$CANN
TREES Corp (Colorado)

2023 Q4 Form 10-Q Financial Statement

#000155837023019041 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $3.817M $4.112M
YoY Change 10.36% 29.41%
Cost Of Revenue $2.833M $2.443M
YoY Change 4.15% 19.94%
Gross Profit $983.3K $1.669M
YoY Change 33.27% 46.32%
Gross Profit Margin 25.76% 40.59%
Selling, General & Admin $1.670M $1.963M
YoY Change -41.12% 34.16%
% of Gross Profit 169.78% 117.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $39.38K $251.6K
YoY Change -71.99% 154.38%
% of Gross Profit 4.0% 15.08%
Operating Expenses $1.709M $1.963M
YoY Change -42.58% 34.16%
Operating Profit -$725.6K -$607.2K
YoY Change -67.58% -7.61%
Interest Expense -$492.9K $296.2K
YoY Change -3.75% 38.54%
% of Operating Profit
Other Income/Expense, Net -$404.5K -$207.9K
YoY Change -88.41%
Pretax Income -$2.242M -$815.1K
YoY Change -61.18% -66.74%
Income Tax $102.1K $0.00
% Of Pretax Income
Net Earnings -$2.344M -$815.1K
YoY Change -59.19% -69.86%
Net Earnings / Revenue -61.43% -19.83%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.02 -$0.01
COMMON SHARES
Basic Shares Outstanding 118.7M 118.7M
Diluted Shares Outstanding 118.7M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $969.7K $251.7K
YoY Change -62.47% -87.19%
Cash & Equivalents $969.7K $251.7K
Short-Term Investments
Other Short-Term Assets $235.3K $441.7K
YoY Change -9.38% -89.5%
Inventory $860.9K $1.578M
Prepaid Expenses $441.7K
Receivables $111.9K $205.2K
Other Receivables $176.7K $0.00
Total Short-Term Assets $2.354M $2.477M
YoY Change -52.45% -67.14%
LONG-TERM ASSETS
Property, Plant & Equipment $3.375M $1.734M
YoY Change 73.25% 185.98%
Goodwill $15.88M $18.38M
YoY Change -13.62% 25.82%
Intangibles $1.637M $1.948M
YoY Change -35.63% -6.71%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $20.89M $25.02M
YoY Change -21.88% 23.53%
TOTAL ASSETS
Total Short-Term Assets $2.354M $2.477M
Total Long-Term Assets $20.89M $25.02M
Total Assets $23.25M $27.50M
YoY Change -26.65% -1.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.562M $2.594M
YoY Change 40.87% 18.16%
Accrued Expenses $3.741M $2.802M
YoY Change 30.71% 255.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.298M $4.414M
YoY Change -31.82% 237.59%
Total Short-Term Liabilities $7.365M $10.15M
YoY Change 19.95% 119.37%
LONG-TERM LIABILITIES
Long-Term Debt $14.52M $13.11M
YoY Change -8.71% 5.06%
Other Long-Term Liabilities $1.218M $1.860M
YoY Change -52.06% -20.62%
Total Long-Term Liabilities $15.73M $13.11M
YoY Change -1.04% 5.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.365M $10.15M
Total Long-Term Liabilities $15.73M $13.11M
Total Liabilities $23.10M $25.80M
YoY Change -8.66% 32.62%
SHAREHOLDERS EQUITY
Retained Earnings -$100.5M -$98.14M
YoY Change 7.6% 11.98%
Common Stock $108.7K $118.7K
YoY Change -8.36% 23.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $148.2K $1.705M
YoY Change
Total Liabilities & Shareholders Equity $23.25M $27.50M
YoY Change -26.65% -1.06%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.344M -$815.1K
YoY Change -59.19% -69.86%
Depreciation, Depletion And Amortization $39.38K $251.6K
YoY Change -71.99% 154.38%
Cash From Operating Activities $21.95K -$264.1K
YoY Change -101.9% -59.31%
INVESTING ACTIVITIES
Capital Expenditures $38.56K -$1.450K
YoY Change 39.16% -92.64%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$38.56K $1.450K
YoY Change -97.79% -107.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 734.6K -129.6K
YoY Change -241.26% -102.32%
NET CHANGE
Cash From Operating Activities 21.95K -264.1K
Cash From Investing Activities -38.56K 1.450K
Cash From Financing Activities 734.6K -129.6K
Net Change In Cash 718.0K -392.3K
YoY Change -121.0% -107.96%
FREE CASH FLOW
Cash From Operating Activities $21.95K -$264.1K
Capital Expenditures $38.56K -$1.450K
Free Cash Flow -$16.61K -$262.7K
YoY Change -98.6% -58.27%

Facts In Submission

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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,”) is a cannabis retailer and cultivator in the States of Colorado and Oregon. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">We presently operate six (6) cannabis dispensaries as follows:</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:4.25%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:middle;width:91.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:4.25%;margin:0pt;padding:0.75pt;"></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">●</p></td><td style="vertical-align:middle;width:91.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Englewood, Colorado </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:middle;width:84.45%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0.75pt;"></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Courier New';">o</span></p></td><td style="vertical-align:middle;width:84.45%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">5005 S. Federal Boulevard – <i style="font-style:italic;">Recreational license only</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:5pt;visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:4.25%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:top;white-space:nowrap;width:3.88%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:middle;width:91.86%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:4.25%;margin:0pt;padding:0.75pt;"></td><td style="vertical-align:top;white-space:nowrap;width:3.88%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">●</p></td><td style="vertical-align:middle;width:91.86%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Denver, Colorado</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:11.65%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:top;white-space:nowrap;width:4.03%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:middle;width:84.3%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:middle;width:84.45%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0.75pt;"></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Courier New';">o</span></p></td><td style="vertical-align:middle;width:84.45%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">East Hampden Avenue (formerly Green Man) –<i style="font-style:italic;">Recreational license only</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:4.25%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:middle;width:91.