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"We will preserve Hang Seng’s brand, heritage, distinct buyer proposition and a department network, whereas investing to unlock new strengths in merchandise, providers and know-how to deliver more choice and innovation for purchasers. In the Company’s opinion, Lifted’s customers do enterprise with Lifted primarily due to Mr. Warrender; and, on the time of the Merger, Mr. Warrender was the only full time employee handling sales for Lifted.

Throughout the yr ended December 31, 2020, Canna Vita purchased $8,939 price of merchandise from Lifted, and Lifted recorded a receivable of $1,839 from Canna Vita as of December 31, 2020. Canna Vita is provided distributor pricing, similar to many other particular person Vape Deals shops that are prospects of Lifted. Pursuant to Section 5.11 of the Settlement and Plan of Merger by and amongst the company, Lifted, Gerard M. Jacobs, William C. Jacobs, Warrender Enterprise Inc.

and Nicholas S. Warrender dated January 7, 2020, certain Estimated Tax Distributions were to be made to Nicholas S. Warrender to cover estimated income tax obligations of Nicholas S. Warrender in regard to the web income of Warrender Enterprise Inc. throughout 2019 and through the short taxable 12 months commencing on January 1, 2020 and ending on February 23, 2020, the date earlier than the closing date of the Merger.

This left Lion with a web stability owed to the company of $168,500 as of December 31, 2019. On March 2, 2020, Lion and the corporate agreed that the repayment of such $168,500 will likely be made in eleven equal month-to-month installments of principal due and payable by Lion to the corporate on the first day of each calendar month beginning on April 1, 2020, and that no additional interest will accrue. The maturity date of the Promissory Note is the sooner of (a) the date which is 30 days after the final day of the calendar quarter throughout which Lifted's aggregate EBITDA (aggregate earnings earlier than interest, taxes, depreciation and amortization) since the Closing Date of the Merger exceeds $7.