2022 Q4 Form 10-Q Financial Statement
#000147793222008629 Filed on November 15, 2022
Income Statement
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
Revenue | $0.00 | $0.00 | |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $5.820K | $6.642K | |
YoY Change | -12.38% | ||
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $100.1K | $81.00K | |
YoY Change | 23.54% | ||
Operating Profit | -$100.1K | -$81.00K | |
YoY Change | 23.54% | ||
Interest Expense | $15.85K | $13.07K | |
YoY Change | 21.31% | ||
% of Operating Profit | |||
Other Income/Expense, Net | -$15.85K | -$13.07K | |
YoY Change | 21.31% | ||
Pretax Income | |||
YoY Change | |||
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$115.9K | -$94.06K | |
YoY Change | 23.23% | 75.51% | |
Net Earnings / Revenue | |||
Basic Earnings Per Share | |||
Diluted Earnings Per Share | |||
COMMON SHARES | |||
Basic Shares Outstanding | 1.683B shares | 1.683B shares | 1.533B shares |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | $0.00 | $0.00 | |
Short-Term Investments | |||
Other Short-Term Assets | |||
YoY Change | |||
Inventory | |||
Prepaid Expenses | $0.00 | $10.00K | |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | |||
YoY Change | |||
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 | |||
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | |||
Total Long-Term Assets | |||
Total Assets | $0.00 | $10.00K | |
YoY Change | -100.0% | ||
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $42.92K | $16.83K | |
YoY Change | 155.09% | ||
Accrued Expenses | |||
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | |||
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | |||
YoY Change | |||
LONG-TERM LIABILITIES | |||
Long-Term Debt | |||
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | |||
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | |||
Total Long-Term Liabilities | |||
Total Liabilities | $1.374M | $987.7K | |
YoY Change | 39.1% | ||
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$4.147M | -$3.751M | |
YoY Change | 10.56% | ||
Common Stock | $168.3K | $153.3K | |
YoY Change | 9.78% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$1.374M | -$977.7K | |
YoY Change | |||
Total Liabilities & Shareholders Equity | $0.00 | $10.00K | |
YoY Change | -100.0% |
Cashflow Statement
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$115.9K | -$94.06K | |
YoY Change | 23.23% | 75.51% | |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | |||
YoY Change | |||
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | |||
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 | |||
YoY Change | |||
NET CHANGE | |||
Cash From Operating Activities | |||
Cash From Investing Activities | |||
Cash From Financing Activities | |||
Net Change In Cash | |||
YoY Change | |||
FREE CASH FLOW | |||
Cash From Operating Activities | |||
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1257919 | usd |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-686093 | usd |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-44621 | usd | |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-33330 | usd | |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-115912 | usd |
CY2021Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-94063 | usd |
CY2021Q3 | us-gaap |
Salaries And Wages
SalariesAndWages
|
45000 | usd |
us-gaap |
Salaries And Wages
SalariesAndWages
|
135000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-313880 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-291593 | usd | |
CY2022Q3 | igpk |
Net Loss Per Common Share Basic And Diluted
NetLossPerCommonShareBasicAndDiluted
|
-0.00 | |
us-gaap |
Salaries And Wages
SalariesAndWages
|
135000 | usd | |
dei |
Entity Emerging Growth Company
EntityEmergingGrowthCompany
|
false | ||
dei |
Entity Shell Company
EntityShellCompany
|
false | ||
CY2022Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
5820 | usd |
CY2021Q3 | us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
6642 | usd |
dei |
Document Type
DocumentType
|
10-Q | ||
dei |
Document Quarterly Report
DocumentQuarterlyReport
|
true | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001002771 | ||
dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2022 | ||
CY2021Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
CY2021Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
1633317059 | shares |
CY2021Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
1633317059 | shares |
CY2022Q1 | us-gaap |
Preferred Stock No Par Value
PreferredStockNoParValue
|
10.00 | |
dei |
Document Period End Date
