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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended: March 31, 2024
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _____________ to _____________
Commission
File Number: 001-38190
Panacea
Life Sciences Holdings, Inc.
(Exact
name of registrant as specified in its charter)
Nevada |
|
27-1085858 |
(State
or other jurisdiction of |
|
(I.R.S.
Employer |
incorporation
or organization) |
|
Identification
No.) |
5910
S University Blvd, C18-193, Greenwood Village, CO 80121
(Address
of principal executive offices, Zip Code)
800-985-0515
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934
during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”,
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large
Accelerated Filer ☐ |
Accelerated
Filer ☐ |
|
Non-Accelerated
Filer ☒ |
Smaller
reporting company ☒ |
|
|
Emerging
growth company ☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
State
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 17,645,352
shares of common stock, par value $0.0001 per share, outstanding as May 1, 2024.
TABLE
OF CONTENTS
PART
I. FINANCIAL INFORMATION
ITEM
1. Financial Statements.
Panacea
Life Sciences Holdings, Inc. and Subsidiary
Unaudited
Condensed Consolidated Balance Sheets
| |
March 31, 2024 | | |
December 31, 2023 | |
ASSETS | |
| | | |
| | |
CURRENT ASSETS: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 107,643 | | |
$ | 100,922 | |
Accounts receivable, net | |
| 270,851 | | |
| 263,970 | |
Other receivables, related party | |
| - | | |
| - | |
Inventory | |
| 4,062,827 | | |
| 4,013,525 | |
Marketable securities related party | |
| 9,504 | | |
| 14,933 | |
Prepaid expenses and other current assets | |
| 192,133 | | |
| 263,003 | |
TOTAL CURRENT ASSETS | |
| 4,642,958 | | |
| 4,656,353 | |
| |
| | | |
| | |
Operating lease right-of-use asset, net, related party | |
| 3,685,567 | | |
| 3,864,591 | |
Property and equipment, net | |
| 6,069,570 | | |
| 6,448,068 | |
Intangible assets, net | |
| - | | |
| - | |
Goodwill | |
| 3,014,450 | | |
| 3,014,450 | |
TOTAL ASSETS | |
$ | 17,412,545 | | |
$ | 17,983,462 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 5,178,214 | | |
$ | 4,629,591 | |
Operating lease liability, current portion, related party | |
| 3,055,134 | | |
| 2,913,781 | |
Note payable-current, related party | |
| 11,772,259 | | |
| 11,397,617 | |
First Bank note payable | |
| 287,111 | | |
| 292,942 | |
Convertible note payable, net | |
| - | | |
| 115,000 | |
Paycheck protection loan, SBA Loan | |
| 99,100 | | |
| 99,100 | |
TOTAL CURRENT LIABILITIES: | |
| 20,391,818 | | |
| 19,448,031 | |
| |
| | | |
| | |
Operating lease liability, long-term portion, related party | |
| 3,070,391 | | |
| 3,254,021 | |
Other long-term liabilities, related party | |
| 3,572,864 | | |
| 3,572,864 | |
TOTAL LIABILITIES | |
| 27,035,073 | | |
| 26,274,916 | |
| |
| | | |
| | |
Commitments and contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Series A Preferred Stock: $0.0001 Par Value, 1,000 shares designated; 0 and 350 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. | |
| - | | |
| - | |
Series B-1 Preferred: $0.0001 Par Value, 32,000,000 shares designated; 1,500,000 and 1,500,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. | |
| 150 | | |
| 150 | |
Series B-2 Preferred: $0.0001 Par Value, 6,000,000 shares designated; 6,000,000 and 6,000,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. | |
| 600 | | |
| 600 | |
Series C Preferred: $0.0001 Par Value, 1,000,000 shares designated; 1,000,000 and 1,000,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. | |
| 100 | | |
| 100 | |
Series C-1 Preferred: $0.0001 Par Value, 10,000 shares designated and 10,000 and 10,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. | |
| 1 | | |
| 1 | |
Series C-2 Preferred: $0.0001 Par Value, 100 and 0 shares designated and 100 and 0 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. | |
| - | | |
| - | |
Series D Preferred: $0.0001 Par Value, 10,000 shares designated and 10,000 and 10,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. | |
| 1 | | |
| 1 | |
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. | |
| 385 | | |
| 385 | |
Common Stock: $0.0001 Par Value, 650,000,000 shares authorized; 18,311,352 and 17,645,352 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. | |
| 1,832 | | |
| 1,765 | |
Additional paid in capital | |
| 25,743,375 | | |
| 25,628,442 | |
Accumulated deficit | |
| (35,368,972 | ) | |
| (33,922,898 | ) |
TOTAL STOCKHOLDERS’ EQUITY | |
| (9,622,528 | ) | |
| (8,291,454 | ) |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | |
$ | 17,412,545 | | |
$ | 17,983,462 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Panacea
Life Sciences Holdings, Inc. and Subsidiary
Unaudited
Condensed Consolidated Statements of Operations
| |
2024 | | |
2023 | |
| |
Three months ended March 31 | |
| |
2024 | | |
2023 | |
REVENUE | |
$ | 1,056,447 | | |
$ | 677,481 | |
COST OF SALES | |
| 390,282 | | |
| 451,872 | |
GROSS PROFIT | |
| 666,165 | | |
| 225,609 | |
| |
| | | |
| | |
OPERATING EXPENSES | |
| | | |
| | |
Production related operating expenses | |
| 1,474,475 | | |
| 1,258,159 | |
General and administrative expenses | |
| 249,038 | | |
| 257,413 | |
TOTAL OPERATING EXPENSES | |
| 1,723,513 | | |
| 1,515,572 | |
| |
| | | |
| | |
LOSS FROM OPERATIONS | |
| (1,057,348 | ) | |
| (1,289,963 | ) |
| |
| | | |
| | |
OTHER INCOME (EXPENSES) | |
| | | |
| | |
Interest expense | |
| (429,672 | ) | |
| (380,157 | ) |
Unrealized gain (loss) on marketable securities, net | |
| 5,053 | | |
| (182,255 | ) |
Realized gain (loss) on sale of securities | |
| (376 | ) | |
| - | |
Other income (loss) | |
| - | | |
| - | |
Employer retention credit | |
| - | | |
| - | |
Rental Income | |
| 36,269 | | |
| 60,332 | |
Gain on extinguishment of debt | |
| - | | |
| 748 | |
TOTAL OTHER INCOME (EXPENSE) | |
| (388,726 | ) | |
| (501,332 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
TAXES | |
| - | | |
| - | |
| |
| | | |
| | |
NET INCOME (LOSS) | |
$ | (1,446,074 | ) | |
$ | (1,791,295 | ) |
| |
| | | |
| | |
Per-share data | |
| | | |
| | |
Basic and diluted loss per share | |
$ | (0.09 | ) | |
$ | (0.12 | ) |
| |
| | | |
| | |
Weighted average number of common shares outstanding | |
| 16,492,589 | | |
| 14,965,317 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
PANACEA
LIFE SCIENCES HOLDINGS, INC. AND SUBSIDIARY
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY
(unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
| |
Preferred Stock | | |
Common Stock | | |
Additional Paid-in | | |
Accumulated | | |
Total Stockholder’s | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Equity | |
Balance as of December 31, 2023 | |
| 12,838,350 | | |
$ | 1,238 | | |
| 17,645,352 | | |
$ | 1,765 | | |
$ | 25,628,442 | | |
$ | (33,922,898 | ) | |
$ | (8,291,454 | ) |
Shares issued in respect of the merger | |
| | | |
| | | |
| - | | |
| - | | |
| - | | |
| | | |
| - | |
Shares issued in settlement of convertible note | |
| - | | |
| - | | |
| 666,000 | | |
| 67 | | |
| 114,933 | | |
| | | |
| 115,000 | |
| |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,446,074 | ) |
Balance as of March 31, 2024 | |
| 12,838,350 | | |
$ | 1,238 | | |
| 18,311,352 | | |
$ | 1,832 | | |
$ | 25,743,375 | | |
$ | (33,922,898 | ) | |
$ | (9,622,528 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of December 31, 2022 | |
| 8,530,000 | | |
$ | 853 | | |
| 14,965,317 | | |
$ | 1,497 | | |
$ | 23,760,704 | | |
$ | (25,907,597 | ) | |
$ | (2,144,544 | ) |
Balance | |
| 8,530,000 | | |
$ | 853 | | |
| 14,965,317 | | |
$ | 1,497 | | |
$ | 23,760,704 | | |
$ | (25,907,597 | ) | |
$ | (2,144,544 | ) |
Shares issued in respect of the merger | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Issuance of common shares for services | |
| | | |
| | | |
| - | | |
| - | | |
| - | | |
| | | |
| - | |
Shares issued in settlement of convertible note | |
| - | | |
| - | | |
| 540,000 | | |
| 54 | | |
| 134,946 | | |
| | | |
| 135,000 | |
Net Loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,791,295 | ) | |
| (1,791,295 | ) |
Balance as of March 31, 2023 | |
| 8,530,000 | | |
$ | 853 | | |
| 15,505,317 | | |
$ | 1,551 | | |
$ | 23,895,650 | | |
$ | (27,698,892 | ) | |
$ | (3,800,839 | ) |
Balance | |
| 8,530,000 | | |
$ | 853 | | |
| 15,505,317 | | |
$ | 1,551 | | |
$ | 23,895,650 | | |
$ | (27,698,892 | ) | |
$ | (3,800,839 | ) |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements
Panacea
Life Sciences, Inc.
