2022 Q4 Form 10-Q Financial Statement

#000149315222032974 Filed on November 18, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $2.962K $153.5K
YoY Change -98.07% -88.25%
Cost Of Revenue $62.76K $346.1K
YoY Change -81.87% -69.2%
Gross Profit -$59.80K -$192.6K
YoY Change -68.95% -205.54%
Gross Profit Margin -2018.77% -125.48%
Selling, General & Admin $342.8K $415.1K
YoY Change -17.41% 16.2%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.62K $23.49K
YoY Change -37.76% -45.93%
% of Gross Profit
Operating Expenses $342.8K $415.1K
YoY Change -17.41% 16.2%
Operating Profit -$402.6K -$607.7K
YoY Change -33.75% 247.74%
Interest Expense -$355.6K -$374.4K
YoY Change -5.03% -95.04%
% of Operating Profit
Other Income/Expense, Net -$355.6K -$374.4K
YoY Change -5.03%
Pretax Income -$758.2K -$982.1K
YoY Change -22.8% -87.23%
Income Tax
% Of Pretax Income
Net Earnings -$758.2K -$981.8K
YoY Change -22.78% -87.23%
Net Earnings / Revenue -25597.81% -639.72%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share -$1.322K -$1.784K
COMMON SHARES
Basic Shares Outstanding 717.4M shares 600.3M shares 550.3M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.58K $37.32K
YoY Change -36.82% -77.5%
Cash & Equivalents $23.58K $37.32K
Short-Term Investments
Other Short-Term Assets $3.643K $114.3K
YoY Change -96.81% 357.28%
Inventory $337.5K $410.7K
Prepaid Expenses
Receivables $22.98K $285.6K
Other Receivables $0.00 $0.00
Total Short-Term Assets $644.5K $847.9K
YoY Change -23.99% 40.96%
LONG-TERM ASSETS
Property, Plant & Equipment $1.711M $1.847M
YoY Change -7.36% -5.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $84.95K
YoY Change -50.01%
Other Assets $7.460K $7.460K
YoY Change 0.0% 0.0%
Total Long-Term Assets $2.071M $2.189M
YoY Change -5.41% 2.23%
TOTAL ASSETS
Total Short-Term Assets $644.5K $847.9K
Total Long-Term Assets $2.071M $2.189M
Total Assets $2.715M $3.037M
YoY Change -10.6% 10.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.164M $817.8K
YoY Change 42.29% -21.71%
Accrued Expenses $1.238M $986.1K
YoY Change 25.57% 32.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.081M $2.207M
YoY Change 39.6% 79.86%
Total Short-Term Liabilities $7.913M $4.786M
YoY Change 65.34% -64.87%
LONG-TERM LIABILITIES
Long-Term Debt $911.3K $2.468M
YoY Change -63.08% 17.0%
Other Long-Term Liabilities $19.16K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $930.5K $2.468M
YoY Change -62.3% 11.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.913M $4.786M
Total Long-Term Liabilities $930.5K $2.468M
Total Liabilities $8.844M $7.247M
YoY Change 22.03% -54.25%
SHAREHOLDERS EQUITY
Retained Earnings -$19.43M
YoY Change
Common Stock $60.68K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.122M -$4.210M
YoY Change
Total Liabilities & Shareholders Equity $2.715M $3.037M
YoY Change -10.6% 10.72%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$758.2K -$981.8K
YoY Change -22.78% -87.23%
Depreciation, Depletion And Amortization $14.62K $23.49K
YoY Change -37.76% -45.93%
Cash From Operating Activities -$36.16K -$191.4K
YoY Change -81.11% -46.64%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$5.640K
YoY Change -100.0% -77.86%
Acquisitions
YoY Change
Other Investing Activities $0.00 $70.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$5.570K
YoY Change -100.0% -78.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 54.71K 46.15K
YoY Change 18.55% -89.72%
NET CHANGE
Cash From Operating Activities -36.16K -191.4K
Cash From Investing Activities 0.000 -5.570K
Cash From Financing Activities 54.71K 46.15K
Net Change In Cash 18.55K -150.8K
YoY Change -112.3% -332.67%
FREE CASH FLOW
Cash From Operating Activities -$36.16K -$191.4K
Capital Expenditures $0.00 -$5.640K
Free Cash Flow -$36.16K -$185.8K
YoY Change -80.54% -44.26%

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<p id="xdx_808_eus-gaap--NatureOfOperations_z74Fc5l4Ym49" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_82C_zmw3ljz4GSrh">ORGANIZATION AND NATURE OF OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Overview</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grapefruit Boulevard Investments, Inc. (“we”, “our”, “us”, “Grapefruit”, “GBI”, or “the Company”) was formed as a California corporation on August 28, 2017 and began operation in September 2017. On July 10, 2019, Grapefruit acquired Imaging3, Inc. (“IGNG”) in a reverse acquisition (the “Acquisition”). Under the terms of a Share Exchange Agreement by and among IGNG, Grapefruit and Grapefruit’s shareholders, IGNG