JAC071004
3 years ago
10k posted. Please read.
Although revenue down and share loss of $0.02 to $0.01, final net income is great at $3.7m compared to previous years.
Yes, a ton of work still needs to be done on their part but it’s positive to see that they are exploring more opportunities (below) and their shareholder count has gone up from 174 in 2020 to 205 in 2021. Yes debt is a concern but can be re-worked with legalization and banking options.
Diego is currently exploring opportunities in California, Colorado, Nevada, Florida, Washington and other states. The Company will continue to raise capital to finance that expansion. This should result in increased revenues for the future and increased opportunities into new markets.
Marauder65
3 years ago
Company broke note selling continues 8k
On February 18, 2022 (“Issue Date”), Diego Pellicer Worldwide, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with GS Capital Partners, LLC (“GS Capital”), pursuant to which GS Capital purchased a convertible promissory note (the “Note”) from the Company in the aggregate principal amount of $165,000, such principal and the interest thereon convertible into shares of the Company’s common stock at the option of GS Capital. The transaction contemplated by the Purchase Agreement closed on February 19, 2022. The Company intends to use the net proceeds ($160,000) from the Note for general working capital purposes.
The maturity date of the Note is February 17, 2023 (the “Maturity Date”). The Note shall bear interest at a rate of 8% per annum. Principal payments shall be made in ten (10) installments each in the amount of US$17,800 commencing on the ninetieth (90th) day anniversary following the Issue Date and continuing thereafter each thirty (30) days for ten (10) months. Notwithstanding the forgoing, the final payment of principal and interest shall be due on the Maturity Date. GS Capital has the option to convert all or any amount of the principal face amount of the Note from time to time, and at any time following an event of default, at the then-applicable conversion price. The conversion price for the Note shall be equal to the Variable Conversion Price (as defined herein) (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company relating to the Company’s securities or the securities of any subsidiary of the Company, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The “Variable Conversion Price” shall mean 65% multiplied by the Market Price (as defined herein) (representing a discount rate of 35%). “Market Price” means the average of the lowest three (3) trading prices for the Common Stock during the fifteen (15) trading day period ending on the latest complete trading day prior to the Conversion Date. Notwithstanding the foregoing, GS Capital shall be restricted from effecting a conversion if such conversion, along with other shares of the Company’s common stock beneficially owned by GS Capital and its affiliates, exceeds 4.99% of the outstanding shares of the Company’s common stock. The Note may be prepaid by the Company. Pursuant to the terms of the Purchase Agreement, the Company paid GS Capital’s fees and expenses in the aggregate amount of $5,000. The Note also contains an original issue discount of $5,000. The Company will also issue 1,700,000 shares of the Company’s common stock to GS Capital as additional consideration for the purchase of the Note.