DocumentPeriodEndDate
|
2022-09-30 | ||
dei |
Document Transition Report
DocumentTransitionReport
|
false | ||
dei |
Entity Registrant Name
EntityRegistrantName
|
Integrated Cannabis Solutions, Inc. | ||
dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
NV | ||
dei |
Entity Tax Identification Number
EntityTaxIdentificationNumber
|
90-1505708 | ||
dei |
Entity Address Address Line1
EntityAddressAddressLine1
|
6810 North State Road 7 | ||
dei |
Entity Address City Or Town
EntityAddressCityOrTown
|
Coconut Creek | ||
dei |
Entity Address State Or Province
EntityAddressStateOrProvince
|
FL | ||
dei |
Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
33073 | ||
dei |
City Area Code
CityAreaCode
|
954 | ||
dei |
Local Phone Number
LocalPhoneNumber
|
906-0098 | ||
dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | ||
dei |
Entity Interactive Data Current
EntityInteractiveDataCurrent
|
Yes | ||
dei |
Entity Filer Category
EntityFilerCategory
|
Non-accelerated Filer | ||
dei |
Entity Small Business
EntitySmallBusiness
|
true | ||
CY2022Q4 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
1683317059 | shares |
CY2022Q3 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
0 | usd |
CY2021Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
10000 | usd |
CY2022Q3 | us-gaap |
Assets
Assets
|
0 | usd |
CY2021Q4 | us-gaap |
Assets
Assets
|
10000 | usd |
CY2022Q3 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
676383 | usd |
CY2021Q4 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
487019 | usd |
CY2022Q3 | igpk |
Accrued Interest Related Party
AccruedInterestRelatedParty
|
44074 | usd |
CY2021Q4 | igpk |
Accrued Interest Related Party
AccruedInterestRelatedParty
|
29641 | usd |
CY2022Q3 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
419919 | usd |
CY2021Q4 | us-gaap |
Notes Payable Current
NotesPayableCurrent
|
398919 | usd |
CY2022Q3 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
233455 | usd |
CY2021Q4 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
154372 | usd |
CY2022Q3 | us-gaap |
Liabilities
Liabilities
|
1373831 | usd |
CY2021Q4 | us-gaap |
Liabilities
Liabilities
|
1069951 | usd |
CY2022Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
CY2022Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
2650000000 | shares |
CY2021Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
1650000000 | shares |
CY2022Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
1683317059 | shares |
CY2022Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
1633317059 | shares |
CY2022Q3 | us-gaap |
Common Stock Value
CommonStockValue
|
168332 | usd |
CY2021Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
163332 | usd |
CY2022Q3 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
2604845 | usd |
CY2021Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
2609845 | usd |
CY2022Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-4147161 | usd |
CY2021Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-3833281 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1373831 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1059951 | usd |
CY2022Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
0 | usd |
CY2021Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
10000 | usd |
CY2022Q3 | us-gaap |
Revenues
Revenues
|
0 | usd |
CY2021Q3 | us-gaap |
Revenues
Revenues
|
0 | usd |
us-gaap |
Revenues
Revenues
|
0 | usd | |
us-gaap |
Revenues
Revenues
|
0 | usd | |
CY2022Q3 | us-gaap |
Salaries And Wages
SalariesAndWages
|
45000 | usd |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
19532 | usd | |
us-gaap |
Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
|
20730 | usd | |
CY2022Q3 | us-gaap |
Professional Fees
ProfessionalFees
|
49241 | usd |
CY2021Q3 | us-gaap |
Professional Fees
ProfessionalFees
|
29354 | usd |
us-gaap |
Professional Fees
ProfessionalFees
|
114727 | usd | |
us-gaap |
Professional Fees
ProfessionalFees
|
102533 | usd | |
CY2022Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
100061 | usd |
CY2021Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
80996 | usd |
us-gaap |
Operating Expenses
OperatingExpenses
|
269259 | usd | |
us-gaap |
Operating Expenses
OperatingExpenses
|
258263 | usd | |
CY2022Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-100061 | usd |
CY2021Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-80996 | usd |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-269259 | usd | |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-258263 | usd | |
CY2022Q3 | us-gaap |
Interest Expense
InterestExpense
|
15851 | usd |
