$CANN
TREES Corp (Colorado) Stock $cann

$cann Overview Financials Valuation SEC Filings Company Website

2024 Q2 Form 10-K Financial Statement

#000121390024031818 Filed on April 10, 2024

Income Statement

Concept	2024 Q2	2023 Q4	2023
Revenue	$3.689M	$3.817M	$18.14M
YoY Change	-27.64%	10.36%	34.9%
Cost Of Revenue	$1.687M	$2.833M	$11.56M
YoY Change	-47.77%	4.15%	34.82%
Gross Profit	$2.002M	$983.3K	$6.572M
YoY Change	7.2%	33.27%	35.04%
Gross Profit Margin	54.26%	25.76%	36.24%
Selling, General & Admin	$1.334M	$1.670M	$9.673M
YoY Change	-46.34%	-41.12%	47.5%
% of Gross Profit	66.64%	169.78%	147.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$165.9K	$39.38K	$874.4K
YoY Change	-42.91%	-71.99%	163.87%
% of Gross Profit	8.29%	4.0%	13.3%
Operating Expenses	$1.334M	$1.709M	$10.55M
YoY Change	-46.34%	-42.58%	60.83%
Operating Profit	$213.8K	-$725.6K	-$3.975M
YoY Change	-114.54%	-67.58%	25.19%
Interest Expense	-$628.3K	-$492.9K	-$2.574M
YoY Change	-187.66%	-3.75%	-361.84%
% of Operating Profit	-293.85%
Other Income/Expense, Net	-$158.3K	-$404.5K	$492.2K
YoY Change	-71.99%		-108.07%
Pretax Income	$55.46K	-$2.242M	-$6.894M
YoY Change	-102.72%	-61.18%	-25.67%
Income Tax	$1.190M	$102.1K	$187.9K
% Of Pretax Income	2146.04%
Net Earnings	-$1.135M	-$2.344M	-$7.100M
YoY Change	-44.28%	-59.19%	-25.26%
Net Earnings / Revenue	-30.76%	-61.43%	-39.15%
Basic Earnings Per Share	-$0.01		-$0.06
Diluted Earnings Per Share	-$0.01	-$0.02	-$0.06
COMMON SHARES
Basic Shares Outstanding	108.7M shares	118.7M	117.2M shares
Diluted Shares Outstanding	108.7M shares		117.2M shares

Balance Sheet

Concept	2024 Q2	2023 Q4	2023
SHORT-TERM ASSETS
Cash & Short-Term Investments	$383.0K	$969.7K	$969.7K
YoY Change	-40.52%	-62.47%	-62.47%
Cash & Equivalents	$383.0K	$969.7K	$969.7K
Short-Term Investments
Other Short-Term Assets	$197.8K	$235.3K	$235.3K
YoY Change	-29.39%	-9.38%	-9.38%
Inventory	$1.020M	$860.9K	$860.9K
Prepaid Expenses
Receivables	$191.4K	$111.9K	$111.9K
Other Receivables	$0.00	$176.7K	$176.7K
Total Short-Term Assets	$1.793M	$2.354M	$2.354M
YoY Change	-46.77%	-52.45%	-52.45%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.278M	$3.375M	$3.375M
YoY Change	-29.39%	73.25%	-41.96%
Goodwill	$15.88M	$15.88M
YoY Change	-13.62%	-13.62%
Intangibles	$1.377M	$1.637M
YoY Change	-48.94%	-35.63%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets	$20.26M	$20.89M	$20.89M
YoY Change	-22.08%	-21.88%	-21.88%
TOTAL ASSETS
Total Short-Term Assets	$1.793M	$2.354M	$2.354M
Total Long-Term Assets	$20.26M	$20.89M	$20.89M
Total Assets	$22.05M	$23.25M	$23.25M
YoY Change	-24.91%	-26.65%	-26.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$2.523M	$1.562M	$1.562M
YoY Change	-27.94%	40.87%	40.87%
Accrued Expenses	$3.061M	$3.741M	$3.741M
YoY Change	23.6%	30.71%	30.71%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due	$157.8K	$1.298M	$1.298M
YoY Change	-91.6%	-31.82%	-33.76%
Total Short-Term Liabilities	$7.546M	$7.365M	$7.365M
YoY Change	-8.11%	19.95%	19.95%
LONG-TERM LIABILITIES
Long-Term Debt	$15.04M	$14.52M	$14.52M
YoY Change	-5.4%	-8.71%	-12.59%
Other Long-Term Liabilities	$996.5K	$1.218M	$1.218M
YoY Change	-52.0%	-52.06%	-52.06%
Total Long-Term Liabilities	$15.04M	$15.73M	$15.73M
YoY Change	-5.4%	-1.04%	-17.83%
TOTAL LIABILITIES
Total Short-Term Liabilities	$7.546M	$7.365M	$7.365M
Total Long-Term Liabilities	$15.04M	$15.73M	$15.73M
Total Liabilities	$24.17M	$23.10M	$23.10M
YoY Change	-10.01%	-8.66%	-8.66%
SHAREHOLDERS EQUITY
Retained Earnings	-$103.0M	-$100.5M
YoY Change	5.86%	7.6%
Common Stock	$108.7K	$108.7K
YoY Change	-8.36%	-8.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$2.114M	$148.2K	$148.2K
YoY Change
Total Liabilities & Shareholders Equity	$22.05M	$23.25M	$23.25M
YoY Change	-24.91%	-26.65%	-26.65%

Cashflow Statement

Concept	2024 Q2	2023 Q4	2023
OPERATING ACTIVITIES
Net Income	-$1.135M	-$2.344M	-$7.100M
YoY Change	-44.28%	-59.19%	-25.26%
Depreciation, Depletion And Amortization	$165.9K	$39.38K	$874.4K
YoY Change	-42.91%	-71.99%	163.87%
Cash From Operating Activities	-$306.2K	$21.95K	-$1.125M
YoY Change	-19.5%	-101.9%	-45.09%
INVESTING ACTIVITIES
Capital Expenditures	$9.350K	$38.56K	$47.84K
YoY Change	-168.85%	39.16%	-22.35%
Acquisitions
YoY Change
Other Investing Activities		$0.00	-$256.6K
YoY Change		-100.0%	-86.38%
Cash From Investing Activities	-$9.350K	-$38.56K	-$304.4K
YoY Change	-168.85%	-97.79%	-84.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	284.3K	734.6K	-184.3K
YoY Change	-163.26%	-241.26%	-104.07%
NET CHANGE
Cash From Operating Activities	-306.2K	21.95K	-1.125M
Cash From Investing Activities	-9.350K	-38.56K	-304.4K
Cash From Financing Activities	284.3K	734.6K	-184.3K
Net Change In Cash	-31.18K	718.0K	-1.614M
YoY Change	-96.18%	-121.0%	-404.68%
FREE CASH FLOW
Cash From Operating Activities	-$306.2K	$21.95K	-$1.125M
Capital Expenditures	$9.350K	$38.56K	$47.84K
Free Cash Flow	-$315.5K	-$16.61K	-$1.173M
YoY Change	-13.97%	-98.6%	-44.43%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2023	dei	Document Type DocumentType	10-K
CY2023	dei	Document Annual Report DocumentAnnualReport	true
CY2023	dei	Document Period End Date DocumentPeriodEndDate	2023-12-31
CY2023	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2023	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2023
CY2023	dei	Document Transition Report DocumentTransitionReport	false
CY2023	dei	Entity File Number EntityFileNumber	000-54457
CY2023	dei	Entity Registrant Name EntityRegistrantName	TREES CORPORATION
CY2023	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	90-1072649
CY2023	dei	Entity Address Address Line1 EntityAddressAddressLine1	215 Union Boulevard
CY2023	dei	Entity Address Address Line2 EntityAddressAddressLine2	Suite 415
CY2023	dei	Entity Address City Or Town EntityAddressCityOrTown	Lakewood
CY2023	dei	Entity Address State Or Province EntityAddressStateOrProvince	CO
CY2023	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	80228
CY2023	dei	City Area Code CityAreaCode	(303)
CY2023	dei	Local Phone Number LocalPhoneNumber	759-1300
CY2023	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	No
CY2023	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2023	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2023	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2023	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2023	dei	Entity Small Business EntitySmallBusiness	true
CY2023	dei	Icfr Auditor Attestation Flag IcfrAuditorAttestationFlag	false
CY2023	dei	Document Fin Stmt Error Correction Flag DocumentFinStmtErrorCorrectionFlag	false
CY2023	dei	Entity Shell Company EntityShellCompany	false
CY2023Q4	dei	Entity Public Float EntityPublicFloat	7340390	usd
CY2024Q2	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	108746520	shares
CY2023	dei	Auditor Name AuditorName	Haynie & Company
CY2023	dei	Auditor Location AuditorLocation	Salt Lake City, Utah
CY2023	dei	Auditor Firm AuditorFirmId	457
CY2023Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	969676	usd
CY2022Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	2583833	usd
CY2023Q4	us-gaap	Allowance For Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable	41000	usd
CY2022Q4	us-gaap	Allowance For Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable	42000	usd
CY2023Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	111863	usd
CY2022Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	41373	usd
CY2023Q4	us-gaap	Inventory Net InventoryNet	860918	usd
CY2022Q4	us-gaap	Inventory Net InventoryNet	2066662	usd
CY2023Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	411911	usd
CY2022Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	259598	usd
CY2023Q4	us-gaap	Assets Current AssetsCurrent	2354368	usd
CY2022Q4	us-gaap	Assets Current AssetsCurrent	4951466	usd
CY2023Q4	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	1979833	usd
CY2022Q4	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	3866406	usd
