????? (Arigatou gozaimasu) for standing by us – Here's to new beginnings!
the unrestricted increased 75% + 1.8 Million…..
Yeah good to see the DTC was lowered a bit.
I mixed up the two, thank you for the clarification.
Nice the DTCC float was reduced slightly.
If they would have a "hold" then they wouldn't have been added to the unrestricted shares. If they are unrestricted they can be sold into the market at any time at which point they will show up in the DTC section. For now they aren't deposited.
Hoping they are using the 1.8 mil stares for a PR campaign. Also hoping they have a year or two hold on those shares
https://t.me/otcupdates/63865
$ARAT
💰1.3500
Pink Current, AS: 950M, OS: 126M, US: 4.2M
Held at DTC Shares Updated:
🔴 1,161,420 (2023-12-04)
🟢 1,109,420 (2024-01-08)
Difference: -4.5% (-52K)
Restricted Shares Updated:
🔴 123,777,614 (2023-12-04)
🟢 121,990,718 (2024-01-08)
Difference: -1.4% (-1.8M)
Unrestricted Shares Updated:
🔴 2,382,920 (2023-12-04)
🟢 4,169,816 (2024-01-08)
Difference: +75.0% (+1.8M)
Chart, OTC Profile, Twitter, @otcupdates
t.me/otcupdates
/63865
125
As we come to this point in our journey, I'd like to take a moment to speak directly to each of you. Right now, our community, the heart of our project, is vibrant with activity as you trade and interact within the ecosystem we've created together. You hold the reins, steering the direction of our collective future. Your choices, your trades, and your trust shape who we are and what we will become. I urge you not to underestimate the value you bring; your participation and early support have been instrumental.
We understand the fluctuations and the waiting that come with being part of something new. It's a path filled with anticipation and, sometimes, quick decisions. We foresaw the initial market movements and are heartened to see stability growing as we all settle into the rhythm of real, meaningful value creation.
If you were among the early believers who saw potential in what we were building, know that your faith has been met with a tangible return, a testament not just to the market's mechanics but to the enduring value of our shared vision. We choose not to intervene in the market with buybacks because we trust in the long-term value and potential of our project. We believe in letting the true strength of our technology and community shape our path forward.
So, as we look ahead, let's continue to build, share, and grow together. With every transaction and every interaction, we are weaving a stronger, more resilient community. Here's to you, to us, and to a future that we are building step by step, one that is inspired by the spirit of our shared journey, built on innovation, and rooted in trust.
From the bottom of my heart and on behalf of our entire team, I want to extend a profound thank you to each of you. Yes, the journey has had its share of ups and downs, but together, we're smoothing out the path and finding our stride. Your commitment and support through every phase have been the cornerstone of our progress.
As we continue to grow and innovate, know that our foremost commitment is to you. We're here to develop not just a project or a series of services but a secure, empowering space where you are always in control. Your protection, your trust, and your experience are what drive us forward every day.
Finally, allow me to stress that this is a community united by a common goal of integrity and advancement, not just a network. As we often say, we're creating 'a new sense of integrity.' That's not just a slogan—it's our promise to you, a commitment that guides every decision we make and every feature we build. Together, let's continue to embody this spirit of integrity, shaping a future that reflects our shared values and aspirations
Yours Sincerely
Okkie
CEO CodeTech
Looks like sec is going to allow spot Bitcoin etf! Not final. Not a huge deal for arat but great for the industry in whole in general
To all those tracking the prices of $XCB and $CTN, I'd like to emphasize that, despite being lower than the listing prices, they still are above standard in comparison with other crypto projects at the beginning.
— Matej Korený ₡ORE (@MatejKoreny) January 5, 2024
Considering that these are the very first days since the @PingHEX… pic.twitter.com/JCl8z1mAY3
Thing now launched and everybody knows it, stock at 1.20, you promised 5-10 bucks, what happened my friend? Asking for another friend.
So incredibly frustrating.
Beginning to give up hope....
NEWS PROVIDED BY
Arax Holdings Corp
ARAX unveiled its highly anticipated Ping Exchange. This marks a significant advancement in the world of fully compliant digital asset trading and tokenization.
