1PM INDUSTRIES, INC. (OTCMKTS:OPMZ) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02. Unregistered Sales of Equity Securities.
On May 22, 2017, the Company issued 24,557,492 shares of its
common stock to JSJ in exchange for $13,506.62 of principal
balance of the $55,000 Convertible Note. The remaining balance on
the note is approximately $4,621.21.
Item 8.01. Other Events.
The Company acquired NG Advisors from its members on February 23,
2017. As part of the acquisition, the members of NG Advisors
didnt receive any additional stock or cash from the transaction.
The members already were the majority shareholders of the Company
and owned 50% Series F Preferred Stock (held by Wade Billington
Partners). As a private company, the profits of NG Advisors and
consulting operations were distributed to its members in
accordance to the operating agreements.
As part of finalizing the acquisition; however, the members will
no longer will be receiving the profits from NG Advisors or the
related consulting operations. Instead, going forward the holders
of the Series F Preferred Stock shall be entitled to monthly
distributions of $130,000 per month from the profits from the
consulting operations. If there are no monthly operational
profits from NG Advisors or the consulting business than no
distribution shall be made to the Series F shareholders. No
officer or director receives a salary from the Company; however,
the Company may create bonuses based on performance for its
officers and/or directors.
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 -0.00010 at 0.00110 with 2,093,663 shares trading hands.