1PM INDUSTRIES, INC. (OTCMKTS:OPMZ) Files An 8-K Other EventsItem 8.01. Other Events
(1) On July 11, 2017, the Company made the decision to discontinue the practice of providing seed capital for clients, at least through 1pm Industries, Inc. From this point forward, the company will collect 9.9% of a company’s equity on the front end of each project and will no longer provide financing support through the company. This accounting decision was made to ensure the ability to book all revenue as top line revenue vs “other income”. This move will ensure a clearer understanding for shareholders as to the revenue and profit results of the company on a quarterly and annual basis.
(2) On July 12, 2017, the Company received a notice of conversion from Typenex for $11,000 for 40,740,741 shares. There is $32,027.50 remaining on the note.
(3) The Company has been asked via email about the remaining convertible notes. Due to derivative accounting rules, it is difficult to understanding the underlying derivatives The Company has the following convertible notes:
a. Typenex – $32,027.50 remaining (funded December 2016)
b. Typenex – $250,000 – (funded April 2017 not convertible till October 2017)
c. Vista Capital – $100,000 – (funded April 2017 not convertible till October 2017)
d. EMA Financial – $42,632 remaining from balance of $57,500– (funded June 2016)
About 1PM INDUSTRIES, INC. (OTCMKTS:OPMZ)
1pm Industries, Inc., formerly Torrent Energy Corp., is focused on the sale and distribution of medical marijuana under the brand Von Baron Farms. The Company sells various products, including Cookie Spread, Peanut Butter, CBD Cookie Spread, CBD Mango Shot, THC Shot, Combo Shot, and Pancake and Waffle Batter. The Company distributes its Von Baron Farms product at www.vonbaronfarms.com. The Company sells its products in approximately 40 dispensaries. The Company is also in the process of selling its Von Baron Farms product line in non-medical marijuana product line through Amazon and eBay. It is also engaged in the development of a CBD product line. The Company developed a line health and wellness products under the NewGenica brand. The Company developed four products under this brand, including AquaTrim, DreamTrim, Eat & Trim and D-Tox 15. The Company purchases the products from a third-party manufacturer who private labels health and wellness products.