10-Q Filing

TREES CORP (COLORADO) CIK: 1477009 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001398432-18-000091`
Period End Date	20180630
Filing Date	20180808
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	cann-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 65 Cash Flow Statement 59

Balance Sheet 62 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`	$10.17M	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`	$5.04M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$404.47K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$446.22K	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
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$307.32K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$672.64K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory	`InventoryFinishedGoods`	$143.43K	USD	Point-in-time
Common Stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryFinishedGoods`	$34.77K	USD	Point-in-time
Common Stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	1.85M	shares	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
Note receivable	`AccountsNotesAndLoansReceivableNetCurrent`	$600.00K	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	27.69M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$6.19M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.63M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	35.95M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	35.95M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.29M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.45M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	27.69M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$119.75K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$81.32K	USD	Point-in-time
Investment in Desert Created	`EquityMethodInvestments`	$103.53K	USD	Point-in-time
Total Assets	`Assets`	$7.60M	USD	Point-in-time
Total Assets	`Assets`	$13.26M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$997.79K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$410.24K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$118.47K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$123.45K	USD	Point-in-time
Customer deposits	`DeferredRevenueAndCreditsCurrent`	$107.37K	USD	Point-in-time
Customer deposits	`DeferredRevenueAndCreditsCurrent`	$71.77K	USD	Point-in-time
Accrued stock payable	`DeferredCompensationShareBasedArrangementsLiabilityCurrent`	$92.50K	USD	Point-in-time
Accrued stock payable	`DeferredCompensationShareBasedArrangementsLiabilityCurrent`	$321.86K	USD	Point-in-time
Notes payable (net of discount)	`NotesAndLoansPayableCurrent`	$1.18M	USD	Point-in-time
Notes payable (net of discount)	`NotesAndLoansPayableCurrent`	$2.64M	USD	Point-in-time
Infinity Note related party	`LinesOfCreditCurrent`	$1.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.33M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.10M	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, 2018 and December 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value; 5,000,000 share authorized; no shares issued and outstanding at June 30, 2018 and December 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, $0.001 par value; 100,000,000 shares authorized; 35,945,327 shares and 27,692,910 shares issued and outstanding on June 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$35.95K	USD	Point-in-time
Common Stock, $0.001 par value; 100,000,000 shares authorized; 35,945,327 shares and 27,692,910 shares issued and outstanding on June 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$27.69K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$52.84M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$38.29M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-34.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-42.95M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$9.93M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$3.51M	USD	Point-in-time
Total Liabilities & Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$13.26M	USD	Point-in-time
Total Liabilities & Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$7.60M	USD	Point-in-time

Income Statement 65 line items

Line Item	Tag	Value	Unit	Period
Rent	`PaymentsForProceedsFromTenantAllowance`	$66.35K	USD	2 Qtrs
Rent	`PaymentsForProceedsFromTenantAllowance`	$30.25K	USD	1 Quarter
Total revenues	`Revenues`	$1.55M	USD	2 Qtrs
Total revenues	`Revenues`	$1.11M	USD	1 Quarter
Total revenues	`Revenues`	$2.06M	USD	2 Qtrs
Total revenues	`Revenues`	$833.61K	USD	1 Quarter
Cost of service revenues	`CostDirectLabor`	$461.12K	USD	1 Quarter
Cost of service revenues	`CostDirectLabor`	$807.26K	USD	1 Quarter
Cost of service revenues	`CostDirectLabor`	$1.01M	USD	2 Qtrs
Cost of service revenues	`CostDirectLabor`	$1.59M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$93.41K	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$44.28K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$208.12K	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$189.51K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.32M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.16M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$681.07K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.11M	USD	2 Qtrs
Share-based expense	`ShareBasedCompensation`	$721.09K	USD	1 Quarter
Share-based expense	`ShareBasedCompensation`	$2.96M	USD	2 Qtrs
Share-based expense	`ShareBasedCompensation`	$2.16M	USD	2 Qtrs
Share-based expense	`ShareBasedCompensation`	$1.20M	USD	1 Quarter
Professional fees	`ProfessionalFees`	$892.46K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$328.29K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$347.35K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$81.68K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$70.53K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$37.59K	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`	$7.71M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$5.07M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$3.61M	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-2.49M	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-3.51M	USD	2 Qtrs
OPERATING LOSS	`OperatingIncomeLoss`	$-5.66M	USD	2 Qtrs
OPERATING LOSS	`OperatingIncomeLoss`	$-1.33M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$1.46M	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$1.01M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$556.65K	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$191.71K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$95.23K	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$158.82K	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$80.79K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$92.58K	USD	1 Quarter
Loss from Desert Created investment	`IncomeLossFromEquityMethodInvestments`	$-119.97K	USD	2 Qtrs
Loss from Desert Created investment	`IncomeLossFromEquityMethodInvestments`	$-72.14K	USD	1 Quarter
Impairment of Desert Created investment	`EquityMethodInvestmentOtherThanTemporaryImpairment`	$805.50K	USD	2 Qtrs
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-2.48M	USD	2 Qtrs
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-1.18M	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-272.50K	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-715.46K	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-3.67M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-1.60M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-8.14M	USD	2 Qtrs
NET LOSS	`NetIncomeLoss`	$-4.23M	USD	2 Qtrs
Net loss per share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.22	USD	2 Qtrs
Net loss per share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
Net loss per share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.23	USD	2 Qtrs
Net loss per share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.10	USD	1 Quarter
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	35.57M	shares	1 Quarter
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	19.42M	shares	2 Qtrs
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	19.94M	shares	1 Quarter
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	34.88M	shares	2 Qtrs

