<SEC-DOCUMENT>0001654954-17-006316.txt : 20171128
<SEC-HEADER>0001654954-17-006316.hdr.sgml : 20171128
<ACCEPTANCE-DATETIME>20170711183138
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001654954-17-006316
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170711

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Level Brands, Inc.
		CENTRAL INDEX KEY:			0001644903
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		IRS NUMBER:				473414576
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		4521 SHARON ROAD
		STREET 2:		SUITE 450
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28211
		BUSINESS PHONE:		704-807-4032

	MAIL ADDRESS:	
		STREET 1:		4521 SHARON ROAD
		STREET 2:		SUITE 450
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEVEL BEAUTY GROUP, INC.
		DATE OF NAME CHANGE:	20150611
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
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Level Brands, Inc.</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
4521 Sharon Road, Suite 407</font></div>
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Charlotte, NC 28211</font></div>
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Telephone (704) 362-6345</font></div>
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'CORRESP'</font></div>
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<div><font>&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">July 11,
2017<br></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Division
of Corporation Finance</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">United
States Securities and Exchange Commission</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">100 F
Street N.W.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Washington,
DC 20549</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Attention:</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Pamela A. Long,
Assistant Director</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Edward
M. Kelly, Special Counsel</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Melinda
J. Hooker, Staff Accountant</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Anne M.
McConnell, Staff Accountant</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Re:</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Level
Brands, Inc. (the "<font style="text-decoration: underline">Company</font>")</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Amendment
1 to Draft Registration Statement</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Submitted
May 2, 2017</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">CIK
No. 0001644903</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Ladies
and Gentlemen:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
Company is in receipt of the staff's letter of comment on the
above-captioned amendment. Following are the Company's responses to
such comments. Concurrently, we have submitted Amendment No. 2 to
the Draft Registration Statement on Form S-1 ("<font style="text-decoration: underline">Amendment No. 2</font>").</font></div>
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<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
General</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Please provide updated interim financial statements and related
disclosures as required by Rule 8-08 of S-X.</font></div>
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<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Amendment No. 2
includes updated interim financial statements and related
information as required by Rule 8-08.</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">Please be advised we will more fully evaluate
the fair value determinations that you used in equity transactions
when you provide or file an amendment that includes the estimated
offering price. At that time, please provide us a quantitative and
qualitative analysis that explains any material differences between
the estimated offering price and the fair value determinations that
you used in recent equity transactions. In regard to your response
to prior comment 29, please explain to us the differences between
the per share cash price paid for your stock in the most recent
private placement that occurred in fiscal year 2016 and the fair
value determination that you used in subsequent equity
transactions</font>.</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">While the Company
does not expect to provide or file an amendment that includes the
estimated offering price until after it substantially clears all
accounting comments, based upon ongoing discussions with
representatives of the underwriter, we currently expect that the
offering price will be within the range of $6.00 to $7.00 per
share. The definitive price, however, has not been fixed and will
be subject to continued negotiations between the Company and the
underwriter. Set forth below is a summary of certain material
events which have a bearing on the Company's qualitative analysis
of the offering prices in recent equity transactions. These events
are described in greater detail in the registration statement under
"Our Business" and "Management's Discussion and Analysis of
Financial Condition and Result of Operations." All share and per
share information set forth below gives effect to the 1:5 reverse
stock split of the Company's common stock effective December
2016.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Division
of Corporation Finance</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">United
States Securities and Exchange Commission</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">July
11, 2017</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Quantitative analysis</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company lacked any meaningful financial history or metrics to
