2023 Q2 Form 10-Q Financial Statement

#000119983523000267 Filed on May 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $130.0K $159.9K $496.2K
YoY Change -65.65% -67.78% -46.2%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.00K $20.82K $34.95K
YoY Change 3.99% -40.44% 4.77%
% of Gross Profit
Operating Expenses $156.2K $183.9K $531.1K
YoY Change -61.66% -65.37% -44.42%
Operating Profit -$156.2K -$183.9K -$531.1K
YoY Change -61.66% -65.37%
Interest Expense $17.28K $13.11K -$46.08K
YoY Change -11.1% -128.44% 381.5%
% of Operating Profit
Other Income/Expense, Net -$13.75K
YoY Change 111.86%
Pretax Income -$170.0K -$197.0K -$591.0K
YoY Change -175.12% -66.66% -39.18%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$173.4K -$197.0K -$591.0K
YoY Change -176.64% -66.66% -39.18%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$4.928K
COMMON SHARES
Basic Shares Outstanding 123.5M shares 123.5M shares 119.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.00K $95.75K $33.89K
YoY Change -96.35% 182.53% -22.5%
Cash & Equivalents $32.47K $95.75K
Short-Term Investments
Other Short-Term Assets $3.843K $3.912K $17.94K
YoY Change -78.97% -78.19% -94.53%
Inventory
Prepaid Expenses $18.66K $19.80K
Receivables $0.00 $3.910K $820.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $54.97K $119.5K $52.65K
YoY Change -94.04% 126.89% -85.88%
LONG-TERM ASSETS
Property, Plant & Equipment $1.178M $1.198M $1.842M
YoY Change -8.16% -34.97% 23.5%
Goodwill $0.00 $0.00
YoY Change -100.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.253M $1.277M $1.882M
YoY Change -32.34% -32.15% 22.69%
TOTAL ASSETS
Total Short-Term Assets $54.97K $119.5K $52.65K
Total Long-Term Assets $1.253M $1.277M $1.882M
Total Assets $1.308M $1.397M $1.935M
YoY Change -52.85% -27.82% 1.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $151.1K $163.9K $232.9K
YoY Change 28.1% -29.62% -1.95%
Accrued Expenses $51.36K $45.48K $468.5K
YoY Change 106.27% -90.29% 32.27%
Deferred Revenue
YoY Change
Short-Term Debt $730.0K $679.9K $853.8K
YoY Change -18.68% -20.37% 125.06%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.445M $1.396M $1.556M
YoY Change -7.02% -10.31% 60.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.445M $1.396M $1.556M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.445M $1.396M $1.556M
YoY Change -7.02% -10.31% 60.11%
SHAREHOLDERS EQUITY
Retained Earnings -$84.73M -$84.56M
YoY Change 1.84%
Common Stock $123.5K $123.5K
YoY Change 0.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$136.7K $1.111K $379.1K
YoY Change
Total Liabilities & Shareholders Equity $1.308M $1.397M $1.935M
YoY Change -52.85% -27.82% 1.47%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$173.4K -$197.0K -$591.0K
YoY Change -176.64% -66.66% -39.18%
Depreciation, Depletion And Amortization $30.00K $20.82K $34.95K
YoY Change 3.99% -40.44% 4.77%
Cash From Operating Activities -$100.0K -$177.2K -$181.8K
YoY Change -61.51% -2.56% -37.43%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $10.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$10.00K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 40.00K -$32.79K 196.8K
YoY Change -118.84% -116.66% -39.63%
NET CHANGE
Cash From Operating Activities -100.0K -$177.2K -181.8K
Cash From Investing Activities 0.000 -$10.00K
Cash From Financing Activities 40.00K -$32.79K 196.8K
Net Change In Cash -60.00K -$220.0K $0.00
YoY Change -107.64% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$100.0K -$177.2K -$181.8K
Capital Expenditures $0.00 $10.00K
Free Cash Flow -$100.0K -$187.2K -$181.8K
YoY Change -61.51% 2.94% -36.62%

