I was here before any of these guys ever showed up (Dude or Sleekscape) Myself and ProCannabis and a few others found this company when it was still known as Lifetech. The way I found it was by looking through any press releases that had mentions of cannabis or marijuana. I made a ton of money on MJNA in 2012-2013 and had well over 1 million shares of PHOT below .10. Again all these statements are backed by my posting history.
All this stuff Dude is saying about Lifetech makes zero sense. For sleek, a poster I had learned to love (especially your videos) to base his judgement on this is ridiculous.
Let us go back and examine the Lifetech transaction but do so logically not arbitrarily:
Lifetech Industries, Inc. had 50,000,000 shares outstanding. Of those shares half (25,000,000) were owned by Benjamin Chung. The other half (25,000,000) were in the trading float. Those shares were owned by anyone that bought and sold them inside of the float. They are the shares that I bought below .10 and the shares that I sold above .80 to whoever bought them from me.
When Paul took over Lifetech, which at the time was insolvent but had the IP to the water-vapor technology, he acquired ALL of Benjamins shares: 25,000,000. Those were the only shares he acquired. Any discussion of him having an interest in any other shares is pure insanity. It would be like saying that Derek Peterson owns every share traded of TRTC or Bill Gates owning every share of MSFT. So let us review once again the Post Rosenberg Acquisition Capital Structure:
Before: LTCH 50,000,000 Shares Outstanding
Chung - 25,000,000 Shares.
Float - 25,000,000 Shares.
AFTER: LTCH 50,000,000 Shares Outstanding
Rosenberg - 25,000,000 Shares
Float - 25,000,000 Shares.
Now, some have made really stupid statements about why Paul would conduct a forward split. These statements are rooted in a deep misunderstanding of how this whole Marijuana PennyStock Sector started. If you look through the volume of Lifetech or the spread before the split you would have never touched it. IT had a spread of .05 cents and daily volume of 1-3,000 shares. Paul, at the advice of his counsel (based on his interview with Brochstein which I highly urge you all to re-read) implemented a 10 for 1 Forward Split.
Nothing changes economically in a forward split, but the share figures get multipled 10 times. So now we had the following:
After 10:1 Split: LTCH 500,000,000 Shares Outstanding
Rosenberg - 250,000,000 Shares
Float - 250,000,000 shares.
Then LTCH changed its name to mCig, Inc. and trading symbol to MCIG to reflect the new business. This was another natural progression forward.
Next, as part of Paul's continued demonstration of long-term commitment to the company he decided to show investors that he was not interested in the short-run. So what he did was take 230,000,000 of his 250,000,000 shares and exchanged them for 23,000,000 preferred shares that carried 10 votes for every 1 share of preferred. These shares are a different class of stock, they aren't the common stock we all have. So what he did was show that he wasn't interested in the economics of his stock over the short-term but wanted to retain the voting control. All he cared about was the direction of the company. This is a highly common maneuver in the stock market. Nearly every major company from Google to News Corp is run this way with dual voting stock. In fact, most companies with these type of capital structures outperform the market.
Let us now look at the new capital structure following this step:
mCig, Inc. MCIG - 270,000,000 Common Shares Outstanding - 23,000,000 Preferred Shares Outstanding:
Rosenberg - 20,000,000 Common Shares. + 23,000,000 Preferred Shares.
Float - 250,000,000 Common shares.
As you can see nothing has ever changed in the float. For anyone to claim that there is some conspiracy here they are truly mad. That would mean that all these shares being traded for the past 2 years were fake and that in reality every time one of us buys or sells mCig were all lying because we just sell it back to the aether each time. The float has been 250,000,000 two years ago, last year before the name change, 6 months ago after the name change and before the mCig 1.0 launch, 3 months ago after the mCig 2.0 launch, and last month when VitaCig launch. The float has stayed the same always. It has never changed.
Share Cancellations -
Now for those wondering about the share cancellations. All Paul is doing as he has said in the Brochstein interview (he literally layed all this out in November 2013) is using his 20,000,000 common shares as a "bank" to essentially make acquisitions of companies, talent, and services (billboards) in a non-dilutive manner to US, the shareholders.
He realizes his valuation isn't cheap but is helping make the valuation more realistic and even cheaper by cancelling his shares. That is why even though mCig, Inc. has completed so many events, acquisitions, and developments. As of June 3, 2014 Presentation the O/S Remains: 270,200,000 meaning that only 200,000 new additional shares were introduced.
Compare that to TRTC/CBIS/MJNA/ HEMP or any other diluted piece of garbage where they issue 200,000 shares an hour.
mCig is the real deal. VitaCig will be even bigger. I think buying more VitaCig upon IPO is a sensible approach, but most likely you will not get the position you want unless you buy mCig on weakness.
GLTA and this is all JMO.
AI
