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Overview
We were incorporated under the laws of the State of Nevada on May 7, 2014. Our original business plan was to seek to engage in the designing, marketing and distribution of electronic cigarettes ("e-cigarette") in East Africa.
On October 14, 2016, the Company, Ahmed Guled (the "Selling Stockholder") and Linux Labs Technologies, Inc., a Georgia corporation entered into a Stock Purchase Agreement, dated October 14, 2016 (the "Purchase Agreement"). Ms. Sparrow Marcioni and Mr. Steven James share voting and dispositive control over Linux Labs on a 50/50 basis.
Pursuant to the Purchase Agreement, Linux Labs purchased 25 million shares (the "Shares"), of common stock, par value $0.00001 per share (the "Common Stock"), of the Company held by the Selling Stockholder, representing approximately 69.90% of the issued and outstanding shares of the Company's common stock, and the Indebtedness (as defined below) in consideration for an aggregate purchase price of $50,000 (the "Purchase Price"), consisting of $10,000 in cash and $40,000 evidenced by a promissory note, dated October 14, 2016 (the "Note"), in the principal amount of $40,000, bearing interest at the rate of 6% per annum, maturing on April 14, 2017 and secured by the Shares pursuant to a Stock Pledge Agreement, dated October 14, 2016 (the "Stock Pledge Agreement"), between the Linux Labs and the Selling Stockholder (the "Transaction"). Pursuant to the Purchase Agreement, $40,000 of the Purchase Price was allocated to the Shares and $10,000 was allocated to purchase of the Indebtedness.
