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I received the following message from TDAmeritrade today:
Quote:
On September 28, 2021, new amendments adopted by the U.S. Securities Exchange Commission (SEC) go into effect to enhance investor protection and improve issuer transparency. These amendments restrict the ability of market makers to publish quotations for those companies that have not made required current financial and company information available to regulators and investors.
Ahead of the regulatory enforcement date, we will only accept orders to liquidate positions (i.e. no new buy orders) starting August 13, 2021. After the amendment officially goes into effect on September 28, 2021, it may be more difficult to liquidate these securities. Quoting and market liquidity may also be very limited.
What this means for your account(s).
You are receiving this notification because you currently hold one or more of the impacted securities in your account. We're including the list below but be aware that it may not include all of your impacted securities. There is also a chance that the impacted companies could come into compliance with the regulatory requirements ahead of this date and be removed from the list. For a current list of all securities (which is subject to change), please visit www.tdameritrade.com/retail-en_us/resources/pdf/TDA101550.pdf.
You have multiple options to consider, such as:
Take no action. You are not required to sell these securities; however, starting August 13, 2021 we will restrict these securities to liquidation-only transactions. You may continue to hold them, but you may have difficulty selling them in the future and there is no guarantee as to what their future value will be.
Place trades to liquidate. You may place trades to liquidate these securities now. Due to the uncertainly, we cannot guarantee there will be sufficient liquidity to close your position(s) in the future.
Transfer your positions to another financial institution. Other U.S. financial institutions are also impacted by this amendment so you may have difficulty transferring them out of TD Ameritrade. If you are interested in transferring the assets, please submit any outgoing transfers requests to us. (These transactions may incur fees or commissions, depending on the asset type.)
Have Questions? Need Any Help?
We're here for you. Just reply to this message to write us, or call Client Services at 800-669-3900. We're available 24 hours a day, seven days a week.
Sincerely,
TD Ameritrade Client Service
I received the following message from TDAmeritrade today:
Message from TDAmeritrade:
On September 28, 2021, new amendments adopted by the U.S. Securities Exchange Commission (SEC) go into effect to enhance investor protection and improve issuer transparency. These amendments restrict the ability of market makers to publish quotations for those companies that have not made required current financial and company information available to regulators and investors.
Ahead of the regulatory enforcement date, we will only accept orders to liquidate positions (i.e. no new buy orders) starting August 13, 2021. After the amendment officially goes into effect on September 28, 2021, it may be more difficult to liquidate these securities. Quoting and market liquidity may also be very limited.
What this means for your account(s).
You are receiving this notification because you currently hold one or more of the impacted securities in your account. We're including the list below but be aware that it may not include all of your impacted securities. There is also a chance that the impacted companies could come into compliance with the regulatory requirements ahead of this date and be removed from the list. For a current list of all securities (which is subject to change), please visit www.tdameritrade.com/retail-en_us/resources/pdf/TDA101550.pdf.
ADVT, SMEV, TVCE, ZEON,
You have multiple options to consider, such as:
Take no action. You are not required to sell these securities; however, starting August 13, 2021 we will restrict these securities to liquidation-only transactions. You may continue to hold them, but you may have difficulty selling them in the future and there is no guarantee as to what their future value will be.
Place trades to liquidate. You may place trades to liquidate these securities now. Due to the uncertainly, we cannot guarantee there will be sufficient liquidity to close your position(s) in the future.
Transfer your positions to another financial institution. Other U.S. financial institutions are also impacted by this amendment so you may have difficulty transferring them out of TD Ameritrade. If you are interested in transferring the assets, please submit any outgoing transfers requests to us. (These transactions may incur fees or commissions, depending on the asset type.)
Have Questions? Need Any Help?
We're here for you. Just reply to this message to write us, or call Client Services at 800-669-3900. We're available 24 hours a day, seven days a week.
