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There were 198,964,930 shares of common stock, par value $0.0001 per share, outstanding as of August 14, 2018.
The Company has sustained net losses since inception, which have caused an accumulated deficit of approximately $66.2 million at June 30, 2018. In addition, the Company has consumed cash in its operating activities of approximately $3.5 million for the three months ended June 30, 2018, compared to $2.2 million for the same period last year
Subsequent to June 30, 2018, the Company entered into the Amendment and Termination Agreement with Pacific Leaf. Pursuant to that agreement, the Pacific Leaf Royalty Agreement was terminated in its entirety and the Company is to pay $1 million of the $1.5 million balance due to Pacific Leaf on or before August 31, 2018. Contemporaneously with the Amendment and Termination Agreement, the Company issued a Promissory Note for the remaining $0.5 million due to Pacific Leaf. The Promissory Note accrues interest at a rate of 6% per annum and matures on November 30, 2018. In consideration for deferring the payment of the amounts due to Pacific Leaf, the Company issued 100,000 shares of its common stock to Pacific Leaf on July 31, 2018. On August 7, 2018, the Company made a payment of $750,000 to Pacific Leaf in partial satisfaction of the $1 million balance due on or before August 31, 2018.
During the three months ended June 30, 2018, the Company received notice from convertible note holders of the conversion of a total of $1,298,500 face value and $46,449 in interest accrued on the related convertible notes. Accordingly, the Company has issued 5,379,798 shares of its common stock based on a $0.25 per share conversion price. In connection with the conversions, $1,023,134 in unamortized discount on the related notes was recognized as interest expense and the Company has reduced the carrying amount of convertible notes payable by $275,366.
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