$DRNK March 20 coming up fast! "The Company is focused on bringing its financial statements, filings and reporting current, and will be submitting the same to OTC Markets, with a target date of March 20, 2021. Management recently accomplished the same process with Sibannac, Inc. In this effort, the Company is investigating the legitimacy of outstanding debt and prior share issuance obligations entered into by prior management dating back several years.
While the Company will report the information in the filings, it is current management's position, that most of these obligations, including unconverted promissory notes, are not legally enforceable or collectible based on the legal status of the lenders and statute of limitations. As a result, it is anticipated that the accounting treatment of these past debts should be reflected positively on the Company's balance sheet. The Company's securities counsel will be issuing the required legal opinion concerning the updated reporting upon completion of the review.
NOHO's CEO, David Mersky, said, "Following the news of the proposed acquisition of RaD8, our new Delta-8 THC brand, we've received a lot of communication from our shareholders regarding our financial reporting and accounting and felt that it was necessary to keep the public updated. Management is committed to restoring NOHO to good standing with its state filings and providing current financials to OTC Markets. We will be continuing to open communications with shareholders and will be providing a platform to ask management questions about operations and products. We will identify the key topics and provide responses accordingly to keep the public apprised of our progress and commitment to full disclosure. Open communication provides the foundation for shareholder confidence and that is the most important thing for management to understand."
NOHO will continue to provide status updates on its filings and accounting as they occur.
