Sunniva Inc (SNNVF)

[PotterBanker]

bwahahahahahaha, what a joke.

https://www.newswire.ca/news-releases/sunniva-inc-enters-into-agreement-of-acknowledgement-of-debt-with-matrix-venture-capital-management-inc-in-exchange-for-a-deferral-of-hearing-date-for-the-previously-filed-notice-of-motion-seeking-bankruptcy-order-857664119.html

like they're going to come with 6 milly anytime soon.

[xgin]

https://www.sunniva.com/newsroom/detail/113/sunniva-inc-enters-into-agreement-of-acknowledgement-of

[Whatsup23]

Look up Gary Herick. Fraud

[PotterBanker]

https://www.newswire.ca/news-releases/sunniva-inc-announces-agreement-to-sell-its-okanagan-falls-property-for-ca-6-800-000-879499516.html

something they should have done before they bought it, lol.

[Whatsup23]

Gary Herick is a thief. Just Google his name and Fraud and lawsuit. That’s why

[PotterBanker]

https://www.newswire.ca/news-releases/sunniva-announces-filing-of-notice-of-claim-with-respect-to-supply-agreement-of-sunniva-medical-inc--839058971.html

they can't even go broke without messing it up somehow....pos

[xgin]

Honestly I never thought the deal was going to go through because if I remember correctly it was a stock deal from an iffy company. May not have that right though.

[PotterBanker]

https://www.newswire.ca/news-releases/sunniva-inc-announces-termination-of-sale-agreement-with-respect-to-previously-announced-sale-of-its-okanagan-falls-property-890430501.html

Oh, now the buyer doesn't want it.... I doubt they ever really did.

scam.

[xgin]

Well said and me too. I understand SNNVF doesn't own it so... It seems like a valuable asset, but with the Covid nobody has money to throw around.

[PotterBanker]

"But they could have been a contender!"

You know, that's what was so frustrating with this one. They had everything going for them imaginable, except competent management.

They bit off way more than they could chew, failed to recognize/admit and correct their mismanagement in a timely manner, and then doubled down on aspects of the business that were losing money instead of focusing on getting the grow revenue rolling.

Then after it's way too late they try to sell assets to keep from going under, but only after they'd run them into the ground.

Hell, Sean manbun Dollinger of Namaste fame could have done a better job as ceo.

pathetic.

I would still like to know who's going to end up with the glass house in cathedral city ?

[xgin]

Thanks for all the links in one place. "But they could have been a contender!"

[PotterBanker]

Who's going to end up with the big glass house?

I wouldn't mind renting a little space there, lol.

total losers:

https://www.newswire.ca/news-releases/sunniva-inc-announces-reversal-of-transaction-agreement-for-previously-acquired-cannabis-licences-and-ceasing-of-operations-of-its-distribution-and-extraction-facilities-in-california-890678750.html

https://www.newswire.ca/news-releases/sunniva-inc-reports-on-status-of-filing-of-annual-financial-statements-and-notice-of-default-853293655.html

https://www.newswire.ca/news-releases/sunniva-inc-reports-cease-trade-order-issued-by-the-british-columbia-and-ontario-securities-commissions-858831990.html

https://www.newswire.ca/news-releases/iiroc-trading-halt-snn-807623386.html

https://cto-iov.csa-acvm.ca/ArticleFile.asp?Instance=101&ID=B71E1530350B4A2496D943DF88075DF2

[xgin]

It's over. https://www.otcmarkets.com/stock/SNNVF/news?id=265603

[PotterBanker]

https://www.prnewswire.com/news-releases/sunniva-inc-announces-termination-of-previously-announced-sale-of-sunniva-medical-inc-to-cannapharmarx-inc-and-agreement-to-sell-its-okanagan-falls-property-for-ca9-000-000--301071750.html

[PotterBanker]

https://www.sedar.com/GetFile.do?lang=EN&docClass=14&issuerNo=00040326&issuerType=03&projectNo=03060721&docId=4727712

https://www.sedar.com/GetFile.do?lang=EN&docClass=14&issuerNo=00040326&issuerType=03&projectNo=03060725&docId=4727719