issued to Grapefruit’s existing shareholders approximately <span id="xdx_907_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20190710__srt--TitleOfIndividualAxis__custom--GrapefruitsShareholdersMember__us-gaap--BusinessAcquisitionAxis__custom--Imaging3IncMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember_z4bzw3CezFVh" title="Acquisition ownership percentage">81</span>% of the post-Acquisition IGNG common shares and the IGNG shareholders retained <span id="xdx_90B_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20190710__srt--ConsolidatedEntitiesAxis__custom--GrapefruitBoulevardInvestmentsIncMember__srt--TitleOfIndividualAxis__custom--CurrentShareholdersMember__us-gaap--BusinessAcquisitionAxis__custom--PostAcquisitionMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember_zeQ388hdrIk5" title="Acquisition ownership percentage">19</span>% of the post-Acquisition IGNG common shares. As a result, our financial statements are prepared using the acquisition method of accounting with Grapefruit as the accounting acquirer and IGNG treated as the legal acquirer and accounting acquiree. On December 16, 2019, Grapefruit filed the necessary paperwork with the Financial Industry Regulatory Authority (“FINRA”) and OTC Markets to effect the Company Name and Ticker symbol changes from “IGNG” to “GPFT” formally changing our corporate name from Imgaing3, Inc. to Grapefruit USA, Inc., a Delaware corporation whose stock is trading under the Ticker Symbol “GPFT”.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s annual distribution licensure renews again on June 13, 2023. Our annual manufacturing license was renewed by the California Department of Health. Grapefruit has not yet applied for a license to cultivate cannabis flowers and will not until construction of our cultivation facility has been substantially completed. We own two acres of fully entitled cannabis real property located in the Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park where we intend to build a <span id="xdx_90B_eus-gaap--AreaOfLand_iI_pid_uSquareFoot_c20220930_zR8xSV4AWKP7" title="Area of land">30,000</span> square foot fully licensed cannabis facility as more fully described below. The location within Coachillin’ allows the Company to apply for and hold every cannabis license available under the California Cannabis laws.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">The “Mothership” Cultivation &amp; Lab Facility</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2021, Grapefruit obtained a development permit to build a <span id="xdx_90C_eus-gaap--AreaOfLand_iI_pid_uSquareFoot_c20210731_zJ5qcpMao8Sh" title="Area of land">30,000</span> square foot “Mothership” facility intended to house a state-of-the-art indoor grow as well as a separately licensed distribution hub and laboratory that will produce the patented Hourglass line of topical creams as well as high quality extracts from trim generated by processing the indoor cannabis flowers. We intend to obtain CGMP certification for the lab pursuant to the Good Manufacturing Practice regulations enforced by the Federal Drug Administration (“FDA”). We expect that our facility will meet proper design, monitoring, and manufacturing control processes to assure the strength, quality, and purity of all Hourglass products we manufacture. We anticipate the FDA to mandate all cannabis facilities to be CGMP certified (Current Good Manufacturing Practice regulations enforced by the FDA) to continue in operation if cannabis becomes legalized by the federal government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Summit Boys</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2021, the Company purchased control of Summit Boys, Inc., a cannabis extraction brand with product lines in retail stores throughout the State of California. The Company is continuing the Summit Boys’ business without interruption and is currently selling its branded products in California through Grapefruit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summit Boys’ premium extracts include sugar, crumble, badder, live resin, diamonds, budder, sauce, caviar and other extracted cannabis products, which are currently placed in licensed dispensaries throughout California and are protected by United States of America Trademark Reg. No. 6406802, July 6, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Grapefruit’s Business Development</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2020, we shifted our corporate