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:4.25%;margin:0pt;padding:0.75pt;"></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">●</p></td><td style="vertical-align:middle;width:91.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Longmont, Colorado </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:middle;width:84.45%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0.75pt;"></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Courier New';">o</span></p></td><td style="vertical-align:middle;width:84.45%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;margin:0pt;"><span style="font-size:10pt;">12626 N. 107</span><sup style="font-size:5.62pt;line-height:100%;top:0pt;vertical-align:top;">th</sup><span style="font-size:10pt;"> Street (formerly Green Tree/Ancient Alternatives) – </span><i style="font-size:10pt;font-style:italic;">Medical and Recreational licenses</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:4.25%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:top;white-space:nowrap;width:3.88%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:middle;width:91.86%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:4.25%;margin:0pt;padding:0.75pt;"></td><td style="vertical-align:top;white-space:nowrap;width:3.88%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">●</p></td><td style="vertical-align:middle;width:91.86%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Three (3) in Oregon</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:middle;width:84.45%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0.75pt;"></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Courier New';">o</span></p></td><td style="vertical-align:middle;width:84.45%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">SW Corbett Avenue, Portland, OR – <i style="font-style:italic;">Medical and Recreational licenses</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:middle;width:84.45%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0.75pt;"></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Courier New';">o</span></p></td><td style="vertical-align:middle;width:84.45%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;margin:0pt;"><span style="font-size:10pt;">NE 102</span><sup style="font-size:5.62pt;line-height:100%;top:0pt;vertical-align:top;">nd</sup><span style="font-size:10pt;"> Avenue, Portland, OR – </span><i style="font-size:10pt;font-style:italic;">Medical and Recreational licenses</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:middle;width:84.45%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:11.67%;margin:0pt;padding:0.75pt;"></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Courier New';">o</span></p></td><td style="vertical-align:middle;width:84.45%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">7050 NE MLK, Portland, OR – <i style="font-style:italic;">Medical and Recreational licenses</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">We also operate two (2) cultivation facilities in Colorado as follows: </p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:4.25%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:middle;width:91.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:4.25%;margin:0pt;padding:0.75pt;"></td><td style="vertical-align:top;white-space:nowrap;width:3.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">●</p></td><td style="vertical-align:middle;width:91.87%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;margin:0pt;"><span style="font-size:10pt;">SevenFive Farm – 3705 N. 75</span><sup style="font-size:5.62pt;line-height:100%;top:0pt;vertical-align:top;">th</sup><span style="font-size:10pt;"> Street, Boulder –</span><i style="font-size:10pt;font-style:italic;"> Retail cultivation license only</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:7pt;visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:4.24%;margin:0pt;padding:0.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:top;white-space:nowrap;width:4.03%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:middle;width:91.71%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:4.24%;margin:0pt;padding:0.75pt;"></td><td style="vertical-align:top;white-space:nowrap;width:4.03%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">●</p></td><td style="vertical-align:middle;width:91.71%;margin:0pt;padding:0.75pt 0pt 0.75pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">6859 N. Foothills Highway E-100 (formerly Green Tree/Hillside Enterprises) – <i style="font-style:italic;">Retail cultivation license only</i> </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:7pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Our principal business model is to acquire, integrate and optimize cannabis companies in the retail and cultivation segments utilizing the combined experience of entrepreneurs and synergistic operations of our vertically integrated network. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;text-align:justify;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;text-align:justify;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;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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.  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.</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;text-align:justify;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, 2022, 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 audited consolidated financial statements and notes thereto of the Company for the year ended December 31, 2022, which were included in the annual report on Form 10-K filed by the Company on April 17, 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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, 2023, are not necessarily indicative of the operating results for the year ending December 31, 2023, 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;text-align:justify;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;text-align:justify;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;text-align:justify;margin: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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject us to significant concentrations of credit risk consisted primarily of cash and accounts receivable.