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Discrepancies between a disclosure statement and a financial statement as far as shares issued and outstanding can be caused by many internal factors. If shares were deposited back to treasury and the CPA was notified of this on December 31, 2012 while the transfer agent actually processed the shares back to treasury on January 1, 2013, it may cause the discrepancy you pointed out. Regardless, it is obvious that you are a single voice that is unhappy, disgruntled, or otherwise disturbed by the way the company is being managed. In any event, companies should listen to all ideas, prospectives,and overall criticisms in order to operate in a manner that is condusive to being the best it can be. You are personally welcome to travel to our headquarters in Los Angeles and meet me and our management to address your concerns. Alternatively, you may simply call our corporate line at (800) 762-1452 and ask for Vincent and reference IHUB. Cheers, Vincent.
"Does CBIS recieve revenue streams from MDBX,
in Canada?"
As reported in their press release over a year ago, CBIS entered into a revenue sharing agreement with what is now a Medbox subsidiary regarding Canada MMJ technology and consulting sales. Didn't want to leave your question unanswered. Have a nice day.
"so a non-profit set up and owned personally by the CEO of MDBX is the marketing arm of MDBX and collects no revenue? "
Kind Clinics, LLC which Bruce owns is not a non-profit. The non profit you reference is a California corporation that we set up for a consulting client that runs a dispensary.
Kind Clinics, LLC is a marketing entity for Medbox. It derives no revenue. To answer Fung's question, as stated in our financials press release, we are filing our form 10 to go fully reporting in early March. Signing off for now. All of you have a blessed day!
The phone number is our Medbox corporate office number. For more details feel free to visit our website: http://www.thedispensingsolution.com/contact-us
Call that 800-762-1452 number. You might be surprised to find that it's the Medbox corporate phone number. All leads go directly to Medbox. Kind derives no revenue from operations. They are a brand Medbox uses.
"MDBX issues a press release and lists in the PR a phone number that goes directly to Kind Clinics, Inc. "
No, Kind Clinics derives no revenue. It is a marketing arm for Medbox. There are no Kind Clinics phone numbers on our press releases.
"Non profit corporations tend to overpay their employees. Any chance for funds between the two companies to be co-mingled?"
You may need to re-read my post. Kind Clinics, Inc is a California corporation operated by a Medbox client. This is one of about 400 consulting clients the company has nationwide. We do not and will not engage in anything deriving revenue from the sales of marijuana. What we are talking about is Kind Clinics, LLC that is a marketing brand that is owned by Dr. Bruce Bedrick. That brand helps Medbox attract its consulting clients for licensing assistance in newly adopted MMJ and recreational states. Capiche?
Since its a public record I won't have a problem disclosing that. Delaware corp, domiciled in AZ where Bruce is a resident, and he is the 100% owner. Obviously, a company that is going fully reporting wouldn't want revenue splits to affiliate officers of other entitites so you can rightfully assume that isn't what is happening. Thanks for your comment.
"Oh my"... As you can see from the press release issued today, Dr. Bruce is a full-time CEO for Medbox. All revenues generated come directly to the company (MDBX). Kind Clinics is a marketing company and for all intents and purposes works for Medbox. I like the brand of "Kind Clinics"... I think it's a good marketing brand.
Kind Clinics, Inc. is a California non profit corporation set up for one of our consulting clients in Califiornia that utilizes Medbox Technology. Kind Clinics, LLC is a Delaware company domiciled in Arizona that Dr. Bruce Bedrick, the public company CEO, operates. That entity does marketing for Medbox. www.kindclinics.com
I actually don't mind the criticism and that's why I monitor what people are saying out in cyberspace. How a company discloses information is there choice as long as its disclosed. It is disclosed in our information statement so an argument that there is a material concealment is moot. However, I am not above bringing this issue up with our CPA and auditor. If line items need to be added according to our professionals in order to comply with SEC requirements when the company becomes fully reporting, we will. Thanks for the comment.
Happy V-Day to all on this board!! Yes, even U R2D2!
"Preferred Shares issued by a company that are outstanding are always and always on the Balance Sheet in the Shareholders Equity section."
Our CPA, Auditor, and 2 SEC attorneys feel otherwise. Preferred shares that are not converted are not shown on balance sheets. If you are a CPA, go brush up on your continued education requirements... you are rusty.
