$JKSM
Jacksam Corp

2024 Q3 Form 10-Q Financial Statement

#000147793224005135 Filed on August 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $151.4K $136.3K
YoY Change -20.61% -66.14%
Cost Of Revenue $159.5K $84.27K
YoY Change 72.27% -65.96%
Gross Profit -$8.108K $52.04K
YoY Change -108.26% -66.43%
Gross Profit Margin -5.35% 38.18%
Selling, General & Admin -$87.29K
YoY Change -195.84%
% of Gross Profit -167.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.00
YoY Change
% of Gross Profit 0.06%
Operating Expenses $75.99K -$87.29K
YoY Change -32.05% -161.32%
Operating Profit -$84.10K $139.3K
YoY Change 513.79% 999.63%
Interest Expense $83.53K $84.00K
YoY Change 109.31% -33.26%
% of Operating Profit 60.29%
Other Income/Expense, Net -$83.53K -$84.00K
YoY Change -107.85% -94.93%
Pretax Income $55.33K
YoY Change -103.35%
Income Tax
% Of Pretax Income
Net Earnings -$167.6K $55.33K
YoY Change -115.96% -103.36%
Net Earnings / Revenue -110.7% 40.59%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 89.72M shares 94.66M shares
Diluted Shares Outstanding 90.28M shares 93.63M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.62K
YoY Change -32.38%
Cash & Equivalents $1.737K $67.62K
Short-Term Investments
Other Short-Term Assets $35.34K
YoY Change -11.65%
Inventory $131.00
Prepaid Expenses $0.00 $35.34K
Receivables $18.28K $18.12K
Other Receivables $0.00
Total Short-Term Assets $20.02K $121.2K
YoY Change -95.75% -66.5%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
YoY Change -100.0% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $16.32K $25.78K
YoY Change -69.17% -58.13%
TOTAL ASSETS
Total Short-Term Assets $20.02K $121.2K
Total Long-Term Assets $16.32K $25.78K
Total Assets $36.34K $147.0K
YoY Change -93.06% -65.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $255.1K
YoY Change -12.02%
Accrued Expenses $2.263M
YoY Change 9.86%
Deferred Revenue
YoY Change
Short-Term Debt $50.00K
YoY Change 0.0%
Long-Term Debt Due $1.773M
YoY Change 65.69%
Total Short-Term Liabilities $5.800M $5.772M
YoY Change -0.24% -14.27%
LONG-TERM LIABILITIES
Long-Term Debt $135.9K
YoY Change -2.93%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $135.9K
YoY Change -20.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.800M $5.772M
Total Long-Term Liabilities $135.9K
Total Liabilities $5.935M $5.908M
YoY Change -0.59% -14.38%
SHAREHOLDERS EQUITY
Retained Earnings -$14.57M -$14.40M
YoY Change 10.45% 1.13%
Common Stock $93.72K $89.72K
YoY Change 15.58% 10.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.193M -$6.052M
YoY Change
Total Liabilities & Shareholders Equity $36.34K $147.0K
YoY Change -93.06% -65.28%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$167.6K $55.33K
YoY Change -115.96% -103.36%
Depreciation, Depletion And Amortization $30.00
YoY Change
Cash From Operating Activities -$29.52K
YoY Change -67.2%
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 -7.290K
YoY Change -27.1%
NET CHANGE
Cash From Operating Activities -29.52K
Cash From Investing Activities
Cash From Financing Activities -7.290K
Net Change In Cash -36.81K
YoY Change -63.19%
FREE CASH FLOW
Cash From Operating Activities -$29.52K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
145521 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
482908 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
67624 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
98114 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
1792 usd
us-gaap Interest Paid Net
InterestPaidNet
5946 usd
jksm Conversion Of Preferred And Accrued Dividends Into Convertible Note Payable
ConversionOfPreferredAndAccruedDividendsIntoConvertibleNotePayable
580000 usd
jksm Conversion Of Preferred And Accrued Dividends Into Convertible Note Payable
ConversionOfPreferredAndAccruedDividendsIntoConvertibleNotePayable
0 usd
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
83836 usd
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 usd
jksm Preferred Stock Dividends Non Cash
PreferredStockDividendsNonCash
26228 usd
jksm Preferred Stock Dividends Non Cash
PreferredStockDividendsNonCash
45919 usd
jksm Issuance Of Common Stock And Warrants In Connection With Conversion Of Preferred B Stock And Accrued Dividends
IssuanceOfCommonStockAndWarrantsInConnectionWithConversionOfPreferredBStockAndAccruedDividends
77169 usd
jksm Issuance Of Common Stock And Warrants In Connection With Conversion Of Preferred B Stock And Accrued Dividends
IssuanceOfCommonStockAndWarrantsInConnectionWithConversionOfPreferredBStockAndAccruedDividends
0 usd
us-gaap Nature Of Operations
NatureOfOperations
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Note 1: Organization and Nature of 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;">Jacksam Corporation dba Convectium is a technology company focused on developing and commercializing products of vaporizer cartridge filling &amp; capping, pre-roll filling, and other automation systems. The Company’s product line primarily consisted of the 710 Shark cartridge filling machine, the 710 Captain cartridge capping machine, the “PreRoll-ER” pre-roll &amp; cone filling machine, and cartridges. The Company’s customers are primarily businesses operating in jurisdictions that have some form of cannabis legalization. These businesses include medical and recreational dispensaries, large and small-scale processors and growers, multi-state operators, and distributors. The Company utilizes its direct sales force, website, strategic partners’ sales force, independent sales representatives, and a wide range of referral network to sell its products.</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;">The Company was incorporated in the State of Nevada on September 21, 1989 under the name of Fulton Ventures, Inc. Since incorporated, the Company has engaged in a variety of businesses, but has been inactive since late 2014 through the Merger that closed on September 14, 2018. Since the Merger, the Company has been operated under the control of current management and continued to operate the business of Jacksam Corporation, described herein, as our sole business.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements is in conformity with U.S. GAAP and requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates and assumptions impact both assets and liabilities, including but not limited to net realizable value of accounts receivable and inventory, estimated useful lives and potential impairment of property and equipment, estimate of fair value of share-based payments and derivative liabilities, estimates of fair value of warrants issued and recorded as debt discount and estimates of the probability and potential magnitude of contingent liabilities. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future nonconforming events. Accordingly, actual results could differ significantly from estimates.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company’s operations are subject to risk and uncertainties including financial, operational, regulatory and other risks including the potential risk of business failure. The Company has experienced, and in the future, expects to continue to experience, variability in its sales and earnings. The factors expected to contribute to this variability include, among others, (i) the uncertainty associated with the commercialization and ultimate success of the product, (ii) competition inherent at large national retail chains where product is expected to be sold, (iii) general economic conditions, and (iv) the related volatility of prices pertaining to the cost of sales.</p>
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
46233 usd

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