10-Q Filing

TREES CORP (COLORADO) CIK: 1477009 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001398432-19-000049`
Period End Date	20190331
Filing Date	20190508
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	cann-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 34 Cash Flow Statement 50 Stockholders Equity 15

Balance Sheet 71 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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.04M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.96M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.59M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$415.58K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$529.94K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$440.89K	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$534.74K	USD	Point-in-time
Common Stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryFinishedGoods`	$103.03K	USD	Point-in-time
Inventory	`InventoryFinishedGoods`	$123.26K	USD	Point-in-time
Common Stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Notes receivable, net current portion	`ReceivablesNetCurrent`	$397.03K	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
Notes receivable, net current portion	`ReceivablesNetCurrent`	$50.00K	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	36.22M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$8.99M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.15M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	37,038.00	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	36.22M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	36.22M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	36.22M	shares	Point-in-time
Note receivable, net	`ReceivablesNet`	$140.82K	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$141.35K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.60M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.46M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$42.25K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$23.14K	USD	Point-in-time
Investment	`Investments`	$250.00K	USD	Point-in-time
Investment	`Investments`	$250.00K	USD	Point-in-time
Total Assets	`Assets`	$10.74M	USD	Point-in-time
Total Assets	`Assets`	$9.31M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$714.45K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$525.69K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$145.54K	USD	Point-in-time
Deferred revenue and customer deposits	`DeferredRevenueAndCreditsCurrent`	$330.81K	USD	Point-in-time
Deferred revenue and customer deposits	`DeferredRevenueAndCreditsCurrent`	$391.29K	USD	Point-in-time
Accrued stock payable	`DeferredCompensationShareBasedArrangementsLiabilityCurrent`	$21.50K	USD	Point-in-time
Notes payable (net of discount)	`NotesAndLoansPayableCurrent`	$6.45M	USD	Point-in-time
Notes payable (net of discount)	`NotesAndLoansPayableCurrent`	$5.27M	USD	Point-in-time
Operating lease liability current portion	`OperatingLeaseLiabilityCurrent`	$83.53K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.19M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.74M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiability`	$57.83K	USD	Point-in-time
Total liabilities	`Liabilities`	$6.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.80M	USD	Point-in-time
Commitments and Contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, no par value; 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2019 and December 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value; 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2019 and December 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, $0.001 par value; 100,000,000 shares authorized; 36,222,752 shares issued and outstanding as of March 31, 2019 and December 31, 2018	`CommonStockValue`	$36.22K	USD	Point-in-time
Common Stock, $0.001 par value; 100,000,000 shares authorized; 36,222,752 shares issued and outstanding as of March 31, 2019 and December 31, 2018	`CommonStockValue`	$36.22K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$56.30M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$57.77M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-56.30M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-51.79M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$4.55M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$6.10M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$1.51M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$3.51M	USD	Point-in-time
Total Liabilities & Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$9.31M	USD	Point-in-time
Total Liabilities & Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$10.74M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`Revenues`	$942.48K	USD	1 Quarter
Total revenues	`Revenues`	$1.39M	USD	1 Quarter
Total revenues	`Revenues`	$942.48K	USD	Annual
Cost of service revenues	`CostDirectLabor`	$660.73K	USD	1 Quarter
Cost of service revenues	`CostDirectLabor`	$752.47K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$411.98K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$77.69K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.44M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$942.18K	USD	1 Quarter
Share-based expense	`ShareBasedCompensation`	$1.76M	USD	1 Quarter
Share-based expense	`ShareBasedCompensation`	$1.49M	USD	1 Quarter
Professional fees	`ProfessionalFees`	$575.16K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$545.11K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$42.94K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$32.94K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$4.62M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$4.11M	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-3.23M	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-3.17M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.17M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$443.92K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$111.48K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$2.66K	USD	1 Quarter
Loss from Desert Created investment	`IncomeLossFromEquityMethodInvestments`	$-47.83K	USD	1 Quarter
Impairment of Desert Created investment	`EquityMethodInvestmentOtherThanTemporaryImpairment`	$805.50K	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-1.28M	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-1.30M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-4.51M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-4.47M	USD	Annual
Net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.14	USD	1 Quarter
Net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.12	USD	1 Quarter
Weighted average number of shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	32.03M	shares	1 Quarter
Weighted average number of shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	36.22M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.51M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.47M	USD	Annual
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.17M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$443.92K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$42.94K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$32.94K	USD	1 Quarter
Amortization of loan origination fees	`AmortizationOfFinancingCostsAndDiscounts`	$-2.85K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$32.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$67.51K	USD	1 Quarter
Impairment of Desert Created investment	`EquityMethodInvestmentOtherThanTemporaryImpairment`	$805.50K	USD	1 Quarter
Loss from Desert Created investment	`IncomeLossFromEquityMethodInvestments`	$-47.83K	USD	1 Quarter
Share-based expense	`EmployeeBenefitsAndShareBasedCompensation`	$1.49M	USD	1 Quarter
Share-based expense	`EmployeeBenefitsAndShareBasedCompensation`	$1.76M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-10.35K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$146.36K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-458.05K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$93.84K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$85.44K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-20.23K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-340.73K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$273.82K	USD	1 Quarter
Net cash used in operating activities:	`NetCashProvidedByUsedInOperatingActivities`	$-1.72M	USD	1 Quarter
Net cash used in operating activities:	`NetCashProvidedByUsedInOperatingActivities`	$-1.27M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$139.06K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$160.21K	USD	1 Quarter
Lending on note receivable	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-485.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-645.21K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-139.06K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$3.56M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$443.32K	USD	1 Quarter
Payments on notes payable	`RepaymentsOfNotesPayable`	$2.38M	USD	Point-in-time
Payments on notes payable	`RepaymentsOfNotesPayable`	$1.62M	USD	1 Quarter
Payments on Infinity Note related party	`RepaymentsOfLongTermDebt`	$1.37M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.01M	USD	1 Quarter
NET DECREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-395.99K	USD	1 Quarter
NET DECREASE IN CASH	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.37M	USD	1 Quarter
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$5.04M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$4.64M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$7.96M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$5.59M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$5.04M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$4.64M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$7.96M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$5.59M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$202.75K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$2.15K	USD	1 Quarter
Operating lease right-of-use asset / Operating lease liability	`IncreaseDecreaseInOtherOperatingCapitalNet`	$154.20K	USD	1 Quarter
Issuance of common stock for accrued stock payable	`ProceedsFromIssuanceOfCommonStock`	$321.86K	USD	1 Quarter
Issuance of common stock and warrants for investment in Desert Created	`ProceedsFromIssuanceOfCommonStockAndWarrants`	$979.00K	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$4.55M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$6.10M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.51M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$3.51M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$4.55M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$6.10M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.51M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$3.51M	USD	Point-in-time
Common stock issued upon exercise of warrants for debt	`StockIssuedDuringPeriodValueConversionOfUnits`	$3.73M	USD	1 Quarter
Common stock issued upon exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$443.32K	USD	1 Quarter
Stock options granted to employees and consultants	`StockOptionPlanExpense`	$1.76M	USD	1 Quarter
Stock options granted to employees and consultants	`StockOptionPlanExpense`	$1.47M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.51M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.47M	USD	Annual

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