Bots Inc (BTZI)

[lesgetrich]

What ever happened to the land in Cali City from the Cal Acres project that failed in the California Desert?

From the 3FQ20 10-Q. Another example of Paul Rosenberg taking a loss to benefit the company. mCig disposed of a non-productive asset and wrote off a debt to Paul...

MCIG 3FQ20 10-Q

We acquired approximately two acres of land in California City, California and obtained three cannabis licenses (cultivating, manufacturing, and distribution of cannabis products in California). We subsequently transferred the property to Paul Rosenberg in exchange for debt reduction. (See related party transactions)...

Note 14. Related Parties and Related Party Transactions

...On August 1, 2019 the Company entered into a settlement agreement with Paul Rosenberg. The Company transferred the 80% ownership of CAAcres, Inc., with a book value of $414,105 to Paul Rosenberg in exchange for eliminating the debt of $1,221,871 that was owed under the Line of Credit Agreement as of July 31, 2019. The Company recorded the $907,766 forgiven by Paul Rosenberg as a gain on the sale of an asset. This transaction was not an arms length transaction; however, the benefits were clearly favorable to MCIG. Since August 1, 2019 the Company has borrowed an additional $41,930 from Paul Rosenberg to sustain operations.