Item 1.03 Bankruptcy or Receivership
On December 17, 2020 (the "Petition Date"), GL Brands, Inc. (the "Company") and
its debtor subsidiaries (together with the Company, the "Debtors") filed
voluntary petitions for relief under Chapter 11 of title 11 of the United States
Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the
Northern District of Texas (the "Court"). The Debtors have filed a motion with
the Court seeking joint administration of their Chapter 11 cases pursuant to
Rule 1015(b) of the Federal Rules of Bankruptcy Procedure under the caption In
re GL Brands, Inc. (Case No. 20-43800-elm-11). The Debtors will continue to
operate their businesses and manage their properties as debtors-in-possession
pursuant to Sections 1107 and 1108 of the Bankruptcy Code. To ensure their
ability to continue operating in the ordinary course of business, the Debtors
have filed or will file with the Court motions seeking a variety
of "first-day" relief, including to: (a) authorize the Debtors to continue using
their existing cash management system, (b) authorize the Debtors to pay
prepetition wages, taxes compensation and employee benefits, (c) authorize the
Debtors to pay prepetition claims of certain critical vendors, (d) authorize the
Debtors to borrow money, and (e) authorize the use of cash collateral.
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GL BRANDS, INC. 
