In no particular order, let’s first talk about the recent transactions. There is four recent transactions the company has made in the last few months that we believe have a positive impact on the company and will have a positive impact on the company for many years to come. The most obvious and recent event was when the company acquired the VitaCig business.
This seemed right at so many levels, management was extremely pleased with this outcome. Not only do we now have VitaCig back into the fold of mCig where we can cut the cost, stop the bleeding of cash to support that operation with no near future hope of seeing a return of that money. We have expanded our investment portfolio, I cannot speak to VitaCig’s past performance until such time if that information has been released to the public, but based upon the recent announcements and the recent 8-Ks filed by VitaCig and us, the shareholder doesn’t need to look far to see these obvious benefits.
Acquiring a $3.95 million MOQ contract, Minimum Order Quantity contract, we see an immediate impact on our financial statements in the strength of our company, but the two things that the company benefits from this transaction that aren’t so obvious is the transformation of the what's entitled due to mCig account on their books basically as a 46% owner at the time being an insider, we were funding that company, that was treated as a long-term payable, the odds of getting that paid back could have been difficult to achieve.
It’s now more likely we will get paid back the note due to mCig account has been converted into a promissory note with a definitive short term deadline for payment, which will bring additional cash into the business.
The company believes that the new business in VitaCig Inc, they haven’t changed their name yet, the disclosure has been made, Malecon Pharmacy, is much more valuable and that once awareness has been achieved, the value of our investment we believe will be actualized, should we maintain approximately a 10% interest in this new business operation we can elect to sell our position and fund our company probably for many years to come off of this one investment, or we can continue to hold that investment as the company begins to mature and grow.
On top of all that and getting to continue to own the investment in Malecon to seeing a definitive date on the return of capital we've put into VitaCig as well as bringing in those contracts into mCig’s account, there is still direct value provided to the shareholders of mCig who were issued shares during the spinoff and they are now much in a much stronger position in that particular company and we believe that the value of their shares will increase. We see this as a win for everybody.
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