Silence is the high road for people that don't live in the public domain, give interviews, and are quoted in press releases like I am. Clarifying inaccuracies is important for me since Medbox is my life and I'm happy to do what I do for a living. Taking pride in work and defending the company is my job. The project has been a dream of mine for years and seeing it come to fruition means the world to me. In my opinion, the business world needs more passionate founders that care about how they and their companies are viewed. Again, I do appreciate your comments. They are valued.
I only respond to inaccuracies, personal character attacks, and statements made against the company I founded that are blatantly false and constitute defamation. I hadn't monitored this site for months thinking that upon my return I would find that people were talking about our outstanding performance, but instead I was greeted with ridiculous statements posted by people that have their own agendas. Some took personal shots at me and that needed to be addressed. That being said, thank you for your concern. I will check back from time to time to make sure things are being reported accurately. Unlike other companies, Medbox does not hire people to write self-serving posts on our behalf. We would rather spend that money on R&D.
"Oh my....what happened to the MDBX Convertible Preferred Stock?"
First, preferred stock is not addressed in balance sheets. It is addressed in company information statements that we voluntarily post on the OTC Markets website. That is where you picked up on the fact that the shares even exist. Second, an updated information statement will be filed along with the financials we posted on our website, by week's end as stated in our press release on that subject. That information statement will have the exact information you claim we are keeping from the public.
The preferred shares you reference are kept in reserve by public companies to counteract any future attempts in the next 5-10 years for hostile outsiders to gain more than a 51% ownership stake in the public company, thereby taking over control. They are there as a fail safe.
In fact, when looking over the newly filed statement of information, you may find that the preferred was reduced to 3 million instead of 6 million. One may then figure, if they are smart, that the company noticed that the sheer amount of preferred might give investors concerns. One may then figure that the company, through a board resolution, cancelled out 3 million shares that were then deposited back to treasury 2 months ago. Companies that choose to be in the spotlight like Medbox always look ahead and try to anticipate paranoid speculation and work to counteract it ahead of time.
Cheers,
Vincent
Thank you Kenco....
"fung_derf, in regards to Medbox, Id have to agree with you as I also like to sniff out fraudulent stock operations, I started on the RBull, Ive looked at this company hard, and I find nothing that jumps off the page at me, other than the occasional minor mistakes that startups and founders typically make, nothing serious and certainly nothing that suggests fraud, Ive read their financials and the only thing I see is a startup with a US Patent, a working product from that patent, healthy sales, a very healthy cash reserve, an extremely low OS and float, and a founder who seems to be picking good people to operate the business,if I did have a critism of Medbox, it would be that the founder should exercise a bit better control of his fatherly passion when people try to get his goat on chatboards and such, which he seems to be doing better with these days, hes got an amazing start for such a small company, and Im not talking stock price, although thats pretty amazing in itself, its going to be interesting to see where he can take it."
"No problem, but as long as Vince is here, perhaps he'd like to discuss stock splits?"
The last thing I would ever do is comment on a message board about things like that. I'm here to clarify errors and to out some of the paid posters on the site like R2D2C3P0 or whatever he calls himself.
Thanks balljet. The intial post came from another poster that has now gone radio silent. It's ok. Haters will hate. Best I can do is run a solid company and let our actions speak for themselves.
"nope, it has to do more with the background of the Founder that he doesn't want it to be listed in SEC filings, as required of all officers/directors."
Sounds pretty ominous... want to tell me what I did exactly? I'm dying to find out.
By the way, I was a director and CEO of the public company at one point but stepped down because being the majority shareholder and also the CEO and director of the public company does not instill confidence in the investment community.
Vincent / Founder
"transparent companies state at least the size of the transaction in terms of dollars and the ratio of cash/stock paid in press releases."
Nope, that's what public filings are for.
"you have to ask yourself who is REALLY running the show and why is he not an officer of the public company and only an officer of a subsidiary."
Well, that would be me the Founder and Senior Consultant, along with Dr. Bruce Bedrick, the public company CEO, William Smith, PHD, as the head of strategic acquisitions. You see, I founded the company but if I thought I could do it all myself Medbox would be doing a disservice to our clients and shareholders.
--
Vincent Mehdizadeh
Founder / Senior Consultant
Medicine Dispensing Systems
A Subsidiary of Medbox, Inc. [MDBX]
www.medboxinc.com
Specific terms aren't discussed in press releases. They are made public in information statements the company files. Since Medbox is going fully reporting, you will have a chance to see every deal we make, as it happens.
