09/25/28.."Sugarmade is already in formal acquisition negotiations with at least two companies in online and retail hydroponics, as well as other agricultural cultivation supplies, and the company has made a special filing with the SEC to formally address these acquisitive ambitions"..(later on we confirm those two companies are Sky Unlimited and Hydro4Less.)
10/01/18..."The second acquisition target is a Washington state-based supplier, which is primarily a retailer of hydroponic cultivation supplies. Sugarmade’s proposal is to acquire all of the outstanding capital stock and business operations of the target in an all-stock transaction. The target is producing revenues of approximately $5 million per year. Should the Company be successful in its acquisition efforts, the operation would be integrated under the Sugarmade corporate umbrella with Sugarmade assuming all operations and recognizing all revenues and profits."
SGMD referenced formal acquisition negotiations taking place with Washington based (Hydro4Less) on Sept25, no idea how long those negotiations been going on..Granted, Hydro4Less acquisition not announced until Jan, but SGMD did have at least 90-120 days DDing Hydro prior to Jan2019 announcement..Hydro acquisition homework should be completed and simply waiting on audit..
My beef is SGMD doesnt seem to be in any hurry to finalize deals..BizRight was announced in Nov2017...and SGMD accounting has been side by side in BizRight office, so they know the numbers..Ok, can buy time (legitimately) waiting on audits..but we are now waiting on BizRight,BZRTH,Sky Athena and Hydro4Less audits?..How much longer Jimmy? Have any of those audits been completed? And if all four audits are completed,what is the needed financing timeframe?
MCOA has a 9month time frame for $2m from same K&J Funds financing source, how many months for BizRight acquisition financing plans?
How much longer will it take to achieve required multi millions ($6m?)for BizRight and $8m (from memory) for Sky Athena? I can let Sky slide, but not BizRight..Jimmy been involved with Biz operations since April2018..He knows the numbers! If Biz meeting expectations, he has had plenty to time to get the BizRight financing in order..If BizRight audit clears tomorrow..or even yesterday...how much longer to achieve financing! One month..twelve months..longer? And that's why i bitched about Hydro4Less..Just need the audit..right?..Confirming a $5m acquisition would be a great confidence booster...At least give us one completed deal Jimmy...and if financing in order, a simple PR acknowledging SGMD financially ready to close the deal 100% once audit(s) in place...:)
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