Replies to post #2190 on Sproutly Inc (SRUTF)

[legendary_profit]

No, I haven't. I emailed them a while ago and never got a response and people from other boards get no response either so I won't even bother to.

Just hoping we get some type of news soon.

[JohnCM]

Highlights for the Second Quarter Ended August 31, 2020

THR entered into a cannabis supply agreement with the province of British Columbia through the British Columbia Liquor Distribution Branch as well as completing initial sales into the province. This is the 5th province in Canada to carry the Company’s CALIBER branded indoor-grown dried flower products.

The Company secured a private loan of $855,000 from Infusion Biosciences Inc., a related party of the Company. The Loan carries an interest rate of 15% per annum accruing and compounding monthly, payable on maturity on or before October 24, 2020.

The Company completed a non-brokered private placement of 1,500,000 units of the Company at a price of $0.07 per Equity Unit to raise gross proceeds of $105,000. Each Equity Unit consists of one Common Share and one Warrant, with each Warrant entitling the holder to acquire one Warrant Share at an exercise price equal to $0.08 for a period of two years from date of issuance.

The Company completed a settlement of outstanding current debt of the Company in the amount of $180,000 with an arm’s length creditor. In settlement of the Debt, the Company has issued 1,800,000 Common Shares (the “Settlement Shares”) at a price of $0.10 per Settlement Share.
Subsequent Events

The Company’s wholly-owned subsidiary, Toronto Herbal Remedies Inc., (“THR”), a licensed producer and processor under the Cannabis Act, has received its cannabis extract sales license from Health Canada (the “Sales License”). THR is now authorized to manufacture and sell Cannabis 2.0 products directly to provincial distributors and other authorized Canadian retail supply channels.

THR’s ability to sell Cannabis 2.0 products allows it to utilize its licensed APP technology and offer the Company’s strain specific cannabis extracts, edible and beverage products in Canada through its existing provincial sales relationships.

The Company amended maturity date of its previously issued convertible debentures from October 24, 2020 to April 24, 2021 and reduced the conversion price from $0.105 to $0.06 per share.

The Company and Infusion Biosciences Inc. (“Infusion”) extended the maturity dates of both the $1 million private loan issued by Infusion to the Company on January 28, 2020 and the $855,000 private loan issued by Infusion to the Company on August 27, 2020 by six months to April 24, 2021.

The Company settled an aggregate of $182,340 of payroll indebtedness owed to certain current and former employees for past services rendered through the issuance of 2,604,867 common shares at a deemed issuance price of $0.07 per share.

The Company settled an aggregate of approximately $69,300 of indebtedness owed to one arms-length creditor for past services rendered through the issuance of 1,386,000 common shares at a deemed issuance price of $0.05 per share.

Outstanding Shares
305,423,415
12/11/2020

August 31, 2020
Revenue $344,049

May 31, 2020
Revenue $25,875