$BUDZ
WEED, INC.

2023 Q3 Form 10-Q Financial Statement

#000119983523000442 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $230.0K $130.0K
YoY Change -9.62% -65.65%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.00K $30.00K
YoY Change -52.94% 3.99%
% of Gross Profit
Operating Expenses $238.8K $156.2K
YoY Change -13.38% -61.66%
Operating Profit -$238.8K -$156.2K
YoY Change -14.08% -61.66%
Interest Expense $15.30K $17.28K
YoY Change -50.68% -11.1%
% of Operating Profit
Other Income/Expense, Net $973.1K
YoY Change 48945.97%
Pretax Income $730.0K -$170.0K
YoY Change -337.78% -175.12%
Income Tax $0.00
% Of Pretax Income
Net Earnings $734.2K -$173.4K
YoY Change -339.16% -176.64%
Net Earnings / Revenue
Basic Earnings Per Share $0.01 $0.00
Diluted Earnings Per Share $0.01 $0.00
COMMON SHARES
Basic Shares Outstanding 123.5M shares 123.5M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $640.0K $30.00K
YoY Change 19.51% -96.35%
Cash & Equivalents $643.7K $32.47K
Short-Term Investments
Other Short-Term Assets $12.01K $3.843K
YoY Change 1050.48% -78.97%
Inventory
Prepaid Expenses $28.41K $18.66K
Receivables $10.00K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $684.1K $54.97K
YoY Change 6.33% -94.04%
LONG-TERM ASSETS
Property, Plant & Equipment $520.1K $1.178M
YoY Change -57.79% -8.16%
Goodwill $0.00 $0.00
YoY Change -100.0% -100.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $591.7K $1.253M
YoY Change -67.12% -32.34%
TOTAL ASSETS
Total Short-Term Assets $684.1K $54.97K
Total Long-Term Assets $591.7K $1.253M
Total Assets $1.276M $1.308M
YoY Change -47.77% -52.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $147.6K $151.1K
YoY Change 18.89% 28.1%
Accrued Expenses $63.36K $51.36K
YoY Change 49.42% 106.27%
Deferred Revenue
YoY Change
Short-Term Debt $150.0K $730.0K
YoY Change -80.35% -18.68%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $654.1K $1.445M
YoY Change -54.79% -7.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $654.1K $1.445M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $654.1K $1.445M
YoY Change -54.79% -7.02%
SHAREHOLDERS EQUITY
Retained Earnings -$84.00M -$84.73M
YoY Change 0.59% 1.84%
Common Stock $123.5K $123.5K
YoY Change 0.0% 0.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $621.8K -$136.7K
YoY Change
Total Liabilities & Shareholders Equity $1.276M $1.308M
YoY Change -47.77% -52.85%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $734.2K -$173.4K
YoY Change -339.16% -176.64%
Depreciation, Depletion And Amortization $10.00K $30.00K
YoY Change -52.94% 3.99%
Cash From Operating Activities -$450.0K -$100.0K
YoY Change 135.53% -61.51%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $1.640M $0.00
YoY Change -100.0%
Cash From Investing Activities $1.640M $0.00
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 -580.0K 40.00K
YoY Change 522.38% -118.84%
NET CHANGE
Cash From Operating Activities -450.0K -100.0K
Cash From Investing Activities 1.640M 0.000
Cash From Financing Activities -580.0K 40.00K
Net Change In Cash 610.0K -60.00K
YoY Change -314.6% -107.64%
FREE CASH FLOW
Cash From Operating Activities -$450.0K -$100.0K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$450.0K -$100.0K
YoY Change 135.53% -61.51%

