10 Q out
NOTE 5 – Subsequent Events
Management has reviewed material events subsequent of the period ended December 31, 2018 and through February 8, 2019 in accordance with FASB ASC 855 “Subsequent Events”.
In February, 2019, Celexus, Inc. entered into an agreement to acquire Bio Distribution, Inc for $13,000,000 worth of stock and $1. Bio Distribution has just acquired the rights to a bio-engineered strain of Hemp seeds that produce low THC levels to meet industry regulations and a high CBD content. Included in the acquisition is a license with the state of Utah to cultivate and supply Hemp seeds and clones. We expect to have 1.5M seeds produced and ready for planting by June of 2019 and another 10M seeds ready for sale by early 2020. This is a related party transaction as Lisa Averbuch is both corps officers and directors.
The Company has requested the following corporate actions with FINRA: a 90 to 1 reverse stock split along with the name change to Celexus, Inc. Which will change the outstanding shares from 565,864,827 to 5,073,306.
The Company has been informed that FINRA Ops has determined that they will move forward with the requested corporate actions once Form 10 goes effective with the SEC.
The Form 10 is effective 60 days from the date of filing. Thus, based on a filing date of 2/5/2019 the Form 10 for this issuer will be effective on 4/6/2019 and the company expects the corporate actions to be effective shortly after that date.
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