Sincerely,
TD Ameritrade Client Service
That is my thought exactly. LIGA hired an Auditor and has stated that they plan on going to a higher trading board, so this would be the first step. LIGA would require a $0.01 pps for a month before they would qualify for the OTCQB.
LIGA updated their 10-Qs for 9/30/2020 and 3/30/2021, along with their 10-K for 12/31/2020, on 7/6/2021:
LIGA LIG Assets, Inc. Common Stock
0.004
0.0038 / 0.004 (1 x 1)
Real-Time Best Bid & Ask: 09:30am 07/07/2021
Delayed (15 Min) Trade Data: 12:00am 07/06/2021
Overview
Quote
Company Profile
Security Details
News
Financials
Disclosure
Research
FILINGS AND DISCLOSURE
OTC Disclosure & News
ActiveInactiveAll
PUBLISH DATE TITLE PERIOD END DATE STATUS
07/06/2021 Quarterly Report - LIGA 2021 1st QTR Report Feb 2021 OTC Guidelines 03/31/2021 A
07/06/2021 Annual Report - LIGA 2020 Annual Report Feb 2021 OTC Guidelines 12/31/2020 A
07/06/2021 Quarterly Report - LIGA 2020 3RD QTR Report Feb 2021 OTC Guidelines 09/30/2020 A
https://www.otcmarkets.com/stock/LIGA/disclosure
Past and present, I enjoy reading your comments about PKTX on the I-Hub board.
My only comment is - "The price of PKTX stock won't increase until PKTX starts selling their AAGP product." IMHO
Everyone, have a great day and I am set back on "Mute" until we get PKTX news.
Medical Marijuana, Inc. Names New Chief Executive Officer
June 17, 2021 16:05 ET | Source: Medical Marijuana, Inc.
SAN DIEGO, CA, June 17, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Medical Marijuana, Inc. (OTC: MJNA) (the “Company”) announced today that it has appointed Blake Schroeder as Chairman of the Board and named him as Chief Executive Officer and President of the Company. Mr. Schroeder replaces Dr. Stuart Titus in those roles. Dr. Titus resigned from these positions in order to move towards semi-retirement. Dr. Titus will continue to serve the Company in a consulting role as an exclusive spokesperson, product expert and cannabis educator for the Company under a multi-year contract.
"I am very pleased to see the Board of Directors select Blake for his new positions as I move towards semi-retirement," said former Chairman and CEO Dr. Titus. "Blake has been the team leader over the Company's entire operations and responsible for fostering the re-emergence and growth of our company since coming on board with us in March 2016. The Company is in very good hands with him at the helm. I'm also very excited to remain in my role as spokesperson, product expert and cannabis educator for the Company. On a personal note, I am honored to have had the opportunity to be CEO of Medical Marijuana, Inc. and look forward to my continued role. Since our group founded this industry in 2011 my vision for CBD has become a reality with the amazing acceptance by the general public as well as the medical community. I continue to believe that almost everything in this industry remains at an early-stage, ground-floor level.”
“I am honored to take on these positions within our Company,” said Chairman and CEO Blake Schroeder. “This is and always has been a ‘Company of Firsts’ and we owe much of our pioneering in the area of product development, market education and market acceptance of non-psychoactive cannabis products to the knowledge and insight of Dr. Titus. His continued role as our spokesperson is especially positive for the Company.”
During his time at the Company, Mr. Schroeder's key contributions include international market development, financial performance management, product development, rebranding efforts, and operational development of the Company as a whole. Since Schroeder became CEO of Kannaway®, the Company's revenue has grown from $2 million in annual sales to nearly $70 million in annual sales in 2019.
Mr. Schroeder has extensive business experience in the nutrition industry ranging from legal and regulatory insight to overseeing all aspects of global sales, product development, marketing, distribution, and operations. His legal and operations experience includes overseeing development of businesses in Europe, Russia, Israel, Brazil, Mexico, and Japan. Mr. Schroeder has operated businesses in countries around the globe, and extensively in North America, South America, Europe and the Middle East.