focus from distribution operations to further development of our patented Hourglass™ Time Release THC+CBD-Infused Topical Cream. Hourglass is the first and only patented Full Spectrum THC+ Cannabinoid Topical delivery Cream that provides its users with a full body, synergistic entourage effect that was previously only available by smoking, vaping or eating cannabis products such as cannabis flowers and gummies. Our Topical Cream is scientifically designed to deliver the full effects of THC combined with a broad range of cannabinoids for a user’s overall health, wellness, and well-being. Hourglass products are laboratory tested. Test results published on every package via a designated QR Code. There is no other topical cream product on the market with our patented technology that provides users with the holistic benefits of the entourage effect of THC+CBD, CBN, CBG, Delta8, THCV and CBE. Hourglass™ is currently available in licensed retail and mobile cannabis dispensaries in Central California and Los Angeles County, California, USA. Hourglass™ is not intended for use to cure, mitigate, treat, or prevent disease and we are not making any such claims.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2021, we decided to bring our patented Hourglass™ Time Release THC+CBD-Infused Topical Cream to the federally legalized Canadian cannabis marketplace. In January 2022, the company’s licensed Canadian distribution partner Medz Cannabis filed a Notice of New Cannabis Product (“NNCP”) with Health Canada on Grapefruit’s behalf for its Hourglass THC+CBD Topical cream. Health Canada is the Canadian federal government department that is responsible for national health policy. It approves and oversees the production of all cannabis products and is the licensing authority for all companies involved in the cannabis industry. Health Canada requires that all cannabis products meet federal regulatory requirements before they can be sold in Canada. Under Canada’s Federal Cannabis Regulatory scheme, Health Canada must be notified of a company’s intent to sell a cannabis product that has not previously been sold in the country.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 21, 2022, Health Canada approved the Company’s NNCP application authorizing Grapefruit to sell its patented Hourglass™ Time Release THC+CBD-Infused Topical Cream to licensed retail outlets throughout Canada under NNCP ID No. NP-V2EHUWO907.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2022, we expanded our distribution efforts to include retail and wholesale sales of our Summit Boys branded products in California.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In September 2022, the Company entered into an exclusive licensing agreement with WWE Hall of Fame wrestler and cannabis pioneer Rob Van Dam to bring his branded cannabis products to the California retail marketplace. Rob Van Dam (“RVD”) is an American professional wrestler and actor best known for his tenures in Extreme Championship Wrestling (ECW), World Wrestling Entertainment (WWE) and Total Nonstop Action Wrestling (TNA)/Impact Wrestling. Van Dam is one of only two wrestlers in history to have held the WWE, ECW and TNA world championships. He was voted “Most Popular Wrestler” by readers of Pro Wrestling Illustrated magazine in 2001 and again in 2002. WWE named him the greatest star in ECW history in 2014.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grapefruit holds its State of California annual licensing from the Bureau of Cannabis Control and the California Department of Public Health. The Company has a permanent annually renewable license as opposed to a provisional or temporary one. The Company is one of the earliest registered distribution companies in the State of California to have an annually renewable license as opposed to the provisional licenses previously granted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grapefruit operates within the Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park (the “Park”), located in Desert Hot Springs, California, 14 miles north of downtown Palm Springs. The Park is the first and largest cooperative canna-business compound of its kind. It is unique in that the landowners each own a proportionate interest in a collaborative owner’s association, which allows them to share much of the park overhead such as clean cultivation water, park security and access to agricultural power rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Distribution</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In early 2021, the Company temporarily suspended its ‘bulk’ purchase and distribution of wholesale cannabis flower due to negative market forces in the wholesale cannabis market beyond the control of the Company. The Company can and will resume wholesale ‘bulk’ cannabis sales and distribution operations when market forces indicate such resumption is appropriate. Nonetheless, the Company continues to distribute ‘bulk’ concentrates to support our Summit Boys brand in California. In March 2022, we expanded our distribution efforts to include retail and wholesale sales of our Summit Boys branded products in California.