Replies to post #55055 on Greater Cannabis Company Inc (GCAN)

[Musical Shares]

It was a conversion of debt to equity. It is supposed to be at market value. Market value at the time was .001

It is a coincidence that .001 is also the par value.

From form 4 and 8K:

Represents 100,000,000 shares of common stock issued at $0.001 per share in exchange for $10,000 in deferred compensation owed Aitan Zacharin by the Issuer.

On April 3, 2025, GCAN issued 100,000,000 restricted shares of its common stock (the “Shares”) to Aitan Zacharin, its Chief Executive Officer and director, in satisfaction of $10,000 in deferred compensation due him.

He can issue the common shares to himself at par value (or at least it was supposed to be at par value) or a predetermined price. And I just checked, .001 is the limit established in their articles of organization.

If he sells shares, then they state what the conversion rate is (based on different methods) and/or if it's based off of market value. This happens more with toxic funding.

Below is an example of a toxic note with GCAN from FirstFire:

The Conversion Price shall be, equal to 70% of the average closing price of our common stock for the five prior trading days prior to the date that a registration statement in respect of the shares into which is the FF Note is convertible is declared effective.