Controls and Procedures
−Removed: Management conducted an evaluation of the effectiveness
−Removed: of our internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the
−Removed: Committee of Sponsoring Organizations of the Treadway Commission (2013 COSO Framework or COSO).
−Removed: Based on this evaluation,
−Removed: management has concluded that our internal control over financial reporting was not effective as of December 31, 2019.
−Removed: identified segregation of duties & maintenance of current accounting records as material weaknesses in internal control over
−Removed: financial reporting.
−Removed: Management is in the continuous process of improving
−Removed: the internal control over financial reporting by engaging a Certified Public Accountant as a consultant to mitigate some of the
−Removed: identified weaknesses.
−Removed: The Company is still in its development stage and intends on bringing in necessary resources to address
−Removed: the weaknesses once full operations have commenced.
−Removed: Management concludes that internal control over financial reporting is ineffective
−Removed: at December 31, 2019.
−Removed: Management’s Report of Internal Control over
−Removed: Financial Reporting
−Removed: Our management carried out an evaluation of the effectiveness
−Removed: of our “disclosure controls and procedures”
−Removed: (as defined in the Securities Exchange Act of 1934 (the “Exchange
−Removed: Act”) Rules 13a-15(e) and 15-d-15(e)) as of the end of the period covered by this report (the “Evaluation Date”).
−Removed: Based upon that evaluation, our chief executive officer and chief financial officer each concluded that as of the Evaluation Date,
−Removed: our disclosure controls and procedures are ineffective to ensure that information required to be disclosed by us in the reports
−Removed: that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported, within the time periods specified
−Removed: in the SEC’s rules and forms and (ii) is accumulated and communicated to our management, including our chief executive officer
−Removed: and our chief financial officer, as appropriate to allow timely decisions regarding required disclosure.
−Removed: Changes in Internal Control over Financial Reporting
−Removed: There have been no changes in the Company’s internal
−Removed: controls over financial reporting during its fourth fiscal quarter that have materially affected, or are reasonably likely to materially
−Removed: affect, its internal control over financial reporting.
+Added: Management conducted an evaluation of the
+Added: effectiveness of our internal control over financial reporting based on the framework in Internal Control - Integrated Framework
+Added: issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 COSO Framework or COSO).
+Added: Based on this
+Added: evaluation, management has concluded that our internal control over financial reporting was not effective as of December 31,
+Added: Management identified segregation of duties & maintenance of current accounting records as material weaknesses in
+Added: internal control over financial reporting.
+Added: Management is in the continuous process
+Added: of improving the internal control over financial reporting by engaging a Certified Public Accountant as a consultant to mitigate
+Added: some of the identified weaknesses.
+Added: The Company is still in its development stage and intends on bringing in necessary resources
+Added: to address the weaknesses once full operations have commenced.
+Added: Management concludes that internal control over financial reporting
+Added: is ineffective at December 31, 2020.
+Added: Management’s Report of Internal
+Added: Control over Financial Reporting
+Added: Our management carried out an evaluation
+Added: of the effectiveness of our “disclosure controls and procedures”
+Added: (as defined in the Securities Exchange Act of 1934
+Added: (the “Exchange Act”) Rules 13a-15(e) and 15-d-15(e)) as of the end of the period covered by this report (the
+Added: “Evaluation Date”).
+Added: Based upon that evaluation, our chief executive officer and chief financial officer each concluded
+Added: that as of the Evaluation Date, our disclosure controls and procedures are ineffective to ensure that information required to be
+Added: disclosed by us in the reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported,
+Added: within the time periods specified in the SEC’s rules and forms and (ii) is accumulated and communicated to our
+Added: management, including our chief executive officer and our chief financial officer, as appropriate to allow timely decisions regarding
+Added: required disclosure.
+Added: Changes in Internal Control over Financial
+Added: There have been no changes in the Company’s
+Added: internal controls over financial reporting during its fourth fiscal quarter that have materially affected, or are reasonably likely
+Added: to materially affect, its internal control over financial reporting.
Other information
6 unchanged sentences
Barry Alan Katzman
−Removed: Rubin Schindermann
Management of Target Group Inc.