CY2021Q3 | us-gaap |
Interest Expense
InterestExpense
|
13067 | usd |
us-gaap |
Interest Expense
InterestExpense
|
44621 | usd | |
us-gaap |
Interest Expense
InterestExpense
|
33330 | usd | |
CY2022Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-15851 | usd |
CY2021Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-13067 | usd |
CY2021Q3 | igpk |
Net Loss Per Common Share Basic And Diluted
NetLossPerCommonShareBasicAndDiluted
|
-0.00 | |
igpk |
Net Loss Per Common Share Basic And Diluted
NetLossPerCommonShareBasicAndDiluted
|
-0.00 | ||
igpk |
Net Loss Per Common Share Basic And Diluted
NetLossPerCommonShareBasicAndDiluted
|
-0.00 | ||
CY2022Q3 | igpk |
Weighted Average Number Of Shares Outstanding Basic And Diluted
WeightedAverageNumberOfSharesOutstandingBasicAndDiluted
|
1667284450 | shares |
CY2021Q3 | igpk |
Weighted Average Number Of Shares Outstanding Basic And Diluted
WeightedAverageNumberOfSharesOutstandingBasicAndDiluted
|
1533317059 | shares |
igpk |
Weighted Average Number Of Shares Outstanding Basic And Diluted
WeightedAverageNumberOfSharesOutstandingBasicAndDiluted
|
1644763945 | shares | |
igpk |
Weighted Average Number Of Shares Outstanding Basic And Diluted
WeightedAverageNumberOfSharesOutstandingBasicAndDiluted
|
1500533176 | shares | |
CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-883623 | usd |
CY2021Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-94063 | usd |
CY2021Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-977686 | usd |
CY2022Q3 | igpk |
Preferred Stock Series A Conversion To Common Amount
PreferredStockSeriesAConversionToCommonAmount
|
0 | usd |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-115912 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1373831 | usd |
igpk |
Preferred Stock Series A Conversion To Common Amount
PreferredStockSeriesAConversionToCommonAmount
|
0 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-291593 | usd | |
CY2021Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-977686 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1059951 | usd |
igpk |
Preferred Stock Series A Conversion To Common Amount
PreferredStockSeriesAConversionToCommonAmount
|
0 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-313880 | usd | |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-1373831 | usd |
us-gaap |
Profit Loss
ProfitLoss
|
313800 | usd | |
us-gaap |
Profit Loss
ProfitLoss
|
291593 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-10000 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
7000 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
203797 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
111846 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-100083 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-186747 | usd | |
us-gaap |
Proceeds From Issuance Of Medium Term Notes
ProceedsFromIssuanceOfMediumTermNotes
|
21000 | usd | |
us-gaap |
Proceeds From Issuance Of Medium Term Notes
ProceedsFromIssuanceOfMediumTermNotes
|
161083 | usd | |
igpk |
Advances From Officer
AdvancesFromOfficer
|
79083 | usd | |
igpk |
Advances From Officer
AdvancesFromOfficer
|
25664 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
100083 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
186747 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
0 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
0 | usd | |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
0 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
0 | usd |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
0 | usd |
CY2021Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
0 | usd |
us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | usd | |
us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | usd | |
us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | usd | |
us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | usd | |
igpk |
Conversion Of Common Stock For Series A Preferred Stock
ConversionOfCommonStockForSeriesAPreferredStock
|
5000 | usd | |
igpk |
Conversion Of Common Stock For Series A Preferred Stock
ConversionOfCommonStockForSeriesAPreferredStock
|