Statements
of Cash Flows
| |
2024 | | |
2023 | |
| |
For
the months ended March 31, | |
| |
2024 | | |
2023 | |
Cash
flows from operating activities | |
| | | |
| | |
Net
income (loss) | |
$ | (1,446,074 | ) | |
$ | (1,791,295 | ) |
Adjustments
to reconcile net loss to net cash used in operating activities | |
| | | |
| | |
Depreciation | |
| 383,498 | | |
| 422,554 | |
Realized
gain on sale of securities | |
| 376 | | |
| - | |
Unrealized
(gain)/loss on marketable securities | |
| 5,053 | | |
| 182,255 | |
Amortization
of debt discount and non-cash interest expense | |
| - | | |
| 38,329 | |
Changes
in operating assets and liabilities | |
| | | |
| | |
Accounts
receivable | |
| (6,881 | ) | |
| (68,660 | ) |
Inventory | |
| (49,302 | ) | |
| 353,662 | |
Prepaid
expense and other assets | |
| 70,870 | | |
| 34,552 | |
Accounts
payable and accrued expenses | |
| 548,623 | | |
| 400,059 | |
Operating
lease liability, net | |
| 136,747 | | |
| 114,693 | |
Net
cash used in operating activities | |
| (357,090 | ) | |
| (313,851 | ) |
| |
| | | |
| | |
Cash
flows from investing activities | |
| | | |
| | |
Net
fixed asset acquisitions | |
| (5,000 | ) | |
| (15,220 | ) |
Net
Cash provided by (used in) investing activities | |
| (5,000 | ) | |
| (15,220 | ) |
| |
| | | |
| | |
Cash
flows from financing activities | |
| | | |
| | |
Repayment
of notes payable | |
| (5,831 | ) | |
| (135,000 | ) |
Payments
of principal on notes payable – related party | |
| (74,000 | ) | |
| (65,000 | ) |
Proceeds
from Notes payable - related party | |
| 448,642 | | |
| 595,352 | |
Cash
provided by financing activities | |
| 368,811 | | |
| 395,352 | |
| |
| | | |
| | |
Net
increase (decrease) in Cash and Cash Equivalents | |
| 6,721 | | |
| 66,281 | |
Cash
and Cash Equivalents, Beginning of Period | |
| 100,922 | | |
| 6,951 | |
Cash
and Cash Equivalents, End of Period | |
$ | 107,643 | | |
$ | 73,232 | |
| |
| | | |
| | |
Supplemental
Disclosure of Cash Flow Information | |
| | | |
| | |
Cash
paid for income taxes during the year | |
$ | - | | |
$ | - | |
Interest
payments during the year | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Noncash
investing and financing activity | |
| | | |
| | |
Conversion
of note payable to common stock | |
$ | (115,000 | ) | |
$ | - | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
PANACEA
LIFE SCIENCES HOLDINGS, INC. AND SUBSIDIARY
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
MARCH
31, 2024
NOTE
1 - NATURE OF ORGANIZATION
Organization
and Business Description
Panacea
Life Sciences Holdings, Inc. (OTCQB: PLSH) is a holding company organized as a plant-based natural health ingredient and product company,
specializing in the development, manufacturing, research, and distribution of products within the $134B and rapidly growing natural health
and wellness market segment for both humans and animals.
Established
in 2017, the company’s first subsidiary, Panacea Life Sciences, Inc. (PLS), is dedicated to the production, distribution, research,
and manufacturing of premium-quality nutraceuticals, cannabinoids, mushrooms, kratom, and other natural, plant-based ingredients and
products. Operating from a cutting-edge 51,000 square foot cGMP facility located in Golden, Colorado, PLS is committed to delivering
high-quality solutions in the field of natural health and well-being. Panacea also offers the purest natural remedies within its branded
product lines for every aspect of life: PANA Health™, PANA Beauty®, PANA Sport™, PANA Pet®, PANA Pure® and PANA
Life™. If you would like more information, please visit www.panacealife.com.
Panacea
Distro, the second subsidiary of Panacea Life Sciences Holdings, Inc., manages six retail locations and a distribution center situated
in the Tampa, Florida area. These establishments provide a diverse range of products, including Nitro Kava, Kratom, Hemp, VAPE products,
and various beverages, with a primary focus on promoting alternative health and wellness. The Panacea Distro business is segmented into
two distinct areas—the retail stores and the cash & carry distribution warehouse. The retail stores are poised to evolve into
franchise stores, with the intention of eventually adopting the name “PANA KAVA JAVA.” This strategic move is part of our
plan to establish a franchise model based on the success of these existing retail locations.
In
the coming months, a third business entity, Pana Kava Java (PKJ), is set to emerge as the franchisor company, with a scheduled launch
in Q3-Q4 2024. Pana Kava Java is committed to establishing a unique franchise model, drawing inspiration from the European-style café
concept. Patrons will have the opportunity to savor infused coffees and beverages, indulge in vaping, and enjoy an array of infused baked
goods in a welcoming atmosphere. Pana Kava Java, as the franchisor, will offer franchise rights to individuals interested in opening
stores/cafés, enabling them to sell products or services under the PKJ brand, leveraging our expertise and intellectual property.
Currently, active efforts are underway in developing the franchisor plan, encompassing aspects such as business development, flagship
store establishment, legal document preparation, marketing and packaging strategies, as well as the recruitment and training of franchisees.
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation and principles of consolidation
The
Company’s consolidated financial statements include the financial statements of Panacea Life Sciences, Inc.
The
accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the
United States of America and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”)
for interim financial information, which includes consolidated unaudited interim financial statements and present the consolidated unaudited
interim financial statements of the Company and its wholly-owned subsidiaries as of March 31, 2024. Accordingly, they do not include
all of the information and notes required by accounting principles generally accepted in the United States of America. All intercompany
transactions and balances have been eliminated. In the opinion of management, all adjustments necessary to present fairly our financial
position, results of operations, stockholders’ equity and cash flows as of March 31, 2024, and 2023, and for the periods then ended,
have been made. Those adjustments consist of normal and recurring adjustments. Operating results for the three ended March 31, 2024 and
2023 are not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ending December 31,
2024. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted.
Going
concern
These
unaudited condensed consolidated financial statements are presented on the basis that the Company will continue as a going concern. Panacea
has combined with Panacea Life Sciences Holdings, Inc. so the below items reflect the consolidated company. The going concern concept
contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since our inception in later
2017, we have generated losses from operations. As of March 31, 2024, our accumulated deficit was $35.369 million, and we had $0.117 million in
cash and liquid stock. These factors raise doubt about the Company’s ability to continue as a going concern for a period of 12
months from the issuance date of this report. Management cannot provide assurance that the Company will ultimately achieve or maintain
profitable operations or become cash flow positive or raise additional debt and/or equity capital. In addition, due to insufficient revenue,
we will need to obtain further funding through public or private equity offerings, debt financing, collaboration arrangements or other
sources in order to maintain active business operations. We currently do not have sufficient cash flow to pay our ongoing financial obligations
on a consistent basis. The issuance of any additional shares of Common Stock, preferred stock or convertible securities could be substantially
dilutive to our shareholders. In addition, adequate additional funding may not be available to us on acceptable terms, or at all. These
unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability and classification
of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going
concern.
Use
of Estimates
The
Unaudited Condensed Consolidated Financial Statements have been prepared in conformity with US GAAP and required management of the Company
to make estimates and assumptions in preparation of these statements. Actual results may differ significantly from those estimates. Significant
estimates made by management include but are not limited to the useful life of property and equipment, incremental borrowing rate used
in the calculation of right of use asset and lease liability, reserves for inventory, allowance for doubtful accounts, revenue allocations,
valuation allowance on deferred tax assets, assumptions used in assessing impairment of long-term assets, assumptions used in the calculation
of net realizable value of inventory and fair value of non-cash equity transactions.
Cash
and Cash Equivalents
For
purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market
funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. There were no
cash equivalents. The Company places its cash and cash equivalents with high-quality financial institutions. At times, balances in the
Company’s cash accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) limit. On March 31, 2024, the
Company’s cash balances did not exceed the FDIC limit.
Accounts
Receivable
Accounts
receivable are generally unsecured. The Company establishes an allowance for doubtful accounts receivable based on the age of outstanding
invoices and management’s evaluation of collectability. Accounts are written off after all reasonable collection efforts have been
exhausted and management concludes that likelihood of collection is remote. Any future recoveries are applied against the allowance for
doubtful accounts. An allowance of $50,000 was taken at the beginning of 2024 to allow for any doubtful accounts to be expensed.