CY2023Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1395104	usd
CY2022Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1947969	usd
CY2023Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	1637491	usd
CY2022Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	2543898	usd
CY2023Q4	us-gaap	Goodwill Goodwill	15880097	usd
CY2022Q4	us-gaap	Goodwill Goodwill	18384974	usd
CY2023Q4	us-gaap	Assets Assets	23246893	usd
CY2022Q4	us-gaap	Assets Assets	31694713	usd
CY2023Q4	us-gaap	Accounts Payable And Accrued Liabilities Current AccountsPayableAndAccruedLiabilitiesCurrent	2617536	usd
CY2022Q4	us-gaap	Accounts Payable And Accrued Liabilities Current AccountsPayableAndAccruedLiabilitiesCurrent	1899450	usd
CY2023Q4	us-gaap	Interest Payable Current InterestPayableCurrent	1570077	usd
CY2022Q4	us-gaap	Interest Payable Current InterestPayableCurrent	488813	usd
CY2023Q4	us-gaap	Taxes Payable Current TaxesPayableCurrent	392765	usd
CY2022Q4	us-gaap	Taxes Payable Current TaxesPayableCurrent	204917	usd
CY2023Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	846201	usd
CY2022Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	1433184	usd
CY2023Q4	us-gaap	Finance Lease Liability Current FinanceLeaseLiabilityCurrent	205400	usd
CY2022Q4	us-gaap	Finance Lease Liability Current FinanceLeaseLiabilityCurrent	55777	usd
CY2023Q4	cann	Accrued Stock Payable AccruedStockPayable	60900	usd
CY2022Q4	cann	Accrued Stock Payable AccruedStockPayable	60900	usd
CY2023Q4	us-gaap	Dividends Payable Current DividendsPayableCurrent	106200	usd
CY2022Q4	us-gaap	Dividends Payable Current DividendsPayableCurrent	88500	usd
CY2023Q4	us-gaap	Derivative Liabilities Current DerivativeLiabilitiesCurrent	4716	usd
CY2022Q4	us-gaap	Derivative Liabilities Current DerivativeLiabilitiesCurrent	5508	usd
CY2023Q4	us-gaap	Accrued Professional Fees Current AccruedProfessionalFeesCurrent	102000	usd
CY2023Q4	us-gaap	Notes Payable Current NotesPayableCurrent	1092382	usd
CY2022Q4	us-gaap	Notes Payable Current NotesPayableCurrent	1903344	usd
CY2023Q4	cann	Contingent Earnout Liability ContingentEarnoutLiability	367056	usd
CY2023Q4	us-gaap	Liabilities Current LiabilitiesCurrent	7365233	usd
CY2022Q4	us-gaap	Liabilities Current LiabilitiesCurrent	6140393	usd
CY2023Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	1218392	usd
CY2022Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	2541590	usd
CY2023Q4	us-gaap	Finance Lease Liability Noncurrent FinanceLeaseLiabilityNoncurrent	501248	usd
CY2022Q4	us-gaap	Finance Lease Liability Noncurrent FinanceLeaseLiabilityNoncurrent	706653	usd
CY2023Q4	us-gaap	Long Term Notes Payable LongTermNotesPayable	14013861	usd
CY2022Q4	us-gaap	Long Term Notes Payable LongTermNotesPayable	15899588	usd
CY2023Q4	us-gaap	Liabilities Liabilities	23098734	usd
CY2022Q4	us-gaap	Liabilities Liabilities	25288224	usd
CY2023Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	5000000	shares
CY2022Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	5000000	shares
CY2023Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	1180	shares
CY2022Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	1180	shares
CY2023Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	1180	shares
CY2022Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	1180	shares
CY2023Q4	us-gaap	Preferred Stock Value PreferredStockValue	1073446	usd
CY2022Q4	us-gaap	Preferred Stock Value PreferredStockValue	1073446	usd
CY2023Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.001
CY2022Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.001
CY2023Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	200000000	shares
CY2022Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	200000000	shares
CY2023Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	108746520	shares
CY2023Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	108746520	shares
CY2022Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	118664094	shares
CY2022Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	118664094	shares
CY2023Q4	us-gaap	Common Stock Value CommonStockValue	108746	usd
CY2022Q4	us-gaap	Common Stock Value CommonStockValue	118664	usd
CY2023Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	99450307	usd
CY2022Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	98598761	usd
CY2023Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-100484340	usd
CY2022Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-93384382	usd
CY2023Q4	us-gaap	Stockholders Equity StockholdersEquity	148159	usd
CY2022Q4	us-gaap	Stockholders Equity StockholdersEquity	6406489	usd
CY2023Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	23246893	usd
CY2022Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	31694713	usd
CY2023	us-gaap	Revenues Revenues	18136880	usd
CY2022	us-gaap	Revenues Revenues	13444542	usd
CY2023	us-gaap	Cost Of Revenue CostOfRevenue	11564386	usd
CY2022	us-gaap	Cost Of Revenue CostOfRevenue	8577487	usd
CY2023	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	8223102	usd
CY2022	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	6557992	usd
CY2023	us-gaap	Share Based Compensation ShareBasedCompensation	69071	usd
CY2022	us-gaap	Share Based Compensation ShareBasedCompensation	188330	usd
CY2023	us-gaap	Professional Fees ProfessionalFees	1380567	usd
CY2022	us-gaap	Professional Fees ProfessionalFees	964282	usd
CY2023	us-gaap	Depreciation And Amortization DepreciationAndAmortization	874412	usd
CY2022	us-gaap	Depreciation And Amortization DepreciationAndAmortization	331376	usd
CY2023	us-gaap	Costs And Expenses CostsAndExpenses	22111538	usd
CY2022	us-gaap	Costs And Expenses CostsAndExpenses	16619467	usd
CY2023	us-gaap	Operating Income Loss OperatingIncomeLoss	-3974658	usd
CY2022	us-gaap	Operating Income Loss OperatingIncomeLoss	-3174925	usd
CY2023	us-gaap	Amortization Of Financing Costs And Discounts AmortizationOfFinancingCostsAndDiscounts	811722	usd
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CY2023	us-gaap	Interest Expense InterestExpense	1763413	usd
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CY2023	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt	-218237	usd
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CY2023	us-gaap	Asset Impairment Charges AssetImpairmentCharges	1516000	usd
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CY2023	cann	Gain On Derivative Liability GainOnDerivativeLiability	-792	usd
CY2022	cann	Gain On Derivative Liability GainOnDerivativeLiability	-22809	usd
CY2023	cann	Gain On Change In Fair Value Of Contingent Earnout GainOnChangeInFairValueOfContingentEarnout	-492148	usd
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CY2022	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-6100703	usd
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CY2022	us-gaap	Income Loss From Continuing Operations IncomeLossFromContinuingOperations	-9480545	usd
CY2022	us-gaap	Income Loss From Discontinued Operations Net Of Tax IncomeLossFromDiscontinuedOperationsNetOfTax	5478	usd
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CY2022	us-gaap	Net Income Loss NetIncomeLoss	-9475067	usd
CY2023	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	17700	usd
CY2022	us-gaap	Preferred Stock Dividends Income Statement Impact PreferredStockDividendsIncomeStatementImpact	88500	usd
CY2023	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-7099958	usd
CY2022	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-9563567	usd
CY2023	us-gaap	Income Loss From Continuing Operations Per Basic Share IncomeLossFromContinuingOperationsPerBasicShare	-0.06
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CY2022	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.1
CY2023	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	117196836	shares
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CY2023	us-gaap	Net Income Loss NetIncomeLoss	-7082258	usd