Arax Holdings Corp (OTCBB:ARAT)
“The Ping Exchange, with its seamless integration with the CorePass Digital Identity platform, is a game-changer that marks the dawn of a new era in the FinTech and asset management industry.”
— Michael Loubser, CEO, ARAX Holdings Corp.
NEW YORK, NY, USA, January 5, 2024 -- ARAX Holdings Corp., a leading blockchain-based software innovator in the digital asset management industry, is thrilled to announce the launch of its most anticipated product, the Ping Exchange. As a part of the Core Business Holdings Ecosystem, a wholly owned affiliate of ARAX, the Ping Exchange will revolutionize the world of real-world asset tokenization and soon its digital attributes enabler to be integrated into the CorePass decentralized digital identity verification platform.
The Ping Exchange, an affiliate of Core Business Holdings, is a digital asset settlement platform for digital assets and real-world assets that have been tokenized using the Core Tokenization and Smart Contract Platform. ARAX's software provides unparalleled capabilities in Digital Asset Management, introducing innovative methods for managing digital attributes connected to the CorePass Digital Identity authentication platform.
"ARAX Holdings Corp. is redefining the boundaries of digital asset management and identity verification," says Michael Loubser, CEO of ARAX. "The Ping Exchange, with its seamless integration with the CorePass Digital Identity platform, is a game-changer that marks the dawn of a new era in the FinTech and asset management industry."
Acting as a decentralized digital identity enabler with verifiable digital attributes in a secure management and settlement ecosystem, CorePass facilitates cost-effective, efficient identity verification and compliance processes. With ARAX's soon-to-be-deployed digital asset enabler software integrated with CorePass, organizations will be able to automate and digitize identity verification associated with digital attributes, streamlining KYC and AML compliance and guaranteeing GDPR, CPA, CCPA, and user data compliance across jurisdictions.
ARAX's CEO, Michael Loubser, further mentioned that "ARAX’s revolutionary approach to digital asset management and identity verification is set to transform the digital landscape. The launch of Ping Exchange is a testament to ARAX's commitment to spearheading innovation in the commercialization of the decentralized blockchain industry into everyday life."
The Ping Exchange, a hybrid exchange software built by ARAX and its affiliate Core Business Holdings using Core Blockchain technology, was launched on December 31, 2023, at 7.15 pm Central European Time. For more details and to stay updated on the latest news from ARAX Holdings Corp., please visit https://arax.cc.
About ARAX Holdings Corp.
ARAX Holdings Corp. is a leader in the Software-as-a-Service industry of blockchain-based digital asset management. The company is dedicated to revolutionizing the way we manage and authenticate digital assets. With a focus on security, transparency, and efficiency, ARAX consistently delivers innovative solutions in the realm of digital asset management.
For media inquiries, please contact:
Email Address: press@arax.cc
Not gone and they didn't give up.
12K at $1.75.
The seller is back - 12K at $1.75.
“The Ping Exchange, with its seamless integration with the CorePass Digital Identity platform, is a game-changer that marks the dawn of a new era in the FinTech and asset management industry.” Michael Loubser, CEO of ARAX
https://medium.com/@AraxCorp/arax-launches-ping-exchange-a-milestone-in-digital-asset-management-and-identity-aml-5d1f0c896a5f
Hopefully once the dust settles with Ping Exchange we will get some good PR from Core. The disclosure of use cases should be the catalyst.
Probably just hidden I guess, haven't watched it closely though which MM it had originally. Too bad there is right about zero buying interest otherwise we would see if it's still there.
Looks like the wall is finally gone or the investor gave up
They will wish they bought ARAX Holdings at $1.65. I’ve loaded up.
Looks like exactly zero people care about that launch. Amazing actually.
Ping Exchange debuts with unique CorePass ID authentication and native crypto trading
The first Core Blockchain exchange launches offering immediate withdrawals and deposits for its native XCB and CTN currencies.
Liam 'Akiba' Wright
Jan. 2, 2024 at 11:45 am UTC
2 min read
Updated: January 2, 2024 at 10:37 am
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Ping Exchange debuts with unique CorePass ID authentication and native crypto trading
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ping Exchange has initiated trading operations, marking a significant evolution for Core Blockchain following the simultaneous launch of CorePass ID for user authentication.
