$SGMD #cannabis #hydroponics #acquisition nearing completion, 10Q and 8K filed:
10k: https://www.otcmarkets.com/filing/html?id=134...WsDF2FWrth
8k: https://www.otcmarkets.com/filing/html?id=134...aMsLmkLJth
Sugarmade Inc., a Delaware corporation (the “Company”) makes the following disclosures pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934, generally referred to as Regulation FD Disclosure. The disclosures below are intended to furnish and disclose material, financial and other current information and to facilitate disclosure of information to investors.
Sugarmade Inc., a Delaware corporation (the “Company”) makes the following disclosures pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934, generally referred to as Regulation FD Disclosure.
On May 20, 2019, the Company provided specific information to its investors concerning the status of its pending transactions to acquire BZRTH, LLC and relative to the proposed acquisition of Sky Unlimited Group, LLC (Sky Unlimited”), both of which are leading providers of hydroponic cultivation supplies.
These updates are outlined below:
Sugarmade’s plans to fully acquire BZRTH, Inc. (“BZRTH”) a company associated with BizRight, LLC (“BizRight”) remain unchanged.
The Company reports today on the significant progress that has been made toward full closure of the acquisition transactions.
As a matter of background information:
On December 13, 2017, separate agreements and understandings with the shareholders of BizRight contemplated, in part, a share exchange agreement wherein the Company would acquire all of the issued and outstanding shares of BizRight stock in exchange for the Company’s shares, a promissory note and earn-out shares. The negotiations required, among other requirements, that BizRight to provide BZRTH’s audited financial statements compliant with the Securities Exchange Act of 1934, to be filed by the Company in connection with the transaction. BRZTH is currently having its financial statements audited. Sugarmade now plans to fully acquire BZRTH, a company associated with BizRight and has amended the Master Marketing Agreement giving Sugarmade the same rights under the Master Marketing Agreement for both BizRight and BZRTH.
The Current Update:
Sugarmade’s management reports strong progress has been made toward BZRTH audit completion with most of the major audit components having been finalized. Pending the closing report from the audit team, Sugarmade plans to move toward closure of several financial transactions that will provide the required funds to complete the acquisition of BZRTH. Upon closing, Sugarmade will possess full ownership of BZRTH and related operations, thus allowing for full revenue recognition onto the financial statements of the Company.
As of the date of this filing, the Company has provided approximately Eight Hundred Thousand Dollars ($800,000) toward the closing of the acquisition. In addition, 200,000,000 in the common shares in the Company have been issued toward closure.
On April 16, 2019, the “Company, entered into an investment agreement with K & J Funds, LLC, an accredited investor, pursuant to which it committed to purchase up to $20,000,000, upon the effectiveness of a registration statement on Form S-1, of the Company’s common stock. The Company plans to utilize a portion of the funds received via this arrangement, in addition to funds from planned upcoming pending financings, to complete the acquisition of BZRTH.
In addition, Sugarmade continues to move toward closure of the planned acquisition of Sky Unlimited Group, LLC (“Sky Unlimited”). On October 15, 2018, the Company signed a Letter of Intent and agreements to acquire Sky Unlimited, a Southern California-based, supplier of hydroponic cultivation supplies to the wholesale sector and to large commercial cultivators. Under the terms of the Letter of Intent and agreements (with both binding and non-binding elements), the Company will acquire all of the issued and outstanding shares (or the business and assets) in exchange for the Company’s shares of authorized and cash. Sky Unlimited Group LLC is currently having its financial statements audited. Revenue recognition will occur when the transaction is closed.
10k: https://www.otcmarkets.com/filing/html?id=134...WsDF2FWrth
8k: https://www.otcmarkets.com/filing/html?id=134...aMsLmkLJth
Sugarmade Inc., a Delaware corporation (the “Company”) makes the following disclosures pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934, generally referred to as Regulation FD Disclosure. The disclosures below are intended to furnish and disclose material, financial and other current information and to facilitate disclosure of information to investors.
Sugarmade Inc., a Delaware corporation (the “Company”) makes the following disclosures pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934, generally referred to as Regulation FD Disclosure.
On May 20, 2019, the Company provided specific information to its investors concerning the status of its pending transactions to acquire BZRTH, LLC and relative to the proposed acquisition of Sky Unlimited Group, LLC (Sky Unlimited”), both of which are leading providers of hydroponic cultivation supplies.
These updates are outlined below:
Sugarmade’s plans to fully acquire BZRTH, Inc. (“BZRTH”) a company associated with BizRight, LLC (“BizRight”) remain unchanged.
The Company reports today on the significant progress that has been made toward full closure of the acquisition transactions.
As a matter of background information:
On December 13, 2017, separate agreements and understandings with the shareholders of BizRight contemplated, in part, a share exchange agreement wherein the Company would acquire all of the issued and outstanding shares of BizRight stock in exchange for the Company’s shares, a promissory note and earn-out shares. The negotiations required, among other requirements, that BizRight to provide BZRTH’s audited financial statements compliant with the Securities Exchange Act of 1934, to be filed by the Company in connection with the transaction. BRZTH is currently having its financial statements audited. Sugarmade now plans to fully acquire BZRTH, a company associated with BizRight and has amended the Master Marketing Agreement giving Sugarmade the same rights under the Master Marketing Agreement for both BizRight and BZRTH.
The Current Update:
Sugarmade’s management reports strong progress has been made toward BZRTH audit completion with most of the major audit components having been finalized. Pending the closing report from the audit team, Sugarmade plans to move toward closure of several financial transactions that will provide the required funds to complete the acquisition of BZRTH. Upon closing, Sugarmade will possess full ownership of BZRTH and related operations, thus allowing for full revenue recognition onto the financial statements of the Company.
As of the date of this filing, the Company has provided approximately Eight Hundred Thousand Dollars ($800,000) toward the closing of the acquisition. In addition, 200,000,000 in the common shares in the Company have been issued toward closure.
On April 16, 2019, the “Company, entered into an investment agreement with K & J Funds, LLC, an accredited investor, pursuant to which it committed to purchase up to $20,000,000, upon the effectiveness of a registration statement on Form S-1, of the Company’s common stock. The Company plans to utilize a portion of the funds received via this arrangement, in addition to funds from planned upcoming pending financings, to complete the acquisition of BZRTH.
In addition, Sugarmade continues to move toward closure of the planned acquisition of Sky Unlimited Group, LLC (“Sky Unlimited”). On October 15, 2018, the Company signed a Letter of Intent and agreements to acquire Sky Unlimited, a Southern California-based, supplier of hydroponic cultivation supplies to the wholesale sector and to large commercial cultivators. Under the terms of the Letter of Intent and agreements (with both binding and non-binding elements), the Company will acquire all of the issued and outstanding shares (or the business and assets) in exchange for the Company’s shares of authorized and cash. Sky Unlimited Group LLC is currently having its financial statements audited. Revenue recognition will occur when the transaction is closed.
