Marijuana Inc (MAJI)

[youngster-moon]

Post #41215 in response to Ross “owning” 10%:

Is this what your talking about? If someone owned 10% of the company it would be noted in the 10k and it’s not. Cause again here it’ states this debt 3.1 million shares was settled.

You show me where Ross owns 10% of DCGD


NOTE 4. ACCOUNTS PAYABLE AND ACCRUALS

On April 23, 2018, we issued 3,100,000 shares of our common stock valued at $4,650 to a creditor of ours in settlement of the balance of consulting fees due to him.

As of April 30, 2019 and 2018, $83,000 of the accounts payable and accruals balance related to legal fees owed to a single creditor. Effective May 2, 2018, we entered into an agreement with the creditor and the two shareholders controlling the majority of our outstanding shares of common stock pursuant to which all parties agreed that in the event that the two controlling shareholders were to sell their shares, the outstanding liability to the creditor will be satisfied in full out of the sales proceeds received by the two controlling shareholders. The original term of the agreement expired at December 31, 2018. However, effective December 31, 2018 the term of the agreement was extended to April 30, 2019, and effective April 30, 2019, the term of the agreement was further extended to August 31, 2019.

As further discussed in Note 10. Subsequent Events below, effective June 25, 2019, the entire balance of accounts payable and accruals outstanding at April 30, 2019 was satisfied in full out of the sales proceeds received by the two controlling shareholders on the sale of their shares to GRN Funds, LLC.