Better For You Wellness, Inc
falseOH0001852707 0001852707 2024-03-25 2024-03-25
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.
C. 20549
 
FORM
8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported):
March 25, 2024
 
Better For You Wellness, Inc.
(Exact name of registrant as specified in its charter)
 
Nevada
 
000-56262
 
87-2903933
(state or other jurisdiction of
incorporation)
 
(Commission File Number)
 
(IRS Employer Identification
Number)
 
1349 East Broad Street
Columbus
,
OH
 
43205
(address of principal executive offices)
 
(zip code)
 
 (
614
)
368-9898
(registrant’s telephone number, including area code)
 
Not Applicable
(former name or former mailing address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which
registered
None
 
None
 
None
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company
x
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
 
 
 
Item 1.01.
Entry into a Material Definitive Agreement
.
 
On March 25, 2024, Better For You Wellness, Inc., a Nevada corporation (the “
Company
”), entered into an Amended and Restated Asset Purchase Agreement (the “
Agreement
”) with The Ideation Lab, LLC, an Ohio Limited Liability Company (“
TIL
”) pursuant to which the Company agreed to purchase assets owned by TIL for 300,000 shares of the Company’s shares of Series A Preferred Stock. The effective date of the Agreement is December 4, 2023. The Agreement is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 1.01 of this Current Report on Form 8-K.
 
Item 7.01. Regulation FD Disclosure.
 
On March 28, 2024, Better For You Wellness, Inc., a Nevada corporation (the “
Company
”),
issued a press release relating to various business updates. A copy of the Company's press release is furnished as Exhibit 99.1 to this report
and is incorporated herein by reference. Pursuant to the rules and regulations of the Securities and Exchange Commission (the “
SEC
”), the information in this Item 7.01 disclosure, including Exhibit 99.2 and the information set forth therein, is deemed to have been furnished to, and shall not be deemed to be “filed” with, the SEC.
 
The press release may contain forward-looking statements. Such forward-looking statements are based on information presently available to the Company’s management and are current only as of the date made. Actual results could also differ materially from those anticipated as a result of a number of factors, including, but not limited to, those discussed in the Company’s Annual Report on Form 10-K for the year ended February 28, 2023, and subsequent reports filed by the Company with the SEC. For those reasons, undue reliance should not be placed on any forward-looking statement. The Company assumes no duty or obligation to update or revise any forward-looking statement, although it may do so from time to time as management believes is warranted or as may be required by applicable securities law. Any such updates or revisions may be made by the registrant by filing reports with the SEC, through the issuance of press releases or by other methods of public disclosure.
 
Item 9.01 Financial Statements and Exhibits
 
(d) Exhibits.
 
Exhibit No.
 
Description

104
 
Cover Page Interactive Data File (formatted in Inline XBRL)
 
2
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Better For You Wellness, Inc.
 
 
Dated: March 28, 2024
/s/ Ian James
 
Ian James, Chief Executive Officer
 
3
 

 

Exhibit 99.1

 

AMENDED AND RESTATED ASSET PURCHASE AGREEMENT

 

This Amended and Restated Asset Purchase Agreement (“Agreement”) is made and is effective as of December 4, 2023 (“Effective Date”) by and between Better For You Wellness, Inc., a Nevada Corporation (“Buyer”), and The Ideation Lab, LLC, an Ohio Limited Liability Company, with a principal address of 1349 East Broad Street, Columbus, OH 43205 (“Seller”). Each of the Buyer and the Seller, a “Party,” and, together, the “Parties.”

 

WITNESSETH

 

WHEREAS, on December 4, 2023, the Parties entered into an Asset Purchase Agreement (the “Original APA”);

 

WHEREAS, the Parties wish to enter into the Agreement for the purchase of the Assets (as hereinafter defined), which will supersede and replace the Original APA;

 

WHEREAS, Buyer wishes to buy, and Seller wishes to sell Buyer the Assets under the terms herein (as hereinafter defined); and

 

WHEREAS, the Parties wish to memorialize the terms and conditions of the purchase and sale of the Assets in a written agreement.

 

NOW, THEREFORE, for and in consideration of the terms and conditions provided below and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the Parties hereby agree as follows:

 

1.  Sale and Purchase of Assets. At the “Closing” as hereinafter defined and subject to the terms and conditions of this Agreement, Seller agrees to sell, and Buyer agrees to purchase all of the following assets as reflected in Exhibit A attached hereto and made a part hereof.