As of March 31, 2024, $0 of this allowance was expensed. The Company’s accounts receivable policy changed in 2021 to only provide
larger, well-established companies with Net 30 payment terms. For all other sales they are paid by credit card or wires received before
the product is shipped to the customer.
Inventory
Inventories
are stated at lower of cost or net realizable value. Inventories of purchased materials are valued using a moving average method and
managed on a first in first out basis (FIFO). Inventories of internally manufactured materials are valued using a standard costing method
and are also managed on a FIFO basis. Production related costs that are capitalized as inventory as part of the standard cost valuation
include the direct materials consumed, direct labor used, indirect labor used, and manufacturing overhead. Overhead is calculated based
on specific manufacturing process and allocated on an order-by-order basis. Production variances that occur between standard cost valuation
and actual costs are expensed as incurred in the income statement as part of cost of goods sold.
Marketable
securities
The
Company’s marketable securities consists of 79,200 shares of XXII which are classified as available-for-sale and included in
current assets as they are pledged to secure two promissory notes. Securities are valued based on market prices for identical assets
using third party certified pricing sources. Available-for-sale securities are carried at fair value with unrealized and realized gains
and losses reported as a component of income (loss). Realized gains and losses, if any, are calculated on the specific identification
method and are included in other income in the condensed consolidated statements of operations.
Fair
Value Measurements
The
Company adopted the provisions of Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and
Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair
value, and expands disclosure of fair value measurements. The guidance prioritizes the inputs used in measuring fair value and establishes
a three-tier value hierarchy that distinguishes among the following:
|
● |
Level
1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the
ability to access. |
|
|
|
|
● |
Level
2—Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar
assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly
or indirectly. |
|
|
|
|
● |
Level
3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
The
following table shows, by level within the fair value hierarchy, the Company’s assets and liabilities at fair value on a recurring
basis as of March 31, 2024 and December 31, 2023:
SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Marketable securities | |
$ | 9,504 | | |
| - | | |
$ | - | | |
| - | | |
$ | 14,933 | | |
$ | 14,933 | | |
$ | - | | |
$ | - | |
Total | |
$ | 9,504 | | |
| - | | |
$ | - | | |
$ | - | | |
$ | 14,933 | | |
$ | 14,933 | | |
$ | - | | |
$ | - | |
SCHEDULE OF MARKETABLE SECURITIES
| |
March 31, 2024 | |
Balance at beginning of year | |
$ | 14,933 | |
Realized loss on marketable securities, net | |
| 376 | |
Unrealized loss on marketable securities, net | |
| 5,053 | |
Balance at end of period | |
$ | 9,504 | |
As
of March 31, 2024, the Company has no liabilities that are re-measured at fair value.
Property
and Equipment
Property
and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method on the various
asset classes over their estimated useful lives, which range from three to ten years when placed in service. The cost of repairs and
maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the
cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year
of disposition.
Intangible
Assets and Goodwill
Goodwill
is comprised of the purchase price of business combinations in excess of the fair market value assigned at acquisition to the tangible
and intangible assets acquired. Goodwill is not amortized. The Company tests goodwill for impairment on an annual basis. The Company
performed its most recent goodwill impairment using a discounted cash flow analysis and found that the fair value exceeded the carrying
value. It has $2.189 million of goodwill from the acquisition of the assets of Phoenix Life Sciences, Inc. in October 2017 and $0.825
million from the N7 acquisition.
SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL
|
|
Estimated
Life |
Goodwill
from Phoenix Acquisition |
|
Tested
Yearly for Impairment |
Goodwill
from N7 Acquisition |
|
Tested
Yearly for Impairment |
| |
March
31, 2024 | | |
December
31, 2023 | |
Goodwill from Phoenix Acquisition | |
$ | 2,188,810 | | |
$ | 2,188,810 | |
Goodwill from N7 Acquisition | |
| 825,640 | | |
| 825,640 | |
Total | |
$ | 3,014,450 | | |
$ | 3,014,450 | |
Leases
The
Company determines if an arrangement is a lease at inception. Contracts containing a lease are further evaluated for classification as
an operating or finance lease. In determining the leases classification, the Company assesses among other criteria: (i) 75% or more of
the remaining economic life of the underlying asset is a major part of the remaining economic life of that underlying asset; and (ii)
90% or more of the fair value of the underlying asset comprises substantially all of the fair value of the underlying asset. Operating
leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities and long-term operating lease
liabilities in the Company’s consolidated balance sheets. Finance leases are included in property, plant and equipment, net, other
current liabilities, and long-term finance lease liabilities in the Company’s consolidated balance sheets. ROU assets represent
the right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease
payments arising from the lease. For leases with terms greater than 12 months, the Company records the ROU asset and liability at commencement
date based on the present value of lease payments according to their term.
The
Company uses incremental borrowing rates based on the estimated rate of interest for collateralized borrowing over a similar term of
the lease payments at commencement date. The ROU asset also includes any lease payments made and excludes lease incentives. Lease terms
may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease
expenses are recognized on a straight-line basis over the lease term or the useful life of the leased asset.
In
addition, the carrying amount of the ROU and lease liabilities are remeasured if there is a modification, a change in the lease term,
a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.
Convertible
Notes Payable
The
Company has previously issued convertible notes, which contain variable conversion features, whereby the outstanding principal and accrued
interest automatically convert into common shares at a fixed price which may be a discount to the common stock at the time of conversion.
Some of the conversion features of these notes are contingent upon future events, whereby, the holder agreed not to convert until the
contingent future event has occurred. The Company currently does not hold any convertible notes.
Revenue
Recognition
The
Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers.
The
Company accounts for a contract when it has been approved and committed to, each party’s rights regarding the goods or services
to be transferred have been identified, the payment terms have been identified, the contract has commercial substance, and collectability
is probable. Revenue is generally recognized net of allowances for returns and any taxes collected from customers and subsequently remitted
to governmental authorities. However, the Company’s sales are primarily through retail stores, purchase orders or ecommerce; thus,
currently contract liabilities are negligible. The Company does not have any multiple-element arrangements.
Some
of the Company’s contract liabilities consist of advance customer payments. Contract liability results from transactions in
which the Company has been paid for products by customers, but for which all revenue recognition criteria have not yet been met.
Once all revenue recognition criteria have been met, the contract liabilities are recognized. The Company recorded $400,955 and
$349,705 in advanced customer payments as of March 31, 2024, and December 31, 2023, respectively, and these amounts are
included in the balance sheet line item of accounts payable and accrued expenses.
SCHEDULE OF REVENUE FROM CONTRACT WITH CUSTOMER
| |
March
31, 2024 | | |
December
31, 2023 | |
Balance, beginning of period | |
$ | 349,705 | | |
$ | 368,065 | |
Payments received for unearned revenue | |
| 143,469 | | |
| 156,298 | |
Revenue earned | |
| 92,219 | | |
| 174,658 | |
| |
| | | |
| | |
Balance, end of period | |
$ | 400,955 | | |
$ | 349,705 | |
Revenue
is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration
that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature,
amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded
reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step
model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the
promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of
the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance
obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.
Revenue
related to the sale of products is recognized once goods have been sold to the customer and the performance obligation has been completed.
In both contracted purchase and retail sales, we offer consumer products through our online stores. Revenue is recognized when control
of the goods is transferred to the customer. This generally occurs upon our delivery to a third-party carrier or, to the customer directly.
Revenue from tolling services is recognized when the performance obligation, such as processing of the material, has been completed and
output material has been transferred to the customer.
Revenue
is generally recognized net of allowances for returns and any taxes collected from customers and subsequently remitted to governmental
authorities. A contract liability results from transactions in which the Company has been paid for products by customers, but for which
all revenue recognition criteria have not yet been met. Once all revenue recognition criteria have been met, the contract liabilities
are recognized. The Company does not have any multiple-element arrangements.
The
Company also has recorded other income related to rental income it receives from leasing out space in the laboratory it occupies.
Shipping
and Handling Costs
The
Company accounts for shipping and handling fees in accordance with ASC 606. The amounts charged to customers for shipping products are
recognized as revenues and the related freight costs of shipping products are classified in general and administrative costs as incurred.
Shipping costs are included as a component of general and administrative and were $9,566 and $29,667 for the three months ended
March 31, 2024 and 2023, respectively.
Advertising
& Marketing
Advertising
costs are expensed when incurred and are included in advertising and promotional expense in the accompanying statements of operations.
Included in this category are expenses related to public relations, investor relations, new package design, website design, design of
promotional materials, cost of trade shows, cost of products given away as promotional samples, and paid advertising. The Company recorded
advertising costs included in general and administrative costs of $2,486 and $8,769 for the three months ended March 31, 2024
and 2023, respectively.
