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Subsequent Events
6 Months Ended
Feb. 28, 2018
Subsequent Events [Abstract]  
Subsequent Events

NOTE 9 – SUBSEQUENT EVENTS

 

On March 13, 2018, the Company entered into a consulting agreement with Delta 9 whereas Delta 9 was contracted to expand the PetLife Scorpion Ranch in Haiti. In conjunction with the agreement, the three controlling shareholders, Salvagno, Campbell and Ramana, individually assigned their ownership of the super voting preferred stock to Delta 9, which was not defined in the agreement. Additionally, 100,000,000 shares of common stock were issued to Delta 9. The three controlling shareholders were not compensated for assigning their shares of preferred stock to Delta 9. As a condition of the agreement, Delta 9 was required to provide the funding to complete the Haiti project. After the change of control, the Company provided to Delta 9 approximately $21,750 for the Haiti project. On April 9, 2018, the Company agreed to advance funds for expenses related to the Haiti operations until a later date, while acknowledging that these expenses were the obligations of Delta 9. Accordingly, on June 1, 2018, Delta 9 executed a promissory note to the Company for $21,750. On May 30, 2018, Delta 9 informed the Company that it was unable to perform its obligations under of the agreement. On June 4, 2018, the Company advised Delta 9 that the agreement between Delta 9 and the Company was terminated. On June 4, 2018, the Company entered into an agreement with Therapeutic Solutions Group, LLC (“TSG”). The terms and conditions of this agreement are substantially the same as the Delta 9 agreement, including assuming the promissory note for $21,750 between Delta 9 and the Company. See Notes 4 and 5.

 

As of March 22, 2018, the Company had a change of control. Therefore, on the date of the change of control, the Company will record a liability to Salvagno for $175,000 for his one year and nine months of service. See Note 4.

 

On March 22, 2018, Vyvyan Campbell resigned as a Director of the Company.

 

On March 22, 2018, Salvagno resigned as Chief Executive Officer, President, Secretary, Treasurer, Chief Financial Officer, and Chairman of the Board of the Company.

 

On March 22, 2018, Laura De Leon Castro was appointed as President, Secretary, Treasurer, Chief Financial Officer, and Chairman of the Board of the Company.

 

On March 22, 2018, the Company entered into a convertible promissory note with Power Up for $78,000. The note is due December 30, 2018, bears interest of 12%. As of this filing, the Company is in default of this note therefore, the interest will increase to 22%.

 

On March 23, 2018, Hemingway Holdings, LLC purchased the remaining balance of the Hoppel convertible note for $60,000 (see Note 3).

 

On March 25, 2018, the Company and Healthy Life Pets terminated its agreement. The termination included the Company returning back to Healthy Life Pets all of the intellectual property that was acquired. In exchange, Healthy Life Pets returned back to the Company and 500,000 shares of common stock issued to date, which was required to be returned to treasury stock, which, as of the date of this report, has not been done.

 

On May 11, 2018, the Company executed a convertible promissory note for $30,500 with Power Up. The note, as of the date of this filing has not been funded due to required conditions not being met, which not be met until after this filing is complete. The note bears interest at 12% per year and is due on February 28, 2019.

 

On May 30, 2018, Laura De Leon Castro resigned all of her positions with the Company.

 

On May 30, 2018, Sebastian Serrell-Watts was appointed as President, Secretary, Treasurer, Chief Financial Officer, and Chairman of the Board of the Company.

 

On June 1, 2018, the Company executed a promissory note with Delta 9 whereas Delta 9 owes the Company $21,750 in lieu of funds advanced to Delta 9 for expenses which, as stated herein, were to be borne by Delta 9. The note is due on September 1, 2018 and accrues interest at a rate of 5%.

 

On June 4, 2018, the Company terminated the agreement with Delta 9. All stock owned by Delta 9, consisting of 100,000,000 shares of common stock, is to be returned to the Company for cancellation and recorded as treasury stock.

 

On June 4, 2018, the Company entered into a consulting agreement with Therapeutic Solutions Group, LLC (“TSG”), a Wyoming corporation, to perform the same tasks as Delta 9 had agreed to perform. The agreement is valid until all services have been provided to the Company or terminated by either party, whichever comes first. The agreement provides to TSG 100,000,000 shares of common stock thereby causing TSG to be holding the control block of the Company. TSG also agreed to assume the liability of the promissory note of Delta 9 for $21,750.

 

On June 27, 2018, the Company, with TSG, executed a joint venture agreement with Hemp, Inc., which included a ten-year land lease for 500 acres in North Carolina to grow hemp. The Company will receive 49% of the sales and has no cash exposure in 2018.

 

As of July 1, 2018, the Company has approximately 2,532,035 common shares issuable for legal services.

 

The Company is in process of determining the appropriate accounting for the change in control related to Delta 9 and TSG.