$CANN
TREES Corp (Colorado)

2022 Q4 Form 10-Q Financial Statement

#000155837022017741 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $3.458M $3.177M $1.666M
YoY Change 19.29% 90.75% 5.05%
Cost Of Revenue $2.720M $2.037M $1.473M
YoY Change 43.21% 38.24% 384.56%
Gross Profit $737.8K $1.141M $192.4K
YoY Change -26.18% 492.75% -84.98%
Gross Profit Margin 21.34% 35.9% 11.55%
Selling, General & Admin $2.835M $1.463M $673.0K
YoY Change 137.9% 117.38% -10.41%
% of Gross Profit 384.29% 128.25% 349.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $140.6K $98.91K $118.2K
YoY Change -27.8% -16.31% 165.36%
% of Gross Profit 19.06% 8.67% 61.42%
Operating Expenses $2.976M $1.463M $673.0K
YoY Change 114.63% 117.38% -10.41%
Operating Profit -$2.238M -$657.2K -$872.0K
YoY Change 478.21% -24.64% -36.15%
Interest Expense -$512.1K $213.8K $150.5K
YoY Change 48.93% 42.08% 77.66%
% of Operating Profit
Other Income/Expense, Net -$1.793M -$415.0K
YoY Change 332.2% -144.59%
Pretax Income -$5.776M -$2.451M -$1.287M
YoY Change 54.37% 90.42% 195.66%
Income Tax -$49.08K $254.0K $0.00
% Of Pretax Income
Net Earnings -$5.744M -$2.704M -$1.300M
YoY Change 50.91% 108.04% 116.67%
Net Earnings / Revenue -166.1% -85.12% -78.05%
Basic Earnings Per Share -$0.03 -$0.02
Diluted Earnings Per Share -$0.06 -$0.03 -$19.21K
COMMON SHARES
Basic Shares Outstanding 96.19M 96.19M 62.30M
Diluted Shares Outstanding 96.19M 69.12M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.584M $1.965M $2.459M
YoY Change 25.79% -20.12% 234.93%
Cash & Equivalents $2.584M $1.965M $2.459M
Short-Term Investments
Other Short-Term Assets $259.6K $4.206M $194.2K
YoY Change 74.13% 2065.39% -71.21%
Inventory $2.067M $1.201M $885.6K
Prepaid Expenses $259.6K $168.6K $185.3K
Receivables $41.37K $165.2K $102.9K
Other Receivables $0.00 $0.00 $73.00K
Total Short-Term Assets $4.951M $7.537M $3.715M
YoY Change 42.31% 102.87% 58.45%
LONG-TERM ASSETS
Property, Plant & Equipment $1.948M $606.5K $666.3K
YoY Change 186.33% -8.98% 78.93%
Goodwill $18.38M $14.61M $10.10M
YoY Change 108.93% 44.67% 294.27%
Intangibles $2.544M $2.088M $5.821M
YoY Change -57.6% -64.13% 27784.23%
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $0.00
YoY Change
Total Long-Term Assets $26.74M $20.26M $19.08M
YoY Change 44.21% 6.2% 224.23%
TOTAL ASSETS
Total Short-Term Assets $4.951M $7.537M $3.715M
Total Long-Term Assets $26.74M $20.26M $19.08M
Total Assets $31.69M $27.80M $22.79M
YoY Change 43.91% 21.96% 176.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.109M $2.196M $856.9K
YoY Change -5.27% 156.21% -36.09%
Accrued Expenses $2.862M $787.8K $1.093M
YoY Change 22.47% -27.92% 112.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.903M $1.308M $866.4K
YoY Change 73.92% 50.91% -47.12%
Total Short-Term Liabilities $6.140M $4.629M $3.012M
YoY Change 50.46% 53.66% -51.57%
LONG-TERM LIABILITIES
Long-Term Debt $15.90M $12.48M $5.636M
YoY Change 169.13% 121.42% 839.32%
Other Long-Term Liabilities $2.542M $2.343M $1.969M
YoY Change 4.69% 19.04% -15.51%
Total Long-Term Liabilities $15.90M $12.48M $5.636M
YoY Change 169.13% 121.42% 839.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.140M $4.629M $3.012M
Total Long-Term Liabilities $15.90M $12.48M $5.636M
Total Liabilities $25.29M $19.45M $10.62M
YoY Change 103.66% 83.21% 16.02%
SHAREHOLDERS EQUITY
Retained Earnings -$93.40M -$87.64M -$80.00M
YoY Change 11.43% 9.55% 11.42%
Common Stock $118.7K $96.19K $84.71K
YoY Change 32.51% 13.55% 44.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.406M $8.344M $12.17M
YoY Change
Total Liabilities & Shareholders Equity $31.69M $27.80M $22.79M
YoY Change 43.91% 21.96% 176.99%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$5.744M -$2.704M -$1.300M
YoY Change 50.91% 108.04% 116.67%
Depreciation, Depletion And Amortization $140.6K $98.91K $118.2K
YoY Change -27.8% -16.31% 165.36%
Cash From Operating Activities -$1.155M -$649.2K $209.8K
YoY Change 609.77% -409.35% -117.26%
INVESTING ACTIVITIES
Capital Expenditures $27.71K -$19.69K $3.930K
YoY Change -448.55% -601.02% -105.11%
Acquisitions
YoY Change
Other Investing Activities -$1.715M $0.00 -$1.255M
YoY Change 4934.93% -100.0%
Cash From Investing Activities -$1.743M -$19.70K -$1.251M
YoY Change 4048.26% -98.43% 1526.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -520.0K 5.598M 1.193M
YoY Change 152.78% 369.28% 46.37%
NET CHANGE
Cash From Operating Activities -1.155M -649.2K 209.8K
Cash From Investing Activities -1.743M -19.70K -1.251M
Cash From Financing Activities -520.0K 5.598M 1.193M
Net Change In Cash -3.418M 4.929M 151.7K
YoY Change 732.72% 3149.56% -131.75%
FREE CASH FLOW
Cash From Operating Activities -$1.155M -$649.2K $209.8K
Capital Expenditures $27.71K -$19.69K $3.930K
Free Cash Flow -$1.183M -$629.5K $205.9K
