On January 9, 2019, the Company transferred 750,000 shares of common stock of The Greater Cannabis Company, Inc. (“GCAN”) owned by the Company to Valvasone Trust in satisfaction of $107,000 in notes payable due Valvasone. The $50,500 excess of the $157,500 fair value of the 750,000 shares of GCAN common stock over the $107,000 liability reduction will be charged to professional fees in the three months ended March 31, 2019.
LOL!
On January 9, 2019, the Company transferred 4,000,000 shares of common stock of GCAN owned by the Company to Wayne Anderson to satisfy certain liabilities of $544,000. The fair value of the 4,000,000 shares of GCAN common stock at January 9, 2019 was $840,000.
So what was the other $296,000 fair value used for!
something just don't add up
Is it even legal to take assets worth more than he claimed he was owed?
The Greater Cannabis Company, Inc. (“GCC”) was a wholly owned subsidiary of the Company until March 10, 2017, payment date for the spin-off. At December 31, 2018, the Company held 5,378,476 shares of common stock of GCAN. On January 9, 2019, the Company transferred a total of 4,750,000 shares of GCAN common stock to the Company’s President and a Company consultant to satisfy certain liabilities. As of the date of this filing, the Company holds 628,476 shares of common stock of The Greater Cannabis Company, Inc.
On April 1, 2018, the Company executed an employment agreement with Wayne Anderson to serve in the role as President, Treasurer, and Secretary of the Company upon the terms and provisions and, subject to the conditions set forth in the Agreement, for a term of three (3) years, commencing on April 1, 2018 and terminating on March 31, 2021, unless earlier terminated as provided in the Agreement. The Agreement included options to Mr. Anderson to purchase 25,000 shares of common stock at a price of $0.40 per share. The agreement provides for Mr. Anderson to receive an annual compensation of $270,000 for each of the three years of the Agreement. Please see NOTE G – ACCRUED OFFICER AND DIRECTOR COMPENSATION for further information.