0 | usd | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>NOTE 1 – INCORPORATION AND OPERATIONS</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Prior Planned Operations </em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Integrated Cannabis Solutions, Inc. and Subsidiary (the “Company”) is a Nevada corporation and publicly traded company under the ticker "IGPK". The Company was formed on December 31, 2003 and has had nominal operations during the nine months ended September 30, 2022 and the year ended December 31, 2021. The Company previously planned to process hemp or biomass into Cannabidiol (“CBD”) by establishing a processing plant in Wisconsin to supply manufacturers or pharmaceutical companies for their manufacture, distribution, and sale of CBD related products such as edibles for human consumption, vitamins, and multi-vitamins, and topical products for human use such as oils, tinctures, creams, oils and salves, and vaping liquids. Additionally, the Company planned to promote and assist in the establishment of a co-op with local farmers for the purpose of establishing a consistent supply of biomass and enter into long term supply contracts. On January 3, 2022, the Company publicly announced it will not be renewing its Hemp licenses in Wisconsin since the Hemp market prices have dropped due to the increased number of new farmers. As of January 3, 2022, the Company is no longer pursuing a Hemp related business. On May 21, 2019, the Company formed Integrated Farming Solutions, LLC as a limited liability company, in the state of Nevada. Integrated Farming Solutions, LLC is a wholly owned subsidiary and has not yet begun operations. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em> New Business Plan of Athleisure Wear and Management of Cannabis Companies </em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px">Upon the closing of the transaction described below, we conducted operations in the Athleisure apparel business, as follows: </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Consolidated Apparel, Inc. </em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:4%;"/><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 13, 2021, as noted in Note 9, Integrated Holding Solutions (“IHS” or the “Buyer’), which is the Company’s wholly owned subsidiary, as the Buyer, entered into an Acquisition Agreement with Consolidated Apparel, Inc. (“Consolidated” or the “Seller”) and Eugene Caiazzo, its owner (“Caiazzo”), the Sellers in the Agreement, providing for IHS' acquisition of 100% of Consolidated’s shares owned by Caiazzo in return for the Buyer’s consideration to the Seller of 328,000 shares of the Company’s Convertible/Redeemable Series B par value $1.00 Preferred shares to Caiazzo.</p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px">As noted in Note 10 (Subsequent Events), we closed the Consolidated transaction on October 3, 2022 pursuant to an October 3, 2022 Addendum Agreement between the parties.</p></td></tr></tbody></table> | ||
CY2021Q4 | igpk |
Preferred Stock Convertible Shares Issuable1
PreferredStockConvertibleSharesIssuable1
|
328000 | shares |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company’s financial statements are prepared using the accrual method in accordance with Generally Accepted Accounting Principles in the United State of America (“GAAP”). The preparation of financial statements in conformity with GAAP 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 the reported amount of revenues and expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Significant estimates made by management include, but are not limited to, valuation of stock options, stock-based compensation, convertible debt and the valuation allowance associated with deferred tax assets. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Actual results could differ from those estimates.</p> | ||
igpk |
Reclassifications Of Prior Period Balancespolicytextblock
ReclassificationsOfPriorPeriodBalancespolicytextblock
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Certain amounts in prior periods have been reclassified to conform to the current year presentation with no effect on previously reported net loss or stockholder’s equity (deficit). Amounts totaling $29,641 for accrued interest reported in accounts payable and accrued expenses in the Balance Sheet as of December 31, 2021 were broken out into its own line item. </p> | ||
CY2021Q4 | igpk |
Accrued Interest Related Party
AccruedInterestRelatedParty
|
29641 | usd |
CY2022Q2 | igpk |
Working Capital Deficit
WorkingCapitalDeficit
|
-1373831 | usd |
CY2022Q3 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
42921 | usd |
CY2021Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
18745 | usd |
CY2022Q3 | us-gaap |
Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
|
545000 | usd |
CY2021Q4 | us-gaap |
Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
|
410000 | usd |
CY2022Q3 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
88462 | usd |