conduct a quantitative analysis. .</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Qualitative analysis</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">By way
of background, and as described in the registration statement, the
Company was formed in March 2015 with a focus on the beauty
industry and had the involvement of two seasoned executives from
that industry who have had prior success. In the first two months
the Company had seed funding from its initial shareholders totaling
$1,500,000, which was issued at a price of $1.00 per
share.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Following
its formation, management of the Company devoted its efforts to the
launch of the new product line which included, but was not limited
to (1) acquiring the name and trademark of Beauty and Pin-Ups under
a new Company subsidiary, Beauty &amp; Pin-Ups LLC
(&#x201C;BPU&#x201D;), (2) new product creation, (3) branding and
packaging, and (4) a strategy to establish a sales and distribution
channel. The Company also formed a significant business
relationship with kathy ireland &#xAE; Worldwide LLC
(&#x201C;kiWW&#x201D;), which the Company believed could be leveraged
in several ways to help rapidly expand the business. With the
foundation in place and a strategy to execute the Company needed
more capital. In June 2015 the Company engaged T.R. Winston &amp;
Company, LLC, a broker-dealer and member of FINRA, to serve as
placement agent (the &#x201C;Placement Agent&#x201D;) in a private
offering of the Company's common stock to accredited investors. The
Company sold an aggregate of 500,000 shares of its common stock at
an offering price of $2.00 per share, for gross proceeds of
$1,000,000, to 30 accredited investors in the offering, the final
closing of which was in August 2015. The offering price was
established based upon negotiations between the Company and the
Placement Agent.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
September 2015, the Company established its first significant
vendor relationship with Beauty Supply Group ("BSG") as a national
distributor for the Beauty and Pin-Ups brand. In addition BSG
placed its first order with BPU, a significant order of
approximately $1.2 million. In October 2015, BSG also recommended
and referred BPU to a television show called Global Beauty Masters
to air on TLC, which the Company participated in and which was
aired in March 2016.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">With
our first significant order processed, a new product campaign
scheduled for release in early 2016, and upcoming visibility being
created from our participation in Global Beauty Masters, the
Company began the process to increase its capital position to brace
for expected significant growth and expansion. Management of the
Company believed it had strong momentum and was positioned to
execute and grow successfully. The Company engaged the Placement
Agent to serve as placement agent for a second private placement of
its common stock. The Company sold an aggregate of 286,667 shares
of its common stock at an offering price of $7.50 per share,
resulting in gross proceeds of $2,150,000, to 21 accredited
investors in the offering, the final closing of which occurred in
February 2016. The offering price was based upon negotiations
between the Company and the Placement Agent based on the recent
successes in September 2015, the increasing Company visibility and
the involvement of kiWW.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
March 2016 the Company launched a new product and associated
campaign called Fearless, which was represented by our new model
Katie Meade. As described in the registration statement, the
campaign included an exclusive story in the April 1, 2016 edition
of <font style="font-style: italic">People</font> magazine to
announce the release of this new product with Katie Meade, a brand
ambassador for Beauty &amp; Pin-Up's exclusive charitable partner
Best Buddies International. Based on following of the outlets that
were reached by the story, we had significant impressions, and
<font style="font-style: italic">Reuters</font> informed us we were
the top news story at that time for 10 days.&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In July
2016 the Company entered into the non-binding letter of intent with
Joseph Gunnar &amp; Co., the underwriter named in the pending
registration statement, for a $15 million firm commitment initial
public offering of its securities.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Division
of Corporation Finance</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">United
States Securities and Exchange Commission</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">July
11, 2017</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company, however, was unable to sustain its initial momentum. While
the Company's sales for fiscal 2016 were approximately $2.6
million, after the initial $1.2 million order from BSG in early
fiscal 2016, product sales from January 2016 through May 2016 were
only $755,000. Following internal analysis by the Board of
Directors and extensive discussions with management regarding the
apparent inability to continue to grow revenues and control
expenses at expected levels, in September 2016 the Company's CEO
and one of the founders resigned at the Board's request, the
Company internally reorganized certain of its staff and its current
Chief Executive Officer (who had been a member of the Board since
inception) assumed overall operational responsibilities. Shortly
thereafter, in October 2016 the Company hired its current Chief
Financial Officer who has significant experience in operations and
financial management of an early stage company such as the
Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In an
effort to raise additional working capital for the Company,
management met with representatives of the Placement Agent.