−Removed: Set forth below are the names of the directors and
−Removed: officers of the Company, all positions and offices with the Company held, the period during which they have served as such, and
−Removed: the business experience during at least the last five years:
+Added: Set forth below are the names of the directors
+Added: and officers of the Company, all positions and offices with the Company held, the period during which they have served as such,
+Added: and the business experience during at least the last five years:
Anthony Zarcone
−Removed: Anthony Zarcone serves as the Chief Executive Officer
−Removed: and a director of the Company.
−Removed: He is an entrepreneur, property manager and co-founder of a food retail/wholesale business in southern
−Removed: Ontario, Canada.
+Added: Anthony Zarcone serves as the Chief Executive
+Added: Officer and a director of the Company.
+Added: He is an entrepreneur, property manager and co-founder of a food retail/wholesale business
+Added: in southern Ontario, Canada.
Barry Alan Katzman
−Removed: Barry Alan Katzman serves a director of the Company.
−Removed: Katzman was the President and CEO of Tidal Health Solutions, a licensed premium medical cannabis company based in New Brunswick,
−Removed: Canada specializing in hospital-grade medical cannabis.
+Added: Barry Alan Katzman serves a director of
+Added: Katzman was the President and CEO of Tidal Health Solutions, a licensed premium medical cannabis company
+Added: based in New Brunswick, Canada specializing in hospital-grade medical cannabis.
Saul Niddam serves a director of the Company.
−Removed: the President of Norlandam Marketing Inc., a sales and marketing agency catering to national brands across North America.
−Removed: is also the Chief Executive Officer of the Company’s subsidiary, CannaKorp Inc.
+Added: He is the President of Norlandam Marketing Inc., a sales and marketing agency catering to national brands across North America.
+Added: Niddam is also the Chief Executive Officer of the Company’s subsidiary, CannaKorp Inc.
Frank Monte serves a director of the Company.
−Removed: the principal owner and managing director of Brands Gone Wild of Brampton, Ontario, Canada which operates retail outlets through
−Removed: Rubin Schindermann
−Removed: Rubin Schindermann serves as a director of the Company.
−Removed: Schindermann has been in the business community for over 30 years.
−Removed: In 2002 he established Rubin and Associates Financial Services
−Removed: where he provided services to several private and public companies while providing corporate governance and management direction
−Removed: to ensure complete transparency for shareholders.
−Removed: Since 2011, Mr.
−Removed: Schindermann has served as president and director of Hard Asset
−Removed: Capital Corp.
−Removed: Schindermann holds a Bachelor of Arts degree in science.
−Removed: Schindermann holds a BA from the University of Saratov
−Removed: USSR and a Degree in Accountancy from the University of Tel-Aviv.
+Added: He is the principal owner and managing director of Brands Gone Wild of Brampton, Ontario, Canada which operates retail outlets
+Added: through Canada.
Term of Office
−Removed: Our director is appointed for a one-year term to hold
−Removed: office until the next annual general meeting of our stockholders or until removed from office in accordance with our bylaws.
−Removed: officers, if any, are appointed by our board of directors and hold office until removed by the board.
−Removed: All officers and directors
−Removed: listed above will remain in office until the next annual meeting of our stockholders, and until their successors have been duly
−Removed: elected and qualified.
+Added: Our director is appointed for a one-year
+Added: term to hold office until the next annual general meeting of our stockholders or until removed from office in accordance with our
+Added: Our officers, if any, are appointed by our board of directors and hold office until removed by the board.
+Added: and directors listed above will remain in office until the next annual meeting of our stockholders, and until their successors
+Added: have been duly elected and qualified.
There are no agreements with respect to the election of Directors.
−Removed: We have not compensated our Directors
−Removed: for service on our Board of Directors, any committee thereof, or reimbursed for expenses incurred for attendance at meetings of
−Removed: our Board of Directors and/or any committee of our Board of Directors.
−Removed: Officers are appointed annually by our Board of Directors
−Removed: and each Executive Officer serves at the discretion of our Board of Directors.
+Added: We have not compensated
+Added: our Directors for service on our Board of Directors, any committee thereof, or reimbursed for expenses incurred for attendance
+Added: at meetings of our Board of Directors and/or any committee of our Board of Directors.
