IJJP: Disclosure of 1,020,867,796 dilution shares was filed on OTC Markets on 2/9/15, nearly doubling the O/S.
This was just the first issuance (tranche). The second was/is due about last week as explained in an earlier post.
Although Clifford Pope's disclosure (below) claims the shares were added on 1/9/15, it is likely that they were actually issued at the end of November or early December per the fairness hearing court documents. The 11/25/14 hearing was held to approve the "fairness" of issuing free-trading shares to several parties in exchange for so-called "property interests" in hypothetical revenue from 2 farms (WOM and MPT) that might be built if these parties give enough of their proceeds from selling the stock to the farm operators and the farm operators in turn use the money to build the farms, obtain licenses and generate revenue.
Also note that Pope states that all 1,020,867,796 shares have been sold into the float increasing it from 778,439,729 to 1,799,307,525 as of 1/29/15. If the shares weren't issued until 1/9/15 and all had been sold into the float as of 1/29/15 that would mean that over 1 billion new shares would have been sold in only 14 trading days between those dates. That is highly unlikely to have occurred.
Be aware that the "Confidential Private Disclosure Memorandum" states that the total number of shares will be divided into 3 issuances (tranches), each due 75 days after the previous. The second tranche has likely just been issued although is probably a smaller number of shares that the first one as it will be based on the average closing share price over the 4 days just prior to the issuance.
Clifford Pope issues press releases announcing huge revenue that he does not explain is purely hypothetical and does not disclose the massive dilution involved with revenue that may never occur in those same PRs.
Clifford Pope is a serial diluter who did improper Reg D, Rule 504 toxic financings with notorious firms including Big Apple Consulting, Fairhills Capital, Magna Group and Hanover Holdings among others. is working with Ronald Goulding on a new method of toxic dilution -- abuse of the Section 3(a)(10) exemption from registration and misleading the court regarding the appropriateness of its application in this situation.
Goulding is convicted felon and has a current SEC action against him for multiple violations of the Investment Act regarding his Nutmeg Group investment funds. This sham MMJ consortium share issuance scheme will likely also unravel, possibly with another SEC enforcement action.
Cassandra, thank you for providing these links and information. I have a pretty good idea of where this is going, just hope not many loose too much money on this with the over stated pr's and outrageous stock promotion going on. Good luck to all.