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CY2022	cann	Non Cash Lease Expense NonCashLeaseExpense	774353	usd
CY2023	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt	-218237	usd
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CY2023	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	-114	usd
CY2022	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	-6280	usd
CY2023	us-gaap	Other Asset Impairment Charges OtherAssetImpairmentCharges	1516000	usd
CY2022	us-gaap	Other Asset Impairment Charges OtherAssetImpairmentCharges	3004319	usd
CY2022	us-gaap	Gain Loss On Sale Of Property Plant Equipment GainLossOnSaleOfPropertyPlantEquipment	-8056	usd
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CY2023	us-gaap	Nature Of Operations NatureOfOperations	<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1. NATURE OF OPERATIONS, HISTORY AND PRESENTATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Nature of Operations</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TREES Corporation, a Colorado Corporation (the “Company,” “we,” “us,” “our,” or “TREES”) (formerly, General Cannabis Corp), was incorporated on June 3, 2013, and provides services and products to the regulated cannabis industry. We currently trade on the OTCQB® Market under the trading symbol CANN. As of December 31, 2023, our operations are segregated into the following segments:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Retail (“Retail Segment”)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through a series of acquisitions in 2021 and 2022, we operated three retail dispensaries in Colorado and three retail dispensaries in Oregon as of December 31, 2023. See Note 2 for details of the acquisitions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Cultivation (“Cultivation Segment”)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through our acquisition of SevenFive Farm in May 2020, we operate a licensed 17,000 square foot light deprivation greenhouse cultivation facility. During 2023, there was one customer that accounted for over 10% of our third-party cultivation revenue, and during 2022 there was one customer that accounted for over 10% of third -party cultivation revenue.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Discontinued Operations </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>Through Next Big Crop, LLC (“NBC”), we delivered comprehensive consulting services to the cannabis industry that included obtaining licenses, compliance, cultivation, retail operations, logistical support, facility design and construction, and expansion of existing operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>NBC oversaw our wholesale equipment and supply business, operating under the name “GC Supply,” which provided turnkey sourcing and stocking services to cultivation, retail, and infused products manufacturing facilities. Our products included building materials, equipment, consumables, and compliance packaging. NBC also provided operational support for our internal cultivation. On July 16, 2021, we entered into an Asset Purchase Agreement with an individual to sell substantially all the assets of NBC for a total of $150,000 and 10% of profits generated by the buyer in the states of Michigan, Mississippi, and Massachusetts for a period of twelve months from the closing. On August 2, 2021, the sale of NBC was completed. Pursuant to an amendment to the Asset Purchase Agreement, the buyer paid an additional $75,000 in March 2022, and the 10% profit share described above was eliminated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Basis of Presentation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying consolidated financial statements include the results of TREES and its nine wholly-owned (direct and indirect) subsidiary companies, each a Colorado corporation or limited liability company:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">6565 E. Evans Owner LLC</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">GC Corp</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">GC Capital Corp, LLC</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">GC Security LLC</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">General Cannabis Capital Corporation</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">Standard Cann, Inc.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">SevenFive Farms Cultivation, LLC</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">SevenFive Farms, LLC</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">Trees Colorado LLC</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">Trees Oregon LLC</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">Green Tree Colorado LLC</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">GT Cultivation LLC</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">GT Retail LLC</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">GT MIP LLC</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif">Green Man Cannabis, LLC</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intercompany accounts and transactions have been eliminated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Furthermore, when testing assets for impairment in future periods, if management uses different assumptions or if different conditions occur, impairment charges may result.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Going Concern</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incurred net losses of $7.1 million and $9.5 million during the <span>years ended December 31, 2023 and 2022</span>, respectively, and had an accumulated deficit of $100.5 million and $93.4 million as of <span>December 31, 2023 and </span>December 31, 2022. We had cash and cash equivalents of $1.0 million and $2.6 million as of <span>December 31, 2023</span>, and December 31, 2022, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements, have been prepared on the basis of continuity of operations, realization of assets, and the satisfaction of liabilities and commitments in the ordinary course of business. We have incurred recurring losses and negative cash flows from operations since inception and have primarily funded our operations with proceeds from the issuance of debt and equity. We expect our operating losses to continue into the foreseeable future as we continue to execute our acquisition and growth strategy. As a result, we have concluded that there is substantial doubt about our ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to continue as a going concern is dependent upon our ability to raise additional capital to fund operations, support our planned investing activities, and repay our debt obligations as they become due. If we are unable to obtain additional funding, we would be forced to delay, reduce, or eliminate some or all of our acquisition efforts, which could adversely affect our growth plans.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Liquidity</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Company incurred net losses of $</span>7.1<span> million and $</span>9.5 <span>million in the years ended December 31, 2023 and 2022, respectively, and had an accumulated deficit of $</span>100.5<span> million as of December 31, 2023. The Company had cash and cash equivalents of $1.0 million </span>as of December 31, 2023<span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Company believes that its cash and cash equivalents </span>as of December 31, 2023 <span>will not be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the date of filing this Annual Report on Form 10-K. The Company will need additional funding to support its planned investing activities. If the Company is unable to obtain additional funding, it would be forced to delay, reduce, or eliminate some or all of its planned operations and acquisition efforts, which could adversely affect its business prospects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Reclassifications</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>Certain prior year amounts have been reclassified for consistency with current year presentation. These reclassifications had no effect on the reported results of operations.