+Added: Officers are appointed annually by our Board
+Added: of Directors and each Executive Officer serves at the discretion of our Board of Directors.
We do not have any standing committees.
−Removed: of Directors may in the future determine to pay Directors’
−Removed: fees and reimburse Directors for expenses related to their activities.
−Removed: None of our Officers and/or Directors have filed any
−Removed: bankruptcy petition, been convicted of or been the subject of any criminal proceedings or the subject of any order, judgment or
−Removed: decree involving the violation of any state or federal securities laws within the past five (5) years.
+Added: Our Board of Directors may in the future determine to pay Directors’
+Added: fees and reimburse Directors for expenses related to
+Added: their activities.
+Added: None of our Officers and/or Directors have
+Added: filed any bankruptcy petition, been convicted of or been the subject of any criminal proceedings or the subject of any order, judgment
+Added: or decree involving the violation of any state or federal securities laws within the past five (5) years.
Audit Committee
−Removed: At the present time, we do not have a standing audit
−Removed: committee of the Board of Directors.
−Removed: Management has determined not to establish an audit committee at present because of our limited
−Removed: resources and limited operating activities do not warrant the formation of an audit committee or the expense of doing so.
−Removed: not have a financial expert serving on the Board of Directors or employed as an officer based on management’s belief that
−Removed: the cost of obtaining the services of a person who meets the criteria for a financial expert under Item 401(e) of Regulation S-B
−Removed: is beyond its limited financial resources and the financial skills of such an expert are simply not required or necessary for us
−Removed: to maintain effective internal controls and procedures for financial reporting in light of the limited scope and simplicity of
−Removed: accounting issues raised in its consolidated financial statements at this stage of its development.
+Added: At the present time, we do not have a standing
+Added: audit committee of the Board of Directors.
+Added: Management has determined not to establish an audit committee at present because of
+Added: our limited resources and limited operating activities do not warrant the formation of an audit committee or the expense of doing
+Added: We do not have a financial expert serving on the Board of Directors or employed as an officer based on management’s belief
+Added: that the cost of obtaining the services of a person who meets the criteria for a financial expert under Item 401(e) of Regulation
+Added: S-B is beyond its limited financial resources and the financial skills of such an expert are simply not required or necessary for
+Added: us to maintain effective internal controls and procedures for financial reporting in light of the limited scope and simplicity
+Added: of accounting issues raised in its consolidated financial statements at this stage of its development.
We have not formed a Compensation
1 unchanged sentence
Certain Legal Proceedings
−Removed: No director, nominee for director, or executive officer
−Removed: of the Company has appeared as a party in any legal proceeding material to an evaluation of his ability or integrity during the
−Removed: past five years.
+Added: No director, nominee for director, or executive
+Added: officer of the Company has appeared as a party in any legal proceeding material to an evaluation of his ability or integrity during
+Added: the past five years.
Compliance with Section 16(a) of the Exchange Act
−Removed: Our common stock is registered pursuant to Section
−Removed: 12 of the Securities Exchange Act of 1934, as amended, (“Exchange Act”).
−Removed: Our officers, directors and persons who beneficially
−Removed: hold more than 10% of our issued and outstanding equity securities are required to file reports of ownership and changes in ownership
−Removed: with the Securities and Exchange Commission.
−Removed: Except as noted below, as of the date of this report, all persons required to file
−Removed: report pursuant to Section 16 of the Exchange have filed the required reports.
−Removed: Section 16(a) Reports
−Removed: As of the date
−Removed: of this report, our director Barry Katzman has not filed Form 3, Initial Statement of Beneficial Ownership of Securities.
+Added: Our common stock is registered pursuant
+Added: to Section 12 of the Securities Exchange Act of 1934, as amended, (“Exchange Act”).
+Added: Our officers, directors and
+Added: persons who beneficially hold more than 10% of our issued and outstanding equity securities are required to file reports of ownership
+Added: and changes in ownership with the Securities and Exchange Commission.
+Added: Except as noted below, as of the date of this report, all
+Added: persons required to file report pursuant to Section 16 of the Exchange have filed the required reports.
