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Re: FTR post# 35468

Tuesday, 01/08/2019 8:02:34 AM

Tuesday, January 08, 2019 8:02:34 AM

Post# of 37358
I did, doesn’t look like they’ll own them for long. Lots of new convertible debt was issued since their last filing. Fully diluted shares is nearly 115 billion outstanding!!!!

Here are some highlights. I’ll look into the YA note some more, looks like that’s the one securing the farm now:


“The Company may also be obligated to issue an additional 114,889,067,758 shares of common stock including shares of common stock issuable upon exercise of options and warrants and excluding shares of common stock issuable upon conversion of convertible notes. There is no assurance that the Company will ever have enough authorized shares of common stock to honor the exercise and conversion requests of its options and warrants.”

“On September 22, 2016, the Company received notice of an Event of Default and Acceleration from one of its lenders regarding a Promissory Note issued on March 14, 2016. (See Item 1A. Risk Factors). As of the date of this filing, the Company is in technical default on all notes outstanding. On October 31, 2018, the Company and the affiliates of YA PN, LTD., entered into a Forbearance Agreement regarding the notes, Security Agreement, related documents and the financing arrangements described within the Forbearance Agreement pursuant to which the affiliates of YA PN, LTD. agreed not to enforce certain of its claims. “

Delinquent taxes
“The Company and some of its subsidiaries are currently delinquent with their respective federal and applicable state tax returns filings for the years ending December 31, 2016 and December 31, 2017. Therefore, we may incur additional taxes and costs. At this time, we are unable to determine whether or not such additional taxes or costs would have a material adverse effect on the company or its net operating losses, as discussed below.”


Note Forbearance
“In June 2018, we extended the maturity date of the note to August 20, 2019. In consideration for the extension, we agreed to make a payment of $250,000 by May 31, 2019 in addition to the regularly scheduled payments under the note. We also agreed to a loan extension fee of $40,000 payable by July 16, 2018 and $2,500 as reimbursement for seller’s costs and expenses.”

Medvend lawsuit
“In January 2017, we settled the litigation and agreed to pay the original shareholders of Medvend an aggregate of $375,000 in 6 installments over three years. We defaulted on the original settlement agreement and are currently in negotiation with Medvend for a payment plan and settlement agreement.”

Creaxion lawsuit
 
“On August 23, 2017, Creaxion Corporation filed a Complaint in the Superior Court of Fulton County, Georgia, styled Creaxion Corporation, Plaintiff, v. Notis Global, Inc., Defendant, Civil Action No. 2017CV294453. Plaintiff plead counts for (1) Breach of Contract in the amount of $89,000, (2) Prejudgment interest, and (3) Attorney’s fees. The Company was served on September 26, 2017, and did not respond to the Complaint. On November 30, 2017, the Court granted plaintiff’s request for a Default Judgment in the amount of $89,000. Further, the Court scheduled a hearing for December 14, 2017, in respect of expenses, attorney’s fees, and interest at a rate of 6.25%. On December 14, 2017, the court entered into default judgement for the plaintiff for $89,000 and pre judgement interest at a rate of 6.25%.”


Maturities on Notes Payable are as follows:
 
Years ending:
December 31, 2017 3,367,479
December 31, 2018 4,093,272
Total $7,460,751



 
 
 

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