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Significant Accounting Policies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Cash and Cash Equivalents</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents include cash on hand, deposits with banks, and investments that are highly liquid and have maturities of <span style="-sec-ix-hidden: hidden-fact-75">three</span> months or less at the date of purchase.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Inventories</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories consist of raw materials, supplies, growing and harvested plants (work-in-process), and finished goods, and are stated at the lower of cost or net realizable value. All direct and indirect costs of growing plants are accumulated until the time of harvest and allocated to the plants during the growing process. All direct and indirect costs of finished goods are accumulated and allocated to the products between the harvest and completion stages. The Company uses an average costing method to allocate costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated costs of completion and estimated costs necessary to make the sale. The Company periodically reviews physical inventory for excess, obsolete, and potentially impaired items. Write-downs and write-offs are charged to cost of sales.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Accounts Receivable, net</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable are recorded at the original invoiced amount due from our customers less an allowance for any potential uncollectible amounts. We control credit risk related to accounts receivable through credit approvals, credit limits, and monitoring processes. In making the determination of the appropriate allowance for credit losses, management considers prior experience with customers, analysis of accounts receivable aging reports, changes in customer payment patterns, and historical write-offs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Right-of-use Asset / Lease Liability</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Right of use (“ROU”) assets represent our right to use an underlying asset in which we obtain substantially all the economic benefits and the right to direct the use of the asset during the lease term. Lease liabilities represent our obligation to make lease payments arising from the lease. We recognize ROU assets and lease liabilities on the balance sheet for leases with a lease term of greater than one year. The Company elected to combine the lease and related non-lease components (common area maintenance and operating costs) and treat them as a single lease component. ROU assets and lease liabilities are recognized at the commencement date of the lease based on the present value of the fixed lease payments over the lease term. The Company’s operating leases include options to extend or terminate the lease, which are not included in the determination of the ROU asset or lease liability unless reasonably certain to be exercised. Payments that are not fixed at the commencement of the lease are considered variable and are excluded from the measurement of the ROU asset and lease liability and are expensed as incurred in the statement of operations. Variable payments typically included payment for common area maintenance and reimbursement of the landlords operating costs as the amounts change from year to year based on actual costs incurred. In the measurement of our ROU assets and lease liabilities, the fixed lease payments in the agreement are discounted using a secured incremental borrowing rate for a term similar to the duration of the lease, as our leases do not provide implicit rates. Operating lease expense is recognized on a straight-line basis over the lease term. For the Company’s finance lease, interest expense is recognized on the lease liability using the effective interest method and depreciation of the finance lease ROU asset is recognized on a straight-line basis over the lease term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Property and Equipment, net</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment are recorded at historical cost, less accumulated depreciation. Major additions and improvements are capitalized, while replacements, maintenance, and repairs, which do not improve or extend the life of the respective assets, are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets: thirty years for buildings, the lesser of ten years or the life of the lease for leasehold improvements, and one to fifteen years for furniture, fixtures and equipment, software, vehicles, and biological assets. Land is not depreciated. When property or equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the respective accounts with the resulting gain or loss reflected in operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Business Combinations </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amounts paid for acquisitions are allocated to the assets acquired and liabilities assumed based on their estimated fair value at the date of acquisition. The fair value of identifiable intangible assets is based on detailed valuations that use information and assumptions provided by management, including expected future cash flows. We allocate any excess purchase price over the fair value of the net assets and liabilities acquired to goodwill. Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related costs, including advisory, legal, accounting, valuation, and other costs, are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Goodwill and Intangibles</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill represents the excess of purchase price over the fair value of identifiable net assets acquired in a business combination. Goodwill and long-lived intangible assets are tested for impairment at least annually in accordance with the provisions of ASC No. 350, <i>Intangibles-Goodwill and Other</i> (“ASC No. 350”). ASC No. 350 requires that goodwill be tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carry value. Application of the goodwill impairment test requires judgement, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. We test goodwill and long-lived intangible assets annually in December, unless an event occurs that would cause us to believe the value is impaired at an interim date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets with finite useful lives are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Debt</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We issue debt that may have separate warrants, conversion features, or no equity-linked attributes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Debt with warrants</i> – When we issue debt with warrants, we treat the warrants as a debt discount, record as a contra-liability against the debt, and amortize the balance over the life of the underlying debt as amortization of debt discount expense in the consolidated statements of operations. The offset to the contra-liability is recorded as additional paid in capital in our consolidated balance sheets. If the debt is retired early, the associated debt discount is then recognized immediately as amortization of debt discount expense in the consolidated statement of operations. The debt is treated as conventional debt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We determine