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Cash
19654 usd
CY2023Q1 us-gaap Cash
Cash
95751 usd
CY2022Q1 us-gaap Cash
Cash
33888 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
5113 usd
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_84B_eus-gaap--NatureOfOperations_zx79dUWHCJZh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_869_zBJFIVOjwvhd">Nature of Business</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WEED, Inc. (the “Company”), (formerly United Mines, Inc.) was incorporated under the laws of the State of Arizona on August 20, 1999 (“Inception Date”) as Plae, Inc. to engage in the exploration of gold and silver mining properties. On November 26, 2014, the Company was renamed from United Mines, Inc. to WEED, Inc. and was repurposed to pursue a business involving the purchase of land, and building Commercial Grade “Cultivation Centers” to consult, assist, manage &amp; lease to Licensed Dispensary owners and organic grow operators on a contract basis, with a concentration on the legal and medical marijuana sector. The Company’s plan is to become a True “Seed-to-Sale” company providing infrastructure, financial solutions and real estate options in this new emerging market. The Company, under United Mines, was formerly in the process of acquiring mineral properties or claims located in the State of Arizona, USA. The name was previously changed on February 18, 2005 to King Mines, Inc. and then subsequently changed to United Mines, Inc. on March 30, 2005. The Company trades on the OTC Pink Sheets under the stock symbol: BUDZ.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 20, 2017, the Company acquired Sangre AT, LLC, a Wyoming company doing business as Sangre AgroTech. (“Sangre”). Sangre is a plant genomic research and breeding company comprised of top-echelon scientists with extensive expertise in genomic sequencing, genetics-based breeding, plant tissue culture, and plant biochemistry, utilizing the most advanced sequencing and analytical technologies and proprietary bioinformatics data systems available. No work is being conducted now until further funds are available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 2, 2022, the Company acquired Hempirical Genetics, LLC, a Arizona company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained therein.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has a calendar year end for reporting purposes.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_845_eus-gaap--BasisOfAccounting_zQkPNTFvH6Le" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_861_zS0qgHuUNOih">Basis of Presentation:</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated balance sheet at December 31, 2022, has been derived from audited consolidated financial statements and the unaudited condensed consolidated financial statements as of March 31, 2023 and 2022 ( the “financial statements”), have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and related footnotes. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments), have been made which are necessary for a fair financial statements presentation. The consolidated financial statements include all material adjustments (consisting of normal recurring accruals) necessary to make the consolidated financial statements not misleading as required by Regulation S-X, Rule 10-01. Interim result are not necessarily indicative of results for a full year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84F_eus-gaap--UseOfEstimates_zk2sIkDWaYQ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_860_z3vv8CkeIV34">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Advertising Expense
AdvertisingExpense
0 usd
CY2022Q1 us-gaap Advertising Expense
AdvertisingExpense
4600 usd
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-113 usd
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-756 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-84558020 usd
CY2023Q1 budz Working Capital Deficit
WorkingCapitalDeficit
-1276105 usd
CY2023Q1 budz Notes Payable Related Parties Classified Current1
NotesPayableRelatedPartiesClassifiedCurrent1
676281 usd
CY2022Q4 budz Notes Payable Related Parties Classified Current1
NotesPayableRelatedPartiesClassifiedCurrent1
706507 usd
CY2023Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
420342 usd
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
434750 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1629772 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
431758 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
410942 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1198014 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1208830 usd
CY2023Q1 us-gaap Depreciation
Depreciation
20817 usd
CY2022Q1 us-gaap Depreciation
Depreciation
34377 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
12534 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
11884 usd
CY2023Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
38133 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
38783 usd
CY2023Q1 us-gaap Goodwill
Goodwill
0 usd
CY2022Q4 us-gaap Goodwill
Goodwill
0 usd
CY2023Q1 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
38133 usd
CY2022Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
38783 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
650 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
573 usd
CY2023Q1 budz Notes Payable Related Parties Classified Current Gross
NotesPayableRelatedPartiesClassifiedCurrentGross
712000 usd
CY2022Q4 budz Notes Payable Related Parties Classified Current Gross
NotesPayableRelatedPartiesClassifiedCurrentGross
744979 usd
CY2023Q1 budz Loan Fee Net Of Amortization
LoanFeeNetOfAmortization
35719 usd
CY2022Q4 budz Loan Fee Net Of Amortization
LoanFeeNetOfAmortization
38472 usd
CY2023Q1 budz Notes Payable Related Parties Classified Current1
NotesPayableRelatedPartiesClassifiedCurrent1
676281 usd
CY2022Q4 budz Notes Payable Related Parties Classified Current1
NotesPayableRelatedPartiesClassifiedCurrent1
706507 usd
CY2023Q1 budz Imputed Interest On Loans
ImputedInterestOnLoans
5942 usd
CY2022Q1 budz Imputed Interest On Loans
ImputedInterestOnLoans
9127 usd
CY2023Q1 us-gaap Notes Payable Current
NotesPayableCurrent
3661 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
3661 usd
CY2023Q1 us-gaap Interest Expense Other Long Term Debt
InterestExpenseOtherLongTermDebt
0 usd
CY2022Q1 us-gaap Interest Expense Other Long Term Debt
InterestExpenseOtherLongTermDebt
487 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
41069 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
41069 usd
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
22500 usd
CY2022Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
40000 usd
CY2023Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
197014 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
1528105 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
17870389 usd
CY2023Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
197014 usd
CY2023Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
18067403 usd
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3794155 usd
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3794155 usd
CY2023Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd

Files In Submission

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0001199835-23-000267-index-headers.html Edgar Link pending
0001199835-23-000267-index.html Edgar Link pending
0001199835-23-000267.txt Edgar Link pending
0001199835-23-000267-xbrl.zip Edgar Link pending
budz-10q.htm Edgar Link pending
budz-20230331.xsd Edgar Link pending
budz-20230331_cal.xml Edgar Link unprocessable
budz-20230331_lab.xml Edgar Link unprocessable
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budz-ex31_1.htm Edgar Link pending
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