Segment
Information
The
Company follows the provisions of ASC 280-10 Segment Reporting. This standard requires that companies disclose operating segments
based on the manner in which management disaggregates the Company in making internal operating decisions. Segment identification and
selection is consistent with the management structure used by the Company’s chief operating decision maker to evaluate performance
and make decisions regarding resource allocation, as well as the materiality of financial results consistent with that structure. Based
on the Company’s management structure and method of internal reporting, the Company has one operating segment. The Company’s
chief operating decision maker does not review operating results on a disaggregated basis; rather, the chief operating decision maker
reviews operating results on an aggregate basis.
Earnings
per Share
The
Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, “Earnings per Share”. Basic
earnings per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common
shares outstanding during the reporting period. Diluted earnings per share reflects the potential dilution that could occur if preferred
stock converted to common stock and warrants are exercised. Preferred stock and warrants are excluded from the diluted earnings per share
calculation if their effect is anti-dilutive.
The
following financial instruments were not included in the diluted loss per share calculation for the three months ended March 31, 2024
and 2023 because their effect was anti-dilutive:
SCHEDULE OF ANTI-DILUTIVE DILUTED LOSS PER SHARE
| |
2024 | | |
2023 | |
| |
For
the three months ended March 31, | |
| |
2024 | | |
2023 | |
Restricted stock | |
| 1,793,483 | | |
| 107,993 | |
Options to purchase common stock | |
| 536,854 | | |
| 401,854 | |
Warrants to purchase common stock | |
| 1,078,573 | | |
| 1,107,250 | |
Series B-1 Convertible Preferred | |
| 6,679 | | |
| 6,679 | |
Series B-2 Convertible Preferred | |
| 26,786 | | |
| 26,786 | |
Series C Convertible Preferred | |
| 2,289,220 | | |
| 2,289,220 | |
Series C-1 Convertible Preferred | |
| 1,064,908 | | |
| 1,064,908 | |
Series D Convertible Preferred | |
| 1,628,126 | | |
| 1,628,126 | |
Series E Convertible Preferred | |
| 3,853,000 | | |
| - | |
Total | |
| 12,277,629 | | |
| 6,632,816 | |
Anti-dilutive securities | |
| 12,277,629 | | |
| 6,632,816 | |
Income
Taxes
Income
taxes are accounted for under the asset and liability method prescribed by FASB ASC Topic 740. These standards require a company to determine
whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position.
If the more likely than not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial
statements. Deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis
of assets and liabilities. Deferred tax assets and liabilities reflect the tax rates expected to be in effect for the years in which
the differences are expected to reverse. A valuation allowance is provided if it is more likely than not that some or all of the deferred
tax asset will not be realized.
Recently
Issued Accounting Standards
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity
(Subtopic 815-40), Accounting for Convertible Instruments and Contract’s in an Entity’s Own Equity. The ASU simplifies accounting
for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments
will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain
settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity
contracts to qualify for it. The ASU simplifies the diluted net income per share calculation in certain areas. The ASU is effective for
annual and interim periods beginning after December 31, 2021, and early adoption is permitted for fiscal years beginning after December
15, 2020, and interim periods within those fiscal years. The Company does not expect the adoption of ASU 2020-6 to have any material
impact on its consolidated financial statements.
In
May 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-04 “Earnings Per Share (Topic 260), Debt—Modifications
and Extinguishments (Subtopic 470-50), Compensation— Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts
in Entity’s Own Equity (Subtopic 815- 40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified
Written Call Options” which clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding
equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. An entity
should measure the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity
classified after modification or exchange as follows: i) for a modification or an exchange that is a part of or directly related to a
modification or an exchange of an existing debt instrument or line-of-credit or revolving-debt arrangements (hereinafter, referred to
as a “debt” or “debt instrument”), as the difference between the fair value of the modified or exchanged written
call option and the fair value of that written call option immediately before it is modified or exchanged; ii) for all other modifications
or exchanges, as the excess, if any, of the fair value of the modified or exchanged written call option over the fair value of that written
call option immediately before it is modified or exchanged. The amendments in this Update are effective for all entities for fiscal years
beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively
to modifications or exchanges occurring on or after the effective date of the amendments. The Company is currently evaluating the impact
of this standard on its consolidated financial statements.
The
Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition,
results of operations, cash flows or disclosures.
NOTE
3 – PROPERTY, EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
Property
and equipment, net including any major improvements, are recorded at historical cost. The cost of repairs and maintenance is charged
against operations as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the related
assets, generally as follows:
SCHEDULE
OF PROPERTY PLANT AND EQUIPMENT USEFUL LIVES
|
|
Estimated
Life |
|
Computers
and technological assets |
|
|
3
– 5 Years |
|
Furniture
and fixtures |
|
|
3
– 5 Years |
|
Machinery
and equipment |
|
|
5
– 10 Years |
|
Leasehold
improvement |
|
|
10
Years |
|
Property
and equipment, net consists of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
March
31, 2024 | | |
December
31, 2023 | |
Computers and technological assets | |
$ | 3,776,320 | | |
$ | 3,776,320 | |
Furniture and fixtures | |
| 166,830 | | |
| 161,830 | |
Machinery and equipment | |
| 7,846,788 | | |
| 7,846,788 | |
Land | |
| 92,222 | | |
| 92,222 | |
Leasehold improvements | |
| 1,806,755 | | |
| 1,806,755 | |
Total | |
| 13,688,915 | | |
| 13,683,915 | |
Less accumulated depreciation | |
| (7,619,345 | ) | |
| (7,235,847 | ) |
Total property and equipment, net | |
$ | 6,069,570 | | |
$ | 6,448,068 | |
Depreciation
expenses for the three-month period ended March 31, 2024 and 2023 were $383,498 and $422,554 respectively.
NOTE
4 - INVENTORY
Inventory
consists of the following components:
SCHEDULE
OF INVENTORY
| |
March
31, 2024 | | |
December
31, 2023 | |
Raw Materials | |
$ | 892,377 | | |
$ | 850,362 | |
Semi-Finished | |
| 1,785,949 | | |
| 1,870,978 | |
Finished Goods | |
| 1,358,063 | | |
| 1,262,674 | |
Packaging | |
| 26,438 | | |
| 29,511 | |
Total | |
$ | 4,062,827 | | |
$ | 4,013,525 | |
Inventories
are stated at lower of cost or net realizable value using the standard costing method for its work in process and finished goods. For
its raw materials, trading goods, and packaging supplies, the Company utilizes the moving average method for costing purposes and FIFO.
At this time there are no inventory reserves required.
NOTE
5 –OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES – RELATED PARTY
Right
of Use
The
Company adopted Accounting Standards Update (“ASU”) No. 2016-02, “Leases” (“ASC 842”) on January
1, 2019, the start of our 2019 fiscal year. The Company has one lease arrangement with a related party entered into on December 22, 2018
for 3-year term starting with January 1, 2019 for certain laboratory facilities, with a nine-year extension option. This lease was extended
and now expires on December 31, 2030. At inception, the Company recognized a Right of Use Asset and a corresponding lease liability in
the amount of $4,595,509. The Company’s lease arrangements may contain both lease and non-lease components. The Company has elected
to combine and account for lease and non-lease components as a single lease component. The Company has incorporated residual value obligations
in leases for which there is such occurrences. Regarding short-term leases, ASC 842-10-25-2 permits an entity to make a policy election
not to apply the recognition requirements of ASC 842 to Short-term leases. The Company has elected not to apply the ASC 842 recognition
criteria to any leases that qualify as Short-Term Leases.
The
Company leases a portion of the property (formerly the Environmental Protection Agency building) in Golden, CO from J&N Real Estate,
owned by the CEO, a related party with a term expiring on December 31, 2030. The lease consists of all laboratory space including testing
facilities, water treatment, extraction and production. The lease of the property is based on the fair market rent and triple net lease
(NNN) values competitive in the marketplace for a cGMP facility. The Company also subleases some of its laboratory space to other CBD
companies. This income is presented under the Other Income line items of the statements of operations. The leases vary from short-term
monthly leases to 3-year leases but are all cancellable.
Below
is a summary of our right of use assets and liabilities as of March 31, 2024.
SCHEDULE
OF RIGHT OF USE ASSET AND LIABILITY
| |
March 31, 2024 | | |
December 31, 2023 | |
Right-of-use assets | |
$ | 3,685,567 | | |
$ | 3,864591 | |
| |
| | | |
| | |
Present value of operating lease liabilities | |
$ | 3,793,321 | | |
$ | 3,972,696 | |
Less: Long-term portion of operating lease liability | |
| (3,070,391 | ) | |
| (3,254,021 | ) |
Short-term portion of operating lease liability | |
| 722,930, | | |
| 718,675 | |
Unpaid balances | |
| 2,300,802 | | |
| 2,185,758 | |
Total short-term lease liability obligations | |
$ | 3,023,732 | | |
$ | 2,904,433 | |
Weighted-average remaining lease term (Ends December
31, 2030) | |
| 5.76
years | | |
| 5.96
years | |
| |
| | | |
| | |
Weighted-average discount rate | |
| | | |
| 3.0 | % |
During
the three months ended March 31, 2024 and 2023, we recognized approximately $437,752 and $114,693 respectively in operating
lease costs. Operating lease costs are included in operating expenses in our consolidated statement of operations.
