10-Q Filing

TREES CORP (COLORADO) CIK: 1477009 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001398432-20-000069`
Period End Date	20200331
Filing Date	20200707
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	cann-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 41 Cash Flow Statement 49 Stockholders Equity 16

Balance Sheet 75 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`	$594.48K	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`	$122.39K	USD	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
Accounts receivable, net	`AccountsReceivableNetCurrent`	$85.20K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$65.93K	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Notes receivable, net current portion	`AccountsNotesAndLoansReceivableNetCurrent`	$375.00K	USD	Point-in-time
Notes receivable, net current portion	`AccountsNotesAndLoansReceivableNetCurrent`	$470.82K	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$546.97K	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`	$840.92K	USD	Point-in-time
Common Stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	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
Assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$375.22K	USD	Point-in-time
Assets of discontinued operations	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$47.45K	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	40.28M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	42,736.00	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	39.50M	shares	Point-in-time
Assets of discontinued operations	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$231.90K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.55M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	40.28M	shares	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	39.50M	shares	Point-in-time
Note receivable, net	`ReceivablesNetCurrent`	$93.33K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$204.62K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.51M	USD	Point-in-time
Investment	`Investments`	$250.00K	USD	Point-in-time
Investment	`Investments`	$250.00K	USD	Point-in-time
Assets held for sale	`AssetsHeldForSaleNotPartOfDisposalGroup`	$15.58K	USD	Point-in-time
Assets of discontinued operations	`AssetsOfDisposalGroupIncludingDiscontinuedOperation`	$83.53K	USD	Point-in-time
Total Assets	`Assets`	$3.50M	USD	Point-in-time
Total Assets	`Assets`	$2.66M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.22M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.28M	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$92.34K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$93.38K	USD	Point-in-time
Customer deposits	`DeferredRevenueAndCreditsCurrent`	$562.80K	USD	Point-in-time
Customer deposits	`DeferredRevenueAndCreditsCurrent`	$893.60K	USD	Point-in-time
Accrued stock payable	`DeferredCompensationShareBasedArrangementsLiabilityCurrent`	$80.66K	USD	Point-in-time
Accrued stock payable	`DeferredCompensationShareBasedArrangementsLiabilityCurrent`	$60.90K	USD	Point-in-time
Notes payable (net of discount)	`NotesAndLoansPayableCurrent`	$2.23M	USD	Point-in-time
Notes payable (net of discount)	`NotesAndLoansPayableCurrent`	$2.64M	USD	Point-in-time
Related party note payable (net of discount)	`LinesOfCreditCurrent`	$99.67K	USD	Point-in-time
Related party note payable (net of discount)	`LinesOfCreditCurrent`	$99.67K	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$3.16M	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$4.62M	USD	Point-in-time
Liabilities held for sale	`OtherLiabilitiesCurrent`	$149.25K	USD	Point-in-time
Liabilities of discontinued operations	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$123.22K	USD	Point-in-time
Liabilities of discontinued operations	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$207.99K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.35M	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, no par value; 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2020 and December 31, 2019	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value; 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2020 and December 31, 2019	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, $0.001 par value; 100,000,000 shares authorized; 40,281,881 shares and 39,497,480 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively.	`CommonStockValue`	$39.50K	USD	Point-in-time
Common Stock, $0.001 par value; 100,000,000 shares authorized; 40,281,881 shares and 39,497,480 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively.	`CommonStockValue`	$60.90K	USD	Point-in-time
Common Stock, $0.001 par value; 100,000,000 shares authorized; 40,281,881 shares and 39,497,480 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively.	`CommonStockValue`	$40.28K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$61.47M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$63.55M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-69.29M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-67.27M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-5.69M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$4.55M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-5.76M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$1.51M	USD	Point-in-time
Total Liabilities & Stockholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$2.66M	USD	Point-in-time
Total Liabilities & Stockholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$3.50M	USD	Point-in-time