 

(a). Excluded Items. Any liability listed in Exhibit B and not expressly assumed by Buyer herein for the Assets that accrue before Closing are the sole liabilities and responsibility of the Seller, and Seller shall continue to be responsible for those liabilities that accrue for activity before Closing. Seller shall also release Buyer from any claims against Seller, both registered and unregistered.

 

This Agreement constitutes a sale of all Seller's assets only and is not a sale of any stock in any entity comprising all or any part of the Seller. Buyer is not assuming and shall not be responsible for the payment of any liabilities or obligations of the Seller or the shareholders of Seller whatsoever, including but not limited to Exhibit B or any leases, loans, collective bargaining agreement or other agreement, benefits, plans, or arrangements affecting employees or suppliers.

 

2.  Purchase Price. Buyer shall issue to Seller, Three Hundred Thousand (300,000) Series A Preferred Shares at $0.01 per share (the “Shares”).

 

1

 

 

3.  Covenants of Seller.  Seller promises, covenants, and agrees:

 

a.

Seller shall use its reasonable best efforts to transition as much information as possible to Buyer, including Seller’s customers, clients, business relations, and goodwill.

 

b.

Seller shall provide to Buyer, on or about the Closing Date, all of its billing records, any other records relating to customer accounts, and any other records required by Buyer.

 

4.  Seller’s Representations and Warranties. To the best knowledge of Seller, Seller makes the following representations and warranties and agrees the same shall be true and correct as of the Closing and for not less than one (1) year after that, where applicable:

 

a)

Seller is a Limited Liability Company duly organized, validly existing, and in good standing under the laws of the State of Ohio. Seller has full corporate power and authority to execute and deliver this Agreement, to perform or cause to be performed its obligations hereunder, and to consummate or the transactions cause to be consummated.

 

b)

Seller has all necessary corporate power and authority to enter into this Agreement, to carry out its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby. The execution and delivery by Seller of this Agreement, the performance by Seller of its obligations hereunder and the consummation by Seller of the transactions contemplated hereby and thereby have been duly authorized by all requisite corporate action on the part of Seller. This Agreement has been duly executed and delivered by Seller, and (assuming due authorization, execution and delivery by Buyer) this Agreement constitutes a legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

c)

The execution of this Agreement and the consummation of the transaction contemplated herein does not conflict with or violate any provisions of or create a breach of any agreement to which Seller is a party.

 

d)

Seller has and will deliver to Buyer at Closing good and marketable title to all Assets to be transferred under this Agreement, free and clear of and from any claims, liens, encumbrances, security interest, or liabilities.

 

e)

Except as may be expressly contemplated in this Agreement, there has not been any material adverse change in the Assets, taken as a whole, or in the business of Seller, and such business of Seller has been conducted only in the ordinary course.

 

f)

The Seller paid or adequately provided for taxes or other charges levied, assessed, imposed, or accrued upon any of the Seller's property or in connection with the Seller’s business as of the date of this Agreement (including, without limitation, personal property tax, sales and use tax, and any income taxes).

  

2

 

g)

There is no claim, action, suit, proceeding, or investigation pending or, to the Knowledge of Seller, threatened, against or involving Seller or one or more of its subsidiaries which questions the validity of this Agreement or seeks to prohibit or forbid or otherwise challenge the transactions contemplated, and, to the Knowledge of Seller, there is no basis for any such claim, action, suit, proceeding or governmental investigation. “Knowledge” means, with respect to a Party, the actual or constructive knowledge of such Party, after due inquiry.

 

h)

Before the Closing, Seller shall deliver to Buyer true and correct copies of all equipment warranties, which are in the possession of Seller, of manufacturers and/or vendors affecting improvements and equipment or affecting any of the Assets being sold hereunder and/or used in connection with the Seller’s business.

 

i)

If any material adverse changes occur before the Closing Date as to any information, documents, schedules, or exhibits contained or referred to in this Agreement, Seller will immediately disclose the same to Buyer when first known to Seller.

 

j)

All of the Assets to be sold or the use thereof to be transferred to Buyer is now, and at the Closing will be, in good operating condition, in good condition of maintenance and repairs, and at least as good a condition as on the date hereof. Between the date hereof and the Closing Date, Seller will maintain such tangible properties and assets following good maintenance practice.

