1pm Industries, Inc. (OTC Pink: OPMZ) is engaged within the sale and distribution of medical marijuana, under the Von Baron Farms brand. Shares of the medical marijuana company are declining 28.57% in afternoon trading on Friday, April 28, 2017. Over the past month, 1pm Industries, Inc. has seen average daily volume of 44.83 million shares. However, volume of 79.79 million shares or dollar volume of $239,370, has already exchanged hands on Friday.
Shares of 1pm Industries, Inc. are under pressure Friday, after the company filed an 8-K, which detailed of Regulation FD disclosures. In the disclosures, the company says it has generated revenues of $2.9 million since January 30, 2017 and is working on completing an audit. In addition, management says they are not apposed to doing additional convertible debt deals, if the criterion meets needs of management. Here are the Regulation FD disclosures:
1pm Industries, Inc. 8-K Filing:
Item 7.01. Regulation FD Disclosure.
The Company has received questions regarding the Company’s operations. The Company felt it was better to answer the questions through an 8-K instead emailing the individuals directly.
Q.1. Can the Company provide an update on revenues for the year?
A.1. The Company has generated approximately $2,900,000 in revenue since January 30, 2017. However, this number is a non-GAAP number and represents the actual cash received by the Company from its operations. The Company is currently working with its auditors on its 10-K. Once the Company has completed the audits we will provide monthly updates on our revenue.
Q.2. Is the Company looking to take on additional convertible debt?
A.2. The Company would only take additional convertible debt under the circumstances where it was at least $1,000,000 and we could expect to drive 5-10 times top line revenue growth per dollar received within 18 months. Additionally, there would be a holding period of 6 months and ideally would only be convertible in trances once every 6 months.
Here is the link to the full 8-K filing: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12021257