CY2021Q4 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
58274 | usd |
CY2022Q3 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
676383 | usd |
CY2021Q4 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
487019 | usd |
us-gaap |
Interest Expense Related Party
InterestExpenseRelatedParty
|
14432 | usd | |
us-gaap |
Interest Expense Related Party
InterestExpenseRelatedParty
|
8843 | usd | |
CY2022Q3 | us-gaap |
Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
|
545000 | usd |
CY2021Q4 | us-gaap |
Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
|
410000 | usd |
igpk |
Wages Expense
WagesExpense
|
135000 | usd | |
igpk |
Wages Expense
WagesExpense
|
135000 | usd | |
igpk |
Status Of Acquisition Agreement Hemp Business Name Change Classes Of Preferred Shares Disclosuretextblock
StatusOfAcquisitionAgreementHempBusinessNameChangeClassesOfPreferredSharesDisclosuretextblock
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOTE 9 – STATUS OF ACQUISITION AGREEMENT, HEMP BUSINESS, NAME CHANGE, CLASSES OF PREFERRED SHARES </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Status of Acquisition Agreement - Consolidated Apparel, Inc. </em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 13, 2021, Integrated Holdings Solutions, Inc. (“IHS’ or “Buyer’), the Company’s wholly owned subsidiary, completed an Acquisition Agreement with Consolidated Apparel, Inc. (“Consolidated” or “Seller”) and Eugene Caiazzo (“Caiazzo”), which rescinded a September 1, 2021 agreement and provided for IHS’ acquisition of 100% of Consolidated in return for the Company’s consideration to the Buyer of 328,000 shares of the Company’s Convertible/Redeemable Series B par value $1.00 Preferred shares to Caiazzo. Further, the terms provide that: (a) Caiazzo shall remain as Consolidated’s President and manage Consolidated’s operations; (b) Integrated Cannabis’ director will appoint Caiazzo as a member of the Company’s Board of Directors; (c) IHS and Caiazzo will complete an Employment Agreement providing for Caiazzo’s responsibilities as Consolidated’s President; (d) subject to negotiation between the Parties, Consolidated will grant Cashless stock options to Caiazzo. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As of September 30, 2022, and December 31, 2021, the Consolidated Acquisition Agreement had not yet closed but did close on October 3, 2022 pursuant to an October 3, 2022 Addendum to the December 31, 2021 Consolidated Acquisition Agreement (See Note 10).</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Termination of Hemp Business </em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On January 3, 2022, the Company publicly announced it will not be renewing its Hemp licenses in Wisconsin since the Hemp market prices have dropped due to the increased number of new farmers. As of January 3, 2022, the Company is no longer pursuing a Hemp related business. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Name Change</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During June 2022, the Company approved by shareholder consent a change to the Company’s name from Integrated Cannabis Solutions, Inc. changed to “Integrated Holding Solutions, Inc.”, which name change is subject to FINRA review and approval.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>July 21, 2022 Amended and Restated Certificate of Designation – Series A, B, C Preferred Stock </em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On July 21, 2022, our Board of Directors approved the Amended and Restated Certificate of Designation, including the rights, preferences, and limitations assigned to Series A, Series B, and Series C of 5,000,000 of our Preferred Shares, as follows:</p><table cellpadding="0" style="border-spacing:0;font-size:10pt;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td style="width:4%;vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">10,000,000 Series A Preferred Stock A Shares which has 50,000 votes Per Preferred A Share; our Chief Executive Officer owns 987,440 Preferred A Share or 49,372,000,000 votes.</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">1,500,000 Preferred B Shares, each Preferred B share of which may be converted into 20 Common Stock Shares; 598,800 Preferred B Shares of which were issued to GCTR</p></td></tr><tr style="height:15px"><td><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">540,000 Preferred C Shares, each Preferred C Share of which may be converted into 1,000 Common Stock Shares, of which our Chief Executive Officer owns all 540,000 Preferred C Shares.</p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Amended and Restated Certificate of Designation was filed with the State of Nevada on July 21, 2022.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>July 21, 2022 Increase in Authorized Shares to 2,650,000,000</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On July 21, 2022, our Board of Directors approved Amended and Restated Articles of Incorporation, which Amended and Restated Articles of Incorporation were filed with the State of Nevada on July 21, 2022, including an increase or our authorized shares of<strong> </strong>Common Stock to Two Billion Six Hundred Fifty Million (2,650,000,000).</p> | ||