This comment is false. Please read the Medbox press releases for accurate information and make informed investment decisions. Thanks.
Gotta go... I'll be back weekly to answer any product or services questions anyone has. Thanks
Industry consultant as announced in their PRs about a year ago.
I'm only on this board answering basic product questions to educate people on our products and services. I am the founder of the subsidiary and also operate that subsidiary. I won't respond to the "phoney" comment because it doesn't make any sense. As mentioned in our prior press releases, we have installed more than 130 machine and/or POS systems nationwide and we have consulted for over 100 clients in Arizona alone for medical marijuana dispensary license application preparation.
I can't answer any questions in this post that aren't already mentioned in operating documents. I will say that the West Hills address is a private office. The building leases out executive suites that we are not a part of at all. Saying the Sunset office is a "head shop" is pretty funny. Maybe you are getting the numbers crossed in your search, it's 8439 West Sunset Blvd. #101, West Hollywood. We are inside the Piazza Del Sol building on Sunset Blvd. You are welcome to setup an appointment to come in and see our equipment in person if you have any other questions.
The system can be set to stored value or straight transactions based on the State requirements. Some states have a non-profit model where stored value is more compliant and some states like Colorado are for-profit which make stored value a non necessity.
Medbox does not get involved with the medicines distributed through our machines. CBIS is considered a friend to Medbox as I am a personal paid consultant to that company. They have purchased half the Canadian distribution rights to some of the company's equipment. This was identified through press releases earlier this year.
I will respond to questions posed in order to make sure inaccurate information is not spread:
I have another question for you....
"Is your headquarters really an execute suite?
6700 Fallbrook Ave. Suite 289
West Hills, Ca 91307
That's not the best of news. Where are your machines stored?
I've checked out a few of your claimed addresses because I've been to many of those areas. The address sound impressive, however, as far as I can tell, you've got nothing more than executive suites at all your addresses.
Would you say this is accurate?"
I would absolutely say this is not accurate. Neither the West Hills address nor the address at 8439 West Sunset Blvd. Suite 101, West Hollywood, Ca are "executive offices". Both are private offices. Sunset, which is in one of the most prime areas on the Sunset Strip is 2000 square feet. Our machines are housed at our manufacturer warehouse in Corona, Ca.
We also have physical offices in Arizona, Connecticut, and now Massachusetts. Our only executive suites are in other countries and one in New York.
The link clearly shows that I'm the CEO and founder of the subdiary and that I work at Medbox
I'm big on defending my name... it's what credible people do.
2 attorneys advised that I can post wherever I want as long as I don't instruct people to buy shares or make a public offering of shares, which I haven't.
It's all in our public disclosures. Read up and stop wasting people's time trying to tear me down. You are not succeeding.
All the shares I am affiliated with are restricted from sale. Not much excitement from that...
You are incorrect. I am the CEO and Founder of the subsidiary that was purchased by Medbox, Inc, (The Public Company). I am not the public company CEO or even an officer of the public company. If you read the signature line it clearly says that.
A) I'm not the CEO I'm the founder B) I have treated everyone with respect on this board unless they came at me for no reason C) Who the hell cares, from what I was told Jay Leno mentioned Medbox's stock last night on the tonight show.... Today is a good day and no one can stop this perma-smile that's on my face. Good day to all!!!!
Alright guys, this is my final post. If someone goes back and reads the posts leading up to the last week, I was called a genius by some, praised for being a transparent company, and also for being an innovator. I appreciated all the kind comments and simply clarified certain things that were in the public domain anyway, like how our products work, where to find our filings, etc. Now I have people bad mouthing me all because there was interest in the stock because of politics and media playing a large role. Maybe the people hating on me have their own agenda. Whatever the case may be its just not worth my time anymore. Anyone that has something to say to me can call the office at 800-762-1452 and setup an appointment to come in and say it in person. In the meantime, I'm asking the moderators to take down any and all images of the machine and all written materials lifted from the company website. Both are trademark and copyright protected and cannot be used without the company's express written permission. All of you legitimately looking to follow our company may do so on the company website: www.thedispensingsolution.com Thanks, Vincent (Founder)
First off, I don't discriminate against people that don't have money. I'm a self-made man so I can understand that people can't walk before they crawl. I acted as a friend to the board and gave insight on general topics when necessary. The machines are inside dispensaries, behind the counter, as an inventory control and management tool for operators. If you need further education on the matter please see the company demo at www.thedispensingsolution.com