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.67M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.60M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.14M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-4.23M	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.46M	USD	2 Qtrs
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$556.65K	USD	2 Qtrs
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$48.90K	USD	2 Qtrs
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$70.53K	USD	2 Qtrs
Bad debt expense	`ProvisionForDoubtfulAccounts`	$41.27K	USD	2 Qtrs
Bad debt expense	`ProvisionForDoubtfulAccounts`	$110.61K	USD	2 Qtrs
Impairment of Desert Created investment	`EquityMethodInvestmentOtherThanTemporaryImpairment`	$805.50K	USD	2 Qtrs
Loss from Desert Created investment	`IncomeLossFromEquityMethodInvestments`	$-119.97K	USD	2 Qtrs
Loss from Desert Created investment	`IncomeLossFromEquityMethodInvestments`	$-72.14K	USD	1 Quarter
Equity-based payments	`EmployeeBenefitsAndShareBasedCompensation`	$2.96M	USD	2 Qtrs
Equity-based payments	`EmployeeBenefitsAndShareBasedCompensation`	$2.16M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-77.41K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-68.86K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$365.31K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-96.74K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-33.47K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-108.66K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-643.13K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-8.06K	USD	2 Qtrs
Net cash used in operating activities:	`NetCashProvidedByUsedInOperatingActivities`	$-3.06M	USD	2 Qtrs
Net cash used in operating activities:	`NetCashProvidedByUsedInOperatingActivities`	$-1.64M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$187.20K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.94K	USD	2 Qtrs
Lending on note receivable	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-26.50K	USD	2 Qtrs
Lending on note receivable	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-585.00K	USD	2 Qtrs
Investment in Desert Created	`PaymentsToAcquireEquityMethodInvestments`	$50.00K	USD	2 Qtrs
Purchase of GC Finance Arizona LLC	`PaymentsToAcquireInvestments`	$106.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-822.20K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-153.44K	USD	2 Qtrs
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfCommonStock`	$3.94M	USD	2 Qtrs
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfCommonStock`	$1.09M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$572.71K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$207.37K	USD	2 Qtrs
Proceeds from notes payable	`ProceedsFromNotesPayable`	$7.50M	USD	2 Qtrs
Payments on notes payable	`RepaymentsOfNotesPayable`	$-1.62M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.30M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.02M	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-496.68K	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$5.14M	USD	2 Qtrs
CASH, BEGINNING OF PERIOD	`Cash`	$277.12K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`Cash`	$10.17M	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`Cash`	$773.79K	USD	Point-in-time
CASH, BEGINNING OF PERIOD	`Cash`	$5.04M	USD	Point-in-time
CASH, END OF PERIOD	`Cash`	$277.12K	USD	Point-in-time
CASH, END OF PERIOD	`Cash`	$10.17M	USD	Point-in-time
CASH, END OF PERIOD	`Cash`	$773.79K	USD	Point-in-time
CASH, END OF PERIOD	`Cash`	$5.04M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$131.76K	USD	2 Qtrs
Cash paid for interest	`InterestPaidNet`	$452.30K	USD	2 Qtrs
Note principal used to exercise Warrants	`ProceedsFromWarrantExercises`	$507.00K	USD	2 Qtrs
Note principal used to exercise Warrants	`ProceedsFromWarrantExercises`	$668.75K	USD	2 Qtrs
8.5% Warrants recorded as debt discount and additional paid-in capital	`ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet`	$5.37M	USD	2 Qtrs
Issuance of common stock for accrued stock payable	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$321.86K	USD	2 Qtrs
Issuance of common stock and warrants for investment in Desert Created	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$979.00K	USD	Point-in-time
Portion of Dope Media Note related to reimbursed legal fees	`ReimbursementOfLegalFees`	$15.00K	USD	2 Qtrs

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