Facts In Submission

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us-gaap Repayments Of Related Party Debt
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us-gaap Repayments Of Related Party Debt
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us-gaap Repayments Of Notes Payable
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q4 us-gaap Cash
Cash
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CY2021Q4 us-gaap Cash
Cash
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CY2023Q2 us-gaap Cash
Cash
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CY2022Q2 us-gaap Cash
Cash
821094 usd
us-gaap Interest Paid Net
InterestPaidNet
5113 usd
budz Acquistion Of Hemprical Genetics With Common Stock And Note Payable
AcquistionOfHempricalGeneticsWithCommonStockAndNotePayable
650000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_84F_eus-gaap--NatureOfOperations_z4PdwTcbluKg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zbiwcFwQ1VO">Nature of Business</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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; 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; 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; 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 on the study until further funds are available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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; 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; 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; 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
3661 usd
us-gaap Interest Expense Other Long Term Debt
InterestExpenseOtherLongTermDebt
0 usd
us-gaap Interest Expense Other Long Term Debt
InterestExpenseOtherLongTermDebt
697 usd
us-gaap Stock Issued During Period Value New Issues
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us-gaap Basis Of Accounting
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<p id="xdx_849_eus-gaap--BasisOfAccounting_z6NH9R023AQc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_86B_z1mS76zkDpGg">Basis of Presentation</span>:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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 June 30, 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Use Of Estimates
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us-gaap Advertising Expense
AdvertisingExpense
2911 usd
us-gaap Advertising Expense
AdvertisingExpense
9751 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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1553 usd
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
45000 usd
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2023Q2 budz Working Capital Deficit
WorkingCapitalDeficit
-1389977 usd
CY2023Q2 budz Notes Payable Related Parties Classified Current1
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CY2022Q4 budz Notes Payable Related Parties Classified Current1
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CY2023Q2 us-gaap Accrued Bonuses Current
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CY2022Q4 us-gaap Accrued Bonuses Current
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CY2023Q2 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
410942 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1177870 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1208830 usd
us-gaap Depreciation
Depreciation
40960 usd
us-gaap Depreciation
Depreciation
62354 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
13184 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
11884 usd
CY2023Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
37483 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
38783 usd
CY2023Q2 us-gaap Goodwill
Goodwill
0 usd
CY2022Q4 us-gaap Goodwill
Goodwill
0 usd
CY2023Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
37483 usd
CY2022Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
38783 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1300 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1441 usd
CY2023Q2 budz Notes Payable Related Parties Classified Current Gross
NotesPayableRelatedPartiesClassifiedCurrentGross
752000 usd
CY2022Q4 budz Notes Payable Related Parties Classified Current Gross
NotesPayableRelatedPartiesClassifiedCurrentGross
744979 usd
CY2023Q2 budz Loan Fee Net Of Amortization
LoanFeeNetOfAmortization
29054 usd
CY2022Q4 budz Loan Fee Net Of Amortization
LoanFeeNetOfAmortization
38472 usd
CY2023Q2 budz Notes Payable Related Parties Classified Current1
NotesPayableRelatedPartiesClassifiedCurrent1
722946 usd
CY2022Q4 budz Notes Payable Related Parties Classified Current1
NotesPayableRelatedPartiesClassifiedCurrent1
706507 usd
budz Imputed Interest On Loans
ImputedInterestOnLoans
16386 usd
budz Imputed Interest On Loans
ImputedInterestOnLoans
18235 usd
CY2023Q2 us-gaap Notes Payable Current
NotesPayableCurrent
3661 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
37969 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
37969 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
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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370457 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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1528105 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
17870389 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
370457 usd
CY2023Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
18240846 usd
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3830578 usd
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3830578 usd
CY2023Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd

Files In Submission

Name View Source Status
budz-20230630_lab.xml Edgar Link unprocessable
0001199835-23-000442-index-headers.html Edgar Link pending
0001199835-23-000442-index.html Edgar Link pending
0001199835-23-000442.txt Edgar Link pending
0001199835-23-000442-xbrl.zip Edgar Link pending
budz-10q.htm Edgar Link pending
budz-20230630.xsd Edgar Link pending
budz-20230630_def.xml Edgar Link unprocessable
budz-20230630_cal.xml Edgar Link unprocessable
budz-10q_htm.xml Edgar Link completed
budz-ex31_1.htm Edgar Link pending
budz-ex31_2.htm Edgar Link pending
budz-ex32_1.htm Edgar Link pending
budz-ex32_2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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budz-20230630_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
R50.htm Edgar Link pending
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report.css Edgar Link pending
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