Marizyme (MRZM) 10-Q 14 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 14, 2020
Details
Registrant Name	MARIZYME INC
Registrant CIK	0001413754
Fiscal Year End	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	000-53223
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	82-5464863
Entity Address, Address Line One	225 Chimney Corner Lane, Suite 2001
Entity Address, City or Town	Jupiter
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33458
Entity Address, Address Description	Address of principal executive offices
City Area Code	732
Local Phone Number	723-7395
Phone Fax Number Description	Registrant’s telephone number
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		34,857,980
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

INTERIM BALANCE SHEETS (Unaudit

INTERIM BALANCE SHEETS (Unaudited) - USD ($)		Jun. 30, 2020	Dec. 31, 2019
Current Assets:
Cash		$ 4,454	$ 90
Total Current Assets		4,454	90
Long Term Assets:
Intangible Assets - Note 5	[1]	28,600,000	28,600,000
Patents in Process		30,801	13,000
Total Long Term Assets		28,630,801	28,613,000
TOTAL ASSETS		28,635,255	28,613,090
Current Liabilities:
Accounts Payable and Accrued Liabilities		440,639	270,218
Short Term Loan		1,000	0
Total Liabilities		441,639	270,218
STOCKHOLDERS' EQUITY
Common Stock, Value, Issued		20,184	19,859
Donated Capital		41,422	41,422
Additional Paid-in Capital		60,034,872	59,278,172
Treasury Stock		(16,000)	(16,000)
Accumulated Deficit		(31,886,862)	(30,980,581)
Total Stockholders' Equity		28,193,616	28,342,872
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$ 28,635,255	$ 28,613,090
[1]	Note 4.

INTERIM BALANCE SHEETS (Unaud_2

INTERIM BALANCE SHEETS (Unaudited) - Parenthetical - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Details
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	25,000,000	25,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Issued	20,183,939	19,858,939
Common Stock, Shares, Outstanding	20,183,939	19,858,939

INTERIM STATEMENTS OF OPERATION

INTERIM STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Expenses:
Operating Expenses	$ 425,050	$ 164,560	$ 880,952	$ 200,475
General & Administrative	9,861	72,802	25,330	105,127
Total Expenses	434,911	237,362	906,281	305,602
Net loss and Comprehensive Loss for the period	$ (434,911)	$ (237,362)	$ (906,281)	$ (305,602)
Net loss per share, basic and diluted	$ (0.02)	$ (0.01)	$ (0.05)	$ (0.02)
Weighted average number of shares of common stock outstanding - basis & diluted	20,027,062	19,763,769	19,961,309	19,746,153

INTERIM STATEMENTS OF EQUITY (U

INTERIM STATEMENTS OF EQUITY (Unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	Donated Capital	Treasury Stock	Retained Earnings	Total
Equity Balance, Starting at Dec. 31, 2018	$ 19,740	$ 58,454,704	$ 41,422	$ (16,000)	$ (29,922,542)	$ 28,577,324
Shares Outstanding, Starting at Dec. 31, 2018	19,740,302
Net Income (Loss)	$ 0	0	0	0	(305,602)	(305,602)
Shares Outstanding, Ending at Jun. 30, 2019	19,858,939
Equity Balance, Ending at Jun. 30, 2019	$ 19,859	58,579,585	41,422	(16,000)	(30,228,144)	28,396,722
Equity Balance, Starting at Dec. 31, 2018	$ 19,740	58,454,704	41,422	(16,000)	(29,922,542)	28,577,324
Shares Outstanding, Starting at Dec. 31, 2018	19,740,302
Shares Outstanding, Ending at Dec. 31, 2019	19,858,939
Equity Balance, Ending at Dec. 31, 2019	$ 19,859	59,278,172	41,422	(16,000)	(30,980,581)	28,342,872
Stock Issued During Period, Value, New Issues	$ 119	124,881	0	0	0	125,000
Stock Issued During Period, Shares, New Issues	118,637
Stock Issued During Period, Value, Issued for Services	$ 125	124,875	0	0	0	125,000
Stock Issued During Period, Shares, Issued for Services	125,000
Stock Issued During Period, Value, Other	$ 195	184,665	0	0	0	184,860
Stock Issued During Period, Shares, Other	195,000
Stock Issued During Period, Value, Stock Options Exercised	$ 5	5,045	0	0	0	5,050
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	5,000
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture	$ 0	442,115	0	0	0	442,115
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	0
Net Income (Loss)	$ 0	0	0	0	(906,281)	(906,281)
Shares Outstanding, Ending at Jun. 30, 2020	20,183,939
Equity Balance, Ending at Jun. 30, 2020	$ 20,184	$ 60,034,872	$ 41,422	$ (16,000)	$ (31,886,862)	$ 28,193,616

