BOULDER CITY, Nev., Sept. 23, 2019
BOULDER CITY, Nev., Oct. 25, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – George Sharp, President of Guard Dog, Inc. (PINKSHEETS: GRDO) announced today that the company’s securities counsel is continuing to work with Nevada’s office of the Secretary of State to unwind and correct past corporate actions, which if left as is would have made it impossible for the corporation to move forward with its plans. As a result of these past corporate actions, some going back as far as when the corporation was formed, the more recent actions initiated by current management also had to be unwound. Shareholders may notice a series of temporary changes to the number of authorized and outstanding shares, but once the required and proper corporate actions have been completed, these numbers will return to their expected state and the company will resume its application to FINRA for a name change and one for eight reverse split. Management expects all of this to be completed at some time during November.
The company’s Starsona investment remains in the company’s plans and a Definitive Agreement is expected to be executed once the company’s corporate structure and capitalization has been finalized.
NOTE 5 – CONVERTIBLE PROMISSORY NOTES The Company entered into promissory notes as follows as of June 30, 2020 and December 31, 2019: Principal Accrued Interest Principal Accrued Interest August through September 2019 $300,000 Notes convertible into common stock at $0.0032 per share, 15% interest, due one year from issuance (August through September 2020) with issuance of 46,875,000 warrants with a term of three-years and an exercise price of $0.0064 per share $ 300,000 $ 37,336 $ 300,000 14,959 Total Convertible Notes Payable, Net $ 300,000 $ 37,336 $ 300,000 $ 14,959 Less: Debt Discount (22,321) - (85,396) - $ 277,679 $ 37,336 $ 214,604 $ 14,959 Interest expense for the six months ended June 30, 2020 amounted to $22,377 and accrued at June 30, 2020 was $37,356. Amortization of the debt discount for the six months ended June 30, 2020 was $63,075.
Dubbed the LifeAir G1, Sapi said the emergency ventilator was initially designed to be sold for about $1,000 U.S., making it more affordable for poor and remote hospitals and clinics in the developing world.
The business group recently received $150,000 in funding from an American seed money startup accelerator called Y Combinator, which Sapi said has helped finalize the prototype and get the emergency ventilator closer to Health Canada for possible certification.
Sapi said the group is about three to four weeks away from having its prototype tested to World Health Organization (WHO) parameters. He said the finalized design is now with Health Canada for certification.
FORW recently secured exclusive US distribution rights to LifeAir, a patent pending, non-invasive ventilator currently under development by Ligand Innovation Global, a Canadian corporation. A newer iteration of the LifeAir ventilator is currently being engineered for a summer 2020 submission to the US Food and Drug Administration (“FDA”) and Canada Health in the hopes of obtaining fast track approval. In June the Company filed its application to raise up to $15 million under Regulation A+. More recently FORW received funding commitments of $500,000 of an anticipated total of $1.3 million in financing and will itself fund Ligand Global Innovation’s development of its latest prototype of the LifeAir G1 Portable Ventilator.