Replies to post #21458 on Greater Cannabis Company Inc (GCAN)

[Sheepdog]

Only cost the company about 8 million shares.

Over $14M for $62K....

.004/share.... a discount of 99.7% to current market.

Yup....great job Green C....that'll teach them not to mess with you.

LMAO!!!!

[Sprycel]

So lets summarize what we have as of current reported debt and equity which can all be substantiated by the filings with the SEC:

The numbers are as follows:

Issued is 35,272,483 common with 16,505,945 Restricted shares--Float 18,766,538 common shares. 18,766,538 non restricted shares minus 6,647,492 shares on Wayne's Form 3 filed on January 23, 2019, minus Sylios 638,431 shares they own per their S1A filed and you have a true float number of 11,480,615 common shares.

Now we have a new funding with EAGLE and this is from the actual SEC filing so it is self explanatory. February 13th was the 44th day of the year so lets add 180 days to that and we arrive at the 224th day of the year which is exactly August 12th:

On February 12, 2019, (the “Issue Date”) the Company issued a 6% Convertible Redeemable Note to Eagle Equities, LLC (“Eagle”) having a principal amount of $1,200,000 of which $96,000 constituted an original issue discount (the “Eagle Note”). In connection with the Eagle Note, the Company and Eagle entered into a Securities Purchase Agreement. The Eagle Note is to mature one year from the Issue Date. Eagle is to fund the $1,104,000 purchase price of the Eagle Note in tranches. The first tranche of $250,000 was received by the Company on February 13, 2019.

The Eagle Note may be pre-paid in whole or in part by paying Eagle the following premiums:

PREPAY DATE PREPAY AMOUNT
≤ 30 days 105% * (Principal + Interest (“P+I”)
31- 60 days 110% * (P+I)
61-90 days 115% * (P+I)
91-120 days 120% * (P+I)
121-150 days 125% * (P+I)
151-180 days 130% * (P+I)

Any amount of principal or interest on the Eagle Note, which is not paid when due shall bear interest at the rate of twenty four (24%) per annum from the due date thereof until the same is paid (“Default Interest”).

Eagle has the right beginning on the date which is one hundred eighty (180) days following the Issue Date to convert all or any part of the outstanding and unpaid principal amount of the Eagle Note into fully paid and non-assessable shares of common stock of the Company at the conversion price (the “Conversion Price”). The Conversion Price shall be, equal to 65% of the lowest closing price of the Company’s common stock as reported on the National Quotations Bureau OTC Market exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future (“Exchange”), for the fifteen prior trading days including the day upon which a Notice of Conversion is received by the Company. The Eagle Note contains other customary terms found in like instruments for conversion price adjustments.

Now we can add the 2 following items listed in the filings with my notations that NOT ONE SINGLE PREFERRED A SHARE HAS BEEN CONVERTED and NO ONE SINGLE PREFERRED B SHARE 'CAN' BE CONVERTED FOR ANOTHER 6 TO 7 WEEKS!:

Preferred A shares--9,411,998 shares are owned by the following people who are all insiders of GCAN and were all issued on July 31, 2018 per the SEC filing:

Elisha Kalfa and Yonah Kalfa own 2,966,666 shares
Fernando Bisker and Sigalush LLC own 2,966,666 shares
Aitan Zacharin owns 1,695,333 shares
Mark Randon owns 1,483,333 shares
David Tavor owns 300,000 shares

Each Preferred A share is subject to a 50 for 1 conversion to common stock from their issue date of July 31, 2018. They are all owned by insiders of the company. If fully converted these Preferred A shares would require 470,599.900 common shares. As of this date not a single share has been converted and that is because there is a conversion instruction clause also in the filings with the SEC that states the terms of any conversions. It is on Page F-14!

Last but not least were the negotiated settlement for EMET's Warrants and again they can not convert a single Preferred B Share for another 6 to 7 weeks which puts us again into mid to end of August.

Preferred B Shares--9,000,000 shares issued to EMET CAPITAL on February 14, 2019. Each share is subject to a 1 to 1 conversion to common stock from their issue date of February 14, 2019. If fully converted these Preferred B shares would require 9,000,000 common shares. As of this date not a single share has been converted because they cannot convert any shares for another 6 to 7 weeks.

There you have the facts as where GCAN sits today! JMHO