A new entrant in the crypto trading landscape, Ping Exchange recently commenced trading on Jan. 1 with a unique feature: the integration of CorePass ID for user authentication. This system leverages the Core Blockchain ecosystem, offering users a decentralized digital identity for secure and efficient trading. It fundamentally alters the login process, eliminating traditional methods like two-factor authentication (2FA) in favor of a blockchain-secured identity, transforming user experience with rapid, passwordless access.
Per the exchange’s blog, CorePass ID facilitates swift market access and enhances security, with personal information protected on the blockchain as an identity NFT. This innovative approach extends to its built-in HD wallet, simplifying transactions with immediate withdrawals and deposits of XCB and CTN, the exchange’s native cryptocurrencies.
In addition to its novel login system, Ping Exchange distinguishes itself with a “cutting-edge compliance platform.” Developed in collaboration with CorePass and Core Blockchain, it offers a user-friendly interface for KYC, AML, PEP, and sanctioned user management. This system adapts to various local and international regulations, ensuring it remains compliant in a dynamic regulatory environment.
As reported, Ping Exchange features trading in popular cryptocurrencies like BTC, ETH, LTC, and USDC, along with its native XCB and CTN. The platform also introduces a tiered system for users, with different tiers offering varying withdrawal limits and privileges based on the level of user verification and financial background.
Users of CorePass ID can use CTN tokens to purchase verification vouchers, which are then assigned to their wallets. Once verified, users are then redeemed in CTN tokens by applications such as Ping Exchange when data is requested for user registration, KYC, and AML purposes. The process means that users retain ownership over their data and are rewarded for sharing information with third parties rather than having to give away data for free as seen commonly in web2 applications.
A notable aspect of Ping Exchange is its distinction as the first platform to trade XCB and CTN. Core Coin (XCB) is noteworthy for its eco-friendly Proof-of-Work algorithm and high transaction speeds, positioning it as a sustainable alternative in the crypto space. On the other hand, Core Token (CTN) serves as a utility token within the Core ecosystem, facilitating transactions and data exchanges across services. These cryptocurrencies are available in various trading pairs, including ETH, BTC, LTC, and USDC
➡️ https://cryptoslate.com/ping-exchange-debuts-with-unique-corepass-id-authentication-and-native-crypto-trading/
🔵🔄A new version of the CorePass ID App 1.21.0 (808) has been rolled out to Google and iOS Stores!
🌍 Exciting News! 🌏
We're thrilled to announce that our platform is now supporting ID and passport verification for users with non-Latin and Japanese documents. 🎉
🟢Trade now XCB on https://ping.exchange !!
🚀Market pairs:
XCB/CTN
XCB/BTC
XCB/ETH
XCB/LTC
XCB/USDC
Can’t wait to watch PR/Marketing machine to turn on!
SO HUGE!!! https://ping.exchange/
🔵🚀Dive into the world of crypto with Ping Exchange - where empowerment meets innovation. Discover seamless login with CorePass ID, cutting-edge compliance, and trade the world's first XCB and CTN.
Your journey to elevated trading starts now at https://ping.exchange/
➡️
📲👤Introducing CorePass: YOUR digital identity under YOUR control! Empower yourself with secure, user-first identity management. Reclaim control of your personal data, manage documents, and enjoy a QR-based login to all Core Ecosystem platforms, and more!
CORE AND PING ARE LIVE!!!
🎉🔔 We're ringing at the end of the year with a spectacular release – CorePass and Ping Exchange are finally here!
ore Blockchain Future, Genesis Allocation, and the Evolution of DAO Structures
Category: DAO ? December 29, 2023 ? 9 min read
Core Foundation
Charting the Future
In the spirit of transparency pivotal for any blockchain technology, it is of utmost importance to be familiar with the genesis block and where the assets sprouting from it are allocated.
In this article, we will shed some light on the initial allocation of Core Coin (XCB) from the genesis allocation into the DAO structures of the CORE FOUNDATION and elaborate on what the road holds for the future of Core Blockchain ahead.