Income Statement 41 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`Revenues`	$794.92K	USD	1 Quarter
Total revenues	`Revenues`	$1.66M	USD	1 Quarter
Cost of service revenues	`CostDirectLabor`	$186.78K	USD	1 Quarter
Cost of service revenues	`CostDirectLabor`	$192.57K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$1.23M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$388.07K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.05M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.04M	USD	1 Quarter
Share-based expense	`ShareBasedCompensation`	$572.57K	USD	1 Quarter
Share-based expense	`ShareBasedCompensation`	$1.49M	USD	1 Quarter
Professional fees	`ProfessionalFees`	$597.04K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$540.05K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$31.91K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$19.40K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$3.67M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$3.68M	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-2.00M	USD	1 Quarter
OPERATING LOSS	`OperatingIncomeLoss`	$-2.89M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$66.32K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.17M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$1.14M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$111.01K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$171.05K	USD	1 Quarter
Gain on warrant derivative liability	`GainLossOnSaleOfDerivatives`	$-1.38M	USD	1 Quarter
Gain on sale of building	`GainLossOnSaleOfPropertyPlantEquipment`	$-139.10K	USD	1 Quarter
Total other (income) expense, net	`OtherNonoperatingIncomeExpense`	$1.28M	USD	1 Quarter
Total other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-139.93K	USD	1 Quarter
NET LOSS FROM CONTINUING OPERATIONS	`IncomeLossFromContinuingOperations`	$-4.17M	USD	1 Quarter
NET LOSS FROM CONTINUING OPERATIONS	`IncomeLossFromContinuingOperations`	$-1.86M	USD	1 Quarter
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-152.86K	USD	1 Quarter
Loss from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$-345.69K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-4.51M	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-2.01M	USD	1 Quarter
Net loss from continuing operations per share (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.05	USD	1 Quarter
Net loss from continuing operations per share (in Dollars per share)	`IncomeLossFromContinuingOperationsPerBasicAndDilutedShare`	$-0.12	USD	1 Quarter
Net loss from discontinued operations per share (in Dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	$-0.01	USD	1 Quarter
Net loss from discontinued operations per share (in Dollars per share)	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare`	-	USD	1 Quarter
Net loss per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Net loss per common share (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	36.22M	shares	1 Quarter
Weighted average number of common shares outstanding (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	39.69M	shares	1 Quarter

Cash Flow Statement 49 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.51M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.01M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$66.32K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.17M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$42.94K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$34.09K	USD	1 Quarter
Amortization of loan origination fees	`AmortizationOfFinancingCostsAndDiscounts`	$-2.49K	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`	$51.57K	USD	1 Quarter
Share-based payments	`EmployeeBenefitsAndShareBasedCompensation`	$1.49M	USD	1 Quarter
Share-based payments	`EmployeeBenefitsAndShareBasedCompensation`	$572.57K	USD	1 Quarter
Gain on warrant derivative liability	`GainLossOnSaleOfDerivatives`	$-1.38M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$1.14M	USD	1 Quarter
Gain on discontinued operations	`DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax`	$5.18K	USD	1 Quarter
Gain on sale of building	`GainLossOnSaleOfProperties`	$-139.10K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$204.50K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-146.36K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-261.78K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-93.84K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$20.23K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$238.67K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$273.82K	USD	1 Quarter
Net cash used in operating activities:	`NetCashProvidedByUsedInOperatingActivities`	$-1.48M	USD	1 Quarter
Net cash used in operating activities:	`NetCashProvidedByUsedInOperatingActivities`	$-1.72M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$160.21K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.01K	USD	1 Quarter
Proceeds on sale of building	`ProceedsFromSaleOfBuildings`	$1.42M	USD	1 Quarter
Lending on notes receivable	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-485.00K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.42M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-645.21K	USD	1 Quarter
Note principal used to exercise warrants	`ProceedsFromWarrantExercises`	$90.00K	USD	1 Quarter
Proceeds from notes payable	`ProceedsFromNotesPayable`	$1.50M	USD	1 Quarter
Payments on notes payable	`RepaymentsOfNotesPayable`	$975.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$615.00K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.37M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$550.29K	USD	1 Quarter
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$594.48K	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$122.39K	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$594.48K	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$122.39K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$2.15K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$173.07K	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Operating lease right-of-use asset / Operating lease liability	`OperatingLeaseRightOfUseAsset`	$154.20K	USD	Point-in-time
Debt converted to equity	`DebtConversionConvertedInstrumentAmount1`	$250.00K	USD	1 Quarter
Beneficial conversion feature	`DebtInstrumentConvertibleBeneficialConversionFeature`	$233.50K	USD	1 Quarter
Issuance of common stock to an employee	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$100.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$-5.69M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$4.55M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$-5.76M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.51M	USD	Point-in-time
Common stock issued upon exercise of warrants for debt	`StockIssuedDuringPeriodValueExerciseOfWarrants`	$172.24K	USD	1 Quarter
Stock options granted to employees	`StockOptionsGrantedToEmployees`	$100.00K	USD	1 Quarter
Common stock issued upon conversion of debt	`StockIssuedDuringPeriodValueConversionOfUnits`	$250.00K	USD	1 Quarter
Expense in relation to beneficial conversion feature	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$233.50K	USD	1 Quarter
Stock options granted to employees and Consultants	`StockOptionPlanExpense`	$1.47M	USD	1 Quarter
Stock options granted to employees and Consultants	`StockOptionPlanExpense`	$492.33K	USD	1 Quarter
Net loss	`ProfitLoss`	$2.01M	USD	1 Quarter
Net loss	`ProfitLoss`	$4.51M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$-5.69M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$4.55M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$-5.76M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.51M	USD	Point-in-time

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