MyDx Inc (OTCMKTS:MYDX) has announced that the issue between the firm and its convertible debenture lenders has been resolved. The MyDx creator and science and technology firm had earlier in the month filed a restraining order after continuing to get conversion notices requiring it to pay balances which were said to be outstanding when the company was of the opinion that it had satisfied all its obligations. As a result the convertible debt lenders ended up causing significant dilution ad the downward spiral of the share price in the last half a year.
“This critical step has ultimately paved the way for the company to focus on the next phase of its business where it will leverage its crowdsourced data to develop unique feeling and ailment specific product formulations…” said the chairman and chief executive officer of MyDx, Daniel Yazbeck.
Convertible promisory notes
Currently, the balance amount in the form of convertible promissory notes that is outstanding is $35,000. Before May 13, 2017, this amount is not convertible to equity.
Going forward, MyDx’s chief executive has stated that the firm will continue to engage in an effort to monetize the unique data set that it owns. The company will also leverage its liquidity with a view to putting itself in a good position for a possible strategic acquisition. MyDx will also continue to increase revenues from global sales of its MyDx analyzer as well as other consumable products that the company had developed.
As an analyzer, MyDx is aimed at retail consumers of cannabis and cannabis professionals. The device assists them in chemically profiling Cannabis with a view to finding out what feelings it elicits in the consumer and what sort of relief it can provide. The device which uses technology that has been studied and developed for over ten years is highly portable as it easily fits in a human hand. Other devices from MyDx which have exploited this chemical detection technology include CannaDx, OrganaDx and MyDx AquaDx.
In the pre-market trading hours of Monday, shares of MyDx Inc were priced at $0.00540.