The Importance of a Genesis Block
The genesis block holds a pivotal role in the architecture of a blockchain, serving as the foundational block from which all subsequent blocks are linked. Its significance extends beyond the technical aspects of blockchain development to impact the perception and market dynamics of the associated cryptocurrency.
Firstly, the genesis block establishes the initial conditions of a blockchain, defining parameters such as the initial distribution of coins and any fundamental rules governing the network. This inherent design influences the overall supply and demand dynamics of the cryptocurrency. For instance, if a substantial portion of the cryptocurrency is minted at the moment of inception, it may affect market perceptions of fairness and decentralization, influencing investor sentiment and trust.
Moreover, the transparency and integrity of the genesis block play a crucial role in fostering trust among users and investors. A well-documented and openly accessible genesis block can enhance the credibility of the cryptocurrency project, while any controversies or doubts surrounding its creation may erode confidence and impact market prices.
In the context of market prices, the genesis block indirectly influences investor sentiment and market trends. Positive perceptions of a fair and decentralized genesis block may attract more participants, driving demand and subsequently affecting prices.
In summary, the genesis block is not only a technical starting point for a blockchain but also a symbol of the cryptocurrency's integrity and fairness. Its design and transparency can influence investor trust and sentiment, thereby affecting the market dynamics and prices of the cryptocurrency.
The Genesis Allocation of Core Coin (XCB)
The genesis allocation of Core Blockchain was minted on 6.5.2022 at 10:34 UTC. The assets originating from this allocation have been distributed to the following wallets in the following quantities:
cb062b0d7e13b47c40350d2bb77940084737deaab755 - 108,000,000 XCB
cb9485e8523dffd750102cd03c228768e30028d8f503 - 69,000,000 XCB
cb357d2b2a6c1d6f4169f3b618f953ea9e2371a9d8b2 - 30,000,000 XCB
cb89e8496e3aab9b4dee805c92c5db86053780c013eb - 30,000,000 XCB
cb9516eb8a65b760d9d626ebdc33c222fe6b5e8b70e0 - 30,000,000 XCB
cb555aa34251ab3437359b0ca65fdd55f6758558aca1 - 27,000,000 XCB
cb930433682e5cd726d9f6069f08c5be2fc6460baff4 - 6,000,000 XCB
The code that allows you to explore the genesis allocation on Mainnet can be found in the go-core repository on GitHub here.
The encoded list of wallets is available at this link in the go-core repository on GitHub.
You can find the script describing the steps to decode and verify the wallets here.
With 20 months of XCB transpiring since the release of the Core Blockchain in May 2022 and more than 34 million XCB mined, the Genesis allocation appeared to manifest itself as the ideal alternative for underwriting stable token/coin networks, secured DeFI and blockchain-based TradeFi projects, as well as liquidity staking under a DAO-controlled platform, all to the benefit of the Core Blockchain community, given the significant strides Core Blockchain has made in attracting large miner interest in XCB.
Ultimately, the Core Genesis Allocation of Core Blockchain turned out to be a significant milestone in the journey of blockchain technology, especially in the context of real-world asset tokenization underwriting and secure liquidity. As the initial foundation of the Core Blockchain network, the Core Genesis Allocation not only symbolizes the network's inception but also serves as a testament to its innovative and pioneering role in the blockchain arena.
This initial block, which will be managed within a Decentralised Autonomous Organisation (DAO) network, embodies the collaborative spirit and active participation of the Core Community, ensuring that the network remains transparent, secure, and truly decentralized.
Core Blockchain's commitment to real-world asset tokenization is not just a fleeting ambition. By 2035, the market for such tokenization is expected to reach a staggering US$6 billion. Core Blockchain is strategically positioned to be at the forefront of this revolution. The network is designed to maintain full transparency and secure coin value, leveraging the decentralized nature of the blockchain. This approach should not only foster trust among its users but also underpin the security, stability, and reliability of the network.
The significance of the Core Genesis Allocation goes beyond its role as the first block in the chain. It serves multiple critical functions, including:
Initializing the Network: The Core Genesis Allocation was intended to be the starting point of the Core Blockchain, containing essential data that sets the parameters for subsequent blocks. It is now the cornerstone that supports the structure of the blockchain to be able, under its DAO network, to enter real-world asset tokenization within any of the Core Blockchain's competitors.