+Added: Delinquent Section 16(a) Reports
+Added: There are no delinquent Section 16
+Added: (a) reports by those persons required to file under Section 16 of the Securities Exchange Act of 1934, as amended.
Code of Ethics
−Removed: We have adopted a Code of Business Conduct and Ethics
−Removed: (“Code”) that applies to our officers, directors and employees including our Chief Executive Officer, Chief Financial
−Removed: Officer and Chief Accounting Officer.
+Added: We have adopted a Code of Business Conduct
+Added: and Ethics (“Code”) that applies to our officers, directors and employees including our Chief Executive Officer, Chief
+Added: Financial Officer and Chief Accounting Officer.
A copy of the Code will be provided to any person upon request, without charge.
−Removed: for a copy of the Code should be addressed in writing to the Company at 55 Administration Road, Unit 13, Vaughan, Ontario, Canada
+Added: A request for a copy of the Code should be addressed in writing to the Company at 20 Hempstead Drive, Hamilton, Ontario, Canada
Executive Compensation
−Removed: The Company has not to date paid any compensation to
−Removed: any officer or director.
−Removed: The Company intends to pay annual salaries to all its officers and will pay an annual stipend to its directors
−Removed: when, and if, it completes a primary public offering for the sale of securities and/or the Company reaches profitability, experiences
−Removed: positive cash flow and/or obtains additional funding.
−Removed: At such time, the Company anticipates offering cash and non-cash compensation
−Removed: to officers and directors.
−Removed: In addition, although not presently offered, the Company anticipates that its officers and directors
−Removed: will be provided with a group health, vision and dental insurance program at subsidizes rates, or at the sole expense of the Company,
−Removed: as may be determined on a case-by-case basis by the Company in its sole discretion.
−Removed: In addition, the Company plans to offer 401(k)
−Removed: matching funds as a retirement benefit, paid vacation days and paid holidays.
−Removed: The Company accrues management fee amounting to $150,000
−Removed: for Rubin Schindermann and Saul Niddam.
−Removed: During the year ended December 31, 2019, the Company issued 6,600,000, 8,234,850, 1,666,667
−Removed: shares of common stock to Rubin Schindermann, Alexander Starr and Saul Niddam as consideration to settle outstanding management
−Removed: fee in the amount of $780,000, $885,329 and $37,385 respectively.
−Removed: Security Ownership of Certain Beneficial Owners and Management
−Removed: and Related Stockholder Matters
+Added: The Company has not to date paid any compensation
+Added: to any officer or director.
+Added: The Company intends to pay annual salaries to all its officers and will pay an annual stipend to its
+Added: directors when, and if, it completes a primary public offering for the sale of securities and/or the Company reaches profitability,
+Added: experiences positive cash flow and/or obtains additional funding.
+Added: At such time, the Company anticipates offering cash and non-cash
+Added: compensation to officers and directors.
+Added: In addition, although not presently offered, the Company anticipates that its officers
+Added: and directors will be provided with a group health, vision and dental insurance program at subsidizes rates, or at the sole expense
+Added: of the Company, as may be determined on a case-by-case basis by the Company in its sole discretion.
+Added: In addition, the Company plans
+Added: to offer 401(k) matching funds as a retirement benefit, paid vacation days and paid holidays.
+Added: The Company accrues management fee amounting
+Added: to $100,737 (CAD $135,000) for Anthony Zarcone.
+Added: During the year ended December 31, 2020, CL Investors, a related company,
+Added: purchased 500,000 shares of the Company’s Series A Preferred Stock from Rubin Schindermann, a former director of the
+Added: Company, in consideration of the payment by CLI to Rubin Schindermann of $78,540 (CAD $100,000) and the issuance to Mr.
+Added: of 10,000,000 shares of the Company’s common stock.
+Added: In consideration of the foregoing, Mr., Schindermann resigned as a director
+Added: of the Company and from any and all administrative and executive positions with the Company’s subsidiaries.
+Added: Refer to additional
+Added: details in Note 14 of the consolidated financial statements.