YoY Change 664.12% -405.7% -118.08%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">NOTE 1.  NATURE OF OPERATIONS, HISTORY, AND PRESENTATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Nature of Operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">TREES Corporation, a Colorado Corporation (the “Company,” “we,” “us,” or “our,”) (formerly, General Cannabis Corp), was incorporated on June <span style="white-space:pre-wrap;">3, 2013, and provides services and products to the regulated cannabis industry. On June 8, 2022, our shareholders, upon recommendation of the Board, approved an amendment to our Amended and Restated Articles of Incorporation at our 2022 Annual Meeting of Stockholders. The amendment to our Amended and Restated Articles of Incorporation was filed with the Secretary of State of the State of Colorado on June 8, 2022 and formally changed the name of the Company to TREES Corporation. As of September 30, 2022, our operations are segregated into the following segments:</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Retail (“Retail Segment”)</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Through our acquisition of TDM, LLC (“TREES Englewood”) in September 2021, our acquisition of Trees Portland, LLC, Trees Waterfront, LLC in December 2021 and our acquisition of Trees MLK, LLC in January 2022, we operate a retail dispensary store in Englewood, Colorado and three<span style="white-space:pre-wrap;"> retail stores in Portland, Oregon. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Cultivation (“Cultivation Segment”)</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Through our acquisition of SevenFive Farm ("SevenFive") in May 2020, we operate a 17,000 square foot licensed light deprivation greenhouse cultivation facility. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;margin:0pt;"><span style="text-decoration-line:underline;text-decoration-style:solid;">Discontinued Operations - Operations Consulting and Products (“Operations Segment”)</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;margin:0pt;">Through Next Big Crop (“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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;margin:0pt 0pt 12pt 0pt;">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.<span style="white-space:pre-wrap;"> Pursuant to amendment, the buyer paid the additional </span>$75,000 in March 2022, and the 10% profit share described above was eliminated.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Basis of Presentation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The accompanying unaudited condensed consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared following the requirements of the Securities and Exchange Commission for interim reporting. As permitted under those rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States of America ("U.S. GAAP") can be condensed or omitted. The condensed consolidated balance sheet for the year ended December 31, 2021, was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto of the Company for the year ended December 31, 2021, which were included in the annual report on Form 10-K filed by the Company on March 25, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">In the opinion of management, these unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and notes thereto of the Company and include all adjustments, consisting only of normal recurring adjustments, considered necessary for the fair presentation of the Company's financial position and operating results. The results for the three and nine months ended September 30, 2022, are not necessarily indicative of the operating results for the year ending December 31, 2022, or any other interim or future periods. Since the date of the Annual Report, there have been no material changes to the Company’s significant accounting policies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Reclassifications</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of our unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management 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. In particular, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company's business and markets. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company's business, results of operations, and financial condition, including revenues, expenses, reserves and allowances, fair value measurements and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the pandemic, its severity in our markets and elsewhere, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Concentrations of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject us to significant concentrations of credit risk consisted primarily of cash, accounts receivable and revenue.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Customer and Revenue Concentrations</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">During the three months ended September 30, 2022 and 2021, 79% and 24% of SevenFive’s revenue was with one and two<span style="white-space:pre-wrap;"> customers, respectively. During the nine months ended September 30, 2022 and 2021, </span>66% and 12% was with one<span style="white-space:pre-wrap;"> customer, respectively. The customer in 2022 is a related party dispensary and the revenues associated with this customer is eliminated in consolidation.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Discontinued Operations</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On July 16, 2021, we entered into an Asset Purchase Agreement with an individual to sell substantially all of 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<span style="white-space:pre-wrap;"> from the closing. On August 2, 2021, the sale of NBC was completed. Pursuant to amendment, the buyer paid the additional </span>$75,000 in March 2022, and the 10%<span style="white-space:pre-wrap;"> profit share described above was eliminated. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">On January 1, 2021, we discontinued our investments segment. As this is not a materially significant segment, we have not shown the effects of the discontinued segment separately in the financial statements.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">The cash flows related to discontinued operations have not been segregated and are included in the consolidated statements of cash flows. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-line:underline;text-decoration-style:solid;">Going Concern</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">We incurred net losses of $2,704,484 and $3,748,488 during the three and nine months ended September 30, 2022, respectively, and $1,327,595 and $5,062,916 for the three and nine months ended September 30, 2021, respectively, and had an accumulated deficit of $87,640,103 as of September 30, 2022. We had cash and cash equivalents of $1,964,660 and $2,054,050 as of September 30, 2022, and December 31, 2021, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The accompanying unaudited condensed 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 <span style="white-space:pre-wrap;">proceeds from the issuance of convertible debt. 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. Our unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Our ability to continue as a going concern is dependent upon our ability to raise additional capital to <span style="background:#ffffff;">support our planned investing activities. 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.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Summary of Significant Accounting Policies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">See our Annual Report on Form 10-K for the year ended December 31, 2021, for discussion of the Company's significant accounting policies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Recently Issued Accounting Standards</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">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><span style="white-space:pre-wrap;">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. Accounting Standards Updates (“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, 2023, although early adoption is permitted. The Company is currently evaluating the impact of the adoption of the standard on the consolidated financial statements.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">FASB ASU 2019-12 – “Income Taxes (Topic 740)”</i> –<i style="font-style:italic;"> </i>In December 2019, the FASB issued guidance which simplifies certain aspects of accounting for income taxes. The guidance is effective for interim and annual reporting periods beginning after December 15, 2020, and early adoption is permitted. We adopted this ASU in the first quarter of 2021. This ASU did not have a material effect on our condensed consolidated financial statements.</p>
CY2022Q3 cann Number Of Retail Stores Operated
NumberOfRetailStoresOperated
3
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Reclassifications</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of our unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management 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. In particular, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company's business and markets. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company's business, results of operations, and financial condition, including revenues, expenses, reserves and allowances, fair value measurements and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the pandemic, its severity in our markets and elsewhere, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Concentrations of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject us to significant concentrations of credit risk consisted primarily of cash, accounts receivable and revenue.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Customer and Revenue Concentrations</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">During the three months ended September 30, 2022 and 2021, 79% and 24% of SevenFive’s revenue was with one and two<span style="white-space:pre-wrap;"> customers, respectively. During the nine months ended September 30, 2022 and 2021, </span>66% and 12% was with one<span style="white-space:pre-wrap;"> customer, respectively. The customer in 2022 is a related party dispensary and the revenues associated with this customer is eliminated in consolidation.</span></p>
cann Going Concern
GoingConcern
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-line:underline;text-decoration-style:solid;">Going Concern</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">We incurred net losses of $2,704,484 and $3,748,488 during the three and nine months ended September 30, 2022, respectively, and $1,327,595 and $5,062,916 for the three and nine months ended September 30, 2021, respectively, and had an accumulated deficit of $87,640,103 as of September 30, 2022. We had cash and cash equivalents of $1,964,660 and $2,054,050 as of September 30, 2022, and December 31, 2021, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The accompanying unaudited condensed 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 <span style="white-space:pre-wrap;">proceeds from the issuance of convertible debt. 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. Our unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Our ability to continue as a going concern is dependent upon our ability to raise additional capital to <span style="background:#ffffff;">support our planned investing activities. 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.</span></p>
