Nexmed, Inc. v. Clealon Mann

OPINION

BILLINGS, Presiding Judge:

¶ 1 NexMed, Inc. (NexMed) appeals from a bench trial finding in favor of Clealon Mann (Mann). 1 NexMed argues that the trial court erred in finding that NexMed did not have the right to cancel and rescind the issuance of shares of company stock to Mann and his company, Somerset Group Ltd. (Somerset). We affirm.

BACKGROUND

¶ 2 NexMed is a Nevada corporation. The corporation was formerly known as Target Capital, Inc. (Target) and BioElectric, Inc. (BioEleetric). 2 In 1992, Mann acquired effective control of Target by purchasing 100% of the outstanding shares of…