Cbd oil canon metropolis co Instagram The Company determined that 16,000 shares of the total variety of shares represent non-money debt issuance prices directly associated to the convertible notes financing and the remaining 34,000 shares represent compensation prices instantly related to the equity purchase agreement with this investor. In January 2017, the Company entered into a observe settlement in the amount of $300,000 with the Company’s CEO. The observe bears curiosity at a rate of eight% per annum and specifies no due date.
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Concurrently, the board of directors also permitted issuance of one hundred,000 shares of the Company’s common inventory as additional curiosity. The costs were expensed on the commitment date of the notice as curiosity expense for the reason that observe is a short term capital advance with no stated time period. This note was convertible into the shares of the Company’s common stock at $0.50/share and the observe holder didn't train the conversion possibility. In the 12 months ended December 31, 2017, each of these directors was issued 20,000 shares of the Company’s restricted common inventory for companies carried out.
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Awards that may be granted from the 2018 Plan embody registered shares, restricted shares and options in addition to the direct award or sale of shares of the Company’s common inventory. The mixture variety of shares which may be issued or transferred pursuant to an award shall not exceed 5,000,000 shares of licensed widespread inventory of the Company. Subsequent to the adoption of the 2018 Plan, the Company filed Form S-eight with the Securities and Exchange Commission to register 1,000,000 shares of the Company’s frequent stock pursuant to a one-year consulting agreement beginning in February 2018. The board of directors additionally approved the Company concern 500,000 shares to the consultant to start the agreement. Mr. Sample served because the Company’s CEO, President, and Chairman of the Board from 2006 till January 15, 2016, when the Company acquired the MariJ Group of firms and installed that group’s chief government as Acacia’s. In 2015 the Company paid money compensation to each of its three non-employee directors within the quantity of $10,000 per director for a total of $30,000. In March 2017, the board of administrators accredited issuance of 100,000 shares of the Company’s restricted frequent inventory to its key staff. The award for the staff are subject to a 4 or five-12 months vesting necessities, i.e. the requisite service interval. The Company valued these shares at truthful worth on dedication date which is the date on which the worker accepted the award and recorded stock based compensation expense over the requisite service period. The Company’s board of directors approved issuance of 50,000 shares of the Company’s common stock to a director for his service as a marketing consultant for the transaction. The Company decided that 16,000 shares of the entire number of shares represent non-cash debt issuance costs instantly related to the convertible notes financing and the remaining 34,000 shares represent CBD Sports Cream compensation prices directly related to the sale of the Company’s frequent inventory to this investor (see NOTE 10). These costs have been amortized as curiosity expense instantly upon issuance as a result of the primary observe was immediately convertible by the notice holder. The Company entered into this agreement with its director, in lieu of the state of Tennessee, as a result of the state’s residency requirement to enter into the program in Tennessee. As a result, this director is also a registered agent and a director of EMT, a Tennessee corporation. The remaining buy worth of $86,806 represented compensation to this director for his effort in preparing the Company for operations in Tennessee.
In February 2018, the Company adopted the Acacia Diversified Holdings, Inc. 2018 Stock Grant and Option Plan (“2018 Plan”). The objective of the 2018 Plan is to supply chosen workers, directors and consultants an opportunity to amass a proprietary curiosity within the success of the Company. The Company decided the worth of the land based on the purchase price paid by the director in December 2016. There has been no important modifications in the worth of the land since that time. The Company was not in a position to decide the worth of the license since the license was granted as a part of the hemp pilot program in Tennessee and the Company has not generated any cash flows from this license. In 2013 he put in a new laptop server for financial and accounting uses for the Company in Ocala, Florida, and continued to perform providers sustaining all those methods. Mr. Sample’s partner and his son disclaim any useful possession by Mr. Sample of any securities they own, and so they disclaim any beneficial possession of any securities he owns. Mr. Pertile turned the CEO and President of the Company and the Chairman of the Board of Directors on January 15, 2016. He acquired 1,014,000 shares of the Company’s Common stock within the Asset Purchase Agreement on that same date by and between the Company and the MariJ Group of Companies.
- The remaining purchase price of $86,806 represented compensation to this director for his effort in getting ready the Company for operations in Tennessee.
- There has been no vital changes within the worth of the land since that time.
- The Company determined the value of the land primarily based on the purchase price paid by the director in December 2016.
- As a result, this director can also be a registered agent and a director of EMT, a Tennessee corporation.
- The Company entered into this agreement with its director, in lieu of the state of Tennessee, on account of the state’s residency requirement to enter into the program in Tennessee.
