They didn't raise $7M. They can't raise a penny until they file an S-1 registration statement AND have it approved by the SEC:
"The agreements require the Registrant to file a registration statement for the common stock underlying the EPA."
Did you see the frontrunning as they sold tens of millions of shares before filing the 8-K? What a sleazy operation. They should be in jail.
They're only doing a 1 for 5 reverse split. That means they will fall under a penny a share again right away and get delisted again.
On February 28, 2018, the Registrant filed a certificate of change with the Secretary of State of Nevada which affected a one for five reverse split of the Registrants authorized and outstanding common stock (the “Reverse Split”). The Reverse Split is subject to FINRA notification, review and approval which the Registrant will expeditiously seek. The Certificate of Change did not require a shareholder vote under Nevada law and reduced the authorized shares of common stock which the Registrant is authorized to issue from 650,000,000 to 130,000,000 and reduced the outstanding shares to approximately 87,408,168. No fractional shares will be issued and all fractional shares will be rounded up to the next whole number. The Registrant affected the Reverse Split to ensure that its common stock continues to trade above $0.01 as required to maintain its listing on the OTCQB, although the Registrant cannot ensure any particular stock process will apply.