[PotterBanker]

https://www.sunniva.com/newsroom/detail/103/sunniva-responds-to-filing-of-notice-of-motion-by-matrix

I still have a few shares of this crap to dump at the end of the year. lol

losers

[PotterBanker]

https://www.prnewswire.com/news-releases/sunniva-inc-responds-to-filing-of-court-petition-with-respect-to-its-okanagan-falls-property-301055601.html

[PotterBanker]

https://www.prnewswire.com/news-releases/sunniva-inc-provides-update-on-annual-filings-staff-reductions-and-status-of-previously-announced-sale-of-sunniva-medical-inc-301048023.html

[blindsquirl]

Who loans money to these clowns? How many hundreds of millions did they burn and what do they have to show for it? Morons.

[Ah20]

anyone hazard a best case scenario for this thing?

I would also like to say a big f^ck you to Ted Ohashi...

[PotterBanker]

buy 10, sell 15

[nowwhat2]

Hey !......Down 29 % ? (today ?)




Man.....Now THAT'S what I'd describe as being a genuine a MOVER !

[dawood]

Don’t going so. There’s barely and volume.

[PSully]

Short term loans, might as well sink in as much debt as possible.

[PotterBanker]

https://www.prnewswire.com/news-releases/sunniva-inc-provides-update-on-current-liquidity-position-and-announces-the-resignation-of-a-board-member-301008046.html

[PotterBanker]

yeah, but now she's pushin 20 cents !

the best price action this thing's seen in a while.

is it possible to rotate enough shares down here in the dimes to make up for higher priced losses?

[dawood]

She’s pushing a dime gents.

[PSully]

What a mess! The city should bull doze this fiasco.

[PotterBanker]

[PotterBanker]

I think they will get real quiet now until they:

a. get a result from the lawsuit.
b. get evicted from the property.
c. annual fins come out again by 4/30

If they get evicted they will still have what's left of the other parts of the business, but as far as I can tell, that was operating at a loss to gain/hold market share on their retail products until they had their own product source (the big grow) going.

It all seems to hinge on the big grow becoming operational and should have been operational over a year ago.

I'm sure your guess is at least as good as mine.

In hindsight (which should have been foresight for insiders), they bit off way more than they could ever chew with two construction projects at once, with not enough funds to finish even one of them.

Trying to operate more than one ancillary loser business before they had enough revenue/funds to cover the base costs of completing construction.

$10 ipo that could only go down from there, turning off investors and becoming a weed market laughing stock further limiting investment when they really needed it.

Taking 2 years to fail to complete a 1 year construction project and not reigning in expenses until it was way too late (especially on a build to suit lease project).

I could have done better... seriously. Anyone with much managing experience at all could have done better.

These guys get a pocket full of other people's money and it effects their thinking in all the wrong ways.

I bet even these fools wish they could go back and slap themselves now.

story of ineptitude:
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00040326

shame shame shame on you sunniva management.

[ROCKHard]

What about operations and their other property?
Do you think they have both the desire and capability to continue this business and not further sucker shareholders, or is it going belly-up?

[PSully]

Dr. clown has to be one of the crooks. Sunniva got hit with a notice of termination for its lease of the property in November by Sunniva Production Campus LLC, the entity created by real estate firm Barker Pacific to handle construction, saying Sunniva was in violation of its lease for default of payment and failing to obtain business licenses.

[PotterBanker]

Had been buying and selling back when it was in the $2-$4 range. Dumped half of what I had around $4. Dumped most of the rest around $2 on the way down. Still sitting on the rest, now at about -90% on those shares.

It's worth so little now, I figured I'd keep it to line my coffin with some day, lol.

I don't think I would have held it at all except that they were a real deal selling product with a huge grow being built that was almost done.

I never would have predicted the complete and utter incompetency that we've witnessed here. To "manage" what they had going into a total shambles ending up with nothing but a lawsuit... hard to believe.