the value of the non-complex warrants using the Black-Scholes Option Pricing Model (“Black-Scholes”) using the stock price on the date of issuance, the risk-free interest rate associated with the life of the debt, and the volatility of our stock. For warrants with complex terms, we use the binomial lattice model to estimate their fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Modification and Extinguishment of Debt - </i>When we change the terms of existing notes payable, we evaluate the amendments under ASC 470-50, <i>Debt Modification and Extinguishment</i> to determine whether the change should be treated as a modification or as a debt extinguishment. This evaluation includes analyzing whether there are significant and consequential changes to the economic substance of the note. If the change is deemed insignificant then the change is considered a debt modification, whereas if the change is substantial the change is reflected as a debt extinguishment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Convertible Debt - </i>When we issue debt with a conversion feature, we must first assess whether the conversion feature meets the requirements to be treated as a derivative. If the conversion feature within convertible debt meets the requirements to be treated as a derivative, we estimate the fair value of the convertible debt derivative using Black-Scholes upon the date of issuance, using the stock price on the date of issuance, the risk-free interest rate associated with the life of the debt, and the estimated volatility of our stock.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Fair Value of Financial Instruments</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. generally accepted accounting principles (“GAAP”) requires disclosing the fair value of financial instruments to the extent practicable for financial instruments which are recognized or unrecognized in the consolidated balance sheet. The fair value of the financial instruments disclosed herein is not necessarily representative of the amount that could be realized or settled, nor does the fair value amount consider the tax consequences of realization or settlement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In assessing the fair value of financial instruments, the Company uses a variety of methods and assumptions, which are based on estimates of market conditions and risks existing at the time. For certain instruments, including accounts receivable and accounts payable, the Company estimated that the carrying amount approximated fair value because of the short maturities of these instruments. All debt is based on current rates at which the Company could borrow funds with similar remaining maturities and approximates fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use on unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs consist of items that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is described below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 1 – Quoted prices in active markets for identical assets or liabilities. There are no fair valued assets or liabilities classified under Level 1 as of December 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 2 – Observable prices that are based on inputs not quoted on active markets but corroborated by market data. There are no fair valued assets or liabilities classified under Level 2 as of December 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 3 – Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs (see Note 15).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 3 liabilities are valued using unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the liabilities. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Company’s accounting, and finance department, which reports to the Chief Financial Officer, determines its valuation policies and procedures. The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s accounting and finance department and are approved by the Chief Financial Officer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Level 3 Valuation Techniques</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 3 financial liabilities consist of the derivative liabilities for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. Changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in estimates or assumptions and recorded as appropriate. The Company deems financial instruments which do not have fixed settlement provisions to be derivative instruments. In accordance with GAAP the fair value of these warrants is classified as a liability on the Company’s consolidated balance sheets because, according to the terms of the warrants, a fundamental transaction (as defined) could give rise to an obligation of the Company to pay cash to its warrant holders. Corresponding changes in the fair value of the derivative liabilities are recognized in earnings on the Company’s consolidated statements of operations in each subsequent period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s derivative liabilities are carried at fair value and were classified as Level 3 in the fair value hierarchy due to the use of significant unobservable inputs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Warrant Instruments</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Warrants with derivative features</i> – When we raise capital by issuing warrants that do not have complex terms, they are recorded as additional paid in capital in our consolidated balance sheet. When we issue warrants that have complex terms, such as a clause in which the warrant agreements contain a cash settlement provision whereby the holders could settle the warrants for cash upon a fundamental transaction that is considered outside of the control of management, such as a change of control, the warrants are considered to be a derivative that is recorded as a liability at fair value. The warrant derivative liability is adjusted to its fair value at the end of each reporting period, with the change being recorded as a loss or gain.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Revenue Recognition</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have two main revenue streams: (i) retail product sales; and (ii) wholesale cultivation sales.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Product sales are recorded at the time that control of the product is transferred to customers. In evaluating the timing of the transfer of control of products to customers, we consider several indicators, including significant risks and rewards of products, our right to payment, and the legal title of the products. Based on the assessment of control indicators, sales are generally recognized when products are delivered to customers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue from cultivation sales is recognized when the products are delivered to the customer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>ASU 2014-09, <i>Revenue from Contracts with Customers </i>(“</span>ASC Topic 606”) is a comprehensive revenue recognition model that requires revenue to be recognized when control of the promised goods or services are transferred to our customers at an amount that reflects the consideration that we expect to receive. Application of ASC Topic 606 requires us to use more judgment and make more estimates than under former guidance. Application of ASC Topic 606 requires a five-step model applicable to all product offerings revenue streams as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Identification of the contract, or contracts, with a customer</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A contract with a customer exists when (i) we enter into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to these goods or services, (ii) the contract has commercial substance, and (iii) we determine that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We apply judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit or financial information pertaining to the customer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Identification of the performance obligations in the contract</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the goods or service either on its own or together with other resources that are readily available from third parties or from us, and are distinct in the context of the contract, whereby the transfer of the goods or services is separately identifiable from other promises in the contract.