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-2704484
us-gaap Net Income Loss
NetIncomeLoss
-3748488
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-1327595
us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-87640103
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1964660
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2054050
CY2022Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
12127
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
13343
CY2022Q3 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
1189166
CY2021Q4 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
1109740
CY2022Q3 us-gaap Inventory Net
InventoryNet
1201293
CY2021Q4 us-gaap Inventory Net
InventoryNet
1123083
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
173339
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
656415
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
685056
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
702501
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
720840
CY2022Q3 cann Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
4632898
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7571049
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4563804
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
3007245
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
663883
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2343362
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
28318
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
561368
cann Fair Value Of Warrants Exercised
FairValueOfWarrantsExercised
-1523118
CY2022Q3 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-16364
CY2022Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
13359
CY2021Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
81781
CY2021Q3 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-52453
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-14959
CY2021Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
81781
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P5Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P1Y
CY2022Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1232290
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1911447
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
13786464
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
7002197
CY2022Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
1307569
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1094398
CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
12478895
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
29723
CY2021Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
134234
cann Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateFairValue
56348
CY2021Q3 cann Number Of Stock Option Modified
NumberOfStockOptionModified
2
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
250000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Dividends Payable Current
DividendsPayableCurrent
70800
CY2022Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
24958
CY2021Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
131836
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
129959
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
194120
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4903545
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.09
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y3M18D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
22000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
250000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.34
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
216720
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.87
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4936825
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.08
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y8M12D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
22000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
4314445
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
1.16
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y8M12D
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
4000
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
31039
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1M
CY2020Q4 cann Number Of Board Members
NumberOfBoardMembers
4
CY2022Q3 cann Number Of Board Members
NumberOfBoardMembers
4
CY2022Q3 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
1292
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2022Q3 us-gaap Assets Net
AssetsNet
27795417
CY2021Q4 us-gaap Assets Net
AssetsNet
22024345

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