Trans Global Group Inc (TGGI)

[starman2]

https://sec.report/otc/financial-report/299430

NOTE 5 SIGNIFICANT EVENTS
In May 2018 TGGI decided to expand its business development activities and pursue a new line of products which
are edible sauces that can be infused with THC and/or CBD.
In May 2018 TGGI decided to expand its edible business development activities and pursue a new line of products
which are doughs that can be infused with THC and/or CBD.
In September 2018 the Company held initial discussions with a graphic designer related to its envisaged edible
product lines.
In October 2018 the Company began working on concepts for a range of consumable products that could be infused
with CBD and/or THC and can be flash frozen. This included items such as personal pizzas, calzones, and hot
pockets.
In November 2019 IGPK and TGGI agreed to work on reaching a deal to acquire a Patent, intellectual property (IP),
and other assets beneficial to the device TGGI has been working to bring to market.
On December 29, 2018, IGPK executed a Letter of Intent (LOI) to purchase the assets for TGGI to own in exchange
for the block of shares.
On January 10, 2019, Trans Global Group, Inc. and GCGX, entered into a rescission agreement whereby GCGX
would receive shares of common stock back. In exchange TGGI would receive:
- ownership of the device
- $120,000 in cash in 12 monthly installments beginning 60 days after Global Consortium received the
issuance of its Certificate of Occupancy (CO) in March 2019 for the building in Sacramento, CA
- logistic support in distributing the device

On January 13, 2019, a final revision to the Letter of Intent (LOI) was signed by the Seller.
In January 2019 TGGI’s consultant presented the concept of an “Edible Reload”. This concept changes TGGI
approach to the initially envisaged business model. The Edible Reload concept creates an entire market that didn’t
exist before, not to mention a more profitable revenue stream than the original device(s). The concept can be applied
to multiple device designs.
Instead of having a one-time use device, the concept presented allows the end-user to purchase additional Edible
Reloads. This concept is modeled on the approach taken by successful manufacturers such as Keurig which builds
an affordable machine and makes the majority its money selling pods, or Gillette which manufactures razors and
makes the majority of its money selling blades.
In February 2019 TGGI agreed to return its 540,000,000 of IGPK Common shares to IGPK as part of the acquisition
of the patented device, associated intellectual property, and business assets.
In March 2019 Trans Global Group, Inc. and GCGX revised the recession agreement signed in January. Due to realtime permitting delays GCGX is experiencing with the regulatory bodies in Sacramento, both sides recognize GCGX
will be unable to meet its original estimated timeline. While not making late payment demands on GCGX is a risk
factor for TGGI, as a goodwill gesture and in pursuit of developing significant additional working relationships with
GCGX long into the future, under the revised agreement TGGI agreed to accept deferral of all payments until 60
days after the CO is issued for the building.
In March 2019 TGGI and IGPK during the Due Diligence phase discovered issues with respect to the patent and
associated business that were attempting to be acquired. As a result, IGPK and TGGI determined the value placed
on the proposed assets wasn’t worth the price being paid and attempted to renegotiate the purchase price, terms,
and conditions.
On April 12, 2019, TGGI, IGPK, and the Seller reached an understanding whereby the attempted acquisition was
unsuccessful. The final transaction did not take place and no monies exchanged hands.
In May 2019 TGGI and IGPK agreed to work on reaching agreement with respect to the 540,000,000 IGPK Common
shares that makes sense moving forward that benefits both parties.
On October 8, 2019, the Company and Integrated Cannabis Solutions, Inc. (IGPK) reached an agreement with
respect to its ownership of 540,000,000 Common shares of IGPK. According to the terms of the agreement IGPK
agreed to file an Amended Certificate of Designation for its Preferred stock and created two new Series of Preferred
stock.
IGPK Series C Preferred is:
- convertible into IGPK Common at $1.00 per share
- carries no voting rights
- is Callable by IGPK
- and IGPK has a first right of refusal to purchase the Preferred shares before any conversions or sales
On October 15, 2019, IGPK issued Trans Global Group, Inc., 540,000 shares of its Series C Convertible/Callable
Preferred stock. The IGPK Preferred shares give Trans Global Group the ability to raise capital to further its business
plan without any dilution to its shareholders.