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Manufacturing</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company owns a fully licensed ethanol extraction facility in the City of Desert Hot Springs, CA. The Company owns and operates a Type 6 Ethanol Extraction Plant which removes the essential cannabis compounds, such as THC Distillate, that we, and others use, to produce cannabis products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grapefruit manufactures its patented Hourglass™ Time Release THC+CBD-Infused Topical Cream at its Coachillin’ facility which allows us to maintain strict quality control standards. In addition, Grapefruit’s extraction lab produces high quality distillate or “Honey Oil” from cannabis trim sourced by Grapefruit. THC Honey Oil is a fundamental cannabis commodity which serves as the active ingredient in products from infused edibles to tinctures/creams. Grapefruit chose to set up its extraction laboratory in the City of Desert Hot Springs because, among other factors, the city does not tax the manufacture of oil by Grapefruit at its Desert Hot Springs extraction facility, thereby providing Grapefruit with an additional competitive advantage.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Binding Letter of Intent to Acquire Diagnostic Lab Corporation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 22, 2022, the Company entered into a Memorandum of Understanding with Diagnostic Lab Corporation, Inc., a Delaware corporation (“DLC”). On June 30, 2022, the Company entered into a Binding Letter of Intent (“LOI”) with DLC. Pursuant to the LOI, the Company will acquire the assets of DLC, its IP and all of its affiliated entities for a combination of cash and a to-be-determined number of the Company’s $<span id="xdx_90A_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20220930__dei--LegalEntityAxis__custom--BindingLetterOfIntentMember_zOXAa5uUdmwl" title="Common stock, par value">0.0001</span> par value common stock. The Company and DLC will jointly recapitalize the Company by raising $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn5n6_c20220101__20220930__dei--LegalEntityAxis__custom--BindingLetterOfIntentMember_zfnSZocE2f47" title="Proceeds from issuance initial public offering">12.5</span> million (inclusive of a currently committed $<span id="xdx_90E_eus-gaap--NotesPayable_iI_pn5n6_c20220930__dei--LegalEntityAxis__custom--BindingLetterOfIntentMember_z9FbDBDBzzJc" title="Notes payable">5.5</span> million debt facility) which will enable the Company to construct its <span style="background-color: white">Good Manufacturing Practices (“cGMP”)</span> certified Desert Hot Springs, CA, Coachillin Park. The “Mothership” facility which will house a state-of-the-art indoor cultivation, manufacturing laboratory and distribution facility. In addition, the recapitalization will fund the Company’s Hourglass 510K Project, the Medical Study of the effects of Hourglass powered products on osteoarthritis sufferers and afford sufficient working capital and interest payment reserves to allow the post-transaction Company to reach positive cash flow. As of September 30, 2022, <span style="background-color: white">the Company is in the process of finalizing its due diligence on DLC and is in the final stages of negotiating the terms of its anticipated financing and structuring of the transaction documents. </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2022Q3 GPFT Furniture And Equipment
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68941 usd
CY2022Q3 GPFT Vehicle
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CY2022Q2 us-gaap Accrued Liabilities Current And Noncurrent
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GPFT Shares Issued Related To Settlement Shares Value
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