2024 Q4 Form 10-Q Financial Statement

#000147793224007412 Filed on November 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $151.4K
YoY Change -20.61%
Cost Of Revenue $159.5K
YoY Change 72.27%
Gross Profit -$8.108K
YoY Change -108.26%
Gross Profit Margin -5.35%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $75.99K
YoY Change -32.05%
Operating Profit -$84.10K
YoY Change 513.79%
Interest Expense $83.53K
YoY Change 109.31%
% of Operating Profit
Other Income/Expense, Net -$83.53K
YoY Change -107.85%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$167.6K
YoY Change -115.96%
Net Earnings / Revenue -110.7%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 93.72M shares 89.72M shares
Diluted Shares Outstanding 90.28M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.737K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $0.00
Receivables $18.28K
Other Receivables
Total Short-Term Assets $20.02K
YoY Change -95.75%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $16.32K
YoY Change -69.17%
TOTAL ASSETS
Total Short-Term Assets $20.02K
Total Long-Term Assets $16.32K
Total Assets $36.34K
YoY Change -93.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.800M
YoY Change -0.24%
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 $5.800M
Total Long-Term Liabilities
Total Liabilities $5.935M
YoY Change -0.59%
SHAREHOLDERS EQUITY
Retained Earnings -$14.57M
YoY Change 10.45%
Common Stock $93.72K
YoY Change 15.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.193M
YoY Change
Total Liabilities & Shareholders Equity $36.34K
YoY Change -93.06%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$167.6K
YoY Change -115.96%
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

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dei City Area Code
CityAreaCode
800
dei Local Phone Number
LocalPhoneNumber
605-3580
dei Security12b Title
Security12bTitle
Common Stock, par value $0.001 per share
dei Trading Symbol
TradingSymbol
JKSM
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
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
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dei Entity Shell Company
EntityShellCompany
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jksm Conversion Of Preferred And Accrued Dividends Into Convertible Note Payable
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jksm Preferred Stock Dividends Non Cash
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jksm Issuance Of Common Stock And Warrants In Connection With Conversion Of Preferred B Stock And Accrued Dividends
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jksm Issuance Of Common Stock And Warrants In Connection With Conversion Of Preferred B Stock And Accrued Dividends
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us-gaap Nature Of Operations
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<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>
us-gaap Federal Deposit Insurance Corporation Premium Expense
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250000 usd
CY2024Q3 us-gaap Net Income Loss Attributable To Parent Diluted
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CY2023Q3 jksm Deemed Dividends On Preferred Exchange
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CY2024Q3 jksm Weighted Average Shares Outstanding For Diluted Net Income Loss Per Share
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us-gaap Depreciation
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CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2024Q3 jksm Long Term Debt Maturities Repayments Of Principal After Year Four
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CY2024Q3 us-gaap Long Term Debt
LongTermDebt
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CY2024Q1 jksm Consulting Agreements
ConsultingAgreements
the consultants can each earn up to 7,416,667 restricted shares of the Company’s common stock that will be granted over a 12-month period based on attainment of revenue goals
CY2024Q3 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
400000 shares
jksm Aggregate Exercise Price Granted
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2024Q3 jksm Lessee Operating Lease Liability Payments Due After Year Three
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
28262 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
27231 usd

Files In Submission

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