Approximate
future minimum lease payments for our right of use assets over the remaining lease periods as of March 31, 2024, are as follows:
SCHEDULE
OF MATURITY OF OPERATING LEASE LIABILITIES
| |
| | |
2024 | |
| 621,570 | |
2025 | |
| 830,307 | |
2026 | |
| 764,830 | |
2027 | |
| 474,122 | |
Thereafter | |
| 1,451,002 | |
Total undiscounted operating lease payments | |
| 4,141,831 | |
Less: Imputed interest | |
| (348,510 | ) |
Present value of operating lease liabilities | |
$ | 3,793,321 | |
NOTE
6 – NOTES PAYABLE
Paycheck
Protection Program Funding U.S. Small Business Administration Loan
On
May 28, 2020, the Company received a secured, 30-year, Economic Injury Disaster Loan in the amount of $99,100 from the U.S. Small Business
Administration. The loan carries interest at a rate of 3.75% per year and matures in 30 years. The SBA loan is secured by a security
interest in the Company’s tangible and intangible assets. As of March 31, 2024 the current principal balance of this note amounted
to $99,100 and accrued interest was approximately $2,047.
Notes
payable – related party and other liabilities.
As
part of the Exchange Agreement certain loan balances (“J&N Loans”) from J&N Real Estate LLC, an affiliate of the
Company’s CEO, (“J&N”) and historical interest owed of $1,932,358 were combined into a new promissory note with
the principal amount of $4.062 million. The J&N Note bears annual interest at 12% and was secured by a pledge of certain XXII common
stock owned by Panacea.
On
June 30, 2021, the Company issued its CEO, Ms. Buttorff, a 10% promissory note in the amount of $1,685,685 (the “Buttorff Note”).
This demand note replaced a prior working capital note that the Company had issued on January 1, 2021. On July 1, 2021, the Company issued
Ms. Buttorff a 10%, $1 million line of credit note at 10% annual rate which Ms. Buttorff has since increased and has extended (see Note
6 – Notes Payable – Buttorff Note). The Company’s line of credit from Ms. Buttorff increased to $8,000,000 on July
1, 2022. The terms include an annual interest rate of 10% and a maturity date in 2025.
SCHEDULE
OF NOTES PAYABLE RELATED PARTY
| |
March
31, 2024 | | |
December
31, 2023 | |
J&N Note | |
$ | 4,062,713 | | |
$ | 4,062,713 | |
CEO Note | |
| 7,709,546 | | |
| 7,334,904 | |
Total related party notes | |
$ | 11,772,259 | | |
$ | 11,397,617 | |
Other
long-term liabilities, related party
The
Company has recorded a related party liability (“Fixed Asset Loan”) in the amounts of $3,059,474
as of March 31, 2024 and December 31, 2023, respectively, relating to SAP software and support fees which were paid by an affiliate
company of the CEO. The maturity date has not yet been determined. The Company is no longer paying any fees related to these
services.
In
2020, the Company recorded an additional related party liability in the amount of $513,390 in respect to certain building improvements,
due to J&N Real Estate Company (a company owned by the CEO) (“J&N Building Loan”). This balance bears no interest
and the maturity date has not yet been determined.
SCHEDULE
OF NOTES PAYABLE
| |
March
31, 2024 | | |
December
31, 2023 | |
Other long-term liabilities, related party | |
| | | |
| | |
Fixed Asset Loan | |
$ | 3,059,474 | | |
$ | 3,059,474 | |
J&N Building Loan | |
| 513,390 | | |
| 513,390 | |
Total | |
$ | 3,572,864 | | |
$ | 3,572,864 | |
NOTE
7 - STOCKHOLDERS’ EQUITY
Common
stock
The
Company’s authorized common stock consists of 650,000,000 shares with a par value of $0.0001 per share.
During
the three months ended March 31, 2024, the Company issued 666,000 shares of common stock in respect of the settlement of the convertible
note payable.
Common
stock options
Stock
Option Plan
On
June 30, 2021, the Company’s stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan
provided for the issuance of 4,049,409 incentive awards in the form of non-qualified and incentive stock options, restricted stock awards,
restricted stock unit awards, warrants and preferred stock. The awards may be granted by the Company’s Board of Directors to its
employees, directors and officers and to consultants, agents, advisors and independent contractors who provide services to the Company
or to a subsidiary of the Company. The exercise price for stock options must not be less than the fair market value of the underlying
shares on the date of grant. The incentive awards shall either be fully vested and exercisable from the date of grant or shall vest and
become exercisable in such installments as the Board of Directors or Compensation Committee may specify. Stock options expire no later
than ten years from the date of grant. Unless sooner terminated, the Plan shall terminate in 10 years.
This
plan had 196,491 fully vested options outstanding at the time of the share exchange.
Stock
Options
A
summary of the stock option activity is presented below:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Options Outstanding as of March 31, 2024 | |
| |
Number of Shares Subject to Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (in years) | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Balance on December 31, 2023 | |
| 551,854 | | |
$ | 1.84 | | |
| 3.18 | | |
$ | - | |
Options granted | |
| - | | |
| - | | |
| - | | |
| - | |
Options exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Options canceled / expired | |
| 15,000 | | |
| - | | |
| - | | |
| - | |
Balance on March 31, 2024 | |
| 536,854 | | |
$ | 1.88 | | |
| 2.91 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Vested and exercisable at March 31, 2024 | |
| 196,491 | | |
$ | 1.88 | | |
| 2.91 | | |
$ | - | |
The
Company’s outstanding warrants as of March 31, 2024, are summarized as follows, and all were exercisable at that date.
SCHEDULE OF WARRANTS OUTSTANDING
| |
Warrants Outstanding as of March 31, 2024 | |
| |
Number of Shares Subject to Warrants | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (in years) | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Balance on December 31, 2023 | |
| 1,104,243 | | |
$ | 1.70 | | |
| 3.16 | | |
| - | |
Options granted | |
| - | | |
| - | | |
| - | | |
| - | |
Options exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Options canceled / expired | |
| 25,670 | | |
| 5.60 | | |
| - | | |
| - | |
Balance at March 31, 2024 | |
| 1,078,573 | | |
$ | 1.70 | | |
| 2.92 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Vested and exercisable at March 31, 2024 | |
| 1,078,573 | | |
$ | 1.70 | | |
| 2.92 | | |
$ | - | |
As
of March 31, 2024, the outstanding warrants had no intrinsic value.
Restricted
Stock
A
summary of the restricted stock activity is presented below:
SCHEDULE
OF RESTRICTED STOCK
| |
Restricted Stock
Common Stock | |
Balance at December 31, 2023 | |
| 107,993 | |
Balance at March 31, 2024 | |
| 107,993 | |
As
of March 31, 2024, there were no unamortized or unvested stock-based compensation costs related to restricted share arrangements.
Preferred
Stock
The
Company’s authorized preferred stock consists of 50,000,000 shares with a par value of $0.0001.
On
September 30, 2023, an asset purchase agreement with N7 Enterprises was closed. The original agreement was to award N7 785 shares of
preferred E stock. Each share is convertible into 10,000 shares of common stock. The agreement contained a provision permitting the total
number of shares to be adjusted based on projected sales targets being achieved. Due to these sales targets not being met, subsequent
to the original award, the preferred shares were reduced to 385.
NOTE
8 - COMMITMENTS AND CONTINGENCIES
Legal
Matters
In
the ordinary course of business, the Company enters into agreements with third parties that include indemnification provisions which,
in its judgment, are normal and customary for companies in the Company’s industry sector. These agreements are typically with business
partners, and suppliers. Pursuant to these agreements, the Company generally agrees to indemnify, hold harmless, and reimburse indemnified
parties for losses suffered or incurred by the indemnified parties with respect to the Company’s products, use of such products,
or other actions taken or omitted by us. The maximum potential number of future payments the Company could be required to make under
these indemnification provisions is unlimited. The Company has not incurred material costs to defend lawsuits or settle claims related
to these indemnification provisions. As a result, the estimated fair value of liabilities relating to these provisions is minimal. Accordingly,
the Company has no liabilities recorded for these provisions as of March 31, 2024.
Concentrations
The
Company has no contingencies, material commitments, purchase obligations, or sales obligations.
On
the revenue side, in the three months ended March 31, 2024, we have a concentration of two customers.
Both
are contract manufacturing customers who represent 46% and 13% of revenues. In the three months ended March 31, 2023, we had a concentration
of two customers. Both are contract manufacturing customers who represent 31% and 13% of revenues.
The
other concentration is in the accounts receivable category, where two customers account for 54% of total receivables. . One customer
is unique in that we produced all of the products for them to sell, and they pay Panacea as the items are sold in the ecommerce marketplace.
Thus, until their inventory is depleted, we will have accounts receivable. This customer receivable is 22% of the 54%. The other is a
tenant who subleases space and accounts for 31% of the total receivables.
