Vitalibis Inc (VCBD)

[VST7]

CHAPTER 11 EMERGENCE NEWS!!

$VCBD EMERGENCE FROM CHAPTER 11 TODAY 8-14-20
https://ih.advfn.com/stock-market/USOTC/vitalibis-qb-VCBD/stock-news/83076746/quarterly-report-10-q


"In accordance with ASC 852, we anticipate we will be required to adopt fresh-start accounting upon our emergence from the Chapter 11 proceedings, becoming a new entity for financial reporting purposes (“successor”). In order to adopt fresh-start accounting, The Company will have to meet the following conditions: (1) holders of existing shares of the predecessor entity immediately before the effective date of the consummation of the Plan of Reorganization (the “Effective Date”) received, collectively, less than 50 percent of the voting shares of the successor entity and (2) the reorganization value of the successor is less than its post-petition liabilities and estimated allowed claims immediately before the Effective Date. As of June 30, 2020, we expect that these conditions will be met."