+Added: Security Ownership of Certain Beneficial Owners
+Added: and Management and Related Stockholder Matters
The following table sets forth certain information
−Removed: as of April 14, 2020 regarding the beneficial ownership of our Common Stock by (i) our named executive officer, and (ii) each of
−Removed: our directors, (iii) each person we know to beneficially own more than 5% of our outstanding Common Stock.
+Added: as of March 30, 2021 regarding the beneficial ownership of our Common Stock by (i) our named executive officer, and (ii) each
+Added: of our directors, (iii) each person we know to beneficially own more than 5% of our outstanding Common Stock.
All shares of our Common
3 unchanged sentences
beneficially owned
−Removed: Percent of Common shares
+Added: Common shares
beneficially owned
Anthony Zarcone
−Removed: 55 Administration Road, Unit 13, Vaughan, Ontario, Canada L4K 4G9
+Added: 20 Hempstead Drive, Hamilton, Ontario, Canada L8W 2E7
Chief Executive Officer and Director
1 unchanged sentence
Barry Alan Katzman
−Removed: 55 Administration Road, Unit 13, Vaughan, Ontario, Canada L4K 4G9
−Removed: 55 Administration Road, Unit 13, Vaughan, Ontario, Canada L4K 4G9
−Removed: 55 Administration Road, Unit 13, Vaughan, Ontario, Canada L4K 4G9
−Removed: Rubin Schindermann
−Removed: 55 Administration Road, Unit 13, Vaughan, Ontario, Canada L4K 4G9
−Removed: 9,233,000 (3)
+Added: 20 Hempstead Drive, Hamilton, Ontario, Canada L8W 2E7
+Added: 20 Hempstead Drive, Hamilton, Ontario, Canada L8W 2E7
+Added: 20 Hempstead Drive, Hamilton, Ontario, Canada L8W 2E7
Oakland Family Trust
6 unchanged sentences
9,259,300 shares are held by The PJB Trust of which Anthony Zarcone is the Trustee.
−Removed: Chess Supersite, Inc., a corporation organized under the laws of Ontario, Canada, owns 2,000 shares of the Company.
−Removed: Fifty percent (50%) of the company is owned by Mr.
−Removed: Schindermann.
−Removed: Therefore, Mr.
−Removed: Schindermann may be deemed the beneficial owner of the shares held by such entity.
−Removed: As a result, 1,000 shares are included above.
−Removed: Certain Relationships and Related Transactions and Director
+Added: Certain Relationships and Related Transactions and
Director Independence
−Removed: Of our current directors, only Frank Monte and
−Removed: Barry Katzman are considered “independent directors”
−Removed: because they are not executive officers of the Company or any
−Removed: of its subsidiaries.
−Removed: Saul Niddam is not considered independent because he is the sole executive officer and director of CannaKorp.
+Added: Director Independence
+Added: Of our current directors, only Frank Monte is considered “independent directors”
+Added: because he is not an executive officer of
+Added: the Company or any of its subsidiaries.
+Added: Barry Katzman is not considered independent because he is the chairman of the Joint Venture (JVCo)’s
+Added: board where Canary hold 50% of the voting equity interest in JVCo.
+Added: Saul Niddam is not considered independent because he is the sole executive
+Added: officer and director of CannaKorp.
Inc., the Company’s wholly-owned subsidiary.
−Removed: In determining whether a director is “independent”, the Company’s
−Removed: follows the criteria established by NASDAQ.
+Added: In determining whether a director is “independent”,
+Added: the Company’s follows the criteria established by NASDAQ.
Certain Relationships and Related
−Removed: Effective December 20, 2019, Jerry Zarcone, the brother of Anthony
−Removed: Zarcone, the Chief Executive Officer and a director of the Company, entered into a loan agreement with the Company pursuant to
−Removed: which Jerry Zarcone agreed to loan the Company up to $769,900 (CAD $1 million) for working capital purposes.
−Removed: The loan agreement
−Removed: called for interest of 16% per annum for a term of one year.
−Removed: An initial tranche of $269,465 (CAD $350,000) was loaned upon the
−Removed: signing of the agreement.