Dr. Titus’ resignation from his Board and officer positions was not the result of any disagreement with the Company.
https://www.globenewswire.com/news-release/2021/06/17/2249318/0/en/Medical-Marijuana-Inc-Names-New-Chief-Executive-Officer.html
Thanks for the info. nilremerlin
It looks like LIGA's Marvin Baker and Douglas B. Vaughn have a new company to work on:
Wow, what happened to Stuart W. Titus?
Blake Schroeder was the CEO of MJNA's Kannaway.
What I am waiting for is an Audited annual report for the year 2020. LIGA is still reported as "Pink Limited Information" on OTC Markets.
AXIM Biotechnologies, Inc. (AXIM) - FORM S-1/A | Securities Registration Statement filed Jun. 09, 2021 5:08 PM ET
https://seekingalpha.com/filing/5575382?mail_subject=axim-axim-biotechnologies-inc-sec-filing-securities-registration-statement-s-1-a-june-09-2021&utm_campaign=rta-stock-filings&utm_content=link-1&utm_medium=email&utm_source=seeking_alpha
Oh no!!! I should have double checked D.R. Horton, Inc.'s Symbol in LIGA's 10-Q, for 3/31/2021, on page 17. You are correct, D.R. Horton, Inc.'s symbol is DHI. I will be more careful in the future.
Per the first quarter 2021 10-Q:
Has anyone heard how the price of lumber will/is effecting the home building industry? The higher price of lumber should have a favorable effect on steel framing of new homes. It would be nice to hear how Robert Pharr's home building is advancing with the use of steel framing.
I agree! I believe LIGA has been working hard in the background. Once LIGA's new Auditor audits LIGA's 2020 10-K, LIGA will be ready to go. IMO
Yes, in the end, the only way for LIGA's pps to go is up. WHY? Because LIGA continues to buy back shares. LIGA has hired a CPA company to qualify for OTCQB status. Mr. Marvin Baker is President of LIG Assets, Inc. ... Mr. Baker knows the value of LIG Assets, Inc.
You can't go wrong when you are buying stock in the same company that is buying back their own shares.
Happy to hear that. I will stick around even after LIGA reaches a penny. I like LIGA's business plan.
Are you the one that sold LIGA shares today? Good luck and stay safe!
Medical Marijuana, Inc. Reports Net Income of $3.7 Million in 2021 First Quarter Financial and Operational Results
May 25, 2021 9:00 AM ETGlobeNewswireMedical
Marijuana, Inc. (MJNA) SAN DIEGO, May 25, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Medical Marijuana, Inc. (MJNA) (OTC: MJNA) (the “Company”), the first-ever publicly traded cannabis company in the United States that launched the world's first-ever cannabis-derived nutraceutical products, brands and supply chain, announced today financial results for the quarter ending March 31, 2021, and provided an overview of recent operational highlights.
“Our operations made tremendous advancements in the first quarter of this year that position us to continue expanding our global footprint and highlight the entire industry’s progress,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We are heavily focused on expanding our international business, with our Latin American operations continuing to break sales records and capturing market share in these strategic regions. Pending legislation will enable us to further expand our presence in Mexico, a key opportunity unique to our portfolio. Beyond Latin America, we worked to ensure our European business will continue to meet regulatory standards set in the EU and the UK. Finally, as the world’s view trends in favor of cannabis, consumers are shifting their buying habits to include a wider variety of products, which is why we are excited to now offer CBG and CBN in several markets.”
First Quarter 2021 Financial Highlights
? Generated $8.9 million in net revenue in the first quarter of 2021;
? Net Income for the first quarter of 2021 was $3.7 million;
? GAAP Sales & Marketing expense decreased as a percentage of sales from 46% in 2019 to 38% in 2020;
? Cash position at the end of the period was $4.9 million;
? Decreased total liabilities by 32%.
