- Company announces renegotiation of $4.2 million of convertible notes
- Report shows net revenues of $3,672,353 for the year ended Dec. 31, 2020, an increase of $3,221,157 over 2010 revenues
- GPFT looks forward to growing distribution business, ushering in the age of Hourglass
After spending the last six weeks renegotiating key terms of an estimated $4.2 million of convertible notes, Grapefruit USA (OTCQB: GPFT) announced its financial results for fiscal year 2020, the period ended Dec. 31, 2020 (https://ibn.fm/ZxUxa). In addition to the restructure of the convertible debt, a highlight of the report in was the company’s 714% year-over-year revenue growth.
“We are pleased to report net revenues of $3,672,353 for the year ended Dec. 31, 2020, an increase of $3,221,157 or 714% over revenues of $451,196 for the year ended Dec. 31, 2019, despite operating during a global pandemic,” said Grapefruit CEO Brad Yourist. “We are also heartened to report that over the last several weeks we have been engaged in an exercise in holding the line for our company and its loyal shareholder base with respect to renegotiating the notes with our institutional investor. We think we have achieved a very positive result and look forward to continuing to grow our distribution business and to fully usher in the age of Hourglass, our remarkable cannabinoid hemp-based CBD and THC topical time release delivery system.”
According to the announcement, Grapefruit began renegotiating the terms of the notes after an audit showed that the notes contained a variable conversion price feature that would force in the company to recognize a noncash loss in excess of $40 million for FY2020. Discussions between company management and the company investor resulted in an agreement to modify the notes, thus eliminating the variable conversion price feature. As a result of the modifications, an estimated $40 million noncash loss for the year 2020 was eliminated; complete details of the agreement are available in Grapefruit’s annual report (https://ibn.fm/1iVes).
“We look forward to more success in 2021, which is already off to a superb start and will shift into high gear in the next few days with Grapefruit’s live launch of its retail hemp-derived CBD products website featuring our disruptive hemp CBD based Hourglass products,” said Yourist. “In addition, we have been informed by our Canadian joint venture/potential acquisition group that their shareholder’s meeting will be held this week as previously reported and at the conclusion of which our discussions will restart immediately. Further updates with respect to the new Grapefruit hemp-based CBD Hourglass retail website live launch and Canadian JV/acquisition progress will be provided in real time.”
Hourglass is a patented, disruptive gamechanger in the recreational and medicinal cannabis and CBD market. Grapefruit is devoted to selling only high-quality, laboratory tested, and reliable products. All of Grapefruit’s hemp CBD-based products to be marketed and sold on the new e-commerce website will be tested and come with a QR coded Certificate of Analysis, which provides consumers with certified precise and accurate labeling of the product’s cannabinoid content, purity, and safety.
To find out more about the company and its game-changing Hourglass time-release cannabinoid delivery cream, please visit www.GrapefruitBlvd.com.
NOTE TO INVESTORS: The latest news and updates relating to GPFT are available in the company’s newsroom at https://ibn.fm/GPFT
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