Newport Commercial Advisors
From the 10k:
During the years ended September 30, 2016 and 2015, the Company incurred total expenses of $60,026 and $64,300 for management consulting services performed by Newport Commercial Advisors, an entity fully owned and controlled by our Chief Executive Officer. There was not a balance payable to Newport Commercial Advisors as of September 30, 2016 or 2015.
From latest q:
During the three and nine months ended June 30, 2017 and 2016, the Company incurred total expenses of $7,858 and $14,000 and $35,530 and $48,006 for management advisory services performed by Newport Commercial Advisors, an entity fully owned and controlled by our Chief Executive Officer. There was not a balance payable to Newport Commercial Advisors as of June 30, 2017 or September 30, 2016.
Also... For Steve to explain the 38 million shares given to management... My DD shows these (also in latest q):
Through September 30, 2016, the Company received loans from its Chief Operating Officer totaling $96,000. Through September 30, 2016, the Company made repayments totaling $4,295. There were repayments totaling $7,500 made during the nine months ended June 30, 2017. There was $84,205 and $91,705 due as of June 30, 2017 and September 30, 2016, and is included in the accompanying consolidated balance sheets as a current portion of notes payable to related parties. The loans carry a 0% interest rate and are due on demand.
During the nine months ended June 30, 2017, the Company received loans from its Chief Executive Officer totaling $80,100 and made repayments totaling $75,650. The loans are non-interest bearing and due on demand. There was $4,450 due as of June 30, 2017.
During the nine months ended June 30, 2017 the Company made repayments to Eric Ezrine, a shareholder of CR Labs, on an outstanding note payable totaling $10,708. The loans carry an interest rate of 0% per annum. There was $2,560 and $13,269 due as of June 30, 2017 and September 30, 2016, respectively. Additionally, the Company entered into a severance agreement with Mr. Ezrine whereby it agreed to make payments totaling $44,500 through August 2018. The Company made repayments of $18,050 during the nine months ended June 30, 2017. There was $26,450 and $44,500 accrued as of June 30, 2017 and September 30, 2016.
On October 19, 2016, the Company assumed a $194,512 payable due to Henry Grimmett, and officer of Greenhaus and current Director of the Company, with its acquisition of Greenhaus Analytical Services, LLC. The note bears interest at 0% per annum and requires repayments of $25,000 quarterly. During the nine months ended June 30, 2017, the Company made repayments totaling $24,100. There was a total of $169,412 due as of June 30, 2017 of which $100,000 is current and $69,412 is long term.
On October 19, 2016, the Company entered into a $340,000 note payable as part of its acquisition of Greenhaus Analytical Services, LLC. The note carries interest at a rate of 6% per annum and matures on October 16, 2020. There was $340,000 of principal and $14,364 of accrued interest due as of June 30, 2017.
On November 1, 2016, the Company entered into a $50,000 note payable to Green Style Consulting, LLC as part of the asset purchase agreement. Green Style Consulting, LLC Managing Member is our General Manager Northern California, who was hired by the Company concurrent to the asset purchase. The note carries interest at a rate of 5% per annum and matures on October 31, 2018. During the nine months ended June 30, 2017, the Company made repayments of $8,000. There was $42,000 of principal and $1,532 of accrued interest due as of June 30, 2017.
Through September 30, 2016, the Company borrowed a total of $16,200 from our Chief Science Officer to fund operations. The loans are non-interest bearing, due on demand and as such are included in current liabilities. During the nine months ended June 30, 2017, the Company made repayments totaling $7,000. There was $9,200 and $16,200 due as of June 30, 2017 and September 30, 2016, respectively."
BEFORE WE JUMP TO CONCLUSIONS, remember all the NON INTEREST BEARING LOANS our board gave the company over the course of two years..
Last post :)