 

k)

No representation, warranty, or statement of Seller omits or will omit to state any material facts necessary to make each representation, warranty, or statement in this Agreement accurate in all material respects.

 

l)

The Seller is, and will be on the Closing Date, an “accredited investor”, as such term is defined in Regulation D promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), its representatives are experienced in investments and business matters, its representatives have made investments of a speculative nature in the past and, with its representatives, has such knowledge and experience in financial, tax and other business matters as to enable the Seller to utilize the information made available by the Buyer to evaluate the merits and risks of and to make an informed investment decision with respect to the proposed purchase of the Shares, which represents a speculative investment. The Seller is able to bear the risk of such investment for an indefinite period and to afford a complete loss thereof.

 

m)

The Seller understands and agrees that the Shares are “restricted stock” and have not been registered under the Securities Act or any applicable state securities laws, by reason of their issuance in a transaction that does not require registration under the Securities Act (based in part on the accuracy of the representations and warranties of Seller contained herein), and that the Shares must be held indefinitely unless a subsequent disposition is registered under the Securities Act or any applicable state securities laws or is exempt from such registration.

 

3

  

n)

The Shares shall bear the following legend:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER SAID ACT, OR AN OPINION OF COUNSEL IN FORM, SUBSTANCE AND SCOPE CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT UNLESS SOLD PURSUANT TO RULE 144 OR REGULATION S UNDER SAID ACT.”

 

o)

The offer to sell the Shares was directly communicated to the Seller by the Buyer. At no time was the Seller presented with or solicited by any leaflet, newspaper or magazine article, radio or television advertisement, or any other form of general advertising or solicited or invited to attend a promotional meeting otherwise than in connection and concurrently with such communicated offer.

 

5.  Buyer’s Representations and Warranties. Buyer represents and warrants as follows:

 

a)

Buyer is a corporation duly organized in the State of Nevada, validly existing, and in good standing under the laws of the State of Nevada.

 

b)

The execution of this Agreement and the consummation of the transaction contemplated herein does not conflict with or violate any provisions of the Articles of Incorporation of the Buyer or any other agreement to which the Buyer is a party.

 

c)

No representation, warranty, or statement of Buyer omits or will omit to state any material facts necessary to make each representation, warranty, or statement in this Agreement accurate in all material respects.

 

6.  Conditions Precedent. The obligations of the Buyer under this Agreement are subject to the following conditions, any of which the Buyer may waive:

 

a)

There shall not have been from the date hereof to the Closing any damage, destruction, or loss, of or to the Assets, which is not covered by insurance.

 

b)

All covenants made by Seller which are to be performed at or before the Closing hereunder shall have been duly performed.

 

c)

All proceedings taken or to be taken in connection with the transactions contemplated by this Agreement shall be consummated at or before the Closing Date, and all documents, schedules, exhibits, and certificates shall be satisfactory in form and substance to Buyer. Buyer shall have received copies of all documents requested concerning said transaction.

4

 

d)

There shall not have been any material breach of the representations or warranties of Seller contained in this Agreement, and such representations and warranties shall continue to be true on the Closing Date.

 

7.  Closing. The consummation of the transaction described in this Agreement (the “Closing”) took place on or before December 4th, 2023 (the “Closing Date”), at the principal business office of Buyer or Buyer’s attorney or other designee, or on such other date and location as shall be mutually agreeable to Buyer and Seller. At the Closing, Seller shall evidence the transfer of title of the Assets by executing the Bill of Sale, and Buyer shall deliver the Purchase Price as provided above.

 

8.  Closing Documents and Deliveries.


a.

Seller’s Deliverables.

 

(i)     At the Closing, the Seller shall deliver to, or cause to be delivered to the Buyer, the Bill of Sale, attached as Exhibit C, and such other instruments or transfer documents as Buyer shall reasonably deem necessary or appropriate for the sale and delivery of Assets.

 

(ii)    Seller shall execute all legal documents necessary to convey clear title to Buyer of the Assets transferred and shall take such other actions as Buyer may reasonably require to take title more fully and effectively to or assume the Assets described herein

 

b.

Buyer’s Deliveries. At the Closing, the Buyer shall deliver to, or cause to be delivered to the Seller, the Purchase Price.