Ensuring Consensus: In blockchain technology, consensus is vital. The Core Genesis Allocation helps establish a common ground for all participants, agreeing on the original state and rules of the network protocols in the Core DAO Network.
Transparency and Network Security: Its presence guarantees the traceability and validation of all following blocks, safeguarding the network's integrity against malicious activities (hence the last-minute announcement of the Core Genesis Allocation).
Setting the Block Price: Unique to the Core Genesis Allocation, this feature incentivizes miners to contribute to the network's security and stability right from the outset of the starting price of CHF 1.00.
Pioneering Significance: Beyond its technical role, the Core Genesis Allocation is a symbol of Core Blockchain’s revolutionary approach in a new era of decentralized, peer-to-peer technology that promises to reshape an inclusive society and economy.
In summary, the Core Genesis Allocation of the Core Blockchain is more than just the first block in a blockchain. It's the embodiment of the network's principles, a beacon of decentralization, and a catalyst for innovation in asset tokenization. Its management through a DAO network, under the guidance of the CORE FOUNDATION and its founders, underscores a commitment to transparency, security, and community participation, key elements that will drive the network's growth and influence in the years to come.
Core’s first strategic funding plan
The CORE FOUNDATION's management recently approved a strategic liquidity funding plan to enhance the capabilities of the Core Ecosystem, particularly focusing on CorePass and Ping Exchange, two use cases that are going live in the Core Ecosystem. The funding is allocated as follows:
Initial CorePass Wallet Funding: This step involves injecting funds into CorePass wallets, ensuring that users have access to XCB for purchases. It's a foundational move to kickstart user transactions within the ecosystem as well as place liquidity in the hands of users.
CorePass Transaction Fee Funding: A portion of the funds is earmarked for CorePass to cover transaction fees. These fees are crucial for fingerprinting data into the blockchain, especially during KYC (Know Your Customer) processes or other verification procedures initiated by users. It ensures the smooth processing of these essential security measures.
Ping Exchange Wallet Funding: This involves allocating funds to Ping Exchange wallets, specifically to cover transaction fees. These fees are used to compensate users who share their data, fostering a mutually beneficial relationship between the platform and its users.
The amounts transferred to the various wallets within CorePass and Ping Exchange were carefully calculated based on projected user activity. This precision in planning underscores the Foundation's commitment to a balanced and sustainable ecosystem. The liquidity funding, while temporary, is expected to catalyze the ecosystem's operations and will eventually be returned to the original funding wallet, ensuring a cycle of efficient fund utilization and replenishment within the Core Ecosystem.
CORE FOUNDATION and DAO Structure
Exciting times lie ahead as the Core Coin (XCB) prepares to make its debut in the market, poised to accrue value and engage in active trading. In light of this significant milestone, it is with genuine enthusiasm that we unveil the trajectory of the Core Blockchain after the release of CorePass and Ping Exchange, outlining the itinerary of our journey as we venture into this dynamic landscape.
As we embark on this venture, we are not only introducing a cryptocurrency but ushering in a new era of decentralized possibilities.
Similarly, we are proud to shed light on the DAO (Decentralized Autonomous Organization) structures that will underpin the Core Blockchain. These structures symbolize our dedication to fostering a democratic and community-driven ecosystem, empowering users to actively participate in the decision-making processes that shape the evolution of Core Coin.
This introduction is not just a mere formality; it is a sincere invitation to join us on this transformative journey. The Core Coin's foray into the market is not just a transaction; it's a testament to our shared vision for a decentralized future.
Core DAO Network
The basic structure of the CORE FOUNDATION as a Decentralized Autonomous Organization consists of:
CORE FOUNDATION
Core DAO Network
SubDAOs
The projects underwritten by the genesis allocation assets shall always adhere to full transparency and be decided by the community’s vote.
The founders do not possess the right to move the assets of the Core Blockchain Genesis Allocation freely but rather be guided by the community’s needs and appointed foundation advisors. Therefore, these Genesis Allocation coins will not find their way into the regular XCB circulation. In the event of any of such coins being allocated, the rules will always ensure the return of the funds into the always transparently available Genesis Allocated Wallet.
