Still trying to figure this all out, but If I'm reading this all correctly, GMPW now owns 100% of Community Economic Development Capital LLC (see the text from the 10/20/20 GMPW 8K below) which now controls 60% of the voting rights of NIHK into which CED was merged into, and GMPW also owns 97% of the issued and outstanding shares of Cannabinoid Biosciences, Inc.(per the GMPW 8K below)
NIHK LINK: From the 10-12G/A https://www.otcmarkets.com/filing/html?id=14477230&guid=KF0eUn_AwxYAl3h
"On October 29, 2019, Video River Networks, Inc. sold one (1) Special 2019 series A preferred share (one preferred share is convertible 150,000,000 share of common stocks) of the company for an Fifty Thousand and 00/100 ($50,000/00) Dollars, to Community Economic Development Capital LLC, (“CED Capital”) a California limited liability company CED. The Special preferred share controls 60% of the company’s total voting rights and thus, gave to CED Capital the controlling vote power to control and dominate the affairs of the company theretofor. Upon the closing of the transaction, the business of CED Capital was merged into the Company and CED Capital became a wholly owned subsidiary of the Company.
Following the completion of above mentioned transactions, the Company pivoted its business model to become a specialty real estate holding company for specialized assets including, affordable housing, opportunity zones properties, medical real estate investments, hemp and cannabis farms, dispensaries facilities, CBD related commercial facilities, industrial and commercial real estate, and other real estate related services. Because our principal is a California Real Estate Broker, NIHK aspires to qualify as a Real Estate Investment Trust in the near future and lead in providing real estate focused on hemp and medial-cannabis growth, to the public markets.
Furthermore, we are now, an internally-managed real estate holding company focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated state-licensed cannabis facilities. We plan to acquire our properties through sale-leaseback transactions and third-party purchases. We expect to lease our properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, taxes and insurance.
Following the change of control transaction listed above, the Company appointed Mr. Frank I Igwealor as President and CEO. Our corporate office is located at 370 Amapola Ave., Suite 200A, Torrance, California 90501. Our telephone number is (310) 895-1839
As of December 31, 2019, we had no W-2 employee, but three of our officers and directors provide all the services without pay until we formally enter into employment contract with them as full-time employees.
The 10/20/20 GMPW 8K states the following:
https://www.otcmarkets.com/filing/html?id=14451216&guid=KF0eUn_AwxYAl3h
"Item 2.01 - Completion of Acquisition or Disposition of Assets.
On September 16, 2020, as part of its sales of unregistered securities to certain corporation, GiveMePower Corporation acquired 100% interest in, and control of Community Economic Development Capital, LLC (“CED Capital”), a California Limited Liability Company, and 97% of the issued and outstanding shares of Cannabinoid Biosciences, Inc. (“CBDX”), a California corporation.
CBDX is a biopharmaceutical company, which intends to engage in the discovery, development, and commercialization of cures and novel therapeutics from proprietary cannabinoid, cannabidiol, endocannabinoids, phytocannabinoids, and synthetic cannabinoids product platform suitable for specific treatments in a broad range of disease areas.
CED Capital is a specialty real estate holding company for specialized assets including, affordable housing, opportunity zones properties, medical real estate investments, hemp and cannabis farms, dispensaries facilities, CBD related commercial facilities, industrial and commercial real estate, and other real estate related services.
Item 3.02
Unregistered Sales of Equity Securities
On September 15, 2020, GiveMePower Corporation (the “Company”) entered into a stock purchase agreement with certain corporation related to our President and CEO with respect to the private placement of 1,000,000 shares of its preferred stock at a purchase price of $3 in cash and a transfer of 100% interest in, and control of Community Economic Development Capital, LLC (a California Limited Liability Company), and 97% of the issued and outstanding common stock of Cannabinoid Biosciences, Inc. (“CBDX”), a California corporation.
On October 20, 2020, Corporation (the “Company”) entered into a stock purchase agreement with Poverty Solutions, Inc. with respect to the private placement of 5,000,000 shares of its common stock at an aggregate purchase price of $20,000 in cash.
On October 20, 2020, Corporation (the “Company”) entered into a Conditional Sign-On Bonus Agreement with its President and CEO, Mr. Frank I Igwealor under which the Company issued 10 million shares of the Company common stock to Mr. Igwealor for agreeing to become the President and CEO of the Company starting January 1, 2020 to present.
The issuance of shares to Kid Castle Educational Corporation, Frank I Igwealor and Poverty Solutions Inc. were completed in reliance on Rule 506 of Regulation D of the Securities Act of 1933, recognizing that these parties were all accredited investors, as defined under Rule 501 of Regulation D of the Securities Act of 1933. All securities issued were issued as restricted securities and were endorsed with a restrictive legend confirming that the securities could not be resold without registration under the Securities Act of 1933 or an applicable exemption from the registration requirements of the Securities Act of 1933. No general solicitation or general advertising was conducted in connection with the sales of the shares.
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