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It’s been posted on this board many times over the years, easy to search for.
Cool thanks.
Does anyone know if they still have assets in the Palm Springs area? That’s the reason I first started looking at the company, along with some others that are local to SoCal.
I could ask you the same
Did you even read the post? Sounds like you stopped at the headline.
No one knew what was going on because Notis stopped filing with the SEC, and we still barely no what’s going on, besides that one 10k two years late. They may or may not even control the farm at this point. The balloon note was for $3 million, due last August, and the revenues to the farm are secured by a lien, a lien owed to more than one toxic lender.
If Notis gets around to updating their filings, we may finally get a clearer picture of what they do own, but until then we really don’t know. Yes they own Shi, but the farming agreement with them was cancelled, and fully diluted there really are over 100 billion shares here, add in the $3 million for the balloon payment and it’s tough to see how they can avoid an r/s at this point. As usual, insiders get rich, and the common shareholders get diluted into oblivion.
Post something better then and I’ll pin it.
I doubt it, nobody that read that would buy this stock. Debt holders will get everything here, the notes are already secured by the farm, and the revenue from the farm. Been that way for several years now.
Sounds about right.
Anyone else notice that pic shows his cost basis is $0?
Lol. If they got rid of the fraud it would be quite lonely there.
And right on cue..... https://www.instagram.com/p/BynxAQkHVLk/
Brand new post, already has a like.
Around 240 is what I remember too, I’m guessing most were real. I have no idea how many followers will get deleted, my guess is only a small percentage though. If we see a flurry of posts getting 5,000+ likes soon we’ll know why, much better rankings and distribution for a well liked post.
I just looked and it’s at 5000, I hit refresh and it’s 4999, I’m guessing Instagram has taken notice, and started the purge. If you look at the followers, many are from the Middle East, they either have zero posts or just one pic up. A few I checked out had the same picture posted 5-6 times for some reason.
Looks like they’ve stopped at 5001 followers.
What a coincidence:
https://buyinstagramlikes.io/buy-5000-instagram-followers/
Thanks ND, I’ve seen some other scams use an inc and llc of the same name to confuse shareholders. Most recent I can think of is GRBX, they did an rm, and oops they forget to include the subsidiary that makes the money.
The Notis paper trail was at one time more confusing than what I’ve posted, mostly because the name in the Colorado SOS for Shi Farms was for a Stephen Turetsky. He was the one growing hemp for Shi, but he also shared an address with a toxic lender, so something is going on. The lack of filings made it difficult to sort, that’s changed recently, but they’re still way behind. The lenders securitized the farm and farm revenues several years ago, so I assume one day we’ll all find out they’re the ones getting all the revs.
I did do some reading on Canbiola and did notice that bs about the Nasdaq, seems like investors don’t believe it either.
Today’s 8k is very similar to this from the 10k, except that it’s from over a year ago:
“In February 2018, we, through a newly formed subsidiary, SOCO Processing, LLC, entered into a non-binding memorandum of understanding with Mile High Labs LLC and Rush Ventures LLC to build a pre-processing hemp extraction line on our farm in Pueblo, which we plan to license to Rush Ventures LLC for a monthly fee. The plant will not only have the capacity to process hemp grown by EWSD I, LLC, but allow us to generate revenues by referring customers to utilize the pre-processing hemp extraction line at an agreed upon rate. We may also generate revenues by referring customers to utilize the pre-processing hemp extraction line at an agreed upon rate. We are in negotiation for a definitive agreement as of the date of this report.”
Can anyone answer a question about Delaware corps for me? This is an oldie, but goodie, Notis Global (NGBL) fka Medbox. They’ve been very late in their filings, but in the last 7 months some very late filings did show up on Edgar. Today Canbiola announced a LOI (which was also announced in Feb 2018) with “Shi Farms Inc,” a Delaware Corp, but I can’t find a “Shi Farms Inc.” owned by Notis, or its wholly owned subsidiary, EWSD I. Below is a list of subs, and as you can see #1 matches closest, but I can’t find any reference to “Shi Farms, Inc.” in any filings. On the Colorado SOS, EWSD I is listed as a “foreign limited liability company,” incorporated in Delaware, and doing business as “Shi Farms.” Since Delaware charges money for their docs, I was wondering if I’m being overly paranoid with the name of Shi.