[dawood]

Have u cut loses yet? I’m thinking of setting it at .20 and taking a 90% loss. It’s gonna hurt.

[dawood]

That’s not bad dude. I got 7500 of these lemons at 2.05. I’m going down with the ship.

[Ah20]

Wow. This wild west cannabis space is about as risky as a scam cryptocurrency. I thought my buy in at $2.40 was good, then I thought it was bad, then I realized the IPO was for like $8 or so...Funny, I had Aurora since late 2016 at $1.40, it went to $12 a couple times, now it's at 2 bucks or something with 2B shares like a penny stock. I sold at $6.50 or so to get into DPWW (Diego Pellicer) and they are printing paper like they are the Federal Reserve.

This one guy was on this crypto forum and said something like:
"why didn't i sell when it was $2? now it's 2 cents FML"
and this other guy said:
"I sold at $2 and put it in two other plays and those then went down 98%, cheer up!"

Funny how when Canna was illegal someone had to know someone or something about growing, shipping, processing...one had to bring real value to the scene. Now, with everything coming on the up and up, the people that bring little value to the equation, general middlemen, administrators, PR bullsh!tters, etc. are all gathered around sucking Mom and Pop's blood.

I'm not saying wall street is a nice place to be a good person, but scumbags from all over the world came to N. America to scam people over hemp, fake companies and all manner of BS. These guys had something going but just fumbled it like 8 times? WTF? Thanks Ted Ohashi! That's why Ted doesn't invest in what he plugs...

I should have put it all on Curaleaf that fated day, but, alas, bought 300 here and 108 there instead...Sorry to all who have lost so much...I empathize...

[PotterBanker]

will all of that saleable product they have on the shelf be made available at the bankruptcy auction?

[PotterBanker]

so they close one gaping bleeding wound of a subsidiary just to save the titanic after it's already half sunk.

These guys are genius. So smart... we just don't understand.

If the distributorship was a loser sucking up money, why didn't they pull the cord much earlier when they knew they were having trouble completing the grow.

How convenient to close the sales outlet now so they can't sell the $33m they supposedly have in saleable assets (product).

[xgin]

Ceasing operations: https://www.sunniva.com/newsroom/detail/97/sunniva-inc-announces-ceasing-operations-of-full-scale

[PotterBanker]

I get the feeling shareholders will be scraped off when the owner sells/leases the building to another company.

Any serious grow company would pick it up in a heartbeat compared to building from scratch at this point.

The ceo says they put $20m shareholder money into building improvements/modifications, but according to the last Q they're claiming $60m in property/plant/equipment...

Is it time for a real audit?

they're claiming $33m in assets held for sale. So sell those assets already and pay the fucking rent!

Is it time for a real audit?

$76m in current liabilities including $22m in convertible debenture financing and $17m in lease liabilities. If they weren't paying the rent, where did all the money go?

Is it time for a real audit?

$93m in shareholder deficit with a current market cap of $9.5m
where did all the money go?

Yes, it's time for a real audit.

And,

Time to call these guys----->

https://www.sedar.com/GetFile.do?lang=EN&docClass=5&issuerNo=00040326&issuerType=03&projectNo=02991733&docId=4629783

[dawood]

I hate the feeling that this bohemath will end up being a incomplete building shell in the desert. I’m done around 10k by the wsy

[drew5]

They screwed many. Thanks for the share and Good luck in your investments you have some good ones

[Liontime]

I drove past the site today around 2pm. Building looks completed from the outside. The parking lot was completely empty.

[xgin]

FWIW, I got this response back from IR. I am no longer in SNNVF
Hi Mr. XXXXXX,

My apologies for the delay on this response, I completely missed it last week (I was in Cathedral City at the time).

The comment is correct in that the Sunniva Production Campus (the entity which Barker Pacific Group is part owner of) is the owner of the building.

As per our previous disclosure, we have invested about $23M into this facility, for certain components of the building.