INTERIM STATEMENTS OF CASH FLOW

INTERIM STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash Flow from Operating Activities:
Net Loss for the period	$ (906,281)	$ (305,602)
Adjustments to reconcile Net Loss to to Net Cash used by operations:
Stock Based Compensation	567,115	0
Changes in assets and liabilities:
Patents in Process	(17,801)	0
Prepaid Expenses	0	15,000
Accounts Payable and Accrued Liabilities	170,421	169,880
Net Cash used by Operating Activities	(186,546)	(120,722)
Net Cash provided (used) by Investing Activities	0	0
Net Cash provided (used) by Financing Activities
Proceeds from short term loan	1,000	0
Capital Paid - In	189,910	125,000
Net Cash provided by Financing Activities	190,910	125,000
Net cash increase (decrease) for period	4,364	4,278
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	90	104
Cash and Cash Equivalents, at Carrying Value, Ending Balance	4,454	4,382
Supplementary Information:
Interest Paid:	0	0
Taxes Paid:	$ 0	$ 0

Note 1 - COMPANY AND BACKGROUND

Note 1 - COMPANY AND BACKGROUND	6 Months Ended
	Jun. 30, 2020
Notes
Note 1 - COMPANY AND BACKGROUND	Note 1 COMPANY AND BACKGROUND Overview Marizyme, Inc., a Nevada corporation formerly known as GBS Enterprises Incorporated (the “Company” or “Marizyme”), conducted its primary business through its majority owned subsidiary, GBS Software AG (“GROUP”), a German-based public-company. By December 31, 2016, the Company had sold the controlling interest in GROUP and other subsidiaries, keeping only a minority interest in GROUP. On March 21, 2018, the Company formed a wholly-owned subsidiary named Marizyme, Inc., a Nevada corporation, and merged with it, effectively changing the Company’s name to Marizyme, Inc. On June 1, 2018, the Company exchanged the shares of GROUP and all the intercompany assets and liabilities for 100% of the shares of X-Assets Enterprises, Inc, a Nevada Corporation. As part of a type-D business restructuring on September 5, 2018, the Company then distributed the X-Assets shares to its shareholders on a 1 for 1 basis. Beginning after the X-Assets share distribution, Marizyme refocused on the life sciences and began to seek technologies to acquire. On September 12, 2018 the Company consummated an asset acquisition with ACB Holding AB, Reg. No. 559119-5762, a Swedish corporation to acquire all right, title and interest in their Krillase technology in exchange for 16.98 million shares of Common Stock. Krillase is a naturally occurring enzyme that acts to break protein bonds and has applications in dental care, wound healing and thrombosis. The Company’s common stock, $0.001 par value per share (the “Common Stock”), is currently quoted on the OTC Markets QB Tier under the ticker symbol “MRZM.” These financial statements have been prepared in accordance with generally accepted principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next twelve months. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classifications of assets and liabilities should the Company be unable to continue as a going concern. At June 30, 2020, the Company had not yet achieved profitable operations and had accumulated losses of $31,886,862 since its inception, all of which casts substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management is in the process of executing a strategy based upon a new strategic direction in the life sciences space. The Company has several technologies in the commercialization phase and in development. The Company is seeking acquisitions of biotechnology assets in support of this direction. There can be no assurances that management will be successful in executing this strategy.

Note 2 - INTERIM REPORTING

Note 2 - INTERIM REPORTING	6 Months Ended
	Jun. 30, 2020
Notes
Note 2 - INTERIM REPORTING	Note 2 INTERIM REPORTING While the information presented in the accompanying interim nine-month financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. These interim financial statements follow the same accounting policies and methods of their application as the Company’s December 31, 2019 annual financial statements. All adjustments are of a normal recurring nature. It is suggested that these interim financial statements be read in conjunction with the Company’s December 31, 2019 annual financial statements. Operating results for the six months ended June 30, 2020 are not necessarily indicative of the results that can be expected for the year ended December 31, 2020.

Note 3 - SUMMARY OF SIGNIFICANT

Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
Notes
Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES There have been no changes in the accounting policies that effect these interim financial statements from the accounting policies disclosed in the notes to the audited annual financial statements for the year ended December 31, 2019.