igpk |
Subsequent Events
SubsequentEvents
|
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOTE 10 SUBSEQUENT EVENTS</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Consolidated Apparel, Inc. </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>September 1, 2021 Acquisition Agreement</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On September 1, 2021, Integrated Holdings Solutions, Inc. (“IHS’ or “Buyer’), our wholly owned subsidiary, as the Buyer, completed an Acquisition Agreement with Consolidated Apparel, Inc. (“Consolidated”) and Eugene Caiazzo (“Caiazzo”), who collectively are the Sellers, providing for IHS' acquisition of 49.5% of Consolidated’s common stock shares owned by Caiazzo (the “September 1, 2021 Agreement).</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>December 13, 2021 Acquisition Agreement</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>(100% Acquisition/Rescission of September 1, 2021 Agreement)</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 13, 2021, IHS completed an Acquisition Agreement with Consolidated and Caiazzo, which rescinded the September 1, 2021 Agreement and provided for IHS’ acquisition of 100% of Consolidated in return for consideration of 328,000 shares of our Convertible/Redeemable Series B par value $1.00 Preferred shares to Caiazzo. Integrated's Series B convertible preferred stock converts into common stock at the option of the holder at the rate of 1 share of Series B convertible preferred into 20 shares of common stock. Further, the terms provide that post-acquisition: (a) Caiazzo shall remain as Consolidated’s President and manage Consolidated’s operations; (b) our Board of Directors will appoint Caiazzo as our Board member; (c) IHS and Caiazzo will complete an Employment Agreement providing for Caiazzo’s responsibilities as Consolidated’s President; (d) subject to negotiation between the Parties, we will grant Stock Options to Caiazzo with Cashless provisions.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>October 3, 2022 Addendum to December 13, 2021 Acquisition Agreement</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On October 3, 2022, we amended the December 13, 2021 Acquisition Agreement, via an Addendum providing for the following amended terms in the Consideration Section (Section 2) of the December 13, 2021 Acquisition Agreement:</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;font-size:10pt;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:4%;vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">2.1 The Purchase Price to be paid by the Buyer is $1,200,000 as further provided for in terms 2.2 – 2.4.</p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">2.2 IHS shall assume Consolidated’s outstanding debt of $950,000.00 as of September 30, 2022 (“Assumption of Debt Amount”).</p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px">2.3 $37,477,840 of the Assumption of Debt Amount by IHS shall be exchanged with 175,000,000 Common Stock Shares of Integrated Cannabis valued at $0.002 to be issued to Caiazzo.</p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">2.4 IHS shall issue a Promissory Note for $250,000 to Caiazzo attached hereto as Exhibit A in exchange for 250,000 common stock shares of Consolidated owned by Caiazzo to be issued to IHS.</p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Upon the closing of our 100% acquisition on October 3, 2022, Consolidated became our wholly owned subsidiary. Since 2017, Consolidated has conducted its principal business activities in the development, marketing and distribution of customized Performance Apparel using its dba branded names, Native Outfitters and Incite Performance Wear. The sale of Consolidated’s products occurs in the leisure market.