NOTE
9 - RELATED PARTY TRANSACTIONS
Notes
Payable and Accrued Interest – Related Parties
For
information on related party loans to the Company and other related party transactions, see Notes 5 and 6, Operating Lease and Notes
Payable.
The
accrued interest and interest expenses recorded for related party loans are shown below.
SCHEDULE
OF RELATED PARTY TRANSACTIONS LOANS
| |
March 31, 2024 | | |
December 31, 2023 | |
Accrued Interest | |
| | | |
| | |
Related party loan-J&N | |
$ | 1,579,136 | | |
$ | 1,413,210 | |
Related party loan-CEO loan | |
| 531,044 | | |
| 476,536 | |
Related party loan – Line of credit | |
| 1,164,347 | | |
| 964,486 | |
Accrued Interest | |
| 1,164,347 | | |
| 964,486 | |
| |
Three months ended March 31, 2024 | | |
Three months ended March 31, 2023 | |
Interest Expense | |
| | | |
| | |
Related party loan-J&N | |
$ | 165,926 | | |
$ | 147,251 | |
Related party loan-CEO loan | |
| 54,507 | | |
| 49,341 | |
Related party loan – Line of Credit | |
| 199,861 | | |
| 144,956 | |
Interest Expense | |
| 199,861 | | |
| 144,956 | |
NOTE
10– SUBSEQUENT EVENTS
None.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Business
Overview
We
are a Nevada corporation organized in 2008. Exactus, Inc. was our former name. We have pursued opportunities in hemp-based businesses,
which we refer to as “cannabinoids or CBD”. On June 30, 2021 Panacea Life Sciences, Inc. “Panacea” entered into
an Exchange Agreement with Exactus and as a result became a seed-to-sale Cannabinoid company. The former Panacea stockholders have assumed
majority control of us and all our operations are now operated through Panacea which because of the share exchange became our wholly
owned subsidiary. Leslie Buttorff, became our Chief Executive Officer and a director upon the closing of the share exchange, also became
our principal stockholder through common stock and Convertible Preferred Stock issued to her and entities she controls.
Panacea
Life Sciences Holdings, Inc. (PLSH) is holding company structured to support the life sciences and health and wellness industry. Panacea,
which was founded by Leslie Buttorff in 2017 as a woman-owned business. Through Panacea, we are dedicated to developing and producing
the highest-quality, most medically relevant, legal, hemp-derived cannabinoid products for consumers and pets. Beginning at a farm Panacea
owns a parcel of located at Needle Rock, Colorado and leases laboratory space located within a 51,000 square foot, state-of-the-art,
cGMP, extraction, manufacturing, testing and fulfillment center located in Golden, Colorado, Panacea operates in every segment of the
CBD product value chain. From cultivation to finished goods, Panacea ensures its products with stringent testing protocols employed at
every stage of the supply chain. Panacea endeavors to offer pure natural remedies within product lines for every aspect of life: PANA
Life®, PANA Beauty®, PANA Sport™, PANA Pet® and PANA Health™. Currently Panacea sells over 50 different product
SKUs of CBD and CBG products.
In
late 2022 we shifted our focus to contract manufacturing for the nutraceutical industry. Its subsidiary, Panacea Life Sciences, Inc.
(PLS) is dedicated to manufacturing, research and producing the highest-quality, hemp-derived cannabinoid, functional mushroom, Kratom
and nutraceutical products for consumers and pets. From cultivation to finished goods, the company ensures its products with stringent
GMP standards and testing protocols employed at every stage of the supply chain.
We
are well positioned to develop novel extracts as dietary supplements and topical applications. Our biotechnology plans focus on our research
at Colorado State University where we are involved in several health-related research studies.
We
believe that our competitive advantages are derived from being vertically integrated that allows for extraction, enrichment and manufacturing
under a cGMP quality environment: 1) Using pharmaceutical formulation methods to optimize the delivery of various products, and 2) utilize
Good Manufacturing Practice to produce goods that are safe and quality products that deliver consistent dosing.
We
are combining human and pet preclinical studies with Good Manufacturing Process manufacturing to generate a panel of products. Our products
are formulated with delivery methods for health benefits including an intellectual property portfolio enabling development of topical
creams, sublinguals, oral soft gel capsules, patches, and sprays.
Panacea
Distro, the second subsidiary of Panacea Life Sciences Holdings, Inc., manages six retail locations and a distribution center situated
in the Tampa, Florida area. These establishments provide a diverse range of products, including Nitro Kava, Kratom, Hemp, VAPE and mushroom
products, and various beverages, with a primary focus on promoting alternative health and wellness.
Partnership
with Universities
The
grand opening of the Panacea Life Sciences Cannabinoid Research Center at Colorado State University was held on October 19, 2021. The
first studies at the center are underway for isolation of rare cannabinoids, examining cannabidiol’s effects on Inflammatory Bowel
Disease (IBS), canine and human dementia, as well as supporting research into chronic pelvic pain. These are all long-term, multi-year
studies. We previously signed an agreement with the Colorado School of Mines in the area of developing hemp-based sustainability products.
Company
Information Technology Infrastructure
The
ERPCannabis system is based on an SAP architecture and was used to develop the base installation. All financial, human resource, payroll,
procurement, production planning and materials management business processes are represented in this system. In addition, the system
is linked to our e-Commerce website www.panacealife.com. This system allows us to update product costing and determine inventory levels
which will be critical as the company expands. In addition, sophisticated financial and payroll processing are inherent in the solution;
thus, offering investors detailed accounting results related to company investments. We plan to expand on the use of this infrastructure
for acquisitions and service offerings.
Results
of Operations
Set
forth below is the discussion of the results of operations of the Company for the three months ended March 31, 2024, compared to the
three months ended March 31, 2023. The information which follows relates to the operations of Panacea, which under applicable accounting
rules are treated as the operation of the Company.
Three
Months Ended March 31, 2024 and 2023
Net
Revenues
In
2024 our revenues predominately came from contract manufacturing of nutraceutical products. Revenue consists of sales of our six category
of brand products, white label and contract manufacturing sales to other companies, raw material sales (distillate and isolate), tolling
products, and leasing space. We also have revenue from non-CBD nutraceutical companies.
Our
revenues for the three months ended March 31, 2024, increased by $378,966, or 56%, to $1,056,447as compared to $677,481 for the three
months ended March 31, 2023. The increase in sales in 2023 was due to an increase in manufacturing of non-CBD nutraceutical products.
Cost
of Sales
Cost
of sales for the three months ended March 31, 2024, decreased by $61,590 or 14% to 390,282 as compared to $451,872 for the three months
ended March 31, 2023. The decrease in cost of sales was due primarily to lower raw material prices due to larger volume purchases for
non-CBD contract manufacturing ingredients.
Operating
Expenses
Operating
expenses for the three months ended March 31, 2024, increased by $212,458, or 14%, to $1,728,030 as compared to $1,515,572 for the three
months ended March 31, 2023. The increase in operating expenses is primarily due to increased production related operating expenses as
well as increased general and administrative expenses.
Production
related operating expenses for the three months ended March 31, 2024, increased by $216,316, or 17%, to 1,474,475 as compared to 1,258,159
during the three months ended March 31, 2023. The increase in production related operating expenses is primarily due to increased head
count and increased labor costs.
General
and administrative expenses for the three months ended March 31, 2024, decreased by $3,858, or 1%, to $ 353,555 as compared to $257,413during
the three months ended March 31, 2023. This change is immaterial.
Other
income (expense)
Other
income (expense) for the three months ended March 31, 2024, decreased by $117,123 or 23% to ($384,209) as compared to ($501,332) for
the three months ended March 31, 2023. The decrease in other income is primarily due to the unrealized loss of marketable securities
held (XXII: NASDAQ).
Liquidity
and Capital Resources
Cash
flows from operating activities
The
largest source of operating cash is from our customers. A large majority of our customers purchase CBD on-line, so credit card payments
are collected and paid within 1-2 business days. Other white label and contract manufacturing customers pay before the products are released.
Some larger customers have either net 10-, 2%- or 30-day net terms. Net cash used in operating activities was $357,090 and $313,851 for
three months ended March 31 for 2024 and 2023, respectively. Approximately $0.854 million of our $1.446 million net loss in 2024 was
non-cash.
Cash
flows from investing activities
Cash
outlay for the acquisition of fixed assets comprised the majority of this category and were $5,000 and $15,220 for the three months ended
March 31, 2024, and 2023, respectively.
Cash
flows from financing activities
Net
cash provided by financing activities for the three months ended March 31, 2024 was $368,811. For the same period in 2023 the financing
was $395,352. In both years the primary financing was cash provided by Company’s CEO.
