Golden Leaf Holdings (CSE:GLH,OTCQB:GLDFF) issued an update to shareholders on its corporate activities.
As quoted in the press release:
As announced in a press release dated December 27, 2018, William Simpson, former President and CEO of the Company, was replaced in those capacities by William Kulczycki. It was intended that Mr. Simpson continue with the Company in a full-time capacity as “Founder” and Board observer without responsibility for operations. Mr. Simpson has been on a sabbatical leave of indefinite duration since February 4.
Mr. Kulczycki has initiated significant efficiency measures intended to improve the financial performance of the Company, including reductions in compensation and other expenses. Through this process, in January, headcount was reduced by 19 [percent] throughout the Company. These measures were implemented to lower Company costs, improve cash flow and otherwise increase operational efficiency, with the objective of increasing shareholder value over the long term.
The Company’s audited financial statements for the fiscal year ended December 31, 2018 will be released no later than April 30, 2019. The Company had approximately USD$11 million of cash on hand at the end of 2018.