 

10.  Default. In the event that the Seller fails to comply with all the terms and conditions of this Agreement or otherwise fails to deliver any of its deliverables hereunder on or before the Closing hereof. In that case, Buyer may, at its election, terminate this Agreement on or before the Closing Date.

 

11.  Indemnification. The Seller shall indemnify and hold harmless the Buyer against and in respect of

 

a.

all liabilities and obligations of, or claims against, the Buyer arising because of Seller’s ownership or control of the Assets before the Closing Date.

 

b.

any damage or deficiency resulting from misrepresentations or breach of a representation or warranty by Seller under this Agreement.

 

5

 

c.

all suits, proceedings, demands, assessments, judgments, costs, and expenses, including reasonable attorney’s fees, which may be imposed upon or incurred by or asserted against the Buyer incident to or arising out of any action, activity or operations of Seller’s business before and including the Closing Date.

 

d.

any and all actions, suits, proceedings, claims, demands, assessments, judgments, costs, and expenses, including without limitation, reasonable attorney fees, incident to any of the preceding provisions of this paragraph; provided, however, that Buyer shall give Seller notice in writing as soon as practicable of any such action, suit, proceeding, claim, demand or assessment against Buyer, and Seller shall have the option, at its own cost and expense, through counsel designated by it, to defend any such action or claim. Buyer shall have the right (but not the duty) to retain its counsel and participate in the defense of any action or settlement of any such claim undertaken by Seller.

 

e.

Promptly upon receipt of Buyer of a notice of a claim by a third party which may give rise to a claim for indemnification, Buyer shall give written notice thereof to Seller. If Seller gives to Buyer an agreement in writing, in a form satisfactory to Buyer’s counsel, to defend such claim, Seller may, at their sole expense, undertake the defense against such claim and may contest or settle such claim on such terms, at such time and in such manner, as Seller in its sole discretion shall elect and Buyer shall execute such documents and take such steps as may be reasonable necessary in the opinion of counsel for Seller to enable Seller to conduct the defense of such claims. In any event, each of the parties hereto shall have such access to the records and files of the other party hereto relating to any such claim as may be reasonably necessary to defend or participate in the defense thereof effectively.

 

12.  The Agreement is Fully Read and Understood. Each of the Parties have carefully read this Agreement and know and understand the contents. The recitals stated above are incorporated herein by reference. The Parties have each taken the opportunity to waive or receive independent legal advice from the attorneys of their choice concerning the preparation, review, and advisability of executing this Agreement. Before execution of this Agreement, each Party acknowledges that they have executed this Agreement after independent investigation and without fraud, coercion, or undue influence.

 

13.  Brokers. Each of the Parties represents and agrees that no broker or finder has been involved in any manner in the negotiation or consummation of the transactions contemplated. Seller agrees to indemnify and save Buyer harmless from and against any claims, liabilities, or obligations with respect to brokerage or finders’ fees or commissions in connection with the transactions contemplated by this Agreement asserted by any person based on any statement or representation made or alleged to have been made by Seller.

 

14.  Payment of Legal Fees. Buyer and Seller shall each pay their own professional or other third-party fees incurred in preparing, revising, or modifying this Agreement. The Parties agree that each Party will pay their respective costs of preparing this document.

 

6

 

 

15.  Risk of Loss. The risk of any loss, damage, impairment, confiscation, or condemnation of the Assets or any part of any thereof shall be always upon Seller before the Closing Date. In any such event, the proceeds of, or any claim for any loss payable under, any Seller insurance policy, judgment, or award shall be payable to Seller, which may repair, replace, or restore any such Asset as soon as possible after its loss, impairment, confiscation or condemnation or, if insurance proceeds are insufficient to repair, replace or restore the property, pay such proceeds to Buyer, provided that in the event of substantial damage to a material part of the Assets, either party may terminate this Agreement with no penalty or liability to the other. In such event of termination, Buyer shall retain the Earnest Deposit.

 

16.  Miscellaneous.

a.

Casualty before Closing. If, before the Closing Date, any of the Assets shall be damaged by fire or any other casualty, the Buyer shall have the option (i) to terminate this Agreement without liability or (ii) to waive diminution in value and close under this Agreement, buying the Assets “as is,” in which event the Buyer shall be entitled to receive the proceeds of any insurance paid to Seller because of such loss or damage.

 

b.