However, based on the inability to sustain the momentum and sales
it had experienced over the prior nine months, the Company was
unable to structure a &#x201C;straight&#x201D; equity offering. In
September 2016 the Company engaged the Placement Agent to act as
placement agent for it in a private unit offering to accredited
investors, with each unit consisting of 8% convertible promissory
notes with warrant coverage. The terms of the securities offered
were determined based upon negotiations between the Company and the
Placement Agent. <font style="color: #000000">In October 2016 we
sold $2,125,000 principal amount 8% convertible promissory notes to
23 investors in a private placement and issued the note purchasers
warrants to purchase an aggregate of 141,676 shares of our common
stock at an exercise price of $7.80 per share. The convertible note
issuance included a conversion right at $5.00 per common share
given a minimum $10 million initial public offering (IPO) by the
Company. We received gross proceeds of $2,150,000 in this
offering.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Following
the closing of the October 2016 unit offering the Company became
more aggressive with its strategy to establish other
brands/capabilities and leverage the kiWW relationship with a view
towards increasing our overall value and broaden our potential
revenue base. In addition, the Company began conversations with
kiWW about certain brand concepts and strategies that could be
successful. During the course of these discussions we identified
I'M1 and EEI, two concept brands recently established by affiliates
of kiWW.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">While
the Company had been successful in raising additional capital
through the convertible note offering, its sales had declined 66%
for the three months ended December 31, 2016 from the comparable
period in 2015. As a part of the process of negotiating the
acquisition agreements for I'M1 and EE1, and in light of the
limited, but established financial history of our Company and
significant movements in our equity pricing over the past two
years, we prepared a valuation establishing the current value of
the Company based upon assumptions and other information provided
by management, which would help us with structure for any
transactions contemplated with I&#x2019;M1 and EE1. We have proven
out the underlying assumptions contained therein.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As the
staff is aware, in general, there are three approaches available
when valuing a closely held business interest: the cost approach,
the income approach and the market approach. All three general
approaches were considered as part of this valuation. Consequently,
the market approach was deemed most appropriate, as it considers
values established by non-controlling buyers and sellers of
interests in the Company as evidenced by implied pricing in rounds
of financing.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Given
the limited data and outlook available, we have applied a backsolve
methodology to assign values to the common equity, options and
warrants after giving consideration to the preference of the
convertible debt holders. The backsolve method involves the
application of the allocation method described below to allocate an
enterprise value to all classes of securities. As set forth above,
the Company completed a convertible promissory note financing round
for $2,125,000 in September 2016, the most recent indication of
market value. The convertible note issuance included a conversion
right at $5.00 per common share given a minimum $10.0 million IPO.
We believe the selection of the backsolve method is consistent with
guidance in the AICPA Accounting and Valuation Guide, <font style="font-style: italic">Valuation of Privately-Held-Company Equity
Securities Issued as Compensation,</font> which notes:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Division
of Corporation Finance</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">United
States Securities and Exchange Commission</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">July
11, 2017</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 36px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;<font style="font-style: italic">The backsolve method is the most reliable
indicator of value of the enterprise at stage 1 if relevant and
reliable transactions have occurred in the enterprises&#x2019;
equity securities</font>.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We note
that the guide considers the attributes of a Stage 1 company which
includes nominal revenue and expense history and an inability to
make reliable cash flow forecasts, consistent with the facts
relative to the Company. Application of this method suggests an
enterprise value of the Company to be approximately $6 million at
October 24, 2016. We note that at this level of value, the
convertible debt holders are redeemed in one year&#x2019;s time at
face value. We tested this indication against the observable market
data suggested by certain peer companies we identified and the
suggested value of $6 million implies an Enterprise Value/Revenue
multiple of approximately 3.0 times, based on the latest twelve
month (&#x201C;TTM&#x201D;) revenue of the Company of approximately
$2.0 million. We compared this indication to the range of multiples
suggested by the peer companies of 0.2 times to 7.2 times TTM
revenue noting that this range provides corroborative support for
the concluded enterprise value.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In and
of themselves, the above valuation approach and methodology would
result in indications of equity value that assume an equal value
for all of the Company&#x2019;s outstanding investment securities.