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When a contract includes multiple promised goods or services, we apply judgment to determine whether the promised goods or services are capable of being distinct and are distinct within the context of the contract. If these criteria are not met, the promised goods or services are accounted for as a combined performance obligation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Determination of the transaction price</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transaction price is determined based on the consideration to which we will be entitled to receive in exchange for transferring goods or services to our customer. We estimate any variable consideration included in the transaction price using the expected value method that requires the use of significant estimates for discounts, cancellation periods, refunds and returns. Variable consideration is described in detail below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Allocation of the transaction price to the performance obligations in the contract</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative Stand-Alone Selling Price (“SSP,”) basis. We determine SSP based on the price at which the performance obligation would be sold separately. If the SSP is not observable, we estimate the SSP based on available information, including market conditions and any applicable internally approved pricing guidelines.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Recognition of revenue when, or as, we satisfy a performance obligation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We recognize revenue at the point in time that the related performance obligation is satisfied by transferring the promised goods or services to our customer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Principal versus Agent Considerations</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When another party is involved in providing goods or services to our customer, we apply the principal versus agent guidance in ASC Topic 606 to determine if we are the principal or an agent to the transaction. When we control the specified goods or services before they are transferred to our customer, we report revenue gross, as principal. If we do not control the goods or services before they are transferred to our customer, revenue is reported net of the fees paid to the other party, as agent. Our evaluation to determine if we control the goods or services within ASC Topic 606 includes the following indicators:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>We are primarily responsible for fulfilling the promise to provide the specified good or service.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When we are primarily responsible for providing the goods and services, such as when the other party is acting on our behalf, we have indication that we are the principal to the transaction. We consider if we may terminate our relationship with the other party at any time without penalty or without permission from our customer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>We have risk before the specified good or service have been transferred to a customer or after transfer of control to the customer.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may commit to obtaining the services of another party with or without an existing contract with our customer. In these situations, we have risk of loss as principal for any amount due to the other party regardless of the amount(s) we earn as revenue from our customer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The entity has discretion in establishing the price for the specified good or service.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have discretion in establishing the price our customer pays for the specified goods or services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Shipping and Handling</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments by customers to us for shipping and handling costs are included in revenue on the consolidated statements of operations, while our expense is included in cost of sales. Shipping and handling for inventory are included as a component of inventory on the consolidated balance sheets, and in cost of sales in the consolidated statements of operations when the product is sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Advertising</span></p> <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advertising costs are expensed as incurred and are included in selling, general and administrative expenses in the consolidated statements of operations. The Company did not incur any significant advertising costs for the years ended December 31, 2023 and 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Stock-based Payments</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Employee and non-employee awards</i> – We account for stock-based compensation in accordance with the fair value recognition provisions of ASC 718<i>,</i> <i>Compensation – Stock Compensation</i>, and ASC 505<i>,</i> <i>Equity</i>, which require all stock-based compensation to employees and non-employees, including grants of employee stock options, to be recognized as an expense in the consolidated financial statements based on their fair values. The fair value of stock options is estimated using the Black-Scholes option pricing formula that requires assumptions for expected volatility, expected dividends, the risk-free interest rate, and the expected term of the option. The Company accounts for forfeitures of stock-based grants as they occur. If any of the assumptions used in the Black-Scholes model or the anticipated number of shares to be awarded change significantly, stock-based compensation expense <i>may</i> differ materially in the future from that recorded in the current period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Market price-based awards</i> – We may issue stock-based payments that vest when certain market conditions are met, such as our Common Stock trading above a certain value for a specific number of days. We recognize expense for market price-based options at the estimated fair value of the options using the binomial lattice model over the estimated life of the options used in the model, or immediately upon the market conditions being met. We use historical data to estimate the expected price volatility, the expected stock option life and expected forfeiture rate. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the stock option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Income Taxes</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the income tax and financial reporting carrying amount of our assets and liabilities. We monitor our deferred tax assets and evaluate the need for a valuation allowance based on the estimate of the amount of such deferred tax assets that we believe do not meet the more-likely-than-not recognition criteria. We also evaluate whether we have any uncertain tax positions and would record a reserve if we believe it is more-likely-than-not our position would not prevail with the applicable tax authorities and would be recorded in income tax expense. Our assessment of tax positions as of December 31, 2023 and 2022, determined that there were no material uncertain tax positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tax returns for the years ending December 31, 2020 through 2022 are open to examination by federal and state authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Segments</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC 280, <i>Segment Reporting</i> (“ASC 280”), establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our Chief Executive Officer has been identified as the chief decision maker. Our reporting segments consist of: a) Retail; and b) Cultivation. Our operations are conducted within the United States of America.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recently Issued Accounting Standards</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>FASB ASU 2020-06 – “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”- </i>In June 2020, the Financial Accounting Standards Board (“FASB”) issued guidance which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. This Accounting Standards Update (“ASU”) also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation in certain areas. The amendments in this ASU are effective for annual and interim periods beginning after December 15, 2021, although early adoption is permitted. We adopted this ASU in the first quarter of 2022, and the adoption did not have a material effect on our consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>FASB ASU 2016-13 – “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”</i>– In June 2016, the FASB issued guidance that replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credits, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. ASC 326 requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses as well as the credit quality and underwriting standards of a company’s portfolio. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities the Company does not intend to sell or believes that it is more likely than not they will be required to sell. The ASU can be adopted no later than January 1, 2020 for SEC filers and January 1, 2023 for private companies and smaller reporting companies. The adoption of the new standard did not have a material effect on our consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>FASB ASU 2017-04 – “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”</i> – In January 2017, the FASB issued ASU No. 2017-04, which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under ASU 2017-04, goodwill impairment will be tested by comparing the fair value of a reporting unit with its carrying amount, and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new guidance must be applied on a prospective basis and is effective for periods beginning after December 15, 2022, with early adoption permitted. The adoption of the new standard did not have a material effect on our consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Accounting Pronouncements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>FASB ASU 2023-07 – “Segment Reporting – Improvements to Reportable Segment Disclosures”</i> - In November 2023, the FASB issued ASU No. 2023-07, which requires disclosure of more detailed information about a reportable segment’s expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The amendments must be applied retrospectively, and early adoption is permitted. The Company is currently assessing the effects of adoption on its consolidated financial statements.</p>
CY2020Q2	us-gaap	Area Of Land AreaOfLand	17000	sqm
CY2022	cann	Percentage Of Cultivation Revenue PercentageOfCultivationRevenue	0.10	pure
CY2023	cann	Percentage Of Cultivation Revenue PercentageOfCultivationRevenue	0.10	pure
CY2023	us-gaap	Net Income Loss NetIncomeLoss	-7100000	usd
CY2022	us-gaap	Net Income Loss NetIncomeLoss	-9500000	usd
CY2023Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	1000000	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	2600000	usd
CY2023Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-100500000	usd
CY2023Q4	us-gaap	Other Cash Equivalents At Carrying Value OtherCashEquivalentsAtCarryingValue	1000000	usd
CY2023	cann	Lease Term LeaseTerm	P1Y
CY2023	cann	Estimated Useful Lives Of The Assets Terms EstimatedUsefulLivesOfTheAssetsTerms	P30Y
CY2023Q4	us-gaap	Inventory Raw Materials InventoryRawMaterials	351241	usd
CY2022Q4	us-gaap	Inventory Raw Materials InventoryRawMaterials	8883	usd
CY2023Q4	us-gaap	Inventory Finished Goods And Work In Process InventoryFinishedGoodsAndWorkInProcess	509677	usd
CY2022Q1	us-gaap	Cash Cash	256582	usd
CY2022Q1	us-gaap	Common Stock Dividends Shares CommonStockDividendsShares	4970654	shares
CY2022Q1	cann	License Transfer Per Share LicenseTransferPerShare	0.27
CY2022Q1	us-gaap	Contingent Consideration Classified As Equity Fair Value Disclosure ContingentConsiderationClassifiedAsEquityFairValueDisclosure	1346076	usd
CY2022Q2	us-gaap	Cash Cash	384873	usd
CY2022Q4	us-gaap	Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValueDiscountRate	0.12	pure
CY2022Q4	cann	Business Combination Consideration Transferred In Cash In Equal Monthly Installments Fair Value BusinessCombinationConsiderationTransferredInCashInEqualMonthlyInstallmentsFairValue	3017510	usd
CY2023	us-gaap	Business Combination Consideration Transferred Equity Interests Issued And Issuable BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable	859204	usd
CY2023Q4	cann	Contingent Earnout Liability ContingentEarnoutLiability	367056	usd
CY2023	us-gaap	Assets Fair Value Adjustment AssetsFairValueAdjustment	492148	usd
CY2022Q4	us-gaap	Inventory Finished Goods And Work In Process InventoryFinishedGoodsAndWorkInProcess	2057779	usd
CY2023Q4	us-gaap	Inventory Net InventoryNet	860918	usd
CY2022Q4	us-gaap	Inventory Net InventoryNet	2066662	usd
CY2022	us-gaap	Disposal Group Including Discontinued Operation Revenue DisposalGroupIncludingDiscontinuedOperationRevenue	3438	usd
CY2022	us-gaap	Disposal Group Including Discontinued Operation General And Administrative Expense DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense	2040	usd
CY2022	cann	Disposal Group Including Discontinued Operation Total Costs And Expenses DisposalGroupIncludingDiscontinuedOperationTotalCostsAndExpenses	2040	usd
CY2022	us-gaap	Disposal Group Including Discontinued Operation Operating Income Loss DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss	5478	usd
CY2023Q4	us-gaap	Accounts Receivable Gross Current AccountsReceivableGrossCurrent	152863	usd
CY2022Q4	us-gaap	Accounts Receivable Gross Current AccountsReceivableGrossCurrent	83373	usd
CY2023Q4	us-gaap	Allowance For Doubtful Accounts Receivable Current AllowanceForDoubtfulAccountsReceivableCurrent	41000	usd
CY2022Q4	us-gaap	Allowance For Doubtful Accounts Receivable Current AllowanceForDoubtfulAccountsReceivableCurrent	42000	usd
CY2023Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	111863	usd
CY2022Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	41373	usd
CY2023	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	-114	usd
CY2022	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	-6280	usd
CY2023Q4	us-gaap	Security Deposit SecurityDeposit	107921	usd
CY2022Q4	us-gaap	Security Deposit SecurityDeposit	140628	usd
CY2023Q4	us-gaap	Prepaid Insurance PrepaidInsurance	106124	usd
CY2022Q4	us-gaap	Prepaid Insurance PrepaidInsurance	86071	usd
CY2023Q4	us-gaap	Other Receivables OtherReceivables	176657	usd
CY2023Q4	us-gaap	Other Assets Current OtherAssetsCurrent	21209	usd
CY2022Q4	us-gaap	Other Assets Current OtherAssetsCurrent	32899	usd
CY2023Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	411911	usd
CY2022Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	259598	usd