List of Notis subs from their 10K:
1. EWSD I, LLC d/b/a Shi Farms, a Delaware corporation;
2. NY-SHI, LLC, a New York limited liability company;
3. SHI Cooperative, LLC, a Colorado limited liability company ;
4. Pueblo Agriculture Supply and Equipment, LLC, a Delaware limited liability company;
5. SOCO Processing, LLC, a Colorado limited liability company;
6. Rock Acquisition Corporation, a New Jersey corporation;
7. Prescription Vending Machines, Inc., d/b/a Medicine Dispensing Systems, a California corporation;
8. Medbox Property Investments, Inc., a California corporation;
9. MJ Property Investments, Inc., a Washington corporation.
https://www.sec.gov/Archives/edgar/data/1547996/000149315219000276/ex21-1.htm
1/8/2019 10k
Looks like today’s news is a rehash from over a year ago:
“In February 2018, we, through a newly formed subsidiary, SOCO Processing, LLC, entered into a non-binding memorandum of understanding with Mile High Labs LLC and Rush Ventures LLC to build a pre-processing hemp extraction line on our farm in Pueblo, which we plan to license to Rush Ventures LLC for a monthly fee. The plant will not only have the capacity to process hemp grown by EWSD I, LLC, but allow us to generate revenues by referring customers to utilize the pre-processing hemp extraction line at an agreed upon rate. We may also generate revenues by referring customers to utilize the pre-processing hemp extraction line at an agreed upon rate. We are in negotiation for a definitive agreement as of the date of this report.”
Definitely suspicious.
Most of it has to be done by people, if they all followed at the same time, Instagram would probably pick up on it quicker.
When I read this post I went to their Instagram and they had 1938, now it’s 2,058, definitely buying some new followers.
I don’t know why some accounts get shutdown and others don’t. Obviously the money from Fife went into a bank account, and the two dividends must have been paid from a bank too, so we know they use a bank, but how much they’re depositing, if any, is unknown.
Here’s an article about a politician, that never touched the plant, and their account was shutdown because of a donation from a cannabis advocacy group:
https://www.washingtonpost.com/business/2018/08/20/after-florida-democrat-said-shed-take-donations-marijuana-industry-wells-fargo-closed-her-bank-account/
Here’s a couple about paying taxes in cash, looks like the CA is allowing taxes to be paid in cash till 2022:
https://www.sacbee.com/news/state/california/california-weed/article229000169.html
http://news.cchgroup.com/2018/08/30/california-temporarily-waives-electronic-payment-requirements-for-cannabis-taxes/
Here’s a great article from the NYT about it:
https://www.nytimes.com/2018/01/04/magazine/where-pot-entrepreneurs-go-when-the-banks-just-say-no.html
How do you think retailers pay for their product? Everybody gets paid in cash, including state and local taxes in many cases. Up in northern CA there are more friendly banks, but there is a serious risk of the feds taking it. All of the dispensaries have an atm so you can get cash, and the few times I’ve paid with my credit card it was through Square on an iPhone, but just about everywhere is cash only right now.
MedMen is a retail dispensary OTC, they’ve been buying existing retailers in several states and rebranding them into what looks like the Apple store of weed, and the prices are similar too. Not sure if they’re depositing most of their cash or not, but I’m definitely curious.
Selling weed is an all cash business for most companies in the space, even the legal ones. The banking regs make it too risky to put much in the bank, and most dispensaries are all cash, occasionally they’ll take credit cards but it’s pretty rare in my experience. It’s no excuse for this company though, it’s not like it’s that hard to count money in front of the auditor, and we know they have some money in the bank from Fife.
The BIGGEST issue for shareholders is: who gets the revenues from the farm. These notes are secured by the farm itself, and through and assignment of rents, which allows the lender to take a cut of the farming revenue. Because of the lack of filings, no one has any idea what NGBL shareholders will get, 2 years ago I calculated they would receive slightly under 10%, meaning the lender is taking 90%. That number could have very easily changed since the lenders weren’t getting paid, allowing them to renegotiate. The fully diluted shares here will be close to 100 Billion, and based on the last 10K it looks like there’s close to $10 million in debt to be converted, meaning an r/s is certainly a risk, but you might get a nice pump before then.
Notis Debt List for 2018 and 2019 only.
Until updated SEC filings are filed we won’t know the total amount of the debt, and the fully diluted shares that can be converted. Many of the notes are being converted at the default rate because of lack of payment. Yorkville Advisors (YA), has a significant amount of that debt, over $2 million, and a lot is due this year.
The YA note:
https://www.sec.gov/Archives/edgar/data/1547996/000149315219000276/ex10-130.htm
Other Debts coming due this year:
On June 25, 2018, we entered into a settlement agreement with Sheppard Mullin pursuant to which we agreed to pay $50,000 due by June 29, 2018 and $25,000 due by June 28, 2019.
Subsequent to December 31, 2016 the company issued 33 convertible notes to third party lenders totaling $1,703,857. These notes accrue interest at a rate of 10% per annum and mature with interest and principal both due between February 2017 through December 2019.