First Quarter 2021 Operational Highlights
? Subsidiary Kannaway® participated in and announced positive results of the Validcare clinical study. The study used Kannaway®’s hemp-derived cannabidiol (CBD) products as a part of its efforts to meet the Food and Drug Administration (FDA)’s request for data on the use of botanical CBD with regard to potential liver toxicity issues, which seem to occur with the pharmaceutical version of CBD;
? Subsidiary Kannaway® submitted its Novel Foods application for its CBD products to the UK’s Food Standards Agency (FSA) through the European Industrial Hemp Association (EIHA) Novel Foods Consortium;
? Subsidiary Kannaway® launched several new products in the U.S. and Europe, including the Company’s cannabigerol (CBG) tincture in the U.S. and a brand new Green Hemp CBD Oil in Europe;
? Subsidiary Kannaway® received Certified CBD approval from the Banned Substances Control Group (BSCG), a leading third-party certification and testing provider of dietary supplements and natural products, for its broad-spectrum CBD product Pure Gold;
? Subsidiary Kannaway®’s Japanese division had its best sales month ever in Company history in February 2021;
? Subsidiary HempMeds® launched its first-ever products containing CBG and cannabinol (CBN) as part of the Company’s recently updated brand strategy;
? Subsidiary HempMeds® welcomed X Games world-record-holding skateboarder Italo Penarrubia as its newest spokesperson;
? CEO Dr. Stuart Titus was named winner of the 2020 Best Business Leader in the United States by Global Brands Magazine.
"We are proud to have the opportunity to advance the entire CBD industry as one of only a few industry leaders chosen to participate in Validcare’s CBD toxicity study, which as we expected revealed favorable results," said Medical Marijuana, Inc. COO Blake Schroeder. “Our primary sales generation division Kannaway was able to adjust its peer-networking strategy amidst the pandemic, and we held our largest international virtual event in the company's history this last quarter. Kannaway’s international growth has been a key driver of our revenue and we expect this to continue as we further target new and emerging markets.”
Yes Randy, and should we add what will happen now that LIGA has hired the Scott CPA Firm. When LIGA's financials are audited, LIGA investors will be able to see the following:
1. LIG Assets owns 60 acres which they purchased for $2 million. The land was appraised for "$5.2 million as of Dec 31 2020". Once the appraisal is certified, LIGA will be able to record the appraisal value in the general ledger for gain of $3.2 in value and income.
2. During 2020 the company successfully resolved a Legacy tax issue from years 2010 - 2012. "The IRS has closed the issue, ... and secured the tax loss carryforward from 2013 to present - more than $2.7mm". This loss carryforward will be offset against LIGA's profits.
From "LIGA Provides Business Updates For 2020, 2021 and Beyond" dated March 31, 2021:
"we expect the partnership with Horton World Solutions to gradually ramp up over 2021. Market research is predicting rapid increases in the 'green' drywall replacement market and steel framing"
I also see $LIGA's price per share well over $0.01 by the time LIGA's audited 10-K comes out on March 31, 2022.
Good luck all $LIGA investors.
I'm looking forward to LIGA's future. LIGA is working very hard to firm up their Business Plan.
With lumber getting more and more expensive, it is the right time to move to light gauged steel framing.
I like the fact that LIGA is also moving into the Forever Board business.
LIGA has hired the Scott CPA Firm, which began with the 1st quarter of 2021.
LIGA is working for OTCQB status, which requires a PPS of $0.01 for 30 constant days.
What does all this means? If you bought a million shares last Friday at $0.0059, you invested $5,900. After LIGA's status changes to OTCQB, your investment will be at least $10,000.
I am waiting for $LIGA's OTCBQ status!
You will have to call Etrade because StockChart does not show any trades at .0958 yesterday.