Rob


Rob Knowles
Office: 587-430-0680
Mobile: [phone]

[JohnCM]

A good example of when RSI(14) does not work.

[PotterBanker]

$16. to $0.12

[JohnCM]

4.30 to 0.12 wowza.

[greenwillow]

CP Logistics, LLC Files Motion To Compel Arbitration In Dispute With Sunniva Production Campus, LLC and Announces The Resignation Of A Board Member

https://www.sunniva.com/newsroom/detail/96/cp-logistics-llc-files-motion-to-compel-arbitration-in

VANCOUVER, British Columbia, Jan. 14, 2020 /CNW/ -- Sunniva Inc. ("Sunniva" or the "Company") (CSE:SNN) (OTCQB:SNNVF), announces that its wholly owned subsidiary, CP Logistics, LLC ("CPL"), has filed a Motion to Compel Arbitration ("Motion") in California Superior Court for the County of Los Angeles (the "Court"), seeking to compel Sunniva Production Campus, LLC ("SPCL") to arbitrate its claim that CPL breached the payment terms of an Amended and Restated Promissory Note dated August 11, 2019 (the "Note") and to stay the Court action SPCL commenced on December 11, 2019 with respect to the Note. Through the filing of the Motion, CPL has asked the Court to restrain SPCL from attempting to avoid the Arbitration process. The hearing on the Motion is currently set for May 28, 2020.

(PRNewsfoto/Sunniva Inc.)

The Company also is continuing to assert its rights under the build to suit lease agreement dated October 20, 2017, (the "Lease") with SPCL for the construction of the Sunniva California Campus in Cathedral City, California. On December 23, 2019, the Company submitted a Demand for Arbitration and Notice of Claims with JAMS, the world's largest private alternative dispute resolution provider, to initiate the arbitration process pursuant to the dispute resolution provisions of the Lease agreement for the property located at 69375 Ramon Road, Cathedral City, California. SPCL is an independent entity related to Barker Pacific Group, Inc.

In addition, Todd Patrick, a board director, has resigned from the Sunniva Board of Directors effective January 13, 2020.

"On behalf of our board of directors, I thank Todd for his service and contributions to Sunniva and wish him well in all his future endeavors," stated Dr. Anthony Holler, Chairman & CEO of Sunniva Inc.

For more information about the Company please visit: www.sunniva.com.

[xgin]

The way I read this Sunniva still owns it though. Seems like Baker could put a lean on it, but I don't have any training in this:

Is the lessee the accounting owner?Under current US GAAP, a lessee involved in the construction or design of an asset before lease commencement is the accounting owner during the construction period if it either:[840-40-55-2 – 55-16]takes on substantially all of the construction-period risks, determined through a ‘maximum guarantee test’; orengages in one or more specifically prohibited activities, such as directly funding construction costs, making in-substance equity investments in the project, providing prohibited indemnifications, or taking title to the asset or land on which the asset is built.A lessee who is the accounting owner of a construction project recognizes a construction-in-progress asset on its balance sheet with a corresponding liability for construction costs funded by the lessor. When construction is complete and the lease term begins, the lessee evaluates the transaction as a sale-leaseback transaction. If the transaction qualifies as a sale based on the sale-leaseback guidance, the lessee derecognizes the construction asset and recognizes profit or loss in the same manner as it would for other sale-leaseback transactions. If the transaction does not qualify as a salebased on the sale-leaseback guidance, the lessee continues to report the constructed asset and any asset funding from the lessor on its balance sheet. Once the asset is in service, the lessee begins depreciating the asset in the same manner as its owned property, plant and equipment. It accounts for the lease payments as debt service payments towards the asset funding liability. For many lessees, build-to-suit assets and liabilities remain on their balance sheets long after construction is complete because the transaction fails to qualify for sale-leaseback accounting.

[drew5]

My understanding is Baker Pacific was building the facility to lease to Sunniva. Sunniva is behind on paying for extras do to changes they made so they stopped working, Trying to cancel the lease. I am sure other proven growers want it.