+Added: Effective December 20, 2019, Jerry
+Added: Zarcone, the brother of Anthony Zarcone, the Chief Executive Officer (CEO) and a director of the Company, entered into a loan agreement
+Added: with the Company pursuant to which Jerry Zarcone agreed to loan the Company up to $785,400 (CAD $1,000,000) for working capital
+Added: The loan bears an annual interest rate of 16%, is secured by all assets owned by the Company and its subsidiaries including
+Added: leasehold improvements and matures in one year that is December 20, 2020.
+Added: During the year ended December 31, 2020, the
+Added: loan maximum was increased by $785,400 (CAD $1,000,000).
+Added: This additional loan bears an annual interest rate of 43% and has a lender
+Added: Due to above amendment, the maximum loan which the company can borrow is $1,570,800 (CAD $2,000,000) which is also
+Added: the outstanding balance as at December 31, 2020.
The full text of the loan agreement is included in this report as Exhibit 10.20,
−Removed: Principal Accounting Fees and Services.
−Removed: Our auditor, Fruci & Associates II, PLLC, is the
−Removed: registered independent accounting firm.
−Removed: We were billed $30,000 and $17,000 for years ended
−Removed: December 31, 2019 and 2018 respectively for professional services rendered for the audit of our consolidated financial statements.
+Added: 10.21, 10.22 and 10.23.
+Added: Effective April 20, 2020, the Company
+Added: issued its promissory note (“Note”) to one of the Company’s shareholders, Frank Zarcone, in the principal amount
+Added: The Note contained an original issue discount of $15,300 resulting in net proceeds to the Company of $221,693.
+Added: Note carried interest at the rate of 12% per annum and the note matured on April 20, 2021.
+Added: During the quarter ended, September 30,
+Added: 2020, the Company paid the outstanding balance and accrued interest in full, in the amount of $251,213.
+Added: The full text of the loan
+Added: agreement is included in this report as Exhibit 10.24.
+Added: On June 15, 2020, the Company and
+Added: its subsidiaries, entered into a Debt Purchase and Assignment Agreement (“Agreement”) with CL Investors Inc.
+Added: (“CLI).
+Added: June 15th was preliminary date of the agreement and the agreement was not finalized until the later date as indicated below.
+Added: The CEO of the Company, is the Secretary of CLI, a director of the Company, is a shareholder of CLI and the brother of CEO, is
+Added: the President and sole director of CLI therefore the loan from CLI is classified under related party transactions.
+Added: Pursuant to the Agreement, CLI purchased
+Added: from the Company for the sum of $2,277,660, (CAD $2,900,000) a debt obligation owing from Canary to the Company in the principal
+Added: balance of $8,325,240 (CAD $10,600,000 (“Canary Debt”)).
+Added: Upon receipt of the consideration, the Company loaned the
+Added: full sum to Canary under terms of an unsecured, non-interest-bearing promissory note, subject to a covenant by the Company not
+Added: to take any collection action so long as the Canary Debt remains unpaid to CLI.
+Added: The Canary debt owed to CLI from Canary
+Added: bears an interest at 5% per annum and matures on August 14, 2025.
+Added: The repayment of the debt is guaranteed by the Company and
+Added: its subsidiaries plus secured by a general security interest in the assets of the Company and its subsidiaries and a pledge by
+Added: the Company of all of the issued and outstanding common stock of Canary, Visava and CannaKorp Inc.
+Added: held by the Company.
+Added: to the above, CLI has been granted an option, in lieu of repayment of the amended Canary Debt, to demand, in its sole and absolute
+Added: discretion the transfer, assignment and conveyance of 75% of the issued and outstanding capital stock of Visava and Canary.
+Added: the President and sole director of CLI has been granted an option to acquire the remaining 25% of the issued and outstanding capital
+Added: stock of Visava and Canary.
+Added: Effective August 14, 2020, the Agreement
+Added: was amended (“Amendment”) to provide that CLI will purchase from Rubin Schindermann, a director of the Company, 500,000
+Added: shares of the Company’s Series A Preferred Stock in consideration of the payment by CLI to Rubin Schindermann of $78,540
+Added: (CAD $100,000) and the issuance to Mr.
+Added: Schindermann of 10,000,000 shares of the Company’s common stock.
+Added: In consideration
+Added: of the foregoing, Mr., Schindermann resigned as a director of the Company and from any and all administrative and executive positions
+Added: with the Company’s subsidiaries.