In the present case, however, the equal value assumption is not
supported by the differences between the rights, restrictions, and
preferences of the various securities under potentially different
future outcome scenarios. In order to estimate the value of one
common share of the Company, the valuation method needs to consider
the rights, restrictions, and preferences of the convertible notes
and common shares as of the valuation date. We have considered four
common methodologies employed in such an allocation process: the
current method, the option method, the probability-weighted
expected return method, and a Hybrid method.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Based
on our review of the facts and circumstances, the hybrid method was
selected as the most reliable, as this incorporates elements of
both the option method and probability-weighted expected return
method.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
verifying and utilizing the specific data related to the Company,
its prior financing information, and peer group data when
applicable, a valuation per share of $0.85 was
determined.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has subsequently used this valuation for accounting
purposes related to several events occurring as of October 1, 2016
and adjusted items accordingly, including, (i) Black-Scholes value
of stock option awards issued to staff, (ii) fair market value of
restricted stock awards issued to Board members, (iii)
Black-Scholes value of warrants issued related to the convertible
notes as well as determination of any beneficial conversion
feature, (iv) value of stock issued to our charitable partner, and
(v) number of shares issued for the acquisition of a minority
interests in our subsidiary BPU. The Company had two specific
transactions that happened in October 2016 which have not been
adjusted from prior pricing. The first was shares issued to a
related party for services provided prior to and expensed in the
period ending September 30 2016, based on the data the Company had
at that time, which we recorded at a higher fair market value than
the third party valuation above (the value used was the value from
the most recent equity financing in February 2016). In this
transaction the Company has exchanged a monetary item (cash owed to
the related party) for a non-monetary item (stock). The second is
regarding a cashless exercise of Placement Agent
warrants.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
January 2017, the Company completed the exchange agreements with
I&#x2019;M1 and EE1, in which the Company became the holder of all
voting membership interests and manager of I&#x2019;M1 and EE1. As a
result of our acquisition of a membership interests in these two
entities we now have three senior members from kiWW enlisted as
senior managers involved in the day to day operations of two of our
operating units. In connection with the transactions, we have
entered into with kiWW a 10 year licensing agreement as well as an
advisory agreement which includes them participating in a
significant manner in supporting the businesses. We believe these
entities now position the Company for expansion capability and
provide the foundation for potential significant growth. Subsequent
to the exchange agreements, these two new subsidiaries have
generated revenues which has contributed to the Company&#x2019;s
overall increase in revenues and decrease in net loss.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Division
of Corporation Finance</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">United
States Securities and Exchange Commission</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">July
11, 2017</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">5</font> of
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The new
subsidiaries started producing revenue subsequent to the closing of
the exchange agreements and contributing to the growth of
Company&#x2019;s overall business. We believe they have increased
the value of the Company's overall enterprise. As support to the
belief the enterprise value has increased, and as indicated in Note
14 to the March 31, 2017 interim financial statements included in
Amendment 2, in June 2017 the Company approached the 8% convertible
promissory note holders regarding a conversion of the debt to
equity which would significantly reduce the Company&#x2019;s current
liabilities and increasing the Company&#x2019;s working capital. The
warrants related to the convertible promissory note were not
changed. All holders agreed to convert at a negotiated conversion
price of $3.95 per share.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Prospectus Summary, page 5</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
3.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The marked version of your amended draft registration statement
does not reflect the revision on page 6 made in response to comment
7 in our March 8, 2017 letter. Additionally, the marked version of
your amended draft registration statement reflects revisions where
no revisions are made. For example, refer to the risk factor "Kathy
Ireland is not an officer or director of our company&#xA0; " on
page 12. Ensure in future filings that the marked version reflects
accurately where revisions are made and does not reflect revisions
where no revision was made.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">We apologize for
the failure to properly reflect all revisions in Amendment No. 1.