Bulk Sale Law. The Buyer waives the Seller's compliance with any state's Bulk Sales Law provisions. The Seller agrees to indemnify the Buyer against and hold the Buyer harmless from any claims, demands, liabilities, and obligations arising out of the failure or alleged failure of the Seller to comply with any such law in respect of such sales transfers. Buyer and Seller shall jointly execute a letter to creditors of Sellers advising them of the sale.

 

c.

Governing Law and Forum. This Agreement shall be construed and enforced under the laws of the State of Ohio. The Parties agree that the proper and exclusive forum for any action or arbitration arising out of or relating to this Agreement will in the courts located in the State of Ohio and in no other place.

 

d.

Effect of Agreement. This Agreement sets forth the entire understanding of the Parties. It shall not be changed or terminated orally. All the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the successors and assigns of the Parties.

 

e.

Severability. In the event that any provisions of this Agreement shall, for any reason, be held invalid. In that case, the invalidity of such specific provision shall not be held to invalidate any other provisions of this Agreement, which shall, therefore, remain in full force and effect.

 

f.

Notices. Any notice or other communications required or permitted hereunder shall be sufficiently given if sent by hand delivery, facsimile transmission, overnight mail or registered or certified mail, postage prepaid, with return receipt requested, addressed as follows:

 

 

David Deming

To Buyer as follows:

Better For You Wellness, Inc.

1349 East Broad Street

Ian James

Columbus, OH 43205

The Ideation Lab, LLC

 

1349 East Broad Street

To Seller as follows:

Columbus, OH 43205

 

7

 

Any such notice shall be deemed received if by hand delivery, facsimile transmission, or overnight mail upon receipt and delivery of electronic or written confirmation or if by registered or certified mail two (2) days following proper posting with the U.S. Postal Service. Either Party may change their address to give notice upon written notice to the other Party.

 

g.

Counterparts. This Agreement may be executed in counterparts, and all such executed counterparts shall be deemed to constitute a single Agreement.

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the date first above written.

 

BUYER

 

Better For You Wellness, Inc.

a Nevada Corporation

 

By:

/s/ David Deming

 

Name/Title:

David Deming/Audit Committee Chairman

 

 

SELLER

 

The Ideation Lab, LLC

an Ohio Limited Liability Company

 

By:

/s/ Ian James

 

Name/Title:

Ian James/Managing Member

 

 

8

 

Exhibit A

 

LIST OF INVENTORY AND EQUIPMENT INCLUDED IN ASSET SALE

 

2

Crimper Sealers

 

Coffee

Sample 3oz

CBD

 

 

2

2

4

Mac Laptop Computers

 

Coffee

5lb Bag

CBD

 

 

4

4

2

iMac Desktop Computers

 

Coffee

Bag 12oz

Decaf

2

4

132

140

6000

Candle vessels

 

Coffee

Sample 3oz

Decaf

3

10

2

32

3

Brother Laser Printers

 

Coffee

5lb Bag

Decaf

 

 

7

7

1

HP Color Laser Printer

 

Ground Coffee

Bag 12oz

Light

 

 

 

0

1

Coffee Tumbler

 

Ground Coffee

Sample 3oz

Light

 

 

 

0

1

Espresso Coffee Grinders

 

Ground Coffee

Bag 12oz

Medium

 

 

 

0

1

Commercial coffee grinder

 

Ground Coffee

Sample 3oz

Medium

 

 

5

5

3

Standing desks

 

Ground Coffee

Bag 12oz

Dark

 

 

 

0

5

Aeron Office Chairs

 

Ground Coffee

Sample 3oz

Dark

 

 

 

0

4

Stainless Steel Lab table on casters

 

Ground Coffee

Bag 12oz

CBD

 

 

 

0

1

Conference Table

 

Ground Coffee

Sample 3oz

CBD

 

 

 

0

6

Leather Conference chairs

 

Ground Coffee

Bag 12oz

Decaf

 

 

5

5

1

Leather Love Seat

 

Ground Coffee

Sample 3oz

Decaf

 

 

 

0

1

Leather Sofa

 

Swag

XS

Black Hoodie

 

 

 

0

1

Leather Chair

 

Category

Product Size/Type

Product Name

Case

Case Size

Loose

Total

 

 

 

Swag

S

Black Hoodie

 

 

 

0

Category

Product Size/Type

Product Name

Case

Case Size

Loose

Total

 