+Added: In addition, the Company issued Common Stock Purchase Warrant for 10,000,000 shares of Target
+Added: common stock to CLI as consideration for the Agreement.
+Added: The full text of the loan agreement is included in this report as Exhibit 10.26
+Added: Principal Accounting Fees and
+Added: Our auditor, Fruci & Associates
+Added: II, PLLC, is the registered independent accounting firm.
+Added: We were billed $37,500 and $30,000 for
+Added: years ended December 31, 2020 and 2019 respectively for professional services rendered for the audit of our consolidated financial
Audit Related Fees
−Removed: Other audit related fee for years ended December 31,
−Removed: 2019 and 2018 was $12,000 and $10,000, respectively.
+Added: Other audit related fee for years ended
+Added: December 31, 2020 and 2019 was $20,000 and $12,000, respectively.
There was no Tax Fees for years ended December 31,
1 unchanged sentence
All Other Fees
−Removed: There were no other fees for years ended December 31,
−Removed: 2019 and 2018.
+Added: There were no other fees for years ended
+Added: December 31, 2020 and 2019.
Exhibits, Financial Statement Schedules
−Removed: The following documents are filed as part of this Annual Report on Form
+Added: The following documents are filed as part of this Annual Report
Consolidated Financial Statements
−Removed: Report of Independent Registered Public Accounting Firm
−Removed: Consolidated Financial Statements for the years ended December 31, 2019 and 2018
−Removed: Consolidated Balance Sheets
−Removed: Consolidated Statements of Operations and Comprehensive Loss
−Removed: Consolidated Statement of Stockholders’
−Removed: Consolidated Statements of Cash Flows
−Removed: Notes to Consolidated Financial Statements
+Added: Report of Independent
+Added: Registered Public Accounting Firm
+Added: Consolidated Financial
+Added: Statements for the years ended December 31, 2020 and 2019
+Added: Consolidated Balance
+Added: Consolidated Statements
+Added: of Operations and Comprehensive Loss
+Added: Consolidated Statement
+Added: of Stockholders’
+Added: Consolidated Statements
+Added: of Cash Flows
+Added: Notes to Consolidated
+Added: Financial Statements
EXHIBIT INDEX
−Removed: Incorporated by Reference
Asset Acquisition Agreement
−Removed: Agreement and Plan of Share Exchange dated June 27, 2018 with Visava Inc.
−Removed: Agreement and Plan of Share Exchange dated January 25, 2019 with CannaKorp Inc.
+Added: Agreement and Plan of Share Exchange dated June 27,
+Added: 2018 with Visava Inc.
+Added: Agreement and Plan of Share Exchange dated January 25,
+Added: 2019 with CannaKorp Inc.
and David Manly, as Stockholder Representative
2 unchanged sentences
Certificate of Amendment
−Removed: Certificate of Amendment
−Removed: Certificate of Amendment
−Removed: Certificate of Amendment
−Removed: Certificate of Amendment
−Removed: of Capital Stock
−Removed: Form of Securities Purchase Agreement-Blackbridge Capital Growth Fund, LLC
+Added: Certificate of
+Added: Certificate of
+Added: Certificate of
+Added: Certificate of
+Added: Description of Capital Stock
+Added: Form of Securities Purchase Agreement-Blackbridge
+Added: Capital Growth Fund, LLC
Form of Convertible Promissory Note
1 unchanged sentence
Form of Convertible Promissory Note
−Removed: Form of Securities Purchase Agreement-Crown Bridge Partners, LLC
+Added: Form of Securities Purchase Agreement-Crown
+Added: Bridge Partners, LLC
Form of Convertible Promissory Note
2 unchanged sentences
Securities Purchase Agreement
−Removed: Securities Purchase Agreement-Power Up Lending Group Ltd.
−Removed: Convertible Promissory Note-Power-Up Lending Group Ltd.
−Removed: Securities Purchase Agreement-Power Up Lending Group Ltd.
−Removed: Convertible Promissory Note-Power-Up Lending Group Ltd.
−Removed: Securities Purchase Agreement-Power Up Lending Group Ltd.
