RE:RE:RE:RE:RE:RE:MD&A Oct 30th release worries meJust to clarify my previous post ...
The Interim Financial Statements for Q3 filed with SEDAR on 26-Apr-2018 contains the following on page 9 under the Note 9: Share Capital;
140,000 options to a consultant to provide MYM with consulting services focused on helping MYM and its partners obtain a license for and construct a medical marijuana production facility in Richmond Valley, Australia. In lieu of consulting fees, MYM granted 140,000 options to purchase common shares in the capital of MYM, with an exercise price of $3.37.
On page 26 under Note 15: Events After Reporting Period;
The Company granted 140,000 options to a consultant on the Australian Project to purchase shares at $2.41 per share on March 2, 2018, to expire one year after each vesting date. The options will vest over 27 months with 14,000 vesting immediately and 14,000 on each three month anniversary date. Subsequent to the period end, 140,000 options were cancelled.
The Interim Financial Statements for Q1 filed with SEDAR on 30-Oct-2018 contains the following on Page 28 under Note 12:
140,000 options to a consultant to provide MYM with consulting services focused on helping MYM and its partners obtain a license for and construct a medical marijuana production facility in Richmond Valley, Australia. In lieu of consulting fees, MYM granted 140,000 options to purchase common shares in the capital of MYM, with an exercise price of $3.37.
...
The fair value of the options at grant date was $228,290, of which $57,139 was recorded in the in the year ended May 31, 2018 based on vesting periods. The options were subsequently cancelled on March 20, 2018.
I had been looking for a MCR on the change in status to the Australian project. My bad. The relevant info was disclosed in the Interim Financial Statements (albeit buried a little deep). Therefore, there was no need for a separate MCR for this issue. Granted, the Notes to the Interim Financial Statements do not disclose why the options were cancelled, but in terms of financial reporting requirements, the why is not relevant.