Item 8.01. Other Information
(a)
On February 25, 2018, the Company facilitated the reverse merger between Vortex Brands and Blockchain Energy. The Company will receive 998,000 shares of a new created Series C Preferred Stock. The Preferred Stock is convertible after 24 months from the date of issuance and can be converted into 100 shares of common stock. As part of the acquisition of Blockchain Energy, Vortex Brands will issue 117,000,000 shares of common stock that will be restricted for at least 1 year from issuance and 9,996,000 shares of Series C Preferred Stock that cannot be converted for at least 24 months from issuance. After the acquisition, Vortex Brands will have approximately 207 million shares outstanding. The acquisition documents are currently being executed and the transaction should close by February 28, 2018. Blockchain Energy, Inc. is a company based in Sacramento that is engaged in projects related to the utilities and energy sectors.
(b) On February 23, 2018 Vista Capital converted the remaining 230,000,000 from the executed settlement whereby the Company agreed to issue 750 million shares and Vista Capital agreed to release the Company from the outstanding note of $75,300 plus the warrants (approximately 1 billion warrants were outstanding). As a result, the note with Vista Capital has been satisfied in full and no further shares will be issued to Vista Capital.
(c) On February 22, 2018 St. George converted 368,000,000 shares of common stock in exchange for $14,720.00. The remaining balance on the note is $1,824.92 from the December 16, 2016 note.
(d) On February 15, 2018 EMA Financial converted 141,608,299 shares of common stock in exchange for $4,664.33. The remaining balance on the note is $7,271.67.
