On August 28, 2017, Gallant Brands, Inc., an affiliate of WealthColony Management Group, LLC, submitted a bid to acquire substantially all of the assets of Soupman, Inc. in accordance with the bidding procedures order entered by the United States Bankruptcy Court in connection with the Company’s bankruptcy case. In addition, WealthColony Management stated that it was advised that it was a qualified bidder and on that same date, was advised that its bid of $2,050,000 was the best and highest bid submitted in the auction for the Company’s assets. Further, WealthColony Management stated that on August 29, 2017, the United States Bankruptcy Court deferred decision with respect to the proposed sale order approving the sale of the Company’s assets to Gallant Brands. WealthColony Management stated that an additional hearing with respect to the sale order is scheduled for September 7, 2017.