10-Q Filing

TREES CORP (COLORADO) CIK: 1477009 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001398432-17-000110`
Period End Date	20170630
Filing Date	20170807
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	cann-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 86 Cash Flow Statement 51

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$277.12K	USD	Point-in-time
Preferred stock, share authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, share authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$773.79K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$182.21K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$218.35K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Note receivable DB Arizona	`DueFromRelatedPartiesCurrent`	$77.20K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$165.25K	USD	Point-in-time
Common Stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$76.49K	USD	Point-in-time
Common Stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryFinishedGoods`	$41.45K	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Inventory	`InventoryFinishedGoods`	$7.98K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.12M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	20.60M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$702.18K	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	17.13M	shares	Point-in-time
Note receivable DB Arizona	`DueFromRelatedPartiesNoncurrent`	$217.68K	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	20.60M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	17.13M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.71M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.70M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$8.18K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$25.38K	USD	Point-in-time
Total Assets	`Assets`	$2.63M	USD	Point-in-time
Total Assets	`Assets`	$2.86M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$248.68K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$363.62K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$9.81K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$35.02K	USD	Point-in-time
Deferred rental revenue and customer deposits	`DeferredRevenueAndCreditsCurrent`	$46.16K	USD	Point-in-time
Deferred rental revenue and customer deposits	`DeferredRevenueAndCreditsCurrent`	$127.82K	USD	Point-in-time
Derivative warrant liability	`DerivativeLiabilitiesCurrent`	$23.12M	USD	Point-in-time
Derivative warrant liability	`DerivativeLiabilitiesCurrent`	$7.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$23.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.07M	USD	Point-in-time
Notes payable (net of discount)	`LongTermNotesAndLoans`	$815.25K	USD	Point-in-time
Notes payable (net of discount)	`LongTermNotesAndLoans`	$996.03K	USD	Point-in-time
Infinity Note related party	`LongTermLineOfCredit`	$1.37M	USD	Point-in-time
Infinity Note related party	`LongTermLineOfCredit`	$1.37M	USD	Point-in-time
Tenant deposits	`SecurityDepositLiability`	$8.85K	USD	Point-in-time
Tenant deposits	`SecurityDepositLiability`	$8.85K	USD	Point-in-time
Total Liabilities	`Liabilities`	$10.45M	USD	Point-in-time
Total Liabilities	`Liabilities`	$25.73M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, no par value; 5,000,000 share authorized; no shares issued and outstanding at June 30, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value; 5,000,000 share authorized; no shares issued and outstanding at June 30, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, $0.001 par value; 100,000,000 shares authorized; 20,598,982 shares and 17,128,778 shares issued and outstanding on June 30, 2017 and December 31, 2016, respectively	`CommonStockValue`	$17.13K	USD	Point-in-time
Common Stock, $0.001 par value; 100,000,000 shares authorized; 20,598,982 shares and 17,128,778 shares issued and outstanding on June 30, 2017 and December 31, 2016, respectively	`CommonStockValue`	$20.60K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$37.75M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.33M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-49.23M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-45.59M	USD	Point-in-time
Total Stockholders Equity (Deficit)	`StockholdersEquity`	$-22.88M	USD	Point-in-time
Total Stockholders Equity (Deficit)	`StockholdersEquity`	$-7.81M	USD	Point-in-time
Total Liabilities & Stockholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$2.63M	USD	Point-in-time
Total Liabilities & Stockholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$2.86M	USD	Point-in-time