Subsequent to December 31, 2016 the company issued 16 notes to third party lenders totaling $622,317. These notes accrue interest at a rate of 10% per annum and mature with interest and principal both due between February 2017 through July 2017.
On October 31, 2018 Investor #2 agreed to extend the maturity date of the outstanding notes to April 2019.
Maturities on Notes Payable are as follows:
Years ending:
December 31, 2017 3,367,479
December 31, 2018 4,093,272
Total 7,460,751
10K https://www.sec.gov/Archives/edgar/data/1547996/000149315219000276/form10-k.htm
I don’t trust JWM either, and the lack of filings seems like pretty good proof they’re hiding something, or maybe it was to prevent Fife from converting his shares while they were delinquent. Either way shareholders have been screwed.
Why no filings though? Or pr’s, 8k’s or even an Instagram pic?
Would love to know why they don’t file their 10K/Q’s, but it’s definitely scaring away buyers.
Someone wants out, I wonder why they don’t just hit the bid, it’s only a penny, just add that to the write off.
You still own shares you’re just not able to trade them on the OTC or an exchange. That’s not what’s happening here, the lender from NJ, along with Redwood are owed a lot of money and shares, we don’t know how much exactly since the company hasn’t filed anything with the SEC except for that really late 10Q. But we did find out that there are nearly 100 billion shares outstanding when fully diluted, and the authorized is “only” 10 billion shares. Might be good for a flip but the volume isn’t great still.
That’s because those that have read the filings know the toxic lenders get all the money.
It was cancelled over a year ago, from the 8K:
“On May 31, 2017, we disclosed that we, and two of our subsidiaries, EWSD, and Pueblo Agriculture Supply and Equipment LLC, and Trava LLC, a Florida limited liability company that had lent various sums to us (“Trava”), had entered into a Management Services Agreement (the “MS Agreement”) in respect the Pueblo Farm. After having earlier modified the MS Agreement through the provisions of the on-going monthly funding provided by Trava (the “Modification”; see discussion below), effective as of January 29, 2018, Trava and we entered into an agreement to terminate the relationship among us (the “Termination Agreement”).[\b]”
https://www.sec.gov/Archives/edgar/data/1547996/000161577418003818/s110218_8k.htm
So who is Trava llc? Trava is a Florida LLC that was created on 10/26/2016, three names show up, Daniel Sands, an attorney; Steven Turetsky of Shi Farms, and Green V LLC. I don’t know who “Green V” is, but the address they list is for a penthouse condo in Sunny Isles Beach, FL that is worth $5.7 million according to Zillow. This condo is literally across the street from the UPS store that Redwood Management and Magic Farms use as their address. In the 8/23/2017 8K Trava and Redwood are listed collectively as “the lenders” in the settlement agreement, so there is likely some connection. I posted about Turetsky last week, he has several other mj ventures he invests in, but this seems to be the biggest, another being a CBD company that sells to retails stores.
I wonder if Grapefruit knows who or what they’re getting into. I’m not too far from them, so I could swing by and say hello.
I would say anything with Honig involved is problematic, he has great lawyers, but with his recent troubles, I would say he may be distracted at the moment. In my opinion the best the company can hope for is a slight reduction of the debt, but it looks like Honig has the upper hand, and I wouldn’t expect him to give up much. Probably the best move is to give him his shares and then do an R/S down the line when the stock gets pummeled.
With the shady characters involved it looks like this was all planned from the beginning, Grapefruit may not know what’s happening though, and hopefully they don’t become a pawn in the whole thing.
Not real familiar with a “bad actor” designation, especially on otc’s, the market wouldn’t even exist :) if anyone deserves it though, it would be Honig.
I’ll look into this more as I have time, looks interesting.
That’s the one. Draftday ended up being worthless and MGT wrote off most of it. It’s been a while so I can’t remember which assets went where, but they were all worthless. Ladd was the one pumping it with fluffy pr’s about online gaming, and then when it was MGT, the pumps were for worthless software and antivirus hardware.
You could look into MGTI (originally MGT, and before that VGGL), that’s about as close as any company has come to getting one over on Honig. The CEO, Robert Ladd, is named in your post, so he’s not exactly a saint, but I would say him and John McAfee got him pretty good. Both came out losers of course :)
Here are several articles to check out.
http://www.teribuhl.com/?s=Mgt+
He’ll most likely stay below 10%, not only for the SEC regs, but also the state licenses, he won’t want to deal with any of that. Once he starts selling he can get more shares at a lower price and the spiral begins. Not sure where the volume comes from but most Fife notes have a healthy pump to dump into. I would be extremely surprised if any amount of the note is paid in cash.