- The Company was not able to decide the worth of the license since the license was granted as a part of the hemp pilot program in Tennessee and the Company has not generated any money flows from this license.
During the yr ended December 31, 2017, the Company issued 20,000 shares of the Company’s widespread stock to each of its three administrators for serving on the Company’s board during 2017 and 2016. There was no money compensation paid to the administrators for their service on the board. During the year ended December 31, 2016, the Company paid $1,000 money CBD Protein Bars compensation to each of its four non-employee directors, totaled $4,000. In March 2017, the Company’s board of directors approved issuance of 50,000 shares of the Company’s common inventory to a director for his service in a financing transaction and the equity purchase agreement described in NOTES 9 and 10. In addition, Mr. Pertile had an option to buying an additional 1,000,000 shares of Mr. Sample’s shares within the Company beneath a separate agreement but did not train such option. On December 30, 2010, the Company’s Board of Directors suspended the issuance of options as compensation to its administrators CBD Honey Sticks efficient January 1, 2011, and as such issued no options as director compensation from that time by way of December 31, 2017. The Company didn't problem any frequent inventory purchase choices for any reason since December 31, 2010. During the year ended December 31, 2017, the board of administrators permitted issuance of 10,000 shares of the Company’s common stock to one of the key staff as the vesting requirement was met. Stock based compensation expense for these awards for the 12 months ended December 31, 2017 was $62,616. On July 26, 2012, our shareholders voted to replace and prolong CBD Gummies the Acacia Automotive, Inc. 2007 Stock Incentive Plan, renaming it the Acacia Diversified Holdings, Inc. 2012 Stock Incentive Plan. Warrants, which may be included as equity compensation of used in different manners, aren't a part of the Plan. On June 29, 2015 shareholders holding a majority of the shares of the Company voted to discontinue the Company’s stock incentive plans.
Mr. Sample’s holdings as mirrored within the desk above excludes 950,000 warrants held by Mr. Sample issued in trade for converting all his shares of the Company’s most well-liked inventory to widespread stock in 2010, and not for compensation, at an average exercise value of $three.00 per share. Further, 2,500,000 of Mr. Sample’s shares within the above desk have been prolonged to Mr. Pertile through a proposal to buy along side the MariJ Asset Purchase Agreement. During the year ended December 31, 2017, this director additionally incurred expenses in excavating and clearing of the land, putting in driveway and culvert and completing the survey for excavation. The board of administrators approved issuance of the Company’s widespread inventory to compensate this director for his bills. As a end result, the Company recorded its commitment to problem 15,520 shares of its common stock valued at $zero.sixty one per share, for a total of $9,529, which is included as a part of the price of the land. Accordingly, the whole recorded price of the Tennessee land acquisition is $50,723. Mr. Pertile additionally had an option to amass a further 1,000,000 of Mr. Sample’s Acacia shares underneath a separate agreement. In subsequent occasions, Mr. Sample resigned as an employee and director of the Company on January 17, 2017.
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The principle amount of $a hundred,000 was repaid in June 2017 along with interest expense of $5,000. In 2006 the board of administrators named Gwendolyn Sample as the Company’s assistant secretary and on February 1, 2007, granted her an option to accumulate 5,000 shares of Common stock for $0.01 per share, which options Mrs. Sample exercised on June 16, 2016. On November 6, 2009, the Company granted her options to buy 20,000 shares for $zero.10 per share, and on December 23, 2010, she was awarded options to acquire Full Spectrum CBD Tincture 10,000 further shares at $zero.60 per share. Palmer Sample, an IT and MIS skilled, 20,000 shares of restricted widespread inventory for work carried out in maintaining the company’s computer network system and financial server system, as well as creating, hosting, and sustaining the Company’s e-mail system and Internet website online. In 2014 he was awarded 10,000 shares of restricted common stock for comparable companies. Mr. Pertile also acquired another 1,220,000 shares of the Company’s Common inventory in the remainder of 2016. Mr. Pertile was issued 210,000 shares of the restricted Common inventory of the Company in 2017 for companies and curiosity on his loans to the Company. Mr. Pertile had also obtained from Mr. Sample, at the side of the acquisition, the best to amass an additional 2,500,000 shares of Mr. Sample’s Common stock of the Company, and in 2017 Mr. Pertile exercised his option to take action. This resulted in Mr. Pertile’s possession of four,944,000 shares of Company’s frequent inventory with a corresponding variety of votes, or 28.20% of the total issued and excellent shares of the Company.