Note 4 - RECENT ACCOUNTING PRON

Note 4 - RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2020
Notes
Note 4 - RECENT ACCOUNTING PRONOUNCEMENTS	Note 4 RECENT ACCOUNTING PRONOUNCEMENTS The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any pronouncement not yet effective but recently issued would, if adopted, have a material effect on the accompanying financial statements.

Note 5 - INTANGIBLE ASSETS

Note 5 - INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2020
Notes
Note 5 - INTANGIBLE ASSETS	Note 5 INTANGIBLE ASSETS On September 12, 2018 the Company consummated an asset acquisition with ACB Holding AB, Reg. No. 559119-5762, a Swedish corporation to acquire all right, title and interest in their Krillase technology in exchange for 16.98 million shares of Common Stock. Krillase is a naturally occurring enzyme that acts to break protein bonds and has applications in dental care, wound healing and thrombosis. The transaction was recorded at the fair value of the shares. No amortization has been recorded as the patents are not yet in a position to produce cash flows. During 2020, the Company incurred legal and filing fees of $17,801 associated with a patent application for pharmaceutical compositions and methods for the treatment of thrombosis. The patents are pending.

Note 6 - CAPITAL STOCK

Note 6 - CAPITAL STOCK	6 Months Ended
	Jun. 30, 2020
Notes
Note 6 - CAPITAL STOCK	Note 6 CAPITAL STOCK The Company has authorized capital of 75,000,000 shares of Common Stock and 25,000,000 shares of “blank check” preferred stock, each with a par value of $0.001. On July 27, 2018 the Company completed a 1:29 reverse split of its Common Stock resulting in a total of 1,101,074 shares of Common Stock outstanding. As of June 30, 2020, there were 20,183,939 shares of Common Stock outstanding. The following transactions in the Company’s capital stock were completed in the six months ended June 30, 2020: On January 9, 2020, the Company issued 125,000 shares to a consultant. On April 6, 2020, the company issued 160,000 shares of Common Stock to a consultant who exercised 160,000 options in lieu of $161,600 in accounts payable. On April 6, 2020, the company issued 5,000 shares of Common Stock to James Sapirstein who exercised 5,000 options in exchange for $5,050 in cash. On April 6, 2020 the company issued 15,000 shares of Common Stock to a consultant in exchange for services rendered. On June 8, 2020, the company issued 20,000 shares of Common Stock to a consultant who exercised 20,000 options in lieu of $20,200 in accounts payable. The following transactions in the Company’s capital stock were completed in the year ended December 31, 2019: On June 12, 2019, the Company issued 90,910 share units at $1.10 each for gross proceeds of $100,000 and it issued 27,727 share units at $0.9016 for gross proceeds of $25,000. Each unit consist of one share of common stock and one warrant, which allows the holder to purchase one common share of capital stock for a period of three years at a price of $3.00 per share. The following transactions in the Company’s capital stock were completed in the year ended December 31, 2018: On May 14, 2018, 1,000 shares of preferred stock were issued to the CEO for services valued at $1. The preferred stock had voting rights of 80% at shareholder meetings. On July 27, 2018, the Company completed a reverse stock split of 1 new share for 29 shares of the Company’s issued and outstanding Common Stock. These financial statements give retroactive effect to this transaction. On September 12, 2018, 16,980,000 shares of Common Stock were issued to acquire patents and all rights, title and interest in Krillase technology and 1,500,000 shares of Common Stock were issued to the CEO in exchange for the 1,000 shares of preferred stock. On December 30, 2018, 159,228 shares of Common Stock were issued on conversion of convertible debt of $79,614. Options The following stock options were granted during the past two years: i) ii) iii) As at June 30, 2020, the number of option outstanding and exercisable are as follows including weighted average inputs used in calculating stock-based compensation: Exercise price # of options outstanding # of options exercisable Term Volatility Risk Free Interest Rate Dividend Rate Remaining life in years $1.50 265,000 265,000 10 yrs 196.63% 2.60 Nil 8.51 $1.01 2,450,000 920,000 10 yrs 204.19% 1.91 Nil 9.04 $1.01 250,000 75,000 10 yrs 219.21% 1.66 Nil 9.53 $1.05 * 2,965,000 1,260,000 *9.04 *Weighted Average Warrants On June 12, 2019 as part of a financing, the Company issued warrants to purchase 113,637 shares of Common Stock at a strike price of $3 for a period of three years. All of these warrants were still outstanding as of June 30, 2020.