</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 – Cultivation Segment</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the three months ended September 30, 2023 and 2022, 89% of SevenFive’s revenue was with five customers and 79% was with one customer, respectively. During the nine months ended September 30, 2023 and 2022, 50% of SevenFive’s revenue was with one customer and 66% was with one customer, respectively. Two of the customers with sales in the three months ended September 30, 2023 are related party dispensaries and the revenues associated with these customers are eliminated in consolidation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the three months ended September 30, 2023, 84% of Green Tree’s revenue was with four customers. During the nine months ended September 30, 2023, 78% of Green Tree’s revenue was with three customers.  The customers in 2023 are related party dispensaries and the revenues associated with these customers are eliminated in consolidation.</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;text-align:justify;margin:0pt 0pt 12pt 0pt;">We incurred net losses of $815,123 and $4,737,812 during the three and nine months ended September 30, 2023, respectively and $2,704,484 and $3,748,488 for the three and nine months ended September 30, 2022, respectively, and had an accumulated deficit of $98,139,894 as of September 30, 2023. We had cash and cash equivalents of $251,691 and<span style="background:#ffff00;"> </span>$2,583,833 as of September 30, 2023, and December 31, 2022, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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 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.  Our unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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;">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.</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;text-align:justify;margin:0pt 0pt 12pt 0pt;">See our Annual Report on Form 10-K for the year ended December 31, 2022, 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;text-align:justify;margin: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>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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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.  We adopted this ASU in the first quarter of 2022, and the adoption did not have a material effect on our financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">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-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">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, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 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 financial statements.</p>
CY2023Q3 cann Number Of Cannabis Dispensaries In Which Company Operates
NumberOfCannabisDispensariesInWhichCompanyOperates
6
CY2023Q3 cann Number Of Cultivation Facilities In Which Company Operates
NumberOfCultivationFacilitiesInWhichCompanyOperates
2
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;text-align:justify;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;text-align:justify;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;text-align:justify;margin: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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject us to significant concentrations of credit risk consisted primarily of cash and accounts receivable.</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 – Cultivation Segment</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the three months ended September 30, 2023 and 2022, 89% of SevenFive’s revenue was with five customers and 79% was with one customer, respectively. During the nine months ended September 30, 2023 and 2022, 50% of SevenFive’s revenue was with one customer and 66% was with one customer, respectively. Two of the customers with sales in the three months ended September 30, 2023 are related party dispensaries and the revenues associated with these customers are eliminated in consolidation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the three months ended September 30, 2023, 84% of Green Tree’s revenue was with four customers. During the nine months ended September 30, 2023, 78% of Green Tree’s revenue was with three customers.  The customers in 2023 are related party dispensaries and the revenues associated with these customers are eliminated in consolidation.</p>
CY2023Q3 cann Number Of Customers Who Are Related Party Dispensaries
NumberOfCustomersWhoAreRelatedPartyDispensaries
2
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;text-align:justify;margin:0pt 0pt 12pt 0pt;">We incurred net losses of $815,123 and $4,737,812 during the three and nine months ended September 30, 2023, respectively and $2,704,484 and $3,748,488 for the three and nine months ended September 30, 2022, respectively, and had an accumulated deficit of $98,139,894 as of September 30, 2023. We had cash and cash equivalents of $251,691 and<span style="background:#ffff00;"> </span>$2,583,833 as of September 30, 2023, and December 31, 2022, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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 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.  Our unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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;">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.</span></p>
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-815123
us-gaap Net Income Loss
NetIncomeLoss
-4737812
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-2704484
us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-98139894
