$GCAN
Greater Cannabis Company Inc

2023 Q4 Form 10-Q Financial Statement

#000149315223040459 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00
YoY Change
Cost Of Revenue $0.00
YoY Change
Gross Profit $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $30.00K $30.00K $30.00K
YoY Change 0.0% 0.0% 57.89%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.250K $1.250K $1.250K
YoY Change 0.0% 0.0% 0.0%
% of Gross Profit
Operating Expenses $44.03K $50.47K $49.30K
YoY Change 4.16% 2.35% -33.67%
Operating Profit -$44.03K -$50.47K -$49.30K
YoY Change 4.16% 2.35% -33.67%
Interest Expense -$2.830K -$2.970K -$5.470K
YoY Change -44.83% -45.7% -95.63%
% of Operating Profit
Other Income/Expense, Net -$2.965K -$53.47K
YoY Change -94.46%
Pretax Income -$46.86K -$53.43K -$102.8K
YoY Change -1.14% -48.01% -59.26%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$46.86K -$53.43K -$102.8K
YoY Change -1.14% -48.01% -59.26%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$166.30
COMMON SHARES
Basic Shares Outstanding 768.6M shares 768.6M shares 533.6M shares
Diluted Shares Outstanding 766.7M shares 617.9M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $166.9K $199.5K $289.1K
YoY Change -38.21% -30.98% -36.65%
Cash & Equivalents $166.9K $199.5K $289.1K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $166.9K $199.5K $289.1K
YoY Change -38.21% -30.98% -41.37%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $5.420K $6.667K $11.67K
YoY Change -47.97% -42.86% -30.01%
TOTAL ASSETS
Total Short-Term Assets $166.9K $199.5K $289.1K
Total Long-Term Assets $5.420K $6.667K $11.67K
Total Assets $172.3K $206.2K $300.8K
YoY Change -38.57% -31.44% -41.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.090K $3.340K $14.30K
YoY Change -62.53% -76.64% 69.4%
Accrued Expenses $396.0K $385.8K $280.5K
YoY Change 29.58% 37.56% 30.26%
Deferred Revenue
YoY Change
Short-Term Debt $431.4K $467.4K $567.4K
YoY Change -14.3% -17.62% 1.55%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $833.5K $856.6K $862.2K
YoY Change 1.0% -0.65% 10.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $833.5K $856.6K $862.2K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $833.5K $856.6K $862.2K
YoY Change 1.0% -0.65% 10.18%
SHAREHOLDERS EQUITY
Retained Earnings -$4.481M -$4.434M -$4.246M
YoY Change 4.39% 4.45%
Common Stock $804.6K $768.6K $668.6K
YoY Change 9.83% 14.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$661.2K -$650.4K -$561.4K
YoY Change
Total Liabilities & Shareholders Equity $172.3K $206.2K $300.8K
YoY Change -38.57% -31.44% -41.0%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$46.86K -$53.43K -$102.8K
YoY Change -1.14% -48.01% -59.26%
Depreciation, Depletion And Amortization $1.250K $1.250K $1.250K
YoY Change 0.0% 0.0% 0.0%
Cash From Operating Activities -$32.67K -$41.22K -$22.11K
YoY Change 71.41% 86.43% -69.54%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -32.67K -41.22K -22.11K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -32.67K -41.22K -22.11K
YoY Change 71.41% 86.43% -69.54%
FREE CASH FLOW
Cash From Operating Activities -$32.67K -$41.22K -$22.11K
Capital Expenditures $0.00
Free Cash Flow -$41.22K
YoY Change

Facts In Submission

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GCAN Conversion Of Convertible Securities Amount
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CY2023Q3 us-gaap Interest Payable Current And Noncurrent
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GCAN Conversion Of Convertible Securities Amount One
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CY2023Q3 us-gaap Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Cash Equivalents At Carrying Value
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us-gaap Use Of Estimates
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<p id="xdx_84B_eus-gaap--UseOfEstimates_z8eR7hKjj2Gk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_z073RQt80Vth">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Advertising Expense
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us-gaap Net Income Loss
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us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q3 us-gaap Notes Payable Current
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CY2020Q1 GCAN Liability Reduction
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CY2021Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
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CY2021Q1 us-gaap Debt Default Longterm Debt Description Of Notice Of Default
DebtDefaultLongtermDebtDescriptionOfNoticeOfDefault
the date the Registration Statement (as defined below) covering the shares issuable upon conversion of the FFG Notes is declared effective by the Securities and Exchange Commission (the “SEC”) or (ii) one hundred eighty (180) days following the Issue Date to convert all or any part of the outstanding and unpaid principal amount of the FF Note into fully paid and non-assessable shares of our common stock at the conversion price (the “Conversion Price”). The Conversion Price shall be, equal to 70% of the average closing price of our common stock for the five prior trading days prior to the date that a registration statement in respect of the shares into which is the FF Note is convertible is declared effective.
CY2021Q1 us-gaap Default Longterm Debt Description Of Violation Or Event Of Default
DefaultLongtermDebtDescriptionOfViolationOrEventOfDefault
In the case of an Event of Default (as defined in the Note), the FF Note shall become immediately due and payable in an amount (the “Default Amount”) equal to the principal amount then outstanding plus accrued interest (including any Default Interest) through the date of full repayment multiplied by one hundred twenty-five percent (125%) and interest shall accrue at the rate of Default Interest.
CY2017Q1 us-gaap Stock Issued During Period Shares New Issues
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CY2019Q2 GCAN Fair Value Of Shares Charged To Other Operating Expenses
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CY2019Q2 GCAN Shares Charged To Other Operating Expenses
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CY2019Q3 us-gaap Stock Issued During Period Shares Issued For Services
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CY2019Q3 us-gaap Stock Issued During Period Shares Issued For Services
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CY2019Q4 us-gaap Debt Conversion Converted Instrument Shares Issued1
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CY2019Q4 us-gaap Debt Instrument Face Amount
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CY2019Q4 us-gaap Interest Payable Current And Noncurrent
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CY2019Q4 us-gaap Debt Conversion Converted Instrument Shares Issued1
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CY2019Q4 us-gaap Debt Instrument Face Amount
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CY2019Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
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CY2019Q4 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
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CY2019Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
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CY2019Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
515 usd
CY2020Q1 GCAN Excess Of Fair Value
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CY2020Q1 us-gaap Debt Conversion Converted Instrument Amount1
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CY2020Q1 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
21484688 shares
CY2020Q2 GCAN Excess Of Fair Value
ExcessOfFairValue
132838 usd
CY2020Q2 us-gaap Debt Conversion Converted Instrument Amount1
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210532 usd
CY2020Q2 us-gaap Debt Conversion Converted Instrument Shares Issued1
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27563525 shares
CY2020Q2 GCAN Liability Reduction
LiabilityReduction
77695 usd
CY2020Q3 GCAN Excess Of Fair Value
ExcessOfFairValue
467554 usd
CY2020Q3 us-gaap Debt Conversion Converted Instrument Amount1
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797067 usd
CY2020Q3 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
115277834 shares
CY2020Q3 GCAN Liability Reduction
LiabilityReduction
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CY2020Q4 GCAN Excess Of Fair Value
ExcessOfFairValue
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CY2020Q4 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
804324 usd
CY2020Q4 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
261215948 shares
CY2020Q4 GCAN Liability Reduction
LiabilityReduction
342061 usd

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