The Company has taken efforts to ensure Amendment No. 2 is marked
to accurately reflect the specific revisions.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Management's Discussion and Analysis of Financial Condition and
Results of Operations</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Critical Accounting Policies</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Intangible Assets, page 32</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
4.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
We note your response to prior comment 12. Please disclose and
discuss the circumstances that would require you to assess
intangible assets for impairment other than at an annual
assessment. Please also disclose and discuss how you determine the
fair value of intangible assets, including any key assumptions
underlying your most recent impairment analysis. If you use
discounted cash flows to determine the fair value, please disclose
the time period when you assume positive cash flows.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The requested
additional disclosure appears in Amendment No. 2; please see page
40 under &#x201C;Critical Accounting Policies&#x201D; as well as in
the interim financials ending March 31, 2017 in Notes 2 and
4.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Kure Corp., page 39; NuGene International, Inc., page
39</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
5.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Advise what consideration you have given to filing the license
agreements with Kure Corp. and NuGene International, Inc. as
exhibits to the registration statement. <font style="text-decoration: underline">See</font> Item 601(b)(10) of
Regulation S-K. We note that these agreements are also referenced
in the consulting agreements that you have with Kure and NuGene
International, which are filed as Exhibits 10.26 and 10.27. Please
also ensure that upon filing these license agreements that you
include all exhibits.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The license
agreements, including all exhibits, with each of Kure Corp. and
NuGene International, Inc. have been filed as Exhibits 10.30 and
10.31, respectively, to Amendment No. 2. I'M1 has entered into a
termination agreement ab initio with NuGene Corporation for the
license agreement with that company which is filed as Exhibit 10.34
to Amendment No. 2, and, in connection therewith, the discussion
regarding the NuGene license agreement has been removed from
Amendment No. 2. Please see page 49. Between the date of the
license agreement and the termination date, no development of
licensed products was ever commenced, no use of the licensed marks
was made by NuGene and no rights to any royalties inured to the
benefit of the Company. Given that there was no accounting impact
on the Company from this agreement and its termination, the Company
elected to remove reference to the agreement in the text of
Amendment No. 2 in the interests of clarity. However, because the
license agreement was referenced in the consulting agreement, the
Company chose to file the license agreement and the termination
agreement as exhibits to Amendment No. 2 in the interests of
complete disclosure.</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">Division
of Corporation Finance</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">United
States Securities and Exchange Commission</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">July
11, 2017</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Page
<font style="font-family: Times New Roman; font-size: 13px">6</font> of
<font style="font-family: Times New Roman; font-size: 13px">8</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Encore Endeavor 1 (EE1), page 40</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">6.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">We note your response and revisions made to
the disclosure in response to comment 14 in our March 8, 2017
letter. In the sixth paragraph under this subheading, please
elaborate on the basis for your characterization of why your
contractual agreements with BMG Rights Management are "expected,"
the current status of any such agreements and their general nature.
If true, please also clarify that there can be no assurance that
you will be successful in actually entering into any of the
expected agreements</font>.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">In May 2017 EEI
entered into an agreement with McCoo &amp; Davis, Inc., which is
disclosed in Amendment 2. Please see page 50. The Recording Master
License Agreement is filed as Exhibit 10.38 to Amendment No. 2. At
such time as definitive material agreement(s) with additional
artists are entered into by EEI prior to the offering, the Company
will include disclosure regarding the material terms of those
definitive agreements, and file copies thereof as exhibits to the
next amendment to the registration statement. Thereafter, the
Company will make the appropriate disclosure and filings under an
8-K. The cautionary language with respect to any additional
agreements appears on page 7 of Amendment No. 2.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
7.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Please tell us what consideration you have given to filing the
March 2017 agreement between EE1 and Multi-Media Products, which is
briefly described on page 40, as an exhibit to the registration
statement.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The consulting
agreement has been filed as Exhibit 10.32 to Amendment No.
