Item 1.01 Entry into a Material Definitive Agreement.
Indoor Harvest Corp, a Texas corporation (the “Company”), entered into a material definitive agreement with Fincann Corp., a New York corporation (the “Fincann”). The Company will hold 51% owner of a Joint Venture, Finacann being the other 49% owner. As part of the establishment of the Venture, the Company will contribute a percentage of its issued common stock and Fincann will do the same, such shares to be held by the Joint Venture. It is anticipated the percentage will be 4.9 percent, up to 9.9 percent. The Joint Venture will issue the Company a total of 51 percent of its common stock and issue Fincann 49 percent of its common stock. The Parties will jointly own the Joint Venture and establish a formal business plan and operational protocols to jointly market and pursue business. While the Company documented the terms early March, in light of the Novel COVID-19 and changes in management, formal confirmation of the arrangement was delayed till May 11, 2020. Fincann, not a bank, advises it is focused on providing banking related strategies or solutions for the canabis related industry through a growing consortium of financial institutions, to help marijuana-related businesses (MRBs) to access essential banking services without complicated workarounds. Further due diligence, efforts, are underway.
Section 5 - Corporate Governance and Management.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
May 11, 2020, the Registrant mutually and amicably completed a change of officers, as to the principal accounting officer and principal executive officer, the person serving in the capacity of interim CEO and interim CFO. Mr. Cook, serving as both up to such time, departed, and no longer serves in any officer or Director capacity. The Board of Directors appointed Leslie Bocskor to act as a principal executive officer serving in the capacity of CEO with non-material arrangements to apply moving forward, including compensation of $2,500 monthly, potential stock, and other considerations, indemnifications and reimbursement of expenses. Mr. Bocskor owns no Company securities at this time.
Leslie Bocskor is the Chairman and founder of Electrum Partners or “EP.” EP is involved in a variety of related industry ventures and consulting. He is a recognized industry consultant in the legal cannabis area and interacts with mainstream media often being featured, including Forbes, CNBC, The Wall Street Journal, and more. He formed Electrum Partners in 2014 and became the founding Chairman of the Nevada Cannabis Industry Association (NVCIA). He is an active speaker at industry conferences, including the ArcView Group. Leslie began his career at Lehman Brothers and later went on to co-found Mason Cabot, a New York based investment bank focused on emerging technologies and finance. In 2005, he served as Managing Partner with Lennox Hill Partners. Bocskor often advised politicians, industry leaders, and investment firms who seek out his groundbreaking analysis and insight into the cannabis economy.
The FINCANN news is big. We’ve seen this deal in the OTC before (and that companies PPS shot up to $2), but that CEO was playing dress up compared to our CEO Leslie Bocskor.
Leslie Bocskor is ACTUALLY a real businessman directly linked to the banking industry. Here is more on him:
Leslie Bocskor, 54 Vice Chairman, GB Sciences, Inc.
Leslie Bocskor is a businessperson who founded Mason Cabot LLC and Electrum Partners LLC and who has been the head of 7 different companies. Currently, Mr. Bocskor occupies the position of President & Managing Member at Electrum Partners LLC. Leslie Bocskor is also on the board of GB Sciences, Inc., First Friday Foundation and Mjlink.com, Inc.
Mr. Bocskor previously occupied the position of Chairman for Figment Project, Inc., Chairman at Society For Experimental Arts & Learning, Chief Executive Officer of Fine Point Technologies, Inc., President for Venture Catalyst LLC, President of Dlta Ventures LLC, Managing Partner at Lenox Hill Partners LLC, Vice President at Commonwealth Associates and Chairman at Nevada Cannabis Industry Association.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
AI