ProtoKinetix and IQVIA Partner to Support Development of AAGP® Product in the Treatment of Ocular Conditions
Marietta, Ohio, May 12, 2020
ProtoKinetix, Incorporated (www.protokinetix.com) (the "Company" or "ProtoKinetix") (OTCQB: PKTX), a clinical-stage biomedical company, today announced its collaboration with IQVIA (NYSE: IQV) to accelerate development of AAGP® (PKX-001) in ocular conditions, specifically Dry Eye Disease and Wet and Dry forms of Age-related Macular Degeneration.
The ProtoKinetix-IQVIA collaboration will aim to accelerate the clinical development and regulatory progress of PKX-001. The collaboration is expected to drive directed clinical development as PKX-001 enters Phase 1 testing for the above conditions. This initiative will also serve to optimize these clinical trials to determine safety in these new conditions, drawing from previous experience with PKX-001 in Type 1 diabetes and other conditions.
About IQVIA
IQVIA (NYSE:IQV) is a leading global provider of advanced analytics, technology solutions and contract research services to the life sciences industry. Formed through the merger of IMS Health and Quintiles, IQVIA applies human data science — leveraging the analytic rigor and clarity of data science to the ever-expanding scope of human science — to enable companies to reimagine and develop new approaches to clinical development and commercialization, speed innovation and accelerate improvements in healthcare outcomes. Powered by the IQVIA CORE™, IQVIA delivers unique and actionable insights at the intersection of large-scale analytics, transformative technology and extensive domain expertise, as well as execution capabilities. With approximately 67,000 employees, IQVIA conducts operations in more than 100 countries.
IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. IQVIA’s insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviors and scientific advances, in an effort to advance their path toward cures. To learn more, visit www.iqvia.com.
I think LIGA management is very smart and knows what they are doing. Until they get their business plan in place, they are just letting the pps drift downward. They know what LIGA has and are buying shares as they can, which will make the company shareholder's base stronger, when they start releasing LIGA news. IMO.
We have all gone through a lot of hardship over the last year or two. LIGA's current management had to go back and correct problems as statement in the 10/14/2020 PR:
You have that right Randy1111. With all that is going on in LIGA's business Plan and the plans to have OTCQB status in 2021, I don't know why investors are selling. I guess they just don't know what kind of a company they are currently invested in.
LIGA actually states that their division, BGTV Direct, has acquired 7.5 mm shares of LIGA stock on the open market. How can things be better than that?
Go $LIGA
LIGA investor's should expect to see the March 30, 2021 10-Q report by this Friday. It will be interesting to see if the new CPA firm is in place. LIGA appears to be bringing the company together by working to bring LIGA to OTCQB status, which will require a PPS for LIGA to be over $0.01 for at least 30 consecutive days.
BPTrader, The reference I made to LIGA stock repurchase is in the middle of page 25, in the 10-K. I missed the PR on 3-31-2021. Thanks for pointing it out. Encase anyone missed reading it, it is as follows:
BPTrader, I agree with you comment:
AXIM® Biotechnologies’ Manufacturing Partner Empowered Diagnostics Files for Approval for Use of Rapid COVID-19 Neutralizing Antibody Test in Whole Blood at Point-of-Care Locations in Canada and the EU
SAN DIEGO, May 05, 2021 (GLOBE NEWSWIRE) -- AXIM® Biotechnologies, Inc. (OTCQB: AXIM) (“AXIM® Biotech,” “AXIM” or “the Company”), an international healthcare solutions company targeting oncological and COVID-19 research, announced today that the Company’s manufacturing partner Empowered Diagnostics has filed for emergency approval to use ImmunoPass™, the Company’s rapid test that semi-quantitatively measures levels of COVID-19 neutralizing antibodies, to detect COVID-19 neutralizing antibodies in whole blood at point-of-care locations throughout Canada and the EU.