Liquidity
and Capital Resources
On
March 31, 2024, we had $0.117 million in cash and liquid stock of XXII. Our Chief Executive Officer holds the XXII shares pursuant
to the pledge agreement and has the power at any time to permit us to sell the shares to provide working capital. We have borrowed substantial
sums from Leslie Buttorff, our Chief Executive Officer, to meet its working capital obligations. On June 30, 2021, Panacea issued an
affiliate of Ms. Buttorff a 12% demand promissory note for $4.063 million and issued Ms. Buttorff a 10% demand promissory note for $1.624
million secured by a pledge of certain XXII common stock owned by Panacea. Additionally, we have a line of credit with Ms. Buttorff through
which it may borrow up to $8 million at a 10% annual interest rate.
We
do not have sufficient cash resources to sustain our operations for the next 12 months, particularly if the large sales agreements and
purchase orders we have do not result in the revenue anticipated. We may be dependent on obtaining financing from one or more debt or
equity offerings or further loans from Ms. Buttorff assuming she agrees to advance further funds.
These
unaudited condensed consolidated financial statements are presented on the basis that the Company will continue as a going concern. The
going concern concept contemplates the realization of assets and satisfaction of liabilities in the normal course of business. No adjustment
has been made to the carrying amount and classification of the Company’s assets and the carrying amount of its liabilities based
on the going concern uncertainty. These factors raise substantial doubt about the Company’s ability to continue as a going concern
for a period of 12 months from the issuance date of this report. Management cannot provide assurance that the Company will ultimately
achieve profitable operations or become cash flow positive or raise additional debt and/or equity capital. In addition, due to insufficient
revenue, we will need to obtain further funding through public or private equity offerings, debt financing, collaboration arrangements
or other sources in order to maintain active business operations. We currently do not have sufficient cash flow to pay our ongoing financial
obligations on a consistent basis. The issuance of any additional shares of common stock, preferred stock or convertible securities could
be substantially dilutive to our stockholders. In addition, adequate additional funding may not be available to us on acceptable terms,
or at all. If we are unable to raise capital, we will be forced to borrow additional sums from our Chief Executive Officer or delay,
reduce or eliminate our research and development programs, we may not be able to continue as a going concern, and we may be forced to
discontinue operations. These unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability
and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to
continue as a going concern.
Off
Balance Sheet Arrangements
As
of March 31, 2024, we had no material off-balance sheet arrangements.
Potential
Impacts of Certain Current and Proposed Regulations on Our Business and Operations
Recently,
a bill titled the Cannabis Administration and Opportunity Act, put forward by Senate Majority leader Chuck Schumer, D-NY, would amend
the definition of a dietary supplement to remove the prohibition on marketing CBD as a dietary supplement. Management sees the bill,
if enacted, as an opportunity for the FDA to accelerate their decision to classify CBD products as a dietary supplement. This would be
a significant step for hemp/CBD companies as it would open the door to new selling opportunities, such as getting into retail stores,
who have largely been hesitant to welcome CBD in their doors without a clear position from the FDA.
Many
people are increasingly turning to CBD products for several reasons: CBD is non-psychoactive, so it does not produce a “high”
like THC, there are few known contraindications, the properties of different cannabinoids can positively affect a wide range of ailments,
and cannabinoids work directly and indirectly with the body’s endocannabinoid system to create balance known as homeostasis. As
demand increases, we believe the FDA must provide more clarity about CBD’s legalization, and this bill is a promising first step.
For
now, many companies that produce hemp-derived CBD products including Panacea undertake to abide by the same regulations as any other
dietary supplements like ingredient filings, good manufacturing practices (GMP), and labeling and marketing provisions. Panacea will
continue to sell CBD and other hemp-derived products while still awaiting a clear path from the FDA about how CBD products can be marketed
and used.
Cautionary
Statement Regarding Forward-Looking Statements
This
quarterly report on Form 10-Q (this “Report”) contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements about our new operations in the hemp industry through Panacea, our expected revenue
growth, our human resources following our recent acquisition of Panacea, proposed federal legislation and its potential impact on the
CBD industry, our plans to raise capital, and our liquidity. Words such as “expects,” “anticipates,” “plans,”
“believes,” “seeks,” “estimates,” “could,” “would,” “may,” “intends,”
“targets” and similar expressions or variations of such words are intended to identify forward-looking statements but are
not the exclusive means of identifying forward-looking statements in this Report. The identification of certain statements as “forward-looking”
is not intended to mean that other statements not specifically identified are not forward-looking. All statements other than statements
about historical facts are statements that could be deemed forward-looking statements, including, but not limited to, statements that
relate to our future revenue, product development, customer demand, market acceptance, growth rate, competitiveness, gross margins, and
expenditures.
Although
forward-looking statements in this Report reflect the good faith judgment of our management, such statements can only be based on facts
and factors currently known by us. Further information on the risks and uncertainties affecting
our business is contained in our filings with the SEC, including this Form 10-Q and our Annual Report on Form 10-K for the fiscal year
ended December 31, 2023. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result
of new information, future events or otherwise. Such risks, uncertainties and changes in condition, significance, value, and effect
could cause our actual results to differ materially from those expressed herein and in ways not readily foreseeable. Readers are urged
not to place undue reliance on these forward-looking statements, which speak only as of the date of this Report and are based on information
currently and reasonably known to us. We undertake no obligation to revise or update any forward-looking statements to reflect any event
or circumstance that may arise after the date of this Report, other than as required by law. Readers are urged to carefully review and
consider the various disclosures made in this Report, which attempt to advise interested parties of the risks and factors that may affect
our business, financial condition, results of operations and prospects.
Critical
Accounting Estimates and New Accounting Pronouncements
New
Accounting Pronouncements
See
Note 2, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES to the unaudited condensed consolidated financial statements contained in Part I,
Item 1 of this amendment No. 1 to the Quarterly Report on Form 10-Q.
Critical
Accounting Estimates
The
discussion and analysis of the Company’s financial condition and results of operations is based upon the Company’s condensed
consolidated financial statements, which have been prepared in accordance with US GAAP. The preparation of the Company’s condensed
consolidated financial statements requires its management to make estimates and judgments that affect the reported amounts of assets,
liabilities, revenue and expenses and related disclosures. The Company’s management bases its estimates, assumptions and judgments
on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form
the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
Different assumptions and judgments would change the estimates used in the preparation of the Company’s condensed consolidated
financial statements which, in turn, could change the results from those reported. In addition, actual results may differ from these
estimates and such differences could be material to the Company’s financial position and results of operations.
Critical
accounting estimates are those that the Company’s management considers the most important to the portrayal of the Company’s
financial condition and results of operations because they require management’s most difficult, subjective or complex judgments,
often as a result of the need to make estimates about the effect of matters that are inherently uncertain. The Company’s critical
accounting estimates in relation to its condensed consolidated financial statements include those related to:
|
● |
Goodwill
and intangible assets |
|
● |
Fair
value of marketable securities |
|
● |
Incremental
Borrowing Rate used Right of Use Asset Calculations |
|
● |
Business
combinations |
Goodwill
and Indefinite-Lived Intangibles
We
allocate the cost of acquired companies to the identifiable tangible and intangible assets acquired and liabilities assumed, with the
remaining amount classified as goodwill. The identification and valuation of these intangible assets and the determination of the estimated
useful lives at the time of acquisition, as well as the completion of impairment tests, require significant management judgments and
estimates. These estimates are made based on, among other factors, review of projected future operating results and business plans, economic
projections, anticipated highest and best use of future cash flows and the cost of capital. The use of alternative estimates and assumptions
could increase or decrease the estimated fair value of goodwill and other intangible assets, and potentially result in a different impact
to our results of operations. Further, changes in business strategy and/or market conditions may significantly impact these judgments
and thereby impact the fair value of these assets, which could result in an impairment of the goodwill or intangible assets.
Goodwill
is not amortized but is tested for impairment annually and whenever events or circumstances change that indicate impairment may have
occurred. We tested goodwill for impairment and determined there was no impairment and found not impairment charge based on the excess
of a reporting unit’s carrying amount over our fair value.
Fair
value of marketable securities
Marketable
securities are recorded at fair value using the quoted market prices and changes in fair value are recorded as net realized gains or
losses in comprehensive income. We monitor these investments for impairment and make appropriate reductions in carrying values as necessary.
Incremental
Borrowing Rate used Right of Use Asset Calculations
We
determine if a contract is a lease or contains a lease at the inception of the contract and reassess that conclusion if the contract
is modified. All leases are assessed for classification as an operating lease or a finance lease. Operating lease right-of-use, or ROU,
assets are included in non-current other assets on our consolidated balance sheet. Operating lease liabilities are separated into a current
portion, included within other accrued liabilities on our consolidated balance sheet, and a non-current portion, included within other
long-term liabilities on our consolidated balance sheet. We do not have any finance lease ROU assets or liabilities. ROU assets represent
our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising
from the lease. We do not obtain and control the right to use the identified asset until the lease commencement date.
Our
lease liabilities are recognized at the applicable lease commencement date based on the present value of the lease payments required
to be paid over the lease term. Because the interest rate implicit in the lease is not readily determinable, we generally use our incremental
borrowing rate to discount the lease payments to present value. The estimated incremental borrowing rate is derived from information
available at the lease commencement date. We factor in publicly available data for instruments with similar characteristics when calculating
our incremental borrowing rates. Our ROU assets are also recognized at the applicable lease commencement date. The ROU asset equals the
carrying amount of the related lease liability, adjusted for any lease payments made prior to lease commencement and lease incentives
provided by the lessor. Variable lease payments are expensed as incurred and do not factor into the measurement of the applicable ROU
asset or lease liability.
