On June 9, 2017, WealthColony Management Group, LLC announced that it has delivered a letter to Jamieson Karson, Chief Executive Officer of Soupman, Inc., which advised that based upon its review of the Company’s public filings and input received from individuals formerly associated with the Company, WealthColony Management has additional concerns regarding the Company, including: (1) the use of the proceeds received by the Company from the $3,062,890 note offering, the $240,000 offering of Series B preferred stock and $709,800 received from the exercise of Series B preferred stock warrants during the fiscal year ended August 31, 2016 and the $648,558 raised in a series of offerings in fiscal 2017; (2) the de minimis levels of cash and inventory reflected on the Company’s balance sheet despite the fact that the Company borrowed in excess of $3,711,448 within 10 months, (3) the issuance of the Company’s capital stock to non-employees for compensatory purposes in recent years, and (4) the role that convicted felon Sebastian Rametta has played in the Company’s management in recent years.