Note 24 - Subsequent event |
9 Months Ended |
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Sep. 30, 2019 | |
Notes | |
Note 24 - Subsequent event |
Note 24 - Subsequent event
Subsequent to September 30, 2019, on October 3, 2019, the Company rescinded the sale and issuance of an aggregate of 288,890 shares of its Common Stock to G Farma, at an aggregate purchase price of $600,002, due to a complete failure of consideration. As described in Note 11, the 288,890 shares of Common Stock were issued in exchange for assignment of an interest in a civil action. Under the agreement to invest in the civil action, the Company could elect to have G Farma pay all or some of the purchase price for the 288,890 shares of Common Stock on the date of the maturity of the G Farma promissory notes, described in Note 8 to the financial statements. G Farmas civil forfeiture case in the Federal District Court for the Eastern District of California was dismissed on April 12, 2018 and has no value. G Farma has defaulted on payment of the promissory notes leaving the Company with no means of collecting on this alternative source of payment for the consideration.
On October 25, 2019, the Company returned equipment valued at $66,374 under the G Farma lease, which was held at the vendor at the direction of G Farma. The Company received $15,000 less $5,000 of storage fees for this equipment. |
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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