2.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Representatives' Warrants, page 62</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
8.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
We note your response to comment 23 of our March 8, 2017 letter,
including your statement that you are not registering the
representative's' warrants but only the common stock underlying the
warrants. Please revise your fee table to clarify this as it
current suggests that you are also registering the issuance of the
warrants.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Please be advised
that the Company is registering in the registration statement both
the representative's warrants and the shares of common stock
issuable upon the exercise of the representative's warrants that
will be issued as compensation in this offering. We have revised
page 72 of Amendment No. 2 under the section of the registration
statement entitled &#x201C;Underwriting - Representative&#x2019;s
Warrants&#x201D; to disclose that both the representative's warrants
and the shares of common stock issuable upon the exercise of the
representative's warrants are being registered under the
registration statement.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Consolidated Financial Statements</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Consolidated Statements of Cash Flows, pages F-3 and
F-4</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
9.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Please explain the "non-controlling interest
transfer."</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The non-controlling
interest transfer is related to the Company acquiring 10% of the
outstanding minority membership interests in BPU. In this
transaction, the membership interest acquired plus the
non-controlling interest in the loss of BPU up to the date of the
acquisition of the 10% interest was $338,556, which is reflected in
the cash flow statement for the six months ended March 31,
2017.</font></div>
</div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Division
of Corporation Finance</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">United
States Securities and Exchange Commission</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">July
11, 2017</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Page
<font style="font-family: Times New Roman; font-size: 13px">7</font> of
<font style="font-family: Times New Roman; font-size: 13px">8</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Note 4 &#x2013; Convertible Promissory Notes, page F-8</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">10.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">We note the additional disclosures that you
provide regarding the $2,125,000 of 8% convertible promissory notes
and warrants which you issued in October 2016; however, it remains
unclear to us how you considered if the notes included a beneficial
conversion feature. As indicated in prior comment 31, please
specifically address the per share conversion terms of the notes
relative to the per share cash price paid for your stock in the
most recent private placement that occurred in fiscal year
2016</font>.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Please see the
Company's response to comment 2 above with regards to the per share
conversion terms of the notes relative to the per share cash price
paid for the Company's common stock in the most recent private
placement that occurred in fiscal year 2016.<font style="font-weight: bold">&#xA0;</font>As an early stage company with
limited financial results, the Company&#x2019;s valuations for early
equity offerings were determined (negotiated) based on a
qualitative analysis. In addition, Note 6 to the March 31, 2017
interim financial statements included in Amendment No. 2 includes
disclosure related to the beneficial conversion feature. As set
forth therein, a determination was made that there was no
beneficial conversion feature.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Note 11 &#x2013; Subsequent Events, page F-12</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
11.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
We note your response to prior comment 31 regarding your
acquisition of a 51% interest in IM'1 in exchange for 583,000
shares of common stock and your acquisition of a 51% interest in
EE1 in exchange for 283,000 shares of common stock. Please address
the following in your updated financial statements:</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: 96px">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
&#x2022;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Disclose how you determined the number of shares that you issued
and how you determined the fair value of the shares you issued,
including how the fair value compares to prior fair value
determinations and to the estimated offering price;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: 96px">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
&#x2022;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Quantify and disclose the specific nature of the assets that you
acquired as the result of each transaction and explain how the
assets will be accounted for; and</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: 96px">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
&#x2022;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Tell us each transferor's historical cost basis, determined under
GAAP, for the assets acquired and explain your consideration of the
requirements of SAB Topic&#xA0;5G.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Note 2 to the March
31, 2017 interim financial statements included in Amendment No. 2
includes the requested disclosure on how the Company determined the
fair value of the shares issued in the exchange. The number of
shares was negotiated and defined in the exchange agreement. We
have quantified and disclosed the specific nature of the assets
