8-k: Clarification
Item 8.01.
"On or about December 1, 2016, the Company learned that LG Capital Funding, LLC (“LG Capital”), a plaintiff in a lawsuit pending in New York against the Company (Case 1:16-cv-02217-CBA-LB), obtained a judgment in the amount of $151,000. On or about December 10, 2016, the Company learned that LG Capital had placed a judgment lien on the Company’s operating account
. The effect of the lien was that the Company’s operating account
was frozen for an amount twice the judgment, or approximately $300,000. As of the date is Report on Form 8-K, the Company has been unable to release the lien. The Company is in negotiations with LG Capital in an attempt to resolve the judgment and release the lien on its bank account
. There is no guarantee that the Company will be successful in reaching a resolution with LG Capital and/or causing the lien to be released. If the Company and LG Capital are unsuccessful in reaching a resolution, the Company’s operating results and operations will be materially adversely impacted."
10.8
"Secured Amended and Restated Series B Preferred Stock Convertible Promissory Note between Vape Holdings, Inc. and HIVE Ceramics, LLC, in the amount of $250,000".
8-k Conclusion: After The Lien is Released Vape Will Pay Hive.