Empowered Diagnostics’ application is currently under review by Health Canada for approval for use in the country. Additionally, the Company has filed for a CE mark, which is required to distribute a product or device on the EU market and signifies that the Company has met the necessary safety, health and environmental protection requirements for sale. Once granted a CE mark, the Company will have approval to manufacture and commercialize ImmunoPass™ for use in point-of-care locations across the EU.
Last month, AXIM announced that Empowered Diagnostics filed an Emergency Use Authorization (EUA) application with the US Food and Drug Administration (FDA) for approval to use ImmunoPass™ to detect COVID-19 neutralizing antibodies in whole blood at point-of-care locations.
AXIM® Biotech CEO John W. Huemoeller II commented: “The COVID-19 pandemic itself is evidence that the world is interconnected. Because of that, it’s crucial that countries work together to resolve this global issue and have a consistent level of care in order to achieve relative normalcy as quickly as possible. ImmunoPass is incredibly easy to use and delivers accurate results in a matter of minutes, making it an ideal device for global use.”
About AXIM® Biotechnologies
Founded in 2014, AXIM® Biotechnologies, Inc. (AXIM) is a vertically integrated research and development company focused on changing diagnosis and treatment for oncology and SARS-CoV-2 (COVID-19). AXIM’s COVID-19 rapid neutralizing antibody test is the first rapid diagnostic test measuring levels of functional neutralizing antibodies that are believed to prevent SARS-CoV-2 from entering the host cells. Additionally, the Company is developing rapid diagnostic tests for the early detection of cancer and proprietary small molecules drugs to treat cancer and block metastasis. For more information, please visit www.AXIMBiotech.com.
About Empowered Diagnostics
Empowered Diagnostics delivers innovative, best-in-class diagnostic tests backed by leading experts in healthcare and biotechnology. Our mission is to empower people with the knowledge and confidence to understand their health through reliable, affordable, high-quality tests. Based in Pompano Beach, Florida, Empowered Diagnostics is one of the largest capacity manufacturers of rapid diagnostic solutions in the United States. For more information, please visit www.empdx.net.
Thanks for your reply TexasMarvl. I know the ELISA test needs FDA approval but there are a number of milestones that are moving ahead by AXIM, IMO, such as :
"The ELISA test is the most widely used type of immunoassay in diagnostic labs."
and
"If vaccine companies begin to include variants in their vaccine, the new test will be able to measure specific protestive antibody responses to the variants."
There is a lot of possibility for a Stock selling at $0.50.
Dean14,I am surprised that investors have not taken note of AXIM's latest PR which came out yesterday, May 3, 2021. I'm posting it again with what I like noted in bold:
nilremerlin, Good luck with your new home. A month isn't a long time to get back into AXIM. I hope everything goes well in your future. Stay safe.
gosox12, I don't understand. If you are so disappointed with the success of PKTX, why you haven't moved on. There are different companies to invest in. Good luck in your future investments.
Blue Sky, I'm very impressed with your post. The 10-K is about 100 pages and in very small print. Yes, I will continue reading until I get thru it, but I doubt that I will reread it. I did read about AXIM's "secret sauce" and thought "Way to go AXIM." GLTA and have a great weekend.
I like that statement also. That is just what PKTX needs at this stage of the game, so to speak. GLTA $PKTX
Thanks for posting the link to MJNA's Annual Report. I like to read what has happened since the close of the year as follows:
Note 12: Subsequent Events
On October 20, 2020 the Company entered into a Term Sheet whereby it agreed to sell between
$1.5 million and $2.5 million of convertible securities to a third-party investor (the "Transaction")
for the purpose of providing funds to the Company to be used to invest in General Hemp, LLC
(“General Hemp”) (the Company's 2nd largest shareholder). This investment by the Company in
General Hemp will facilitate the settlement of litigation related to the Probate Estate of the
Company's deceased founder, Michael Llamas, who was the majority holder of General Hemp
prior to his death (the "Settlement"). The Term Sheet for the Transaction was to expire on January
31, 2021, unless extended by the parties.