It would require an 8k, but since they’re ignoring the 10K/Qs I wouldn’t hold my breath on them issuing one. For all we know this was Wade, and/or Fife’s plan from the beginning. I’ve looked into several of Fife’s convertible debts over the years, and one thing is for certain, he always gets his money! He can wait a year or two to make return. I’m certain when we see the entire note with the warrants that shareholders will be disappointed. Just the conversion without the warrants is at an 80% discount after a major default, if I remember correctly.
The shares Fife has at the moment are restricted. To get the restriction removed and sold into the open market will require them to be current, or a court order. I’m not sure which will happen first, Fife may have already filed suit, and the debt is now over a year old anyway, so a judge would have no problem giving him his shares. Even though the stock hasn’t been diluted from him, it’s not like the stock has done well over the last year, people that bought at the bargain price of $.60 are now down over 60% and the bid is barely over $.20.
The question I have for this company is, why didn’t they file the 2017 10K on time? It wasn’t that bad honestly and who cares, not filing it has done far more damage to the share price than filing it would have.
I have agree with you on the 2018 filings, there’s going to be some missing pieces to the Fife note in there. We still have no idea what assets were secured by that deal, or the warrants that Fife gets, because they omitted them from the filing and never corrected it.
List of Businesses at 20420 Spence rd. Oddly no mention of Lighthouse Botanicals, VBFs landlord. They stopped tweeting in 2017 and their Facebook page seems to be gone.
VBF Brands Inc
CORY FARMS LLC
Paul J Moore
TAL18-0005775 Expired March 19 Temporary Cannabis Cultivation License Cory Farms, LLC
TML18-0005777 Expired March 19 Temporary Cannabis Cultivation License Cory Farms, LLC
TAL18-0005428 Expires 6/4/2019 Temporary Cannabis Cultivation License Monterey Tilth LLC
TAL18-0005453 Expires 5/31/19 Temporary Cannabis Cultivation License Cory Farms, LLC
TAL18-0001329 Expired 6/21/18 Temporary Cannabis Cultivation License Cory Farms, LLC
TML18-0001330 Expired 6/21/18 Temporary Cannabis Cultivation License Cory Farms, LLC
TOP NOTCH FARMS
Yuji Onitsuka related to the owners of the property.
TAL18-0007024 Nursery Expires 5/27/19
TAL18-0005093 Active Specialty Cottage Mixed-Light Tier 1 Expires 5/7/19
Expired Licenses:
TAL18-0004133
TML18-0004134
TAL18-0000753
TML18-0000754
OCEAN GROWN HORTICULTURE INC
Brett Kilgore CEO
David Wallace CFO
Some history on the lease of 20420 Spence http://pineconearchive.fileburstcdn.com/170915PCA.pdf page 10 article about Spence
rd
TAL18-0003422 Nursery Expires 5/13/19 Temporary Cannabis Cultivation License Monterey Ocean Grown, LLC
TML18-0003423 Inactive NurseryTemporary Cannabis Cultivation License Monterey Ocean Grown, LLC
TAL18-0003427 Temporary Cannabis Cultivation License Monterey Ocean Grown, LLC
TAL18-0003428 Temporary Cannabis Cultivation License Monterey Ocean Grown, LLC
TAL18-0003424 Temporary Cannabis Cultivation License Monterey Ocean Grown, LLC
TAL18-0003425 Temporary Cannabis Cultivation License Monterey Ocean Grown, LLC
TAL18-0003426 Temporary Cannabis Cultivation License Monterey Ocean Grown, LLC
TML18-0003433 Temporary Cannabis Cultivation License Monterey Ocean Grown, LLC
TAL18-0003434 Temporary Cannabis Cultivation License Monterey Ocean Grown, LLC
TML18-0003431 Temporary Cannabis Cultivation License Monterey Ocean Grown, LLC
TAL18-0003430 Temporary Cannabis Cultivation License Monterey Ocean Grown, LLC
TAL18-0003429 Temporary Cannabis Cultivation License Monterey Ocean Grown, LLC
HARVEST PACIFIC INC
David Wallace CEO
Brett Kilgore Director
Expiring 4/22/19
TAL18-0002681 Temporary Cannabis Cultivation License Harvest Pacific LLC
TML18-0002682 Temporary Cannabis Cultivation License Harvest Pacific LLC
TAL18-0002683 Temporary Cannabis Cultivation License Harvest Pacific LLC
TML18-0002684 Temporary Cannabis Cultivation License Harvest Pacific LLC
They’re in Colorado, not much info on them of course.
https://www.sos.state.co.us/biz/ViewImage.do?masterFileId=20171796501&fileId=20191029689