marijuana stocks news

Form 8-K for TAURIGA SCIENCES, INC.


12-Apr-2016

Other Events

ITEM 8.01 – OTHER EVENTS.On April 11, 2016, the management of Tauriga Sciences, Inc. (the “Company”) became aware of a misstatement in its Definitive Schedule 14A (the “Proxy Statement”) filed with the Securities and Exchange Commission (the “Commission”) on July 17, 2015. Specifically, on page 8 of the Proxy Statement and under the heading “Group 10 Holdings Convertible Note Financing”, the Company indicated that on July 14, 2015 it issued a Convertible Debenture with Group 10 Holdings, LLC (“Group 10”) in principal amount of $96,000 with maturity date of July 14, 2016 (the “Group 10 Note”). As set forth in the Proxy Statement, the Company received gross proceeds of $80,000 under the Group 10 Note.

The Proxy Statement further indicated the proceeds of the Group 10 Note were used for payment under the Settlement Agreement dated June 1, 2015 between the Company and Typenex Co-Investment, LLC, as further discussed in the Current Report on Form 8-K filed with the Commission on June 8, 2015. However, this was an inadvertent and incorrect disclosure by the Company. The Company used the proceeds from the Group 10 Note to fund the expenses related to the Proxy Statement, to make the $41,500 cash payment to the Company’s former Chief Executive Officer and Chief Financial Officer related to her departure, as further discussed in the Current Report on Form 8-K filed with the Commission on July 17, 2015, and to make the $7,000 cash payment to the Company’s from Chief Medical Officer related to his departure.

Except for as set forth above, the Company believes the Proxy Statement is accurate in all material respects. The Company does not believe the misstatement above is material, however it wanted to correct the information which currently exists in the public market.

 


MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Curaleaf Holdings, Inc. (CURLF) to Report First Quarter 2022 Financial and Operational Results

Curaleaf to Report First Quarter 2022 Financial and Operational Results Curaleaf Holdings,…

Cannabis Science, Inc. (CBIS) Enters Transition Stage as Trading of the Company’s Shares is Halted

Cannabis Science Enters Transition Stage as Trading of the Company’s Shares is…

GrowGeneration Corp. (GRWG) Signs Asset Purchase Agreement to Acquire Nation’s Third-Largest Chain of Hydroponic Garden Centers

GrowGeneration Signs Asset Purchase Agreement to Acquire Nation’s Third-Largest Chain of Hydroponic…