ParagonCoin (PRG) Crypto Project Abandons Plans of a Cannabis Co-Working Space
The cryptocurrency startup ParagonCoin announced that it will be selling a property that was going to be used as a cannabis co-working space.
The information was released by ParagonCoin in a recent SEC filing. The company was previously sanctioned by the U.S. Securities and Exchange Commission (SEC).
ParagonCoin Abandons Cannabis Co-Working Space
According to the filing presented by ParagonCoin to the SEC at the end of March, they are selling their co-working space for $4.2 million after being purchased for $3.75 million. Nonetheless, the company ended up paying $4.02 million as of May 2018.
As per the filing, ParagonCoin does not have plans to renovate, improve or develop other properties. At the same time, they informed that they will not make further investments in real estate or make investments in real estate mortgages.
At the moment, the firm is planning to focus on developing a blockchain computer software that would be offering track and trace services for the cannabis business. The firm is also required to report to the U.S. SEC periodically after selling its tokens in an Initial Coin Offering (ICO).
The company failed to register these tokens as securities, so it had to pay $250,000 in penalties and reimburse investors for the tokens. Moreover, they had to register the token as a security.
Another Initial Coin Offering called Airfox has also been reached by the SEC and had also to pay a penalty. Both ICOs faced similar consequences after selling unregistered securities.
At the time of writing this article, Paragon (PRG) is being traded around $0.118 and it has a market capitalization of $7.6 million. The coin is ranked in the 388h position according to CoinMarketCap.