After the release of CorePass and Ping Exchange, the founders will be able to release a new CORE FOUNDATION and Core DAO Network website in Q1 2024, where community members will be able to apply for memberships.
Furthermore, the websites will define all the rules and guidelines, as well as the Terms and Conditions.
Year-End Statistics
In conclusion, let’s look at the latest Core Blockchain statistics, as of 29 December 2023, the time of writing. The most notable stats entail:
Blockchain Height: 7,278,574
XCB Mined: 34,397,992
Network Difficulty: 338.84?Mh/s
Network Hashrate:44.54?Mh/s
To the new year, we would like to wish Core Blockchain many more blocks and a steadily rising popularity. The network was built for the people, relying on full transparency.
Happy New Year, Core Nation!
🔄Our recent article just got a major update with Core's first-ever strategic funding plan!
https://blog.coreblockchain.net/genesis-allocation-dao/#cores-first-strategic-funding-plan
Great timing!
They filled me some 1.07 peanuts today....unreal lol.
🟢In this article, we will shed some light on the initial allocation of Core Coin (XCB) from the genesis allocation into the DAO structures of the CORE FOUNDATION and elaborate on what the road holds for the future of Core Blockchain ahead.
https://blog.coreblockchain.net/genesis-allocation-dao
Market Makers End of month shake out.. Fake walls to scare the weak... Always at year end.. Yes the will regret it... New Year days away expect to see $ARAT 5.00-10.00 with big updates coming.
They won’t forget that rookie mistake for many years to come.
👤To ensure your CorePass can be used internationally, we highly recommend an official translation of all your submitted documents (if non-Latin) to enhance your reach.↗️🌐
CorePass
https://t.me/codetechcc/956
🌍 The world stands still in the hush of anticipation, a cosmic breath before the grand revelation of $XCB and $CTN! ⏳
— Core Nation (@CoreNationXCB) December 27, 2023
✨ Brace for impact as we embark on a journey that will reshape the very fabric of our existence. 🚀🌌 #CoreCoin #CoreToken #CoreNation #Crypto pic.twitter.com/ATsySohSnD
Couldn't agree more!!!
Someone is going to be upset for selling shares at $1.38 since the launch is days away.
Merry Christmas!!!!!!
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Case A-20-825346-B in the
Eighth Judicial District Court Portal
https://www.clarkcountycourts.us/Portal/
11/24/2020
Motion for Appointment of Custodian
12/30/2020
Order 201230 - ARAX Order Appointing Custodian
Parties Present 9:30 AM: Chasey, Peter L. - Attorney (Lazar's Attorney)
Minutes: All appearances made via the BlueJeans Videoconferencing Application. Colloquy regarding typographical error in pleadings that changed "ARAX" to "ARAT". Court stated its findings and ORDERED, Motion for Appointment of Custodian GRANTED. Mr. Chasey to prepare the order and clarify the typographical error.1/11/2021
Motion for Order
Motion to Require Written Proofs of Claim
01/12/2021
Clerk's Notice of Hearing
Clerks Notice of Hearing
01/13/2021
Certificate of Service
Certificate of Service
02/18/2021
Motion (9:30 AM) (Judicial Officer Allf, Nancy)
Motion to Require Written Proofs of Claim
There being no opposition, Motion Granted
03/23/2021
Affidavit of Publication
Filed by Scott Sibley, Publisher of Nevada Legal News
03/31/2021
Motion for Order
Motion to Bar Unasserted Claims and Terminate Custodianship
03/31/2021
Clerk's Notice of Hearing
"Please be advised that the Motion to Bar Unasserted Claims and Terminate above-entitled matter is set for hearing as follows
Date: May 5, 2021
Time: 9:00 AM"
Location: RJC Courtroom ...."04/20/2021
Status CheckJudicial Officer
Allf, NancyHearing Time
3:00 AMComment
wirtten proofs of claiim (that is how the clerk wrote that sentence)
Journal Entry
"Court further finds after review that on March 31, 2021 a motion to bar unasserted claims and Terminate Custodianship was filed. The motion stated that the Custodian served Notice of Entry of Order via publication, which was completed on March 23, 2021. The Motion also stated that no proofs of claim have been filed or otherwise submitted to the Custodian."