Income Statement 86 line items

Line Item	Tag	Value	Unit	Period
Service	`SalesRevenueServicesGross`	$1.27M	USD	2 Qtrs
Service	`SalesRevenueServicesGross`	$647.88K	USD	1 Quarter
Service	`SalesRevenueServicesGross`	$1.28M	USD	2 Qtrs
Service	`SalesRevenueServicesGross`	$605.83K	USD	1 Quarter
Rent and interest	`PaymentsForProceedsFromTenantAllowance`	$30.25K	USD	1 Quarter
Rent and interest	`PaymentsForProceedsFromTenantAllowance`	$66.35K	USD	2 Qtrs
Rent and interest	`PaymentsForProceedsFromTenantAllowance`	$67.83K	USD	2 Qtrs
Rent and interest	`PaymentsForProceedsFromTenantAllowance`	$31.46K	USD	1 Quarter
Product Sales	`SalesRevenueGoodsGross`	$220.82K	USD	2 Qtrs
Product Sales	`SalesRevenueGoodsGross`	$197.53K	USD	1 Quarter
Product Sales	`SalesRevenueGoodsGross`	$22.60K	USD	1 Quarter
Product Sales	`SalesRevenueGoodsGross`	$42.13K	USD	2 Qtrs
Total revenues	`Revenues`	$1.39M	USD	2 Qtrs
Total revenues	`Revenues`	$1.55M	USD	2 Qtrs
Total revenues	`Revenues`	$833.61K	USD	1 Quarter
Total revenues	`Revenues`	$701.94K	USD	1 Quarter
Cost of service revenues	`CostOfServicesDirectLabor`	$1.01M	USD	2 Qtrs
Cost of service revenues	`CostOfServicesDirectLabor`	$982.79K	USD	2 Qtrs
Cost of service revenues	`CostOfServicesDirectLabor`	$461.12K	USD	1 Quarter
Cost of service revenues	`CostOfServicesDirectLabor`	$505.18K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$208.12K	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$43.66K	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$31.16K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$189.51K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$736.62K	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.32M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$329.50K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$681.07K	USD	1 Quarter
Share-based expense	`ShareBasedCompensation`	$1.10M	USD	2 Qtrs
Share-based expense	`ShareBasedCompensation`	$721.09K	USD	1 Quarter
Share-based expense	`ShareBasedCompensation`	$501.50K	USD	1 Quarter
Share-based expense	`ShareBasedCompensation`	$2.16M	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$75.46K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$328.29K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$181.19K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$81.68K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$194.34K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$97.08K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$48.90K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$24.33K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$2.16M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$1.54M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$3.24M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$5.07M	USD	2 Qtrs
OPERATING LOSS	`OperatingIncomeLoss`	$-837.95K	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-1.33M	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-1.85M	USD	2 Qtrs
OPERATING LOSS	`OperatingIncomeLoss`	$-3.51M	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$154.50K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$79.78K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$849.53K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$215.62K	USD	2 Qtrs
Interest expense	`InterestExpense`	$80.79K	USD	1 Quarter
Interest expense	`InterestExpense`	$104.58K	USD	2 Qtrs
Interest expense	`InterestExpense`	$60.74K	USD	1 Quarter
Interest expense	`InterestExpense`	$158.82K	USD	2 Qtrs
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-358.00K	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-358.00K	USD	2 Qtrs
Gain on derivative warrant liability	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$3.03M	USD	1 Quarter
Gain on derivative warrant liability	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$8.16M	USD	2 Qtrs
Total other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-498.53K	USD	1 Quarter
Total other (income) expense, net	`OtherNonoperatingIncomeExpense`	$2.79M	USD	1 Quarter
Total other (income) expense, net	`OtherNonoperatingIncomeExpense`	$7.15M	USD	2 Qtrs
Total other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-678.19K	USD	2 Qtrs
NET INCOME (LOSS)	`NetIncomeLoss`	$-1.34M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-1.34M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$1.47M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$3.64M	USD	2 Qtrs
NET INCOME (LOSS)	`NetIncomeLoss`	$1.47M	USD	1 Quarter
NET INCOME (LOSS)	`NetIncomeLoss`	$-2.52M	USD	2 Qtrs
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.19	USD	2 Qtrs
Basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.09	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Basic (in Dollars per share)	`EarningsPerShareBasic`	$-0.17	USD	2 Qtrs
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$-0.17	USD	2 Qtrs
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$-0.09	USD	1 Quarter
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$-0.16	USD	2 Qtrs
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	19.94M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	15.16M	shares	2 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	19.42M	shares	2 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	15.38M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.82M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	15.16M	shares	2 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	15.38M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.63M	shares	2 Qtrs

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-1.34M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.34M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.47M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.64M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$1.47M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.52M	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$849.53K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$215.62K	USD	2 Qtrs
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-358.00K	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-358.00K	USD	2 Qtrs
Gain on derivative warrant liability	`FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss`	$-8.16M	USD	2 Qtrs
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$48.90K	USD	2 Qtrs
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$194.34K	USD	2 Qtrs
Share-based payments	`EmployeeBenefitsAndShareBasedCompensation`	$2.16M	USD	2 Qtrs
Share-based payments	`EmployeeBenefitsAndShareBasedCompensation`	$1.10M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-36.26K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-36.14K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-96.74K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$26.72K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-13.70K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-33.47K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$243.90K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-8.06K	USD	2 Qtrs
Net cash used in operating activities:	`NetCashProvidedByUsedInOperatingActivities`	$-434.10K	USD	2 Qtrs
Net cash used in operating activities:	`NetCashProvidedByUsedInOperatingActivities`	$-1.64M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.94K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.34K	USD	2 Qtrs
Lending on Note receivable related party	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-26.50K	USD	2 Qtrs
Purchase of GC Finance Arizona LLC	`PaymentsToAcquireBusinessesAndInterestInAffiliates`	$106.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.34K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-153.44K	USD	2 Qtrs
Proceeds from exercise of warrants and stock options	`ProceedsFromStockOptionsExercised`	$1.30M	USD	2 Qtrs
Increase in Infinity Note related party	`LineOfCreditFacilityIncreaseDecreaseForPeriodNet`	$-437.50K	USD	2 Qtrs
Payments on notes payable	`RepaymentsOfNotesPayable`	$3.38K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.30M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$434.12K	USD	2 Qtrs
NET DECREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-496.68K	USD	2 Qtrs
NET DECREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-4.31K	USD	2 Qtrs
CASH, BEGINNING OF PERIOD	`Cash`	$277.12K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`Cash`	$58.71K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`Cash`	$773.79K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`Cash`	$54.40K	USD	Point-in-time
CASH, END OF PERIOD	`Cash`	$277.12K	USD	Point-in-time
CASH, END OF PERIOD	`Cash`	$58.71K	USD	Point-in-time
CASH, END OF PERIOD	`Cash`	$773.79K	USD	Point-in-time
CASH, END OF PERIOD	`Cash`	$54.40K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$62.63K	USD	2 Qtrs
Cash paid for interest	`InterestPaidNet`	$131.76K	USD	2 Qtrs
Portion of warrant derivative liability recorded as additional paid-in capital upon exercise of warrants	`PortionOfWarrantDerivativeLiabilityRecordedAsAdditionalPaidinCapitalUponExerciseOfWarrants`	$7.30M	USD	2 Qtrs
12% Note principal used to exercise 12% Warrants	`ProceedsFromWarrantExercises`	$668.75K	USD	2 Qtrs
Acquisition of Chiefton with common stock payable	`ProceedsFromIssuanceOfCommonStock`	$1.07M	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.