Entry into a Material Definitive Agreement, Financial Statements and Exhibits
ITEM 1.01 Entry Into a Material Definitive Agreement
The Company has cancelled 5,124,923 shares of common stock of the company, under 4 separate agreements.
On January 17, 2017 the Company returned to treasury 1,700,000 shares of common stock under a settlement agreement with the previous owners of Vapolution, Inc., (“Vapolution”). MCIG elected to close the operation as a standalone entity and terminate its cost basis investment. The Company will continue selling the Vapolution brand products under MCIG.
On January 31, 2017, in settlement of services provided, the Company cancelled 2,560,336 shares of common stock by two shareholders who obtained the stock as stock based compensation. The company recorded a reduction of stock based compensation based upon the issue price (cost basis), not current market price. The cost basis of the agreements was $47,472.
On February 13, 2017, in settlement of services provided, the Company cancelled 964,587 shares of common stock by a shareholder who obtained the stock as stock based compensation. The company recorded a reduction of stock based compensation based upon the issue price (cost basis), not current market price. The cost basis of the agreements was $36,000.
ITEM 9.01 Financial Statements and Exhibits.
Exhibit No. Description
10.1 Form of Rescission Agreement and Mutual Release
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