05/05/2021
MotionJudicial Officer
Allf, NancyHearing Time
9:00 AMComment
Motion to Bar Unasserted Claims and Terminate Custodianship
05/05/2021 Order
Order barring unasserted claims and terminating custodianship.
“Pursuant to a revision to a certain Consulting Agreement dated October 8, 2013, between Thru Pharma and Strategic Universal Advisors, LLC (“Strategic”), as amended effective January 17, 2014, on or about February 9, 2015, and most recently on October 20, 2015, with full effect as of April 1, 2015 (the “Consulting Agreement”), Thru Pharma and Strategic agreed that the intent of the Consulting Agreement ab initio was to provide Strategic with a 3% equity ownership of Thru Pharma in the event that a PUBCO M&A transaction did not occur prior to the end of the Consulting Agreement. Thru Pharma and Strategic agreed and stipulated that 753,504 shares of the Company would equal 3% of Thru Pharma as the equity payment under the Consulting Agreement, with transfer subject to the further provisions stated below. As Thru Pharma was the sole beneficiary of the services provided by Strategic under the Consulting Agreement, no part of the value of the consideration for services provided under the Consulting Agreement has been recognized as an expense by the Company.
In connection with earlier amendments to the Consulting Agreement, Strategic granted to Mr. Keough, a control person of the Company and Thru Pharma, an irrevocable proxy (the “Irrevocable Proxy”), to vote all of the common stock in the Company under certain conditions. That proxy no longer exists under the terms of the most recent amendment.
As part of the currently amended Consulting Agreement, Thru Pharma agreed to transfer 753,504 Company shares to Strategic upon the closing of a merger or acquisition (an “M&A Transaction”) of a public entity, resulting in Thru Pharma being the controlling owner of the entity that was the subject of the M&A Transaction, and Thru Pharma would cause such entity to also issue to Strategic a stock warrant to purchase 600,000 (six hundred thousand) shares of common stock of the entity that was the subject of the M&A Transaction. Such warrant will be of five-year duration, exercisable at $0.10 per share, and shall vest in four equal amounts of 150,000 shares with the first annual vesting to occur 60 (sixty) days following the completion of the PUBCO M&A Transaction, as well as other routine terms.”
“Effective July 1, 2015, Arax and Catalyst Funding, LLC, entered into an Original Issue Discount Revolving Secured Convertible Promissory Note (the “Catalyst Note”) and a Securities Purchase Agreement (the “Catalyst SPA”). The transaction is secured by a grant of security interest to 100% of the Company stock held by or for Thru Pharma. The Catalyst Note and Catalyst SPA are intended to facilitate funding essential work relating to reporting and accounting costs. The total available funds are $200,000, and the Company has only drawn $75,000, and for which the Company is obligor. A Commitment Fee of Company stock in the amount of 35,294 shares was authorized for issue to Catalyst as part of the transaction recorded as an initial debt discount of $14,118. In the event that the Company is unable to timely make payments under this Agreement, Catalyst has the option of gaining control of the Thru Pharma shares in the Company.
On March 1, 2017, the Company’s majority shareholder, Thru Pharma LLC entered into a merger agreement with Kasten, Inc., a Nevada corporation (“Kasten”), whereby Kasten was the surviving corporation. As part of the merger agreement, the shares in the Company held by Thru Pharma were withheld from the agreement and the Company was no longer identified as a subsidiary of Thru Pharma thereby effectively spinning out the Company and excluding it from the surviving entity. Kasten has been identified as party to and co-guarantor of the Catalyst note. The Company is in the process of settling the note with Catalyst whereby funds used to satisfy the note are being provided by its Chief Executive Officer, Steven J. Keough whereas Mr. Keough will be effectively purchasing the 8,000,000 common shares in the Company and the Arax Holdings Corp receivable (listed on the books of the Company as a related party payable in the amount of $211,149 for the nine months ended July 31, 2016) in exchange for extinguishing the note. The 8,000,000 shares are currently collateralizing the Catalyst loan. Upon satisfaction of the note, the Company’s related party payable will be due to Mr. Keough, and he will become the majority shareholder in the Company.
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