Note 7 - COMMITMENTS

Note 7 - COMMITMENTS	6 Months Ended
	Jun. 30, 2020
Notes
Note 7 - COMMITMENTS	Note 7 COMMITMENTS On July 13, 2019 the Company signed a consulting agreement with an individual to advise the Board of Directors. The individual receives $30,000 per month through July 13, 2022 and received an option to purchase 500,000 shares of Common Stock at a strike price of $1.01, which vest monthly through July 13, 2021. These options are included in the Note 6 options above. On November 7, 2019 the Company signed a 5 year exclusive distribution agreement with Somahlution, LLC to distribute Somahlution, LLC’s DuraGraft products in Europe, South America and certain other territories. On April 27, 2020, the Company amended this agreement to specify the ownership of certain Intellectual Property that Marizyme acquired from Somahlution, LLC since the original agreement was signed. On December 16, 2019, Marizyme signed a definitive agreement to purchase all the assets of Somahlution, LLC and and its related companies subject to raising $10 Million.

Note 8 - SUBSEQUENT EVENTS

Note 8 - SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2020
Notes
Note 8 - SUBSEQUENT EVENTS	Note 8 SUBSEQUENT EVENTS On December 15, 2019, the Company entered into an asset purchase agreement, as amended on March 31, 2020 and May 29, 2020 (the “Agreement”), with Somahlution, LLC, Somahlution, Inc. and Somaceutica, LLC, companies duly organized under the laws of Delaware (collectively, “Somah”) to acquire all of the assets, and none of the liabilities, of Somah (the “Acquisition”). Somah is engaged in developing products to prevent ischemic injury to organs and tissues and its products (the “Somah Products”) include DuraGraft, a On July 30, 2020, the Company and Somah entered into Amendment No. 3 to the Agreement. Pursuant to the terms of this amendment, it was agreed that, as part of the Acquisition, the Company would acquire the outstanding capital stock of Somahlution, Inc., held by Somahlution, LLC, rather than the assets of Somahlution, Inc. This change to the Agreement was made to accommodate the European Union (“EU”) requirements with respect to the manufacture under Somahlution, Inc. of CE marked products for sale in the EU. On July 30, 2020, the Company closed the Acquisition. On August 3, 2020, the Company completed an initial closing of a private placement (the “Private Placement”) with certain accredited investors (the “Investors”) pursuant to which the Company sold and issued to the Investors an aggregate of 4,609,984 shares (the “Shares”) of its Common Stock at a purchase price of $1.25 per share. Each of the Investors is an “accredited investor” as that term is defined in Regulation D, Rule 501(a) under the Securities Act of 1933, as amended (the “Securities Act”). The Shares issued and sold in the Private Placement were offered and sold by the Company in reliance on an exemption from registration pursuant to Section 4(a)(2) of the Securities Act, and Rule 506(b) of Regulation D thereunder. In consideration for services rendered as the placement agent in the Private Placement, on August 2, 2020, the Company paid Univest Securities LLC cash commissions totaling $460,999, or 8% of the gross proceeds of the Private Placement closing, a 1% non-accountable expense allowance totaling $57,624.80, and the $31,250 balance (of a total of $37,500) due to the placement agent in advisory fees. Additionally, the Company issued to the placement agent a five-year warrant to purchase an aggregate of 229,499 shares of the Company’s Common Stock at an exercise price of $1.375 per share (the “Agent Warrant”). The Agent Warrant, for which the placement agent paid the Company $100, may be exercised on a cashless basis. The exercise price of the Agent Warrant is subject to adjustment for stock splits, stock dividends, recapitalizations and the like. All of the Shares sold in the Private Placement are entitled to “piggyback” registration rights until such time as the Shares may otherwise be sold pursuant to Rule 144 under the Securities Act without limitation or restriction.

Note 6 - CAPITAL STOCK_ Disclos

Note 6 - CAPITAL STOCK: Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Tables)	6 Months Ended
	Jun. 30, 2020
Tables/Schedules
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	Exercise price # of options outstanding # of options exercisable Term Volatility Risk Free Interest Rate Dividend Rate Remaining life in years $1.50 265,000 265,000 10 yrs 196.63% 2.60 Nil 8.51 $1.01 2,450,000 920,000 10 yrs 204.19% 1.91 Nil 9.04 $1.01 250,000 75,000 10 yrs 219.21% 1.66 Nil 9.53 $1.05 * 2,965,000 1,260,000 *9.04 *Weighted Average