Swag

M

Black Hoodie

 

 

1

1

 

 

 

 

 

 

 

 

Swag

L

Black Hoodie

 

 

3

3

Coffee

Bag 12oz

Light

 

 

39

39

 

Swag

XL

Black Hoodie

 

 

1

1

Coffee

Sample 3oz

Light

8

10

3

83

 

Swag

XXL

Black Hoodie

 

 

2

2

Coffee

5lb Bag

Light

 

 

 

0

 

Swag

XS

Jacket

 

 

 

0

Coffee

Bag 12oz

Medium

 

 

9

9

 

Swag

S

Jacket

 

 

 

0

Coffee

Sample 3oz

Medium

1

10

3

13

 

Swag

M

Jacket

 

 

1

1

Coffee

5lb Bag

Medium

 

 

 

0

 

Swag

L

Jacket

 

 

2

2

Coffee

Bag 12oz

Dark

 

 

24

24

 

Swag

XL

Jacket

 

 

2

2

Coffee

Sample 3oz

Dark

2

10

4

24

 

Swag

XXL

Jacket

 

 

1

1

Coffee

5lb Bag

Dark

 

 

 

0

 

Swag

XS

Latte Hoodie

 

 

 

0

Coffee

Bag 12oz

CBD

 

 

10

10

 

 

 

 

 

 

 

 

 

9

 

Swag

S

Latte Hoodie

 

 

 

0

 

Category

Product Size/Type

Product Name

Case

Case Size

Loose

Total

Swag

M

Latte Hoodie

 

 

 

0

 

Components

Kcup Light Box

 

 

 

 

12,550

Swag

L

Latte Hoodie

 

 

 

0

 

 

Kcup Meduim Box

 

 

 

 

12,700

Swag

XL

Latte Hoodie

 

 

4

4

 

 

Kcup Dark Box

 

 

 

 

12,600

Swag

XXL

Latte Hoodie

 

 

 

0

 

 

Kcup CBD Box

 

 

 

 

4,200

Swag

Mug

Black

 

 

7

7

 

 

Kcup Lids Light

 

 

 

 

111,696

Swag

TJW Tumbler

Tumbler

 

 

14

14

 

 

Kcup Lids Medium

 

 

 

 

120,000

K-Cups

Light

Box 12

 

 

40

40

 

 

Kcup Lids Dark

 

 

 

 

120,000

K-Cups

Light

Loose Cases 600

 

 

10

10

 

 

Kcup Lids CBD

 

 

 

 

120,000

Pounds Coffee

Light

 

 

 

25

25

 

 

Light Roast Bag

 

 

 

 

1,967

Pounds Coffee

Medium

 

 

 

 

0

 

 

Medium Roast Bag

 

 

 

 

1,731

Pounds Coffee

Dark

 

 

 

100

100

 

 

Dark Roast Bag

 

 

 

 

1,984

Pounds Coffee

Decaf

 

 

 

50

50

 

 

Decaf Roast Bag

 

 

 

 

2,835

Pounds Coffee

Sumatra

 

 

 

25

25

 

 

CBD Roast Bag

 

 

 

 

2,475

Cold Brew

4Pk

 

 

 

28

28

 

 

Light Roast Label

 

 

 

 

1,900

Cold Brew singles

trays of 12

 

176

12

4

2,116

 

 

Medium Roast Label

 

 

 

 

1,300

K-Cups

Light

Loose Cases 120

 

 

9

9

 

 

Dark Roast Label

 

 

 

 

1,950

Category

Product Size/Type

Product Name

Case

Case Size

Loose

Total

 

 

Decaf Roast Label

 

 

 

 

400

Kroger

Bags

 

 

 

 

 

 

 

CBD Roast Label

 

 

 

 

150

Light

12oz

 

 

 

140

140

 

 

Round CBD for 3oz

 

 

 

 

150

Medium

12oz

 

 

 

140

140

 

 

 

 

 

 

 

 

Dark

12oz

 

 

 

140

140

 

 

 

 

 

 

 

 

 

10

 

Exhibit B

 

LIST OF BUSINESS ENTITIES, BANK ACCOUNTS, LIABILITIES AND EQUIPMENT

NOT INCLUDED IN ASSET SALE

 

The Corporate Entities:

