NATURE OF OPERATIONS

6 Months Ended

Jun. 30, 2019

NATURE OF OPERATIONS

NOTE 1. NATURE OF OPERATIONS

Lone Star Gold, Inc. (the “Company” or “Lone Star”), formerly known as Keyser Resources, Inc., was incorporated in the State of Nevada on November 26, 2007.

The Company was involved in the exploration and development of mining properties until September 30, 2013 when it discontinued operations. In 2017, the Company was put into receivership and in 2018, it emerged from receivership.

On February 6, 2019, the Company transferred 12,000,000 shares of its Series “A” preferred stock to S. Mark Spoone in consideration for the acquisition of Spoone’s trademarks and intellectual property, which included all rights and trade secrets to the hemp-derived CBD-infused line of consumer beverages sold under the “Good Hemp” brand. Since then, the Company has been conducting operations under the “Good Hemp” trade name.

During the quarter ended March 31, 2019, Mr. Alessi returned to treasury 12,000,000 shares of Series “A” preferred stock to facilitate the acquisition of certain intellectual property as set out in Note 5 above, and as result $12,000 has been added to his loan account in lieu of payment.

On April 30, 2019, the Company acquired from Mr. Spoone the CANNA HEMP and CANNA trademarks including all rights and trade secrets and related inventory for consideration totaling $32,462.39.