Legal Proceedings
−Removed: Except as described below, we are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations.
−Removed: There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our Company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.
−Removed: RGA Labs, Inc.
−Removed: On February 18, 2020, RGA Labs, Inc.
−Removed: (“RGA”) filed suit against the Company in the Illinois Circuit Court (23rd District) alleging that the Company owed RGA money pursuant to a written contract for the design and manufacture of certain water treatment equipment commissioned by the Company.
−Removed: The Company disputed the allegations and has counterclaimed against RGA for additional costs and expenses incurred by the Company in correcting, repairing and retro-fitting the equipment to enable it to work in the Company’s facilities.
−Removed: As a result of RGA’s failure to respond to written discovery served by the Company and failure of RGA to satisfy requirements imposed by an order compelling response, the court issued an order prohibiting RGA from introducing any evidence at the time of trial other than the original agreement between RGA and the Company.
−Removed: Further, the Court sustained the Company’s objection to RGA’s written discovery obviating the Company’s obligation to respond.
−Removed: The Company and RGA agreed to the terms of a settlement at the mediation that was held in Illinois in August 2021 but continued to negotiate the manner and method by which the settlement agreement was to be implement.
−Removed: On December 31, 2021, the settlement agreement, including the joint and mutual release and the non-competition agreement were signed by RGA and by the Company on January 5, 2022.
−Removed: The agreed upon funds were transferred to RGA and the case was dismissed with prejudice to the re-filing of same on January 14, 2022.
−Removed: A shareholder of NaturalShrimp Holdings, Inc.
−Removed: (“NSH”), Gary Shover, filed suit against the Company on August 11, 2020 in the Northern District of Texas, Dallas Division, alleging breach of contract for the Company’s failure to exchange common shares of the Company for shares Mr.
−Removed: Shover owns in NSH.
−Removed: On November 15, 2021, a hearing was held before the US District Court for the Northern District of Texas, Dallas Division at which time Mr.
+Added: Except as described below, we
+Added: are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results
+Added: of operations.
+Added: There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency,
+Added: self-regulatory organization or body pending or, to the knowledge of the executive officers of our Company or any of our subsidiaries,
+Added: threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’
+Added: officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.
+Added: A shareholder of NaturalShrimp
+Added: Holdings, Inc.
+Added: (“NSH”), Gary Shover, filed suit against the Company on August 11, 2020 in the Northern District of Texas,
+Added: Dallas Division, alleging breach of contract for the Company’s failure to exchange common shares of the Company for shares Mr.
+Added: On November 15, 2021, a hearing was held before the US District Court for the Northern District of Texas, Dallas Division
+Added: at which time Mr.
Shover and the Company presented arguments as to why the Court should approve a joint motion for settlement.
−Removed: After considering the argument of counsel and taking questions from those NSH Shareholders who were present through video conferencing link, the Court approved the motion of the parties to allow Mr.
−Removed: Shover and all like and similarly situated NSH Shareholders to exchange each share of NSH held by a NSH Shareholder for a share of the Company.
−Removed: A final Order was signed on December 6, 2021 and the case was closed by an Order of the Court of the same date.
−Removed: The Company is to issue approximately 93 million shares in settlement, which has been recognized as stock payable on the Company’s balance sheet, and its fair value of $29,388,000, based on the market value of the Company’s common shares of $0.316 on the date the case was closed, has been recognized in the the Company’s statement of operations as legal settlement.
−Removed: As of February 11, 2022, the NSH Shareholders have not yet received any shares of the Company.
−Removed: The Company has resolved all outstanding litigation involving the Company and there are no suits or cases pending in which the Company is a party.
+Added: After considering
+Added: the argument of counsel and taking questions from those NSH Shareholders who were present through video conferencing link, the Court approved
+Added: the motion of the parties to allow Mr.
+Added: Shover and all like and similarly situated NSH Shareholders to exchange each share of NSH held
+Added: by a NSH Shareholder for a share of the Company.
+Added: A final Order was signed on December 6, 2021 and the case was closed by an Order of the
+Added: Court of the same date.
+Added: The Company is to issue approximately 93 million shares in settlement, which as of December 6, 2021 was recognized
+Added: as stock payable on the Company’s balance sheet, and its fair value of $29,388,000, based on the market value of the Company’s
+Added: common shares of $0.316 on the date the case was closed, has been recognized in the Company’s statement of operations as legal settlement.
+Added: As of March 31, 2022, 28,494,706 of the shares presented in Stock Payable have been issued, with the fair value of $9,415,950 reclassified
+Added: out of Stock Payable.
+Added: In April of 2022, an additional 60,841,649 of shares of common stock were issued out of the Stock Payable.
+Added: The Company has resolved all outstanding
+Added: litigation involving the Company and there are no suits or cases pending in which the Company is a party.
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.