BUSINESS ORGANIZATION, NATURE OF OPERATIONS
|6 Months Ended|
Jun. 30, 2016
|Organization, Consolidation and Presentation of Financial Statements [Abstract]|
|BUSINESS ORGANIZATION, NATURE OF OPERATIONS||
NOTE 1 BUSINESS ORGANIZATION, NATURE OF OPERATIONS
Notis Global, Inc., (formerly Medbox, Inc.) which is incorporated in the state of Nevada (the Company), provides specialized services to the hemp and marijuana industry, distributes hemp product processed by contractual partners and through June 30, 2016, owned independently and through affiliates, real property and licenses that it leased and assigned or sublicensed to partner cultivators and operators in return for a percentage of revenues or profits from sales and operations (Note 5). Prior to 2016, through its consulting services, Company worked with clients who sought to enter the medical and cultivation marijuana markets in those states where approved. In 2015, the Company expanded into hemp cultivation with the acquisition of a 320 acre farm in Colorado by the Companys wholly owned subsidiary, EWSD 1, LLC. The farm was operated by an independent farming partner until the relationship was terminated in May 2016 (Note 3). In addition, through its wholly owned subsidiary, Vaporfection International, Inc. (VII), the Company sold a line of vaporizer and accessory products online and through distribution partners. On March 28, 2016, the Company sold the assets of VII and exited the vaporizer and accessory business. The Company is headquartered in Los Angeles, California.
Effective January 28, 2016, the Company changed its legal corporate name from Medbox, Inc., to Notis Global, Inc. The name change was effected through a parent/subsidiary short-form merger pursuant to Section 92A.180 of the Nevada Revised Statutes. Notis Global, Inc., the Companys wholly-owned Nevada subsidiary formed solely for the purpose of the name change, was merged with and into the Company, with Notis Global, Inc. as the surviving entity. The merger had the effect of amending the Companys Certificate of Incorporation to reflect the new legal name of the Company. There were no other changes to the Companys Certificate of Incorporation. The Companys Board of Directors approved the merger.
Notis Global, Inc., operates the business directly and through the utilization of 5 primary operating subsidiaries, as follows:
On March 3, 2014, in order to obtain the license for one of the Companys clients, the Company registered an affiliated nonprofit corporation Allied Patient Care, Inc., in the State of Oregon. Additionally, on April 21, 2014, the Company registered an affiliated nonprofit corporation Alternative Health Cooperative, Inc. in the State of California. As a result of our sale of the Sunset and Portland dispensaries and related rights and assets, the Company no longer owns the rights to these nonprofit corporations. (Note 5)
On April 15, 2016, at a special meeting of the shareholders of the Company, the shareholders of the Company holding a majority of the total shares of outstanding common stock of the Company voted to amend the Companys Articles of Incorporation to increase the number of authorized shares of common stock of the Company from 400,000,000 to 10,000,000,000 (the Certificate of Amendment). The Certificate of Amendment was filed with the Nevada Secretary of State and was declared effective on April 18, 2016.
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
Reference 1: http://www.xbrl.org/2003/role/presentationRef