Acquisitions, Debts Paid, Canceled Shares, Exit Shell Status
LAS VEGAS, NV / ACCESSWIRE / February 22, 2021 / Megola Inc. (OTC PINK:MGON) Megola, Inc. ("MGON", "Company") is a Consortium Group of Health Technologies and Service Company. "After several months of executing our business strategies, we at Megola have now developed brand portfolios of dynamic product lines that will enhance the lives of people around the world, grow our company and our shareholders value, which are the keys to our future success", states CEO Bob Gardiner.
HIGHLIGHTS: Q3 ending DECEMBER 31, 2020
$70,000 Cash Debt paid in full from 470 Systems sold
The Stink Genie is a DIY multi-purpose Disinfectant/Deodorizing/Sanitizing unit that is a uniquely engineered, integrated UVC (ozone) system designed to dramatically reduce and control toxic compounds such as mold, mildew, fungus, formaldehyde, xylene gasses and all types of smoke along with infectious agents such as SARS Coronavirus, bacteria, influenza, hemolytic streptococci and many others. Ozone is a natural gas composed of three atoms of Oxygen and is Scientifically Proven to Kill SARS Coronavirus and Influenza, interest is sparked in its ability to Combat COVID-19.
For more information on stink genie and antimicrobials: www.megolacorp.com
$20,000 Cash Debt paid in full from 454 Units of CBD sold
Balanced2Day is the leading Premium Hemp Extract brand designed for athletes and individuals leading an active lifestyle. Every bottle of Balanced2Day SPORT is THC Free and legal in all 50 states. Started by a group of individuals which include former professional athletes who are passionate about the power of Hemp Extract products, we believe Hemp Extract should be available to all those in need as an alternative way of life at an affordable price.
For more information on CBD line: www.balanced2day.com
Inventory from Acquisitions
While sales have commenced on our acquired products, funds generated in Q3 from those sales were used to pay acquisition costs. Remaining Inventory of Stink Genie and CBD products just from acquisitions can generate gross profits forward of over $100,000.
Company Future Product Additions
The Company is currently transitioning the e-commerce sites, has remaining inventory and is ordering new Inventory and adding new product lines:
*A line of Antimicrobials including 90-day Surface Protection, a non-alcohol based 6-24 hour Hand Sanitizer, antimicrobial Mask Spray, travel size hand sanitizer in biodegradable sachets and travel size surface sprays.
*In addition, Specialty coffees including a CDB blend, Weight loss blend, Libido blend, and an Energy/Wellness blend.
*In developments of a CBD gum line, infused CBD alcohol spirits line, additional CBD tinctures, creams, and edibles.
$15,000 Paid for the Cancellation and Return of Old Issued Stock classes
A total of 10,000,000 shares of 2018 Special Series B Preferred stock were returned to the Company and canceled. Another 20,000,000 shares of 2018 Special Series D Preferred Stock returned to Company and canceled.
Derivative liability REDUCED from $ 18,392,207 to $ 26,752
Exit from Shell Status
The Company exited from shell status in October 2020 concurrent with the acquisition of certain assets and the commencement of sales of the acquired products as part of our ongoing operations. Company will further submit necessary documents to clear Shell status with potential of moving to a higher OTC tier in near future.
On December 31, 2020 and March 31, 2020, a total of 196,095,060 shares of common stock were issued and outstanding.
For further information, contact: John MacLeod
Stock information here: https://www.otcmarkets.com/stock/MGON/overview.
Disclaimer: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this press release. Additional information respecting the factors that could materially affect the Company and its operations are contained in its annual report on Form 10K and Form 10-Q as filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement.
SOURCE: Megola, Inc.