The Ideation Lab, LLC

Ideation Solutions, LLC

The Jordre Well, LLC

National Hemp Partners, LLC

Creative Ideas Center, LLC

Ella Jane, LLC

Manufacturing & Packaging Solutions, LLC

Stephen James Curated Coffee Collection, LLC

 

Bank Accounts for the following entities:

The Ideation Lab, LLC

The Jordre Well, LLC

The Ideation Solutions, LLC

 

Loans made to The Ideation Lab, LLC or any of its subsidiaries from the following:

Green Ohio Ventures, LLC in the amount of: $1,139,995.30

 

Ian James and Stephen Letourneau in the amount of: $131,059.81

 

Building Momentum, LLC in the amount of: $42,255.66

 

Leases:

The Ideation Lab, LLC (Office)

The Jordre Well, LLC The Ideation Lab, LLC (Office)

Banwick Road Warehouse

Lease of Hemp CBD Manufacturing Space

 

Lab Equipment

Two - KG Five Mixers

 

11

 

Exhibit C

 

BILL OF SALE

 

KNOW ALL MEN BY THESE PRESENTS, that as of December 4, 2023, and in consideration of the sum of the Purchase Price, as that term is defined in that certain Asset Purchase Agreement (“Agreement”) among and between Better For You Wellness, Inc., a Nevada Corporation, as Purchaser and The Ideation Lab, LLC, as Seller, dated of the date first written above, the receipt of which is hereby acknowledged, and undersigned does hereby grant, sell, transfer and deliver unto Better For You Wellness, Inc., its respective successors, and assigns, all Assets described in Exhibit A attached hereto and expressly made a part of hereof by reference and all Inventory described in Exhibit B attached hereto and explicitly made a part hereof by reference.

 

TO HAVE AND TO HOLD, all and singular, the said assets, forever; and the undersigned grantor hereby covenants with the said grantee that it is the lawful owner of the said assets; that said assets are free from all encumbrances; that it has good right to sell the same as aforesaid, and that it will warrant and defend the title of the same against the lawful claims and demands of all persons whomsoever.

 

IN WITNESS WHEREOF, a representative of the said grantor has hereunto set his hand on behalf of the grantor as of the date first above written.

 

The Ideation Lab, LLC

 

Creative Ideas Center, LLC

 

 

 

By:

/s/ Ian James

 

By:

/s/Ian James/Managing Member

Name/Title:

Ian James/Managing Member

 

Name/Title:

Ian James/Managing Member

 

 

 

The Jordre Well, LLC

 

Ella Jane, LLC

 

 

 

By:

/s/ Ian James

 

By:

/s/ Ian James/Managing Member

Name/Title:

Ian James/Managing Member

 

Name/Title:

Ian James/Managing Member

 

 

 

Ideation Solutions, LLC

 

Stephen James Curated Coffee Collection, LLC

 

 

 

By:

/s/ Ian James

 

By:

/s/ Ian James/Managing Member

Name/Title:

Ian James/Managing Member

 

Name/Title:

Ian James/Managing Member

 

 

 

Manufacturing & Packaging Solutions, LLC

 

 

 

 

 

By:

/s/ Ian James

 

 

Name/Title:

Ian James/Managing Member

 

 

 

12

 

 

Exhibit 99.2

 

BFYW Expands "Classic Collection" With Single-Serve Pods

Begins Sale of K-Cup Style of Its Classic Line of Light, Medium and Dark Roasts

 

COLUMBUS, Ohio – March 28, 2024— Better For You Wellness, Inc. (OTC Pink: BFYW) ("BFYW" or the "Company") is proud to announce the significant growth of its premium coffee brand, Stephen James Curated Coffee Collection (SJCCC), which has emerged as the Company's primary revenue driver. This milestone is the expansion of its Classic Collection single-serve K-cup style product line, a specially curated selection of beans featuring a range of roasts to suit coffee enthusiasts.

 

Recent data from the National Coffee Association reveals that 40% of coffee consumers own a single-cup coffee brewing machine. With approximately 27% of US coffee sales attributed to single-serve pods and nearly three-quarters of Americans opting for pre-ground coffee, there's a clear trend toward convenient coffee solutions.

 

"Recognizing that coffee is a cherished daily ritual for three out of four Americans, the Stephen James Curated Coffee Collection team has responded to consumer demand by introducing our Classic Collection in single-serve pods, prioritizing comfort and convenience," stated Chairman and CEO Ian James.

