Ok so that isnt GACP investment that is the lawsuit settlement I am thinking back tracking to U.S. STEM CELL, INC.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2017
In April 2017, the Company issued an aggregate of 3,335,685 shares of common stock for services rendered.
In April 2017, the Company sold 3,193,664 shares of its common stock for net proceeds of $250,000 ($0.078 per share).
In April 2017, the Company issued 286,315 shares of common stock as payment of $12,704 Northstar interest.
In April 2017, the Company issued 1,000,000 shares of its common stock in final settlement with Northstar.
(unaudited) On March 1, 2017, Northstar and the Company entered into a settlement agreement (“Settlement Agreement “) related to pending litigation (See Note 11). Pursuant to the terms and conditions of the Settlement Agreement, Northstar converted its outstanding Series A Convertible preferred stock, into twenty million (20,000,000) shares of common stock. In addition, and separate and apart from the conversion, Northstar received Eleven Million (11,000,000) shares of the Company’s common stock. NorthStar will receive ten percent (10%) of all Company international sales (based on a gross sales basis). Furthermore, a NorthStar designee, Greg Knutson, was appointed to the Board of Directors of the Company and two Company directors, Michael Tomas and Kristin Comella, will each exercise their prior NorthStar options to each receive a Five percent (5%) Member Interest in NorthStar. The parties agreed to a mutual release and NorthStar agreed to terminate any UCC lien on the Company assets previously filed for the benefit of NorthStar. On March 9, 2017 and April 1, 2017, the Company issued 30,000,000 and 1,000,000 shares of its common stock, as described above. In connection with the settlement, the Company recorded a loss on litigation settlement of $316,800.
