10-Q Filing

TREES CORP (COLORADO) CIK: 1477009 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-010306`
Period End Date	20230331
Filing Date	20230522
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	cann-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 51 Cash Flow Statement 50 Stockholders Equity 13

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, net of allowance	`AllowanceForDoubtfulAccountsReceivable`	$42.00K	USD	Point-in-time
Accounts receivable, net of allowance	`AllowanceForDoubtfulAccountsReceivable`	$42.00K	USD	Point-in-time
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`	$1.46M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.58M	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
Accounts receivable, net of allowance of $42,000, respectively	`AccountsReceivableNetCurrent`	$41.37K	USD	Point-in-time
Accounts receivable, net of allowance of $42,000, respectively	`AccountsReceivableNetCurrent`	$62.84K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	1,180.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	1,180.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	1,180.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	1,180.00	shares	Point-in-time
Inventories	`InventoryNet`	$2.07M	USD	Point-in-time
Inventories	`InventoryNet`	$2.41M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$262.63K	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`	$259.60K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.95M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$4.20M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	118.66M	shares	Point-in-time
Right-of-use operating lease asset	`OperatingLeaseRightOfUseAsset`	$4.03M	USD	Point-in-time
Right-of-use operating lease asset	`OperatingLeaseRightOfUseAsset`	$3.87M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	118.66M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.95M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	118.66M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.89M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	118.66M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.93M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.54M	USD	Point-in-time
Goodwill	`Goodwill`	$18.38M	USD	Point-in-time
Goodwill	`Goodwill`	$18.38M	USD	Point-in-time
Total assets	`Assets`	$31.69M	USD	Point-in-time
Total assets	`Assets`	$31.43M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableCurrent`	$2.63M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableCurrent`	$1.90M	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$909.70K	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$488.81K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$290.66K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesCurrent`	$204.92K	USD	Point-in-time
Operating lease liability, current	`OperatingLeaseLiabilityCurrent`	$1.43M	USD	Point-in-time
Operating lease liability, current	`OperatingLeaseLiabilityCurrent`	$843.43K	USD	Point-in-time
Finance lease liability, current	`FinanceLeaseLiabilityCurrent`	$55.78K	USD	Point-in-time
Finance lease liability, current	`FinanceLeaseLiabilityCurrent`	$60.01K	USD	Point-in-time
Accrued stock payable	`DeferredCompensationShareBasedArrangementsLiabilityCurrent`	$60.90K	USD	Point-in-time
Accrued stock payable	`DeferredCompensationShareBasedArrangementsLiabilityCurrent`	$60.90K	USD	Point-in-time
Accrued dividends	`DividendsPayableCurrent`	$88.50K	USD	Point-in-time
Accrued dividends	`DividendsPayableCurrent`	$106.20K	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$5.51K	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$4.20K	USD	Point-in-time
Notes payable - current	`NotesPayableCurrent`	$1.90M	USD	Point-in-time
Notes payable - current	`NotesPayableCurrent`	$1.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.78M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.14M	USD	Point-in-time
Operating lease liability, non-current	`OperatingLeaseLiabilityNoncurrent`	$3.31M	USD	Point-in-time
Operating lease liability, non-current	`OperatingLeaseLiabilityNoncurrent`	$2.54M	USD	Point-in-time
Finance lease liability, non-current	`FinanceLeaseLiabilityNoncurrent`	$706.65K	USD	Point-in-time
Finance lease liability, non-current	`FinanceLeaseLiabilityNoncurrent`	$689.50K	USD	Point-in-time
Notes payable - non-current (net of unamortized discount)	`LongTermNotesPayable`	$15.90M	USD	Point-in-time
Notes payable - non-current (net of unamortized discount)	`LongTermNotesPayable`	$16.11M	USD	Point-in-time
Total liabilities	`Liabilities`	$25.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$26.90M	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, no par value; 5,000,000 shares authorized; 1,180 issued and outstanding, respectively	`PreferredStockValue`	$1.07M	USD	Point-in-time
Preferred stock, no par value; 5,000,000 shares authorized; 1,180 issued and outstanding, respectively	`PreferredStockValue`	$1.07M	USD	Point-in-time
Common stock, $0.001 par value; 200,000,000 shares authorized; 118,664,094 shares issued and outstanding, respectively	`CommonStockValue`	$118.66K	USD	Point-in-time
Common stock, $0.001 par value; 200,000,000 shares authorized; 118,664,094 shares issued and outstanding, respectively	`CommonStockValue`	$118.66K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$98.63M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$98.60M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-93.38M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-95.29M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$6.41M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$10.55M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.61M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.53M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$31.69M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$31.43M	USD	Point-in-time