CY2023Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	2080729	usd
CY2022Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	2367872	usd
CY2023Q4	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	685625	usd
CY2022Q4	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	419903	usd
CY2023Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1395104	usd
CY2022Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1947969	usd
CY2023	us-gaap	Depreciation Depreciation	221940	usd
CY2022	us-gaap	Depreciation Depreciation	182838	usd
CY2021Q4	us-gaap	Finite Lived Intangible Assets Gross FiniteLivedIntangibleAssetsGross	6323780	usd
CY2021Q4	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	-323967	usd
CY2021Q4	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	5999813	usd
CY2022Q4	cann	Gross Intangible Assets Purchase Price Allocation Adjustments GrossIntangibleAssetsPurchasePriceAllocationAdjustments	3942000	usd
CY2022Q4	cann	Net Intangible Assets Purchase Price Allocation Adjustments NetIntangibleAssetsPurchasePriceAllocationAdjustments	3942000	usd
CY2022	cann	Gross Intangible Assets Tradename Intangibles Acquired GrossIntangibleAssetsTradenameIntangiblesAcquired	1188000	usd
CY2022Q4	cann	Net Intangible Assets Tradename Intangibles Acquired NetIntangibleAssetsTradenameIntangiblesAcquired	1188000	usd
CY2022	us-gaap	Adjustment For Amortization AdjustmentForAmortization	148538	usd
CY2022	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	148538	usd
CY2022	us-gaap	Goodwill Impairment Loss Net Of Tax GoodwillImpairmentLossNetOfTax	553377	usd
CY2022	us-gaap	Goodwill Impairment Loss GoodwillImpairmentLoss	553377	usd
CY2022Q4	us-gaap	Finite Lived Intangible Assets Gross FiniteLivedIntangibleAssetsGross	3016403	usd
CY2022Q4	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	-472505	usd
CY2022Q4	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	2543898	usd
CY2023Q4	cann	Gross Intangible Assets Purchase Price Allocation Adjustments GrossIntangibleAssetsPurchasePriceAllocationAdjustments	150000	usd
CY2023Q4	cann	Net Intangible Assets Purchase Price Allocation Adjustments NetIntangibleAssetsPurchasePriceAllocationAdjustments	150000	usd
CY2023	cann	Intangible Assets Station License Intangibles Acquired IntangibleAssetsStationLicenseIntangiblesAcquired	590536	usd
CY2023	cann	Accumulated Amortization Station2 License Intangibles Acquired AccumulatedAmortizationStation2LicenseIntangiblesAcquired	31987	usd
CY2023	cann	Net Intangible Assets Station2 License Intangibles Acquired NetIntangibleAssetsStation2LicenseIntangiblesAcquired	558549	usd
CY2023Q4	cann	Gross Intangible Assets Transfer Of Station2 License GrossIntangibleAssetsTransferOfStation2License	558549	usd
CY2023	cann	Net Intangible Assets Transfer Of Station2 License NetIntangibleAssetsTransferOfStation2License	558549	usd
CY2023Q4	cann	Gross Intangible Assets Transfer Of Green Tree Assets GrossIntangibleAssetsTransferOfGreenTreeAssets	135922	usd
CY2023	cann	Net Intangible Assets Transfer Of Green Tree Assets NetIntangibleAssetsTransferOfGreenTreeAssets	135922	usd
CY2023	us-gaap	Adjustment For Amortization AdjustmentForAmortization	620485	usd
CY2023	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	620485	usd
CY2023Q4	us-gaap	Finite Lived Intangible Assets Gross FiniteLivedIntangibleAssetsGross	2762468	usd
CY2023Q4	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	-1124977	usd
CY2023Q4	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	1637491	usd
CY2023Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Next Twelve Months FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths	500425	usd
CY2023Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Two FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo	169100	usd
CY2023Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Three FiniteLivedIntangibleAssetsAmortizationExpenseYearThree	169100	usd
CY2023Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Four FiniteLivedIntangibleAssetsAmortizationExpenseYearFour	169100	usd
CY2023Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Five FiniteLivedIntangibleAssetsAmortizationExpenseYearFive	169100	usd
CY2023Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense After Year Five FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive	460666	usd
CY2023Q4	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	1637491	usd
CY2022Q4	cann	Impairment Remaining Balance ImpairmentRemainingBalance	278878	usd
CY2022	us-gaap	Finance Lease Impairment Loss FinanceLeaseImpairmentLoss	274500	usd
CY2023	us-gaap	Goodwill Impairment Loss GoodwillImpairmentLoss	1516000	usd
CY2023Q4	us-gaap	Lessee Operating Lease Discount Rate LesseeOperatingLeaseDiscountRate	0.20	pure
CY2023	us-gaap	Operating Lease Cost OperatingLeaseCost	1265837	usd
CY2022	us-gaap	Operating Lease Cost OperatingLeaseCost	743156	usd
CY2023	us-gaap	Variable Lease Cost VariableLeaseCost	445982	usd
CY2022	us-gaap	Variable Lease Cost VariableLeaseCost	133689	usd
CY2023	us-gaap	Operating Lease Expense OperatingLeaseExpense	1711819	usd
CY2022	us-gaap	Operating Lease Expense OperatingLeaseExpense	876845	usd
CY2023	us-gaap	Finance Lease Interest Expense FinanceLeaseInterestExpense	167293	usd
CY2022	us-gaap	Finance Lease Interest Expense FinanceLeaseInterestExpense	5846	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Payments Due Next Twelve Months LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths	846201	usd
CY2023Q4	us-gaap	Finance Lease Liability Payments Due Next Twelve Months FinanceLeaseLiabilityPaymentsDueNextTwelveMonths	205400	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Payments Due Year Two LesseeOperatingLeaseLiabilityPaymentsDueYearTwo	708439	usd
CY2023Q4	us-gaap	Finance Lease Liability Payments Due Year Two FinanceLeaseLiabilityPaymentsDueYearTwo	171043	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Payments Due Year Three LesseeOperatingLeaseLiabilityPaymentsDueYearThree	452948	usd
CY2023Q4	us-gaap	Finance Lease Liability Payments Due Year Three FinanceLeaseLiabilityPaymentsDueYearThree	136940	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Payments Due Year Four LesseeOperatingLeaseLiabilityPaymentsDueYearFour	302095	usd
CY2023Q4	us-gaap	Finance Lease Liability Payments Due Year Four FinanceLeaseLiabilityPaymentsDueYearFour	143102	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Payments Due After Year Five LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive	914910	usd
CY2023Q4	us-gaap	Finance Lease Liability Payments Due After Year Five FinanceLeaseLiabilityPaymentsDueAfterYearFive	818100	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Payments Due LesseeOperatingLeaseLiabilityPaymentsDue	3296593	usd
CY2023Q4	us-gaap	Finance Lease Liability Payments Due FinanceLeaseLiabilityPaymentsDue	1474585	usd
CY2023Q4	us-gaap	Lessee Operating Lease Liability Undiscounted Excess Amount LesseeOperatingLeaseLiabilityUndiscountedExcessAmount	1232000	usd
CY2023Q4	us-gaap	Finance Lease Liability Undiscounted Excess Amount FinanceLeaseLiabilityUndiscountedExcessAmount	767937	usd
CY2023Q4	us-gaap	Operating Lease Liability OperatingLeaseLiability	2064593	usd
CY2023Q4	us-gaap	Finance Lease Liability FinanceLeaseLiability	706648	usd
CY2023Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	846201	usd
CY2023Q4	us-gaap	Finance Lease Liability Current FinanceLeaseLiabilityCurrent	205400	usd
CY2023Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	1218392	usd
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$CANN
TREES Corp (Colorado) Stock $cann

2024 Q2 Form 10-K Financial Statement

#000121390024031818 Filed on April 10, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$CANN TREES Corp (Colorado) Stock $cann

2024 Q2 Form 10-K Financial Statement

#000121390024031818 Filed on April 10, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$CANN
TREES Corp (Colorado) Stock $cann