+Added: Securities Purchase Agreement-Power Up Lending
+Added: Convertible Promissory Note-Power-Up Lending
+Added: Securities Purchase Agreement-Power Up Lending
+Added: Convertible Promissory Note-Power-Up Lending
+Added: Securities Purchase Agreement-Power Up Lending
dated December 24, 2018
−Removed: Convertible Promissory Note-Power-Up Lending Group Ltd.
+Added: Convertible Promissory Note-Power-Up Lending
dated December 24, 2018
−Removed: Distribution, Collaboration and Licensing Agreement dated December 6, 2018 between Target Group Inc, Canary Rx Inc., Serious Seeds B.V.
+Added: Distribution, Collaboration and Licensing Agreement
+Added: dated December 6, 2018 between Target Group Inc, Canary Rx Inc., Serious Seeds B.V.
and Simon Smit
−Removed: Licensed Producer/Licensed Processor Sales Agency Agreement dated December 13, 2018 with Cannavolve Inc.
−Removed: Exclusive License Agreement dated August 8, 2019 with cGreen Inc.
−Removed: Purchase, Licensing and Purchase Agreement dated September 17,2019 between CannaKorp, Inc.
+Added: Licensed Producer/Licensed Processor Sales Agency
+Added: Agreement dated December 13, 2018 with Cannavolve Inc.
+Added: Exclusive License Agreement dated August 8,
+Added: 2019 with cGreen Inc.
+Added: Purchase, Licensing and Purchase Agreement dated
+Added: September 17,2019 between CannaKorp, Inc.
and Nabis Arizona LLC
−Removed: Loan Agreement dated December 20, 2019 with Jerry Zarcone
−Removed: Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C.
−Removed: Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
−Removed: Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C.
−Removed: Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
+Added: Loan Agreement dated December 20, 2019
+Added: with Jerry Zarcone
+Added: First Amending Agreement dated March 11,
+Added: 2020 with Jerry Zarcone
+Added: Second Amending Agreement dated April 30,
+Added: 2020 with Jerry Zarcone
+Added: Third Amending Agreement dated May 15,
+Added: 2020 with Jerry Zarcone
+Added: Promissory Note Between Target Group Inc.
+Added: Frank Zarcone
+Added: Joint Venture Agreement between Canary Rx Inc.
+Added: and 9258159 Canada, Inc.
+Added: dated May 14, 2020
+Added: Debt Purchase and Assignment Agreement dated
+Added: June 15, 2020
+Added: Amendment dated August 14, 2020 to Debt
+Added: Purchase and Assignment Agreement
+Added: Certification of Principal Executive Officer
+Added: and Principal Financial Officer Pursuant to 18 U.S.C.
+Added: Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley
+Added: Certification of Principal Executive Officer
+Added: and Principal Financial Officer Pursuant to 18 U.S.C.
+Added: Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
XBRL Instance Document*
5 unchanged sentences
Filed herewith
−Removed: Pursuant to the requirements of Section 13 or 15(d)
−Removed: of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
−Removed: thereunto duly authorized.
−Removed: April 14, 2020
+Added: Pursuant to the requirements of Section 13
+Added: or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
+Added: the undersigned, thereunto duly authorized.
TARGET GROUP INC.
1 unchanged sentence
Anthony Zarcone
−Removed: Chief Executive Officer and Principal Financial Officer
−Removed: Pursuant to the requirements of the Securities Exchange
−Removed: Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on
−Removed: the dates indicated.
+Added: Chief Executive Officer, Principal Financial Officer and Director
+Added: Pursuant to the requirements of the Securities
+Added: Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities
+Added: and on the dates indicated.
Chief Executive Officer and
/s/ Anthony Zarcone
−Removed: April 14, 2020
+Added: March 30, 2021
Anthony Zarcone
/s/ Barry Alan Katzman
−Removed: April 14, 2020
+Added: March 30, 2021
Barry Alan Katzman
/s/ Saul Niddam
−Removed: April 14, 2020
+Added: March 30, 2021
/s/ Frank Monte
−Removed: April 14, 2020
−Removed: /s/ Rubin Schindermann
−Removed: April 14, 2020
−Removed: Rubin Schindermann
+Added: March 30, 2021
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.