Annual report pursuant to Section 13 and 15(d)

SUBSEQUENT EVENTS

v3.19.1
SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
15. SUBSEQUENT EVENTS

 

The Company has evaluated events and transactions that occurred from December 31, 2018 through the date of the filing for possible disclosure and recognition in the financial statements.

 

On January 10, 2019, the company’s Board of Directors approved the issuance of 1,000,000 shares of the company’s common stock to a consultant for services.

 

During March 2019 we were served with notification of litigation regarding our merger with CureDM Holdings. CureDM Holdings’ former parent company, CureDM Inc. has filed a complaint regarding breach of contract and other matters relating to their desire to unwind the merger according to the original merger agreement. This matter has just recently been filed and we are still evaluating it with our legal counsel. At this time, we are unable to state with certainty and outcome either positive or negative. We do intend to vigorously defend against the claims.

 

In addition to the above matter, we are also in arbitration with another company, Level Brands, regarding a marketing contract between our companies. Both parties are claiming non performance under the contract. The matter is currently in arbitration but is very early into the process and we are unable to determine any outcome positive or negative at this time.

 

On April 4, 2019, the company borrowed $50,000 from a related party. The Note bears interest at 10% and is due in twelve months.

 

On April  12, 2019, the Company borrowed $289,144 from a related party to continue its clinical trials in the U.S. The Note bears interest at 10% and is due in twelve months.