Income Statement 51 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$3.57M	USD	1 Quarter
Total revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$5.11M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$2.07M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$3.06M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.30M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.33M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$27.40K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$76.12K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$607.54K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$281.38K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$292.84K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$231.85K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$6.28M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$3.99M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-417.04K	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.17M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountAndEquityIssuanceCosts`	$214.28K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountAndEquityIssuanceCosts`	$181.68K	USD	1 Quarter
Interest expense	`InterestExpense`	$449.31K	USD	1 Quarter
Interest expense	`InterestExpense`	$174.35K	USD	1 Quarter
(Gain) loss on derivative liability	`GainLossOnDerivativeInstrumentsNetPretax`	$1.31K	USD	1 Quarter
(Gain) loss on derivative liability	`GainLossOnDerivativeInstrumentsNetPretax`	$-60.66K	USD	1 Quarter
Total other expenses, net	`OtherNonoperatingIncomeExpense`	$-449.30K	USD	1 Quarter
Total other expenses, net	`OtherNonoperatingIncomeExpense`	$-629.68K	USD	1 Quarter
Net loss from continuing operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.80M	USD	1 Quarter
Net loss from continuing operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-866.34K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations`	$85.74K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-866.34K	USD	1 Quarter
Loss from continuing operations	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-1.89M	USD	1 Quarter
Income from discontinued operations, net of tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	$5.28K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.89M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-861.06K	USD	1 Quarter
Accrued preferred stock dividend	`PreferredStockDividendsIncomeStatementImpact`	$17.70K	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.90M	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-861.06K	USD	1 Quarter
Net loss from continuing operations basic per share	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.01	USD	1 Quarter
Net loss from continuing operations basic per share	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.02	USD	1 Quarter
Net loss from continuing operations diluted per share	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.01	USD	1 Quarter
Net loss from continuing operations diluted per share	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.02	USD	1 Quarter
Net loss from discontinued operations basic per share	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	-	USD	1 Quarter
Net loss from discontinued operations basic per share	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	-	USD	1 Quarter
Net loss from discontinued operations diluted per share	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare`	-	USD	1 Quarter
Net loss from discontinued operations diluted per share	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare`	-	USD	1 Quarter
Net loss attributable to common stockholders basic per share	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Net loss attributable to common stockholders basic per share	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Net loss attributable to common stockholders diluted per share	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Net loss attributable to common stockholders diluted per share	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Weighted average number of common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	95.75M	shares	1 Quarter
Weighted average number of common shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	118.66M	shares	1 Quarter
Weighted average number of common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	95.75M	shares	1 Quarter
Weighted average number of common shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	97.17M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-861.06K	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.89M	USD	1 Quarter
Amortization of debt discount and equity issuance costs	`AmortizationOfDebtDiscountAndEquityIssuanceCosts`	$214.28K	USD	1 Quarter
Amortization of debt discount and equity issuance costs	`AmortizationOfDebtDiscountAndEquityIssuanceCosts`	$181.68K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$292.84K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$231.85K	USD	1 Quarter
Non-cash lease expense	`NonCashLeaseExpense`	$298.48K	USD	1 Quarter
Non-cash lease expense	`NonCashLeaseExpense`	$19.42K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$-5.08K	USD	1 Quarter
(Gain) loss on derivative liability	`GainLossOnDerivativeInstrumentsNetPretax`	$1.31K	USD	1 Quarter
(Gain) loss on derivative liability	`GainLossOnDerivativeInstrumentsNetPretax`	$-60.66K	USD	1 Quarter
Stock-based compensation	`EmployeeBenefitsAndShareBasedCompensation`	$27.40K	USD	1 Quarter
Stock-based compensation	`EmployeeBenefitsAndShareBasedCompensation`	$76.12K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$21.47K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-13.89K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$17.14K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.04K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$346.45K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$59.28K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$85.74K	USD	1 Quarter
Accounts payable, accrued liabilities, and interest payable	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.15M	USD	1 Quarter
Accounts payable, accrued liabilities, and interest payable	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$370.07K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-277.57K	USD	1 Quarter
Net cash (used in) provided by operating activities:	`NetCashProvidedByUsedInOperatingActivities`	$-502.96K	USD	1 Quarter
Net cash (used in) provided by operating activities:	`NetCashProvidedByUsedInOperatingActivities`	$45.22K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$24.31K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.57K	USD	1 Quarter
Proceeds on notes receivable	`ProceedsFromCollectionOfNotesReceivable`	$75.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-190.15K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-280.89K	USD	1 Quarter
Payments on notes payable and finance lease	`RepaymentsOfNotesPayable`	$258.06K	USD	1 Quarter
Payments on notes payable and finance lease	`RepaymentsOfNotesPayable`	$339.81K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-339.81K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-258.06K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-402.99K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.12M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.46M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.65M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.05M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.46M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.65M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.05M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.58M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$1.85K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$28.43K	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	$6.00	USD	1 Quarter
Non-cash debt issuance for acquisition of Station 2 assets	`NotesIssued1`	$333.95K	USD	1 Quarter
Issuance of accrued stock	`StockIssued1`	$383.99K	USD	1 Quarter
Issuance of accrued stock	`StockIssued1`	$17.70K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance at the beginning of the year	`StockholdersEquity`	$6.41M	USD	Point-in-time
Balance at the beginning of the year	`StockholdersEquity`	$10.55M	USD	Point-in-time
Balance at the beginning of the year	`StockholdersEquity`	$9.61M	USD	Point-in-time
Balance at the beginning of the year	`StockholdersEquity`	$4.53M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$76.12K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$27.40K	USD	1 Quarter
Dividends on preferred stock	`DividendsPreferredStock`	$17.70K	USD	1 Quarter
Net loss	`ProfitLoss`	$-861.06K	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.89M	USD	1 Quarter
Balance at the end of the year	`StockholdersEquity`	$6.41M	USD	Point-in-time
Balance at the end of the year	`StockholdersEquity`	$10.55M	USD	Point-in-time
Balance at the end of the year	`StockholdersEquity`	$9.61M	USD	Point-in-time
Balance at the end of the year	`StockholdersEquity`	$4.53M	USD	Point-in-time

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