1PM INDUSTRIES, INC. (OTCMKTS:OPMZ) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement
On August 4, 2015, the Company executed a lease for on an
approximately 7,000 square foot food processing facility in Los
Angeles County. The lease ran through August 4, 2020 with lease
payments of approximately $6,000 up to approximately $8,000 per
month during the term of the lease. On April 28, 2017, the
company agreed to a mutual release with the landlord. The Company
agreed to pay $57,474 and surrender its $18,600 security deposit.
This was done as part of the Company discontinuing is previous
operations.
Item 5.03 Amendments to Articles of Incorporation or
Bylaws
On April 28, 2017, the Company increased its number of authorized
shares to 5 billion in anticipation of the closing the
transaction described below and for the creation of the necessary
reserve.
Item 8.01 Other Events
(1) On May 1, 2017, the Company closed on a $1,380,000 financing
transaction with Typenex Co-Investment, LLC. The Company would
receive a total of $1,250,000 under the agreement with the
remaining $130,000 resulting from the OID on the Agreement. The
funds are split between 9 tranches with the initial tranche being
$250,000 and each subsequent tranche being $125,000. The Company
would use the proceeds to grow its pipeline of clients. As part
of the agreement 6-months from each funding date (unless the
additional tranches are secured by collateral), Typenex will be
able to convert the financing amount into shares at a rate equal
to 40% multiplied by the lowest intra-day trade price in the 15
trading days immediately preceding the conversion. Additionally,
the Company agreed to set up a reserve of 3.2 billion shares on
behalf of Typenex. Reserves are established by Typnex and the
Company may need to increase the reserve at the request of the
lender. Once the notes have been satisfied, the Company can
remove any remaining shares from the reserve that had been
established and reduce its authorized share count accordingly.
(2) The Company has entered into a joint venture agreement with a
cannabis-focused agriculture company. The Company will provide
the financing for the construction of a new 8,000 square foot
cultivation facility. In exchange, the company will receive a
percent of the profits from its operations. The goal would be to
grow the facility to 22,000 square feet in the next 12-24 months.
Item 9.01 Financial Statements and
Exhibits.
|
Exhibit 9.1 – |
Copy of Convertible Promissory Note |
|
Exhibit 9.2- |
Copy of Warrants for initial tranche |
|
Exhibit 9.3 – |
Investor Note #1 |
|
Exhibit 9.4- |
Investor Note #2 |
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. 1PM INDUSTRIES, INC. (OTCMKTS:OPMZ) Recent Trading Information
1PM INDUSTRIES, INC. (OTCMKTS:OPMZ) closed its last trading session down -0.00040 at 0.00190 with 48,803,288 shares trading hands.