Legal Proceedings
−Removed: as described below, we are currently not involved in any litigation that we believe could have a material adverse effect on our financial
−Removed: condition or results of operations.
−Removed: There is no action, suit, proceeding, inquiry or investigation before or by any court, public board,
−Removed: government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our Company or any
−Removed: of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our
−Removed: subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.
−Removed: shareholder of NaturalShrimp Holdings, Inc.
−Removed: (“NSH”), Gary Shover, filed suit against the Company on August 11, 2020 in the
−Removed: Northern District of Texas, Dallas Division, alleging breach of contract for the Company’s failure to exchange common shares of
−Removed: 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
−Removed: District of Texas, Dallas Division at which time Mr.
−Removed: Shover and the Company presented arguments as to why the Court should approve a
−Removed: joint motion for settlement.
−Removed: After considering the argument of counsel and taking questions from those NSH Shareholders who were present
−Removed: through video conferencing link, the Court approved the motion of the parties to allow Mr.
−Removed: Shover and all like and similarly situated
−Removed: 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
−Removed: 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
−Removed: settlement, which as of December 6, 2021 was recognized as stock payable on the Company’s balance sheet, and its fair value of
−Removed: $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
−Removed: in the Company’s statement of operations as legal settlement.
−Removed: As of March 31, 2022, 28,494,706 of the shares presented in Stock
−Removed: Payable have been issued, with the fair value of $9,415,950 reclassified out of Stock Payable.
−Removed: In the six months through September 30,
−Removed: 2022, an additional 61,558.203 of shares of common stock, with a fair value of $19,445,284, were issued out of the Stock Payable.
−Removed: Company has resolved all outstanding litigation involving the Company and there are no suits or cases pending in which the Company is
+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: The Company has
+Added: resolved all outstanding 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.