But still must be considered as issued...those 1.8 BILLION (not Million), cannot be issued twice. Restricted shares are issued, just not sellable until the date denoted.
I've now had to state this twice today, which is representative of the audience on hand currently.
On May 7, 2018, YCIG, Inc., an entity owned and controlled by MyDx, Inc.’s (the “Company’s”) sole officer and director, Mr. Daniel Yazbeck, acquired 1,750,000,000 shares of the Company’s common stock through the conversion of 175,000 shares of the Company’s Series B Convertible Preferred Stock (the “Series B Preferred”) via a cashless conversion of the stated value of $1.00 per Series B Preferred share divided by a conversion price of $0.0001 per share.
These securities were not registered under the Securities Act of 1933, as amended (the “Securities Act”), but qualified for exemption under Section 4(a)(2) of the Securities Act. The securities were exempt from registration under Section 4(a)(2) of the Securities Act because the issuance of such securities by the Company did not involve a “public offering,” as defined in Section 4(a)(2) of the Securities Act, due to the insubstantial number of persons involved in the transaction, size of the offering, and manner of the offering. All of the securities were issued without registration under the Securities Act of 1933 in reliance upon the exemption provided in Section 4(a)(2).
