At the Closing (i) the Members will sell, convey, transfer and assign to Indoor Harvest, free and clear of all liens, pledges, encumbrances, changes, restrictions or known claims of any kind, nature or description, and Indoor Harvest will purchase and accept from Members, all of the issued and outstanding membership interests of Alamo CBD, and (ii) in exchange for the transfer of such securities by the Members, Indoor Harvest will sell, convey, transfer and assign to the Members, and Members will purchase and accept from Indoor Harvest, Twenty Five Million Two Hundred Eighty Thousand and Twenty Seven (25,280,027) shares of newly-issued shares of common stock of Indoor Harvest, par value $0.001, in the aggregate. Upon completion of the Exchange, all of the Alamo CBD Interests shall be held by Indoor Harvest.
· At the Closing, Indoor Harvest shall have delivered to Alamo CBD letters of resignations from (i) John Choo, Chad Sykes, John Zimmerman, and Pawel Hardej from their positions as officers and directors of the Company. Each of such persons shall be resigning from their positions as officers as of the Closing Date, and shall be replaced by the person(s) identified by Alamo CBD as officers, effective as of the Closing Date, and each of such persons shall be resigning from their positions as directors and will be replaced by the person(s) identified by Alamo CBD as Directors effective upon the tenth (10th) day following the mailing of the 14f-1 Notice by Indoor Harvest to its stockholders.
· Following the Closing Date, the exiting officers and directors of Indoor Harvest Corp will be forming a new company, to be named “The Harvest Group”, which company intends to do business as “Indoor Harvest”. Pursuant to the terms of a letter of intent between the parties, an amendment dated March 16, 2017, a total of $132,302 in funds was set aside for operations that were not related to the proposed cannabis business activities, not related to commitments under the parties Joint Venture agreement with Vyripharm Enterprises LLC, and not related to ongoing public company costs as of January 3, 2017, with the exception of costs associated with Indoor Harvest's 2016 financial audit.
Also have you noticed they have been raising new money at .40.
LOL, a total of 17 investors. They're now down how much?
From February 22, 2017 through March 15, 2017, the Company sold a total of 2,060,000 shares of Common Stock to 17 U.S. accredited investors at $0.40 per share for cash totaling $824,000.
...and more recently, $.30/share
On March 20, 2017, the Company's Series A Preferred Convertible Stock shareholders ("Series A Holders") each voted to remove the provisions of Section 5(iii) of the Series A Preferred Stock Designation. This action eliminated the “full ratchet protection” provision for adjustment in the Conversion Price and formula. Series A Holders agreed individually and as a group to convert their Series A Convertible Preferred Stock into Common Stock at a conversion price equal to $0.30 per share. A total of 250,000 shares of the Company's Series A Preferred Convertible Stock were converted into 416,667 shares of Common Stock. The Company recorded fair value of $175,000 ($0.42/share) based upon the most recent trading price per share of the Company’s stock.
On March 20, 2017, the Company settled $177,604 in principal, interest and prepayment penalties on a Promissory note with FirstFire Global Opportunities Fund, LLC originally dated October 19, 2016. The Company settled the amount owed by paying $77,604 in cash and by issuing 333,333 shares of Common Stock at the fixed conversion price of $0.30 per share for a total value of $100,000. The Company recorded fair value of $140,000 ($0.42/share) based upon the most recent trading price per share of the Company’s stock. The Company was released from any further liability under the FirstFire Global Opportunities Fund, LLC Note upon delivery of these amounts of cash and stock.
Again I'm interested in making money.
I'm interested in transparency.
And sometimes I get feeling some here just spam their negative views for joy of some sort
When you have a company that gets involved with lots of spiraling debt, there's not a whole lot to be happy about.