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>Status of Acquisition Agreement and 49.9% Acquisition – GCTR Management, LLC</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On January 26, 2022, the Company’s wholly owned subsidiary, Integrated Holding Solutions, Inc. (the “Buyer”), entered into an Acquisition Agreement (the “Agreement”) with GCTR Management, LLC, a California Limited Liability Company (the “Seller” or “GCTR”) in the business of managing cannabis companies, and its Managing Member. As of September 30, 2022, the agreement terms have not been completed and the transaction has not closed, but it provides for the Buyer’s acquisition of 100% of the Seller’s Membership Units in return for consideration to the Seller of 1,200,000 Preferred B Shares (“Preferred B Share Consideration”) of the Company. For a period of 12 months following the closing date, should the Seller’s revenue exceed certain specified levels specified in the Agreement, the Buyer will be required to pay the Seller additional monetary consideration pertaining to those specified revenue levels. Further, the terms provide that: (a) upon the closing, the Seller shall become the Buyer’s wholly owned subsidiary; (b) the operations of the Seller shall become the operations of the Buyer; (c) the Managing Member of the Seller shall manage GCTR’s operations; and (d) the Buyer will have redemption rights to purchase back the Preferred B Share Consideration within 6 months of our issuance of said shares on the Buyer’s behalf to the Seller at $10.00 per Preferred Share (“Redemption Rights”). The Buyer has the right to extend the Redemption Rights for an additional 6-month period. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On March 17, 2022, the Company amended the January 26, 2022 agreement with GCTR providing for the Company’s purchase of 49.9% of the Seller with the Company’s option to purchase the remaining 50.1% of GCTR within 6 months of the date of the March 17, 2022 Agreement. The March 17, 2022 Agreement provides for an exchange of our Preferred B Shares with the Seller’s 598,800 Membership Units, as more specifically detailed in Note 8 below for the respective 49.9% and 50.1% purchases, respectively, which 49.9% exchange and corresponding 49.9% purchase of GCTR executed on or about March 22, 2022. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>October 25, 2022 Rescission Agreement Rescinding the March 17, 2022 GCTR Agreement </em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On October 25, 2022, we and GCTR agreed to rescind the March 17, 2022 Agreement. Further, the Parties agreed to work together to complete a new transaction and in connection therewith to complete the required GAAP financial statements.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><em>October 24, 2022 Acquisition Agreement – MTO Wear, LLC </em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On October 24, 2022, Integrated Holdings Solutions, Inc. (“IHS’ or “Buyer’), our wholly owned subsidiary, as the Buyer, completed an Asset Purchase Agreement (the “Agreement”) with MTO Wear, LLC (the “Seller” or “MTO Wear”), a Florida Limited Liability Company to purchase and acquire from the Seller, only the accounts of the Seller, which consist of names, addresses, phone numbers, and email addresses of previous buyers, which Agreement is filed herein as Exhibit 10.1 in return for consideration by the Buyer of $240,000 in the form of a promissory note attached hereto as Exhibit 10.2 obligating the Buyer to pay the Seller $240,000 for the Purchased Assets at 8% with monthly payments of $10,000 beginning on January 15, 2023, and a balloon payment of the balance on July 15, 2023.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>November 8, 2022 Press Release filed in November 8, 2022 Form 8-K titled “Integrated Cannabis to Acquire 3 Operating Entities in the Cannabis Space”. </strong></p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px">On November 8, 2022, we published a press release as filed with our November 8, 2022 Form 8-K stating that upon formation of a newly wholly owned subsidiary, Houdini Group, Inc., we intend to acquire 3 operating Cannabis entities in California: Houdini Labs, GCTR Management and the Tahoe Group. The press release also states that our goal is to complete the audits for these entities before the end of March 2022. </p> | ||
CY2022Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
1.00 | |
CY2021Q4 | us-gaap |
Preferred Stock Convertible Shares Issuable
PreferredStockConvertibleSharesIssuable
|
20 | shares |
CY2022Q1 | igpk |
Interest Rate
InterestRate
|
1 | pure |
CY2022Q1 | igpk |
Saller
Saller
|
1200000 | shares |