Note 1 - COMPANY AND BACKGROU_2

Note 1 - COMPANY AND BACKGROUND (Details)	6 Months Ended
	Jun. 30, 2020
Details
Entity Incorporation, State or Country Code	NV
Entity Information, Former Legal or Registered Name	GBS Enterprises Incorporated

Note 6 - CAPITAL STOCK (Details

Note 6 - CAPITAL STOCK (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2019	Jul. 27, 2018
Common Stock, Shares Authorized	75,000,000	75,000,000
Preferred Stock, Shares Authorized	25,000,000	25,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Sale of Stock, Transaction 1
Sale of Stock, Transaction Date	Jan. 9, 2020
Stock Issued During Period, Shares, New Issues	125,000
Sale of Stock, Transaction 2
Sale of Stock, Transaction Date	Apr. 6, 2020
Stock Issued During Period, Shares, New Issues	160,000
Sale of Stock, Transaction 3
Sale of Stock, Transaction Date	Apr. 6, 2020
Stock Issued During Period, Shares, New Issues	5,000
Sale of Stock, Transaction 4
Sale of Stock, Transaction Date	Apr. 6, 2020
Stock Issued During Period, Shares, New Issues	15,000
Sale of Stock, Transaction 5
Sale of Stock, Transaction Date	Jun. 8, 2020
Stock Issued During Period, Shares, New Issues	20,000
Sale of Stock, Transaction 6
Sale of Stock, Transaction Date		Jun. 12, 2019
Stock Issued During Period, Shares, New Issues		90,910
Sale of Stock, Transaction 7
Sale of Stock, Transaction Date			May 14, 2018
Stock Issued During Period, Shares, New Issues			1,000
Sale of Stock, Transaction 8
Sale of Stock, Transaction Date			Jul. 27, 2018
Sale of Stock, Description of Transaction			Company completed a reverse stock split of 1 new share for 29 shares of the Company’s issued and outstanding Common Stock
Sale of Stock, Transaction 9
Sale of Stock, Transaction Date			Sep. 12, 2018
Stock Issued During Period, Shares, New Issues			16,980,000
Sale of Stock, Transaction #10
Sale of Stock, Transaction Date			Dec. 30, 2018
Stock Issued During Period, Shares, New Issues			159,228
Common Stock
Shares, Outstanding	20,183,939	19,858,939	19,740,302	19,858,939	1,101,074
Stock Issued During Period, Shares, New Issues	118,637

Note 6 - CAPITAL STOCK_ Discl_2

Note 6 - CAPITAL STOCK: Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Option #1
Exercise price | $ / shares	$ 1.50
# of options outstanding	265,000
# of options exercisable	265,000
Term	10 years
Volatility	196.63%
Risk Free Interest Rate	2.60%
Dividend Rate	0.00%
Remaining life in years	8 years 6 months 4 days
Option #2
Exercise price | $ / shares	$ 1.01
# of options outstanding	2,450,000
# of options exercisable	920,000
Term	10 years
Volatility	204.19%
Risk Free Interest Rate	1.91%
Dividend Rate	0.00%
Remaining life in years	9 years 14 days
Option #3
Exercise price | $ / shares	$ 1.01
# of options outstanding	250,000
# of options exercisable	75,000
Term	10 years
Volatility	219.21%
Risk Free Interest Rate	1.66%
Dividend Rate	0.00%
Remaining life in years	9 years 6 months 11 days
Option #4
Exercise price | $ / shares	$ 1.05	[1]
# of options outstanding	2,965,000
# of options exercisable	1,260,000
Remaining life in years	9 years 14 days	[1]
[1]	Weighted Average

Note 8 - SUBSEQUENT EVENTS (Det

Note 8 - SUBSEQUENT EVENTS (Details)	6 Months Ended
	Jun. 30, 2020
Event #1
Subsequent Event, Date	Dec. 15, 2019
Subsequent Event, Description	Company entered into an asset purchase agreement, as amended on March 31, 2020 and May 29, 2020 (the “Agreement”), with Somahlution, LLC, Somahlution, Inc. and Somaceutica, LLC
Event #2
Subsequent Event, Date	Jul. 30, 2020
Subsequent Event, Description	Company and Somah entered into Amendment No. 3 to the Agreement
Event #3
Subsequent Event, Date	Jul. 30, 2020
Subsequent Event, Description	Company closed the Acquisition
Event #4
Subsequent Event, Date	Aug. 3, 2020
Subsequent Event, Description	Company completed an initial closing of a private placement (the “Private Placement”) with certain accredited investors (the “Investors”)