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Note 12 - Stockholders' Equity
12 Months Ended
Dec. 31, 2018
Disclosure Text Block [Abstract]  
Note 12 - Shareholders' Equity

NOTE 12 – SHAREHOLDERS’ EQUITY

 

We have authorized capital stock consisting of 100,000,000 shares of $0.0001 par value common stock and 400,000 shares of $0.0001 par value preferred stock. At December 31, 2018 and 2017, we had 57,116,055 and 3,695,604 shares of common stock issued and outstanding, respectively, and no shares of preferred stock issued and outstanding.

 

On July 14, 2018, NewBridge closed on Share Exchange and Purchase Agreements as discussed in Note 4, whereby the Company purchased the shares or membership interests (as the case may be) of the several entities making up the Consortium.  NewBridge issued 31,000,000 common shares to the owners of the Consortium as consideration for this Share Exchange. The acquisition was considered a reverse acquisition so the Consortium is the accounting acquirer.  Accordingly, the equity of the Consortium was retroactively adjusted to agree to the equity of NewBridge prior to the acquisition.

 

On or about July 25, 2018, the Company entered into subscription agreements with investors for the purchase of 6,061,466 shares of restricted common stock at $0.50 per share for total consideration of $3,030,733.

 

On July 30, 2018, the Company issued 75,000 shares to Mark Mersman, CEO, and 75,000 shares to Scott Cox, President and COO, based on performance milestones in their October 12, 2017 employment contracts.  The milestones were fulfilled in July 2018.  The 150,000 shares were valued at $4.75 per share for a total of $712,500, which is classified as stock issued for services.

 

On July 29, 2018, the Company issued 10,000,000 shares to Go Fund upon exercise of the stock options for $1,000 (see Note 10).

 

Effective October 5, 2018, the Company assigned and transferred 5,000 shares of the 10,000 shares presently owned by the Company in Green Thumb, Inc. to Eric Tran.  The Company deemed this transfer in its best interest in order to obtain a license for the operation of Green Thumb Distributors, Inc.  The license requires that Eric Tran be a 50% owner.