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17. SUBSEQUENT EVENTS
6 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

On April 19, 2019, following approval by our shareholders at the 2019 annual meeting held on April 19, 2019, we filed Articles of Amendment to our Articles of Incorporation changing the name of our company to “cbdMD, Inc.” effective May 1, 2019. Concurrent with the name change, the CUSIP number of our common stock will be changed to 12482W1018 and the symbol for our common stock which is listed on the NYSE American will be changed to “YCBD.” In addition, the shareholders of Level Brands, Inc. approved the issuance of an aggregate of 15,250,000 shares of our common stock pursuant to the rights granted as consideration for the mergers which closed on December 20, 2018 pursuant to the terms of the Agreement and Plan of Merger dated December 3, 2018 by and among our company, our wholly-owned subsidiaries and Cure Based Development, LLC. These shares were issued on April 22, 2019.

 

From April 26 to April 30, 2019, the Company added additional sponsorships, for the cbdMD brand, that will extend our representation in the professional sports arena. These sponsorships increase our visibility and are with multiple entities or individuals and is expected to add to our advertising spend over the next three and half years by an aggregate amount of $6.4 million.

 

On May 9, the Company issued options to its board of directors as part of the annual compensation plan. Six independent directors received in aggregate 120,000 options with an exercise price of $5.41 that expire in ten years.