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
251691
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
251691
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2583833
CY2023Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
8883
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
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CY2023Q3 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
1622510
CY2022Q4 us-gaap Inventory Finished Goods And Work In Process
InventoryFinishedGoodsAndWorkInProcess
2057779
CY2023Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
53140
CY2023Q3 us-gaap Inventory Net
InventoryNet
1578253
CY2022Q4 us-gaap Inventory Net
InventoryNet
2066662
cann Number Of Operating Leases
NumberOfOperatingLeases
1
CY2023Q3 cann Lease Discount Rate
LeaseDiscountRate
0.20
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
197513
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
164103
us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
44239
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
169368
us-gaap Variable Lease Cost
VariableLeaseCost
502413
us-gaap Variable Lease Cost
VariableLeaseCost
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CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
241752
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
333471
us-gaap Operating Lease Expense
OperatingLeaseExpense
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us-gaap Operating Lease Expense
OperatingLeaseExpense
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FinanceLeaseInterestExpense
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CY2022Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
307735
CY2023Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1252825
CY2023Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
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CY2023Q3 cann Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
965359
CY2023Q3 cann Finance Lease Liability Payments Due After Year Four
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
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CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2023Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
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CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1245724
CY2023Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
50000
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1860192
CY2023Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
671285
CY2023Q3 cann Lease Renewal Options Exercise Remaining Minimum Lease Payments Due
LeaseRenewalOptionsExerciseRemainingMinimumLeasePaymentsDue
1219188
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2023Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
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CY2022 cann Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateFairValue
56348
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4936825
us-gaap Operating Lease Payments
OperatingLeasePayments
957153
us-gaap Operating Lease Payments
OperatingLeasePayments
193523
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
348825
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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CY2023Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
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CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1888933
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
17524563
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
17802932
CY2023Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2022Q4 us-gaap Long Term Debt Current
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CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.08
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4936825
CY2023Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
289
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
29723
CY2022Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
5508
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
28318
CY2023Q3 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
2860
CY2022Q3 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-16364
us-gaap Increase Decrease In Derivative Liabilities
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IncreaseDecreaseInDerivativeLiabilities
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CY2023Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
3149
CY2022Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
13359
CY2023Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
3149
CY2022Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
13359
cann Employee Retention Credit Benefit Net Of Party Specialist Fee
EmployeeRetentionCreditBenefitNetOfPartySpecialistFee
1085939
cann Employee Retention Credit Party Specialist Fee
EmployeeRetentionCreditPartySpecialistFee
217188
cann Proceeds From Employee Retention Credit
ProceedsFromEmployeeRetentionCredit
909282
cann Other Current Assets Relating To Employee Retention Credit
OtherCurrentAssetsRelatingToEmployeeRetentionCredit
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CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q3 us-gaap Dividends Payable Current
DividendsPayableCurrent
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CY2022Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
4936825
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
1.08
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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22000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
0
CY2023Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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CY2022Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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us-gaap Stock Option Plan Expense
StockOptionPlanExpense
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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2023Q3 us-gaap Assets Net
AssetsNet
27501634
CY2022Q4 us-gaap Assets Net
AssetsNet
31694713

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