Here are some of the highlights:
CEN Biotech, Inc. is a subsidiary of Creative Edge Nutrition, Inc. who owns 89.90% of CEN Biotech)"
"CEN Biotech II Inc. is a subsidiary of Creative Edge Nutrition, Inc. who owns 51.0% of CEN Biotech II (135 North Rear Rd., Lakeshore, Ontario, Inc. which was established for the sole purpose of applying to obtain a license to produce and supply medical marihuana under the new Marihuana for Medical Purposes Regulation (MMPR) in Canada."
WHO OWNS THE 49%????
$4.9MM in "revenue" but a $8.8mm operating expense. In Q2, the company had no significant operating expenses. The cash flow statement indicates about $9mm invested in CEN Bio now. This was $1.87mm through 3/31. The line item "Issuance of shares for services" soared to $6.6mm from zero as of 3/31 - this is the reason for the operating loss. Not sure about the timing - why all in Q3??? "The Company issued 122,000,000 shares of its common stock in the quarter ended June 30, 2014 for services in the amount of $6,646,250."
How did it do this without busting the A/S???
"NOTE 13 – Sale of Net Revenue Interest
The Company contracted for the sale of up to 25% interest in its net revenue from the facility it is currently building in Canada for a total of $20,000,000. In the nine month period ended June 30, 2014, the Company had sold 10.1% of the 25% interest for $8,079,740 and recognized this sale in the revenues of the Company in the nine month period ended June 30, 2014.
The Company has sold a 24.5% interest in a second facility it is building for $1,064,651 in the quarter ended June 30, 2014. This sale was recognized in the revenues of the Company for the nine months ended June 30, 2014."
We knew about the deal for the first facility, but what is going on with the second facility (and who owns the other 24.5%???
Finally, FITX updated a pending transaction:
"The Company has acquired Canadian Nutrition Superstores for 75,000,000 shares of its common stock. The purchase of Canadian Nutrition Superstores is another well designed strategic move for Creative Edge Nutrition, Inc. due to the fact that this will continue Creative Edge's vertical integrated concept. Canadian Nutrition
Superstores is a 3 store chain operated in the Metro Toronto, Ontario Canada market. The company is a discount retailer of all leading brand nutritional supplements. The company is producing sales and has been in this market segment for several years. These locations have the ability to pick/pack/ship nutraceuticals and other consumer goods. In the interim, the value of $75,000 for the shares issued has been show as a deposit in the financials presented. The
Company will either consummate the transaction in the by September 30, 2014, or terminate it depending on the ability of the acquiree to supply certain financial information requested."
CEN Biotech, Inc. is a subsidiary of Creative Edge Nutrition, Inc. who owns 89.90% of CEN Biotech)"
"CEN Biotech II Inc. is a subsidiary of Creative Edge Nutrition, Inc. who owns 51.0% of CEN Biotech II (135 North Rear Rd., Lakeshore, Ontario, Inc. which was established for the sole purpose of applying to obtain a license to produce and supply medical marihuana under the new Marihuana for Medical Purposes Regulation (MMPR) in Canada."
WHO OWNS THE 49%????
$4.9MM in "revenue" but a $8.8mm operating expense. In Q2, the company had no significant operating expenses. The cash flow statement indicates about $9mm invested in CEN Bio now. This was $1.87mm through 3/31. The line item "Issuance of shares for services" soared to $6.6mm from zero as of 3/31 - this is the reason for the operating loss. Not sure about the timing - why all in Q3??? "The Company issued 122,000,000 shares of its common stock in the quarter ended June 30, 2014 for services in the amount of $6,646,250."
How did it do this without busting the A/S???
"NOTE 13 – Sale of Net Revenue Interest
The Company contracted for the sale of up to 25% interest in its net revenue from the facility it is currently building in Canada for a total of $20,000,000. In the nine month period ended June 30, 2014, the Company had sold 10.1% of the 25% interest for $8,079,740 and recognized this sale in the revenues of the Company in the nine month period ended June 30, 2014.
The Company has sold a 24.5% interest in a second facility it is building for $1,064,651 in the quarter ended June 30, 2014. This sale was recognized in the revenues of the Company for the nine months ended June 30, 2014."
We knew about the deal for the first facility, but what is going on with the second facility (and who owns the other 24.5%???
Finally, FITX updated a pending transaction:
"The Company has acquired Canadian Nutrition Superstores for 75,000,000 shares of its common stock. The purchase of Canadian Nutrition Superstores is another well designed strategic move for Creative Edge Nutrition, Inc. due to the fact that this will continue Creative Edge's vertical integrated concept. Canadian Nutrition
Superstores is a 3 store chain operated in the Metro Toronto, Ontario Canada market. The company is a discount retailer of all leading brand nutritional supplements. The company is producing sales and has been in this market segment for several years. These locations have the ability to pick/pack/ship nutraceuticals and other consumer goods. In the interim, the value of $75,000 for the shares issued has been show as a deposit in the financials presented. The
Company will either consummate the transaction in the by September 30, 2014, or terminate it depending on the ability of the acquiree to supply certain financial information requested."
