v3.8.0.1
11. SUBSEQUENT EVENTS
9 Months Ended
Oct. 31, 2017
Notes  
11. SUBSEQUENT EVENTS

11.  SUBSEQUENT EVENTS

 

The Company entered into a letter of intent to acquire an active business in June, releasing a press release at that time.  The discussions continue as will due diligence.  In order to facilitate the funding of acquisitions, the company entered into a formal fundraising agreement with North South Capital, LLC on September 1, 2017. The terms outline the Broker will seek to raise between $1M and $5M dollars for operations for a fee.  Management has decided to not pursue the business acquisition after conducting due diligence completed in October and broker released from us contract under a termination clause on November 30, 2017.

 

The company announced its application to the open source Blockchain initiative, the Enterprise Ethereum Alliance, to support its stated intent to build charts and publish information for cryptocurrency and ICO (Initial Coin Offerings). Application was subsequently accepted and membership was approved in November.

 

The Company has entered into a non-binding agreement upon signing an LOI to explore possible joint venture for the development and marketing of a payment platform. As part of its commitment, the Company incorporated a subsidiary called RCPS Management, Inc. on September 1, 2017. After additional early stage due diligence is completed, the Company will release further information to the public via a press release. In November, the Company abandoned the original LOI upon undertaking due diligence but has since restructured the business plan and is currently negotiating with new parties.  The Company continues to explore how to deliver under the Verifundr brand and the development of the exCanna Marketplace.

 

The Company entered into an agreement on November 14, 2017 for a new convertible note for $155,000. The note is due and payable twelve months from the issuance date and bears interest at 0% per annum with an original issuance discount of $25,000 plus $5,000 of legal fees due at closing. If the Note is paid off prior to the due date, the Company is required to pay the face amount plus a penalty of 30%. Also noted, after 181 days from the issuance date, the Note is convertible into the shares of the Company’s common stock. The conversion rate is equal to 55% of the market price during the previous 10 trading days.

 

The CEO and President return 15,000,000 shares back to the Company under the Buy Back plan and the shares will be retired from circulation.

 

Convertible Noteholder 1 sold part of their debt on November 29, 2017 in the amount of $5,000 and which is now convertible into a total of 10,000,000 shares of common stock.