Effective January 5, 2021, the Term Sheet was extended to March 31, 2021 and the Company
agreed to other amendments to the Term Sheet as follows: (i) the closing of the Transaction could
close at any time between January 5, 2021 and the "Closing" of the Settlement (as that term is
defined in the Settlement) as opposed to concurrent with the Closing of the Settlement, (ii) if, after
a closing of the Transaction, the Settlement does not Close for any reason, the third-party investor
shall have the right to rescind the Transaction, in whole or in part, and (iii) assuming the funds
received by the Company from the Transaction are used to fund the Settlement (the "Settlement
Funds"), the Company would have the flexibility to provide the Settlement Funds as either (a) an
investment into General Hemp upon terms mutually acceptable to General Hemp, the Company
and the third-party investor, (b) an acquisition of assets from the Probate Estate of Michael Llamas
upon terms mutually acceptable to General Hemp, the Company and the third-party investor, or
(c) to another party, and upon terms, that are mutually acceptable to the Company, General Hemp
and the third-party investor.
On March 9, 2021 the Company entered into the Settlement, along with the Estate of Michael
Llamas, General Hemp, the third-party investor and a number of other parties not related to the
Transaction. The Settlement is at this time subject to probate court approval in the case of the
Estate of Michael Robert Llamas in the San Diego Superior Court, Probate Division. Upon a
Closing and consummation of the Settlement, the Company will own a 49.9% interest in General
Hemp for its $2.0 million investment. It is anticipated that upon the full consummation of the
Settlement, the major assets held by General Hemp will consist of approximately 275 million
shares of the Company's common stock, 6 million shares of Neuropathix, Inc. (fka Kannalife, Inc.
- "NPTX") and 2.7 million shares of Axim Biotechnologies, Inc. ("AXIM"). In addition to its 49.9%
ownership stake, the Company will also be a creditor of General Hemp in the amount of
approximately $2.4 million. Under the terms of the Settlement, the Company has agreed to sell
its ownership stake in General Hemp for $1,000 to a trust formed for the benefit of the sole heir of
Michael Llamas, after it has received $2 million (i.e., 100% of the principal amount of the
Company’s investment) in distributions and/or disbursements in connection with its 49.9%
ownership stake. Although the Company believes that the Settlement will be approved by the
probate court and will Close, there can be no assurance that such approval and Closing will
occur.
On March 30, 2021 the Company authorized 230,000 shares of a new Series B Preferred Stock.
The Series B Preferred Stock is non-voting, has no liquidation preference or dividend rights or
preferences and each share of Series B Preferred Stock is convertible at any time in the discretion
of the holder into 1,000 shares of the Company's common stock; provided however, such
conversion would not be permitted if it would result in the converting holder, and its affiliates,
having a beneficial ownership of more than 9.9% of the Company's outstanding common stock
as of the date of conversion.
On March 30, 2021, a Transaction was entered into pursuant to the Term Sheet whereby the
third-party investor (itself and through wholly-owned entities) acquired from the Company (i)
230,000 shares of the Series B Preferred Stock at a price of $7 per share, and (ii) 55,714,286
shares of restricted common stock at a price of $0.007 per share. The total proceeds to the
Company for (i) and (ii) above totaled $2 million. If for any reason the Settlement described above
does not Close on or before April 30, 2021 (or an extension of that date if agreed to by the
Company and the third-party investor), the third-party investor shall have the right to rescind the
Transaction, in whole or in part. If no such rescission occurs, and the Settlement does not Close,
the Company will retain the third-party investment proceeds for its general corporate purposes.
https://backend.otcmarkets.com/otcapi/company/financial-report/278817/content
gew59. if Calalent, or a company like, it is working with PKTX, we have a good future with them.
Who is Calalent:
SPORT, you talk to Mr. Smith. Maybe you will ask him the questions and report back to the I-Hub board.