Business
Protext Announces the Following Disclosures Have Been Included in the Company’s Most Recently Filed Q1, 2023 Financial Report
Protext Announces the Following Disclosures Have Been Included in the Company’s Most Recently Filed Q1, 2023 Financial Report.
About this update from Protext Mobility, Inc.
[{"type":"text","content":"WILMINGTON, DE / ACCESSWIRE / July 28, 2023 / Protext Mobility, Inc (OTC:TXTM) announces today as follows:InventoryOn December 15, 2022, the Company's President and Chairman of the Board contributed approximately 15,000,000 Genus Cannabis Sativa Seeds (the "Seeds") to the Company as an equity contribution (the "Contribution"). The Contribution was recorded as Genus Cannabis Sativa Seed inventory at historical cost to the Company's President and Chairman of the Board of $15,000,000. During the three months ended March 31, 2023, the spot price for similar seeds had a retail market price in a range of $15-25 euro per seed, excluding but not limited to shipping, Customs Duty (if applicable), VAT, clearing agent fees, in-land haulage and other variable costs.Supply AgreementAs part of the Company's general business, it plans to fulfill orders and ship products to end customers around the world, including biomass derived from hemp, raw or processed CBD, and/or finished health and wellness products containing CBD (derived from Genus Cannabis Sativa). The end products are anticipated to be shipped as partial shipments (LCL) to the end customer in compliance with the rules and regulations of each jurisdiction involved by the responsible parties. Such that the Company can fulfill orders, the Company entered into a Supply Agreement with its President and Chairman of the Board in his capacity as an independent fourth-generation farmer who controls, among other things, a 5,000-hectare farm in the jurisdiction of New Castle, South Africa. The Company's President and Chairman of the Board in his individual capacity as an independent farmer controls certain permits related to activities such as cultivation, import/export of various agricultural products including but not limited to genus cannabis sativa. The Company does not plant, own or control any farm, and has no permit. The Company's President and Chairman of the Board, in his capacity as an independent farmer and a team, managed by the Company's CEO- Dylon Du Plooy, in his individual capacity, are responsible for planting hemp crops derived from Genus Cannabis Sativa seeds at a farm controlled by the Company's President and Chairman of the Board. In the future, the Company's President and Chairman of the Board may provide the Company with access to, and/or the Company ...