It is anticipated that any order from a major grocery chain (i.e. WalMart, Costco, Target, Kroger) would be for 70,000 – 90,000 cans per week per chain (or 3.6 Million to 4.7 Million on yearly bases). We currently have the ability increase our capacity to make 10-12 Million cans a year. Our goal is to have Nate’s producing and selling its capacity within the 12 months.
Q1. Can you provide additional information on the China deal such as pricing and time-frame?
A1. The Company does not disclose the cost it sells product. As each transaction with a customer may have a different price and would weaken the bargaining power the Company. The time-frame is the same as the roll-out in the United States. The Company will initially roll-out in the United States and then expand globally. The focus is on the United States but China provides the Company a huge upside due to the expanding population, the increase in demand for westernized foods and that no major US Company in the space.
Q.4. How long before the factory in Indiana will be completed.[color=red][/color] Q.4. The factory in Indiana is expected to be completed in 2016. It is being built to produce 50 – 100 million cans a year. The Company does not expect to need that level of production within the next 12 months. We expect construction to start shortly after the winter season.
The Company is preparing to file the necessary documents with the SEC and FINRA to have its Series B Preferred stock listed on the OTC. The goal is to allow the shareholders of the Series B to trade their shares without impacting the Company’s Common Stock. The Company expects this process will take between 4-6 months.
The Company has received a number of terms sheets from companies offering to make a direct investment into the Company. The amount of the terms sheets and offers was in excess of $400,000. On December 23, 2014, the Company informed these companies that we were rejecting the offers due to the fact that the Company currently has sufficient capital to meet its operating needs and manufacturing requirements. http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=10377231
Item 8.01 Other Events
The Company has agreed to buy back approximately 22,797,000 shares of Common Stock. The shares will be cancelled reducing the Company’s outstanding share count by approximately 31%. The final agreement is expected to be finalized and executed shortly.
In December 2014, the Company agreed to buy back approximately 22,797,000 shares of Common Stock. With the intent that the shares would be cancelled. The majority of terms had been agreed to including purchase price and term of payment. However, the Company requested that the repurchase be agreed to by the common shareholders at a shareholder meeting. The shares that were to be repurchased are from affiliates of the Company that acquired their shares prior to the reverse merger with Nate’s Food. The Company believes that since the shareholders are deemed affiliates that the transaction should be approved by a majority of the common shareholders. However, the affiliate shareholders of the shares to be repurchased objected to the inclusion of shareholder approval as a condition of the repurchase. As such, the agreement to repurchase the affiliate shares has been terminated.
(2) The Company has entered into a financing agreement for $110,000. The Company will use the money to fund the production of the Pancake and Waffle Batter and expects to repay the loan in 90 days from receivable financing. The Company can receive up to $225,000 under the financing agreement.
A.The Company received confirmation on May 13 that the equipment has been installed and has begun cycling cans. The Company will commence production and ship cans to its online distributor in Los Angeles. Nate’s Food Co. [color=red][/color]
On July 24, 2015, the Company received financing in the amount of $80,000 from TypenexCo-Investment, LLC.[color=red][/color] The $80,000 bears an 8% interest and matures in ten months. The holder shall be entitled to convert any portion of the outstanding and unpaid conversion amount in to fully paid and non-assessable shares of Common Stock. Conversion price is 65% of the lowest trade occurring during the 20 consecutive trading days immediately preceding the conversion date. The Company will make automatic installment payments beginning 180 days from closing (which occurred July 24, 2015) and continuing in equal installments for the next 3 months (for a total of 4 payments) or until the balance is paid in full. If the installment payments are paid in stock of the company the conversion price will be 55% of the average of the three lowest closing bid prices for the 15 previous consecutive trading days prior to the payment date. The Company may prepay the note at any time at an amount equal to 120% of the outstanding principal and the accrued and unpaid interest.
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