Mydx Inc (OTCMKTS:MYDX), a science and technology based company and producer of MyDx® (My Diagnostic) recently announced successfully and amicably resolving the misunderstanding with its toxic convertible debenture lenders. MyDx® is the first mult-purpose and operated analyzer that is mainly designed for retail consumer an Cannabis professional to correlate the chemical characteristic of cannabis with its effect and impact on consumers.
The company had taken a hard stance in March and filed a temporary restraining order arguing it had fully satisfied the requirements to some notes on the balance sheet yet the company was continually issued with conversion notices to pay balances that were claimed to be pending. A statement from the company said the convertible debt lenders where causing a fall in the company’s stock leading to market capitalization.
MyDx Chairman and CEO Daniel Yazbeck says it has taken weeks of legal battles but it is pleasing that that they finally won it and managed to settle on an amicable solution. He adds that settlement will make room for the company to focus on the next stage of its business development adding that they intend to use its crowdsourced data to come up with unique taste and feeling as well as specific formulations for the Cannabis market. He adds that this will put the company is a better position to attract investors as well as growth capital which will in turn help in unlocking the true value of the investment.
Yazbeck says that with nearly $9 million invested and a close evaluation of peers companies that are equally attracting huge investments they remain optimistic that all stakeholders benefit from this growth.
After the settlement, the company remains with $35,000 that is only eligible for payoff before May 13, 2017.
The company will now be focusing on developing on commercializing its data set mainly depending on the liquidity from the capitalization structure for acquisition as well as the growing global sales.
MyDx, Inc is a sensor technology and chemical detection company with its headquarters in San Diego, California. The company mainly specializes in assisting people Trust & Verify® what their minds and bodies consume.