Curative Biosciences, Inc. (CBDX)

[21ZNA9]

ANOTHER Lawsuit.


In 2011 Siesta Flow LLC filed a legal action against the Company in the Twelfth Circuit Court of Sarasota County, Florida, alleging breach of contract and seeking damages in the amount of 92,000 plus costs. In April, 2012, the court has issued final summary judgment against the Company in the total amount of $95,500. On April 27, 2012, the court issued an order to approve a settlement of the judgment issued against the Company. According to the terms of the approved settlement, a third party and a non-party to the legal action against the Company, agreed to purchase the claim of Siesta Flow LLC. in the amount of $75,000 and additional claims against the Company from other parties, for a total amount of $95,500 in exchange for the issuance of 19,100,000 shares of common stock by the Company, subject to certain limitations on the issuance of such shares set forth in settlement. The Company has recorded the settlement agreement at the market price of the stock on the date the settlement was approved by the court order on April 27, 2012 in the amount of $1,719,000.



During the nine months ended March 31, 2013 the Company issued 13,800,000 shares of common stock in payment at $0.09 per share ($1,242,000). The current balance is $477,000.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9285702