Sunset Island Group Inc (SIGO)

[loanranger]

So if I understand this right SIGO just issued a million bucks worth of Convertible Preferred stock in return for 50% of the profits of a company that doesn't have any operations yet and an option to buy 50% of that company for $1 if it becomes a public company or if someone else acquires it. (I'm not sure why a third party would buy a company knowing that it had to give up 50% of it as part of the deal, but that's a different question.)

Why? Does Sunset think "the cannabis sector and other key sectors" need their own Career Opportunities/Help Wanted website and payroll services company? Does Valerie Baugher have some special skills in that area? Or is there some other reason for this deal?


How does the SEC let this company essentially give away equity when it isn't providing current information to its owners, the common stock holders?