 

BFYW is actively presenting SJCCC's single-serve line to major retailers such as Kroger as part of upcoming floor resets. Floor resets streamline retail offerings and introduce the market to new brands. Moreover, the popularity of single-serve coffee makers extends beyond homes to hotels and resorts, where single-serve coffee pods are served as amenities.

 

"As a company inspired by travel experiences, we understand the joy of waking up to the aroma of freshly brewed coffee, particularly during travels," commented Stephen Letourneau, COO and Chief Branding Officer. "SJCCC ensures a premium coffee experience whether at home or on the go, and we're excited to introduce these classic roasts to our customers."

 

The expansion marks a significant step forward for our premium coffee brand, SJCCC, in the competitive coffee market and is another critical step of BFYW's Growth Initiative. Leveraging solid retail partnerships, such as with Kroger, where SJCCC is a top-selling premium coffee, underscores the potential success of this initiative and reinforces our commitment to providing exceptional coffee experiences to consumers worldwide.

 

Regarding the BFYW Growth Initiative, the Company has recently announced:

 

PO Financing       

BFYW management is working to identify a Purchase Order lender who would pay BFYW's third-party supplier up to 100% of the costs required to produce and deliver the agreed-upon goods to BFYW's customers. See March 12, 2024, 8-K, and exhibit.

 

Standard Industrial Code (SIC) Change       

BFYW seeks to change its Standard Industrial Code from 2844 (Perfumes, Cosmetics, and Other Toilet Preparations) to 5149 (Groceries and Related Products). See March 12, 2024, 8-K, and exhibit.

 

 

Competitive Market Analysis and Forecast 

BFYW conducted a comprehensive competitive market analysis, examining ten key publicly traded coffee companies. This analysis highlights insights into TTM Revenue and Market Cap. The results underscore the substantial growth potential awaiting investors in BFYW Stock. Estimates show that after $4M in funding, the Company could expand into 250 stores in 2024 and double the number of doors served year-over-year for the next four years until the coffee brand is in nearly 4,000 stores. Post funding, annual revenue in Year One is projected to be $1M+, $8M+ in Year Two, $23M+ in Year Three, $39M+ in Year Four, and $59M+ in Year Five, with sustained profitability in Year Two. BFYW projects the Market Cap to be 1.97X Price-to-Sale. See BFYW's February 26, 2024, 8-K and exhibit.

 

Launched a Capital Raise 

The Company launched a campaign to raise $4M through a Five-year Term Note at 18% following a monthslong financial analysis of SJCCC's expansion into Kroger and other grocers, hotels, resorts, and boutiques. The Company wants to provide prospective investors flexibility and optionality and could offer conversion levels to equity, warrants, etc.

 

$351K+ Debt Reduction Action 

BFYW successfully initiated a Debt Reduction Action, sanctioned unanimously by the Board of Directors as part of the Growth Initiative. The Debt Reduction initiative eliminated $351,983.05 in liabilities, equal to 13%+ of the Company's total liabilities, from BFYW's balance sheet. See BFYW's February 28, 2024, 8-K filing and exhibit.

 

Chief Operating Officer Appointment 

Stephen Letourneau was appointed Chief Operating Officer. See the details of BFYW's March 4, 2024, 8-K filing and exhibit.

 

Authorized Shares Increase and Performance     

BFYW's increase in Authorized Shares increase. See the details of BFYW's December 18, 2023, and January 17, 2024, 8-K filings and exhibits.

 

About Better For You Wellness:

 Better For You Wellness, Inc. (OTC Pink: BFYW) is an Ohio-based plant-based and science-focused wellness company dedicated to providing high-quality, innovative products that enhance well-being and promote a balanced lifestyle. Better For You Wellness is leading the way in the wellness industry with a solid commitment to clean beauty and natural ingredients. Learn more at https://BFYW.com.

 

Forward-Looking Statements

This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could," "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect our current judgment regarding the direction of our business, actual results may vary, sometimes materially, from any estimates, predictions, projections, assumptions, or other future performance suggested in this press release. Except as applicable law requires, we do not intend to update any forward-looking statements to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed with SEC (https://www.sec.gov/).

 

While BFYW may elect to update these forward-looking statements, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon to represent BFYW's assessments as of any date after the date of this press release. Accordingly, undue reliance should not be placed upon them.