Each one in plain English, with the numbers worked through for a shareholder.
29 Aug 2019material agreement● NeutralMajor
On August 23, 2019 the company signed an agreement to buy the 824-acre Potrero Ranch near San Diego for industrial hemp (CBD) growing, with the contract in the name of Alita Capital, a company controlled by the president and a director, which assigned its rights to the company. The company says it is dropping its pre-fab cannabis-cultivation housing plan, will not complete the 2018 Jeff Palumbo IP purchase in 2019 'if ever' (the 1,000,000 shares were never issued, so this reverses the Sept 2018 Canna Brands deal), and a $56,824 debt owed to a company owned by the president lost its conversion right (previously $0.003 per share) on July 31, 2019. It also reports a letter of intent (April 2019) to buy Coastal Labs, expected to close by end of 2019, and a hemp spice supply agreement with US Tobacco Mexico (June 2019). The purchase price of the ranch is not stated in the filing.
On September 15, 2018 the company agreed to acquire Canna Brands technology (CannagramServices.com, Myijuana and Coursepro Academy) for 1,000,000 common shares. The seller is Jeff Palumbo, the company's Chief Technology Officer and owner of Canna Brands, so this is a related-party deal. The company also engaged Network Newswire on August 1, 2018 for corporate communications.
M&K CPAs ceased serving as auditor on May 16, 2017, citing the company's failure to maintain its SEC filing obligations, which indicates a lapse in filings since the 2013 period. Saturna Group Chartered Professional Accountants LLP was engaged on November 30, 2017; M&K's reports on fiscal 2012 and 2013 carried going-concern doubt.