owned by each of these entities prior to our acquisition of
membership interests which we acquired in each transaction, and
included disclosure on how the intangible assets of each of these
entities were the only assets of the acquired entity and how they
are accounted for in Note 4 to the March 31, 2017 interim financial
statements included in Amendment No. 2. Lastly, both entities were
development stage entities with no operations upon the membership
exchange. The members provided a minimal capital investment to form
the entity therefore the transferor&#x2019;s had a de minimis
historical cost basis at that time. Therefore, based upon these
factors, and our consideration of SAB Topic 5G, the Company
determined the fair value of the common stock issued by it for the
membership interests acquired is objectively measurable and fair
value measurement was appropriate.</font></div>
</div>
</div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<font style="font-family: Times New Roman; font-size: 13px">Division
of Corporation Finance</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">United
States Securities and Exchange Commission</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">July
11, 2017</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Page
<font style="font-family: Times New Roman; font-size: 13px">8</font> of
<font style="font-family: Times New Roman; font-size: 13px">8</font></font></div>
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Note 2 &#x2013; Intangible Assets, page F-25</font></div>
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12.</font></div>
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We note your response to prior comment 27. Please disclose the
amount and nature of the consideration that you paid to acquire
certain assets from BPUNY, including how you determined the percent
to be retained by the non-controlling interest and the fair value
of their interest. If the consideration did not include cash,
please tell us the transferors' historical cost basis, determined
under GAAP, for the assets acquired and explain your consideration
of the requirements of SAB Topic 5G. Please also explain the
appropriateness of reflecting a non-controlling interest related to
an asset acquisition.</font></div>
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<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Note 2 to the March
31, 2017 interim financial statements included in Amendment No. 2
includes the requested additional disclosure. SAB Topic 5G is
specifically geared towards capital raises immediately before or
contemporaneously with an IPO; given that the transaction occurred
in 2015 and BPUNY had no relationship with Level Brands and/or BPU
and the transaction took place with an unrelated third party, the
Company believes that this guidance would not be applicable. As
indicated in Note 2, this was a membership exchange upon which
certain intellectual property was contributed by members in
exchange for a non-controlling interest.</font></div>
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Undertakings, page II-4</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">13.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">We note your response to comment 33 of our
March 8, 2017 letter. While the firm commitment offering of common
stock may be conducted under Rule 430A, the offering of shares
underlying the warrants appears to fall within the scope of Rule
430C. Please include the undertaking required by Item 512(a)(5)(ii)
of Regulation S-K, which would relate to any other prospectuses
filed in connection with that portion of the
offering</font>.</font></div>
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<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The requested
revision has been made in the Undertakings section of Amendment No.
2 to include the undertaking required by Item 512(a)(5)(ii) of
Regulation S-K; please see page II-4.</font></div>
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Exhibit 10.15</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">14.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">As requested in comment 35 in our March 8,
2017 letter, please refile Exhibit 10.15 in its
entirety</font>.</font></div>
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<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">We apologize for
the omission in the last filing; Exhibit 10.15 in its entirety has
been re-filed as an exhibit to Amendment No. 2.</font></div>
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Exhibit 23.1</font></div>
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15.</font></div>
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Please file an independent auditor's consent with your initial
public filing.</font></div>
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<div style="display: table-cell; width: 96px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Response:</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The Company
acknowledges it will file an independent auditor's consent with its
initial public filing.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">We
trust the foregoing sufficiently responds to the staff's
comments.</font></div>
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<div style="text-align: justify; margin-left: 312px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sincerely,</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">/s/
<font style="font-style: italic">Mark S.
Elliott</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Mark S.
Elliott</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Chief
Financial Officer</font></div>
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<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">cc:&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Brian A. Pearlman,
Esq.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Leslie
Marlow, Esq.</font></div>
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