Business
Combinations
We
have applied significant estimates and judgments in order to determine the fair value of the identified assets acquired, liabilities
assumed and goodwill recognized in connection with our business combinations to ensure the value of the assets and liabilities acquired
are recognized at fair value as of the acquisition date. In measuring the fair value, we utilize valuation techniques consistent with
the market approach, income approach, or cost approach.
The
valuation of the identifiable assets and liabilities includes assumptions made in performing the valuation, such as projected revenue,
weighted average cost of capital, discount rates, estimated useful lives, and other relevant assessments. These assessments can be significantly
affected by our estimates, judgments, and assumptions. If actual results are not consistent with our estimates, judgments, or assumptions,
or if additional or new information arises in the future that affects our fair value estimates, then adjustments to our initial fair
value estimates may have a material impact to our purchase accounting or our results of operations. If actual results are not consistent
with our estimates, judgments, or assumptions, or if additional or new information arises in the future, beyond our one-year measurement
period, that affects our fair value estimates, then adjustments to our initial fair value estimates may have a material impact to our
results of operations.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
A
smaller reporting company is not required to provide the information required by this Item.
ITEM
4. CONTROLS AND PROCEDURES.
Evaluation
of Disclosure Controls and Procedures
Our
management carried out an evaluation, with the participation of our Principal Executive Officer and Principal Financial Officer, required
by Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934 (the “Exchange Act”) of the effectiveness of our disclosure
controls and procedures as defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act. Based on their evaluation, our Principal Executive
Officer and Principal Financial Officer concluded that our disclosure controls and procedures are effective as of the end of the period
covered by this report to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange
Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated
and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, as appropriate to allow
timely decisions regarding required disclosure.
Changes
in Internal Control Over Financial Reporting
Except
as noted above, there were no changes in our internal control over financial reporting as defined in Rule 13a-15(f) or 15d-15(f) under
the Exchange Act that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
PART
II—OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS.
From
time–to-time, we may become involved in legal proceedings arising in the ordinary course of business. We are unable to predict
the outcome of any such matters or the ultimate legal and financial liability, and at this time cannot reasonably estimate the possible
loss or gain or range of loss/gain and accordingly have not accrued a related liability.
ITEM
1A. RISK FACTORS.
Not
applicable.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES OR USE OF PROCEEDS.
During
the three months ended March 31, 2022, the Company Issued 123,334 shares of the Company’s common stock to the former Chief Strategy
Officer of the Company in connection with the cashless exercise of stock options, as well as 447 shares the Company owed the former Chief
Strategy Officer for inadvertently issuing less shares of common stock than the amount indicated on the Subscription Agreement dated
January 18, 2019. The issuance of the shares was exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933 and
Rule 506(b) promulgated thereunder.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM
4. MINE SAFETY DISCLOSURES.
Not
applicable.
ITEM
5. OTHER INFORMATION.
None.
ITEM
6. EXHIBITS.
*
Management contract or compensatory plan or arrangement.
**
Exhibits and/or Schedules have been omitted. The Company hereby agrees to furnish to the Securities and Exchange Commission upon request
any omitted information.
***
This exhibit is being furnished rather than filed and shall not be deemed incorporated by reference into any filing, in accordance with
Item 601 of Regulation S-K.
+Portions
of this exhibit have been omitted as permitted by the rules of the SEC. The information excluded is both (i) not material and (ii) the
type that the Company customarily and actually treats as private or confidential. The Company undertakes to submit a marked copy of this
exhibit for review by the SEC Staff, to the extent it has not been previously provided, and provide supplemental materials to the SEC
Staff promptly upon request.
Copies
of this Report (including the financial statements) and any of the exhibits referred to above will be furnished at no cost to our shareholders
who make a written request to Panacea Life Sciences Holdings, Inc., at the address on the cover page of this Report, Attention: Corporate
Secretary.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
Panacea
Life Sciences Holdings, Inc. |
|
|
May
6, 2024 |
/s/
Leslie Buttorff |
|
Leslie
Buttorff |
|
Chief
Executive Officer |
Exhibit
31.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
AND
PRINCIPAL FINANCIAL OFFICER
I,
Leslie Buttorff, certify that:
1.
I have reviewed this Form 10-Q of Panacea Life Sciences Holdings, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
May 6, 2024 |
|
|
|
/s/
Leslie Buttorff |
|
Leslie
Buttorff |
|
Chief
Executive Officer and Chief Financial Officer |
|
(Principal
Executive Officer and Principal Financial Officer) |
|
Exhibit
32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the quarterly report of Panacea Life Sciences Holdings, Inc. (the “Company”) Form 10-Q for the quarter ended
March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Leslie Buttorff,
Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to
§906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
|
1. |
The
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and |
|
|
|
|
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Date:
May 6, 2024 |
|
|
|
/s/
Leslie Buttorff |
|
Leslie
Buttorff |
|
Chief
Executive Officer and Chief Financial Officer |
|
(Principal
Executive Officer and Principal Financial Officer) |
|
v3.24.1.u1
Cover - shares
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May 01, 2024 |
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Entity Registrant Name |
Panacea
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0001552189
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v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 107,643
|
$ 100,922
|
Accounts receivable, net |
270,851
|
263,970
|
Inventory |
4,062,827
|
4,013,525
|
Marketable securities related party |
9,504
|
14,933
|
Prepaid expenses and other current assets |
192,133
|
263,003
|
TOTAL CURRENT ASSETS |
4,642,958
|
4,656,353
|
Operating lease right-of-use asset, net, related party |
3,685,567
|
3,864,591
|
Property and equipment, net |
6,069,570
|
6,448,068
|
Intangible assets, net |
|
|
Goodwill |
3,014,450
|
3,014,450
|
TOTAL ASSETS |
17,412,545
|
17,983,462
|
CURRENT LIABILITIES: |
|
|
Accounts payable and accrued expenses |
5,178,214
|
4,629,591
|
Operating lease liability, current portion, related party |
3,055,134
|
2,913,781
|
Convertible note payable, net |
|
115,000
|
Paycheck protection loan, SBA Loan |
99,100
|
99,100
|
TOTAL CURRENT LIABILITIES: |
20,391,818
|
19,448,031
|
Operating lease liability, long-term portion, related party |
3,070,391
|
3,254,021
|
Other long-term liabilities, related party |
3,572,864
|
3,572,864
|
TOTAL LIABILITIES |
27,035,073
|
26,274,916
|
Commitments and contingencies |
|
|
STOCKHOLDERS’ EQUITY |
|
|
Common Stock: $0.0001 Par Value, 650,000,000 shares authorized; 18,311,352 and 17,645,352 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. |
1,832
|
1,765
|
Additional paid in capital |
25,743,375
|
25,628,442
|
Accumulated deficit |
(35,368,972)
|
(33,922,898)
|
TOTAL STOCKHOLDERS’ EQUITY |
(9,622,528)
|
(8,291,454)
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
17,412,545
|
17,983,462
|
Series A Preferred Stock [Member] |
|
|
STOCKHOLDERS’ EQUITY |
|
|
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. |
|
|
Series B-1 Preferred Stock [Member] |
|
|
STOCKHOLDERS’ EQUITY |
|
|
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. |
150
|
150
|
Series B-2 Preferred Stock [Member] |
|
|
STOCKHOLDERS’ EQUITY |
|
|
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. |
600
|
600
|
Series C Preferred Stock [Member] |
|
|
STOCKHOLDERS’ EQUITY |
|
|
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. |
100
|
100
|
Series C-1 Preferred Stock [Member] |
|
|
STOCKHOLDERS’ EQUITY |
|
|
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. |
1
|
1
|
Series C-2 preferred stock [Member] |
|
|
STOCKHOLDERS’ EQUITY |
|
|
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. |
|
|
Series D Preferred Stock [Member] |
|
|
STOCKHOLDERS’ EQUITY |
|
|
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. |
1
|
1
|
Series E Preferred Stock [Member] |
|
|
STOCKHOLDERS’ EQUITY |
|
|
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively. |
385
|
385
|
Related Party [Member] |
|
|
CURRENT ASSETS: |
|
|
Other receivables, related party |
|
|
CURRENT LIABILITIES: |
|
|
First Bank note payable |
11,772,259
|
11,397,617
|
Nonrelated Party [Member] |
|
|
CURRENT LIABILITIES: |
|
|
First Bank note payable |
$ 287,111
|
$ 292,942
|
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v3.24.1.u1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Preferred stock, par value |
$ 0.0001
|
|
Preferred stock, shares designated |
50,000,000
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
650,000,000
|
650,000,000
|
Common stock, shares issued |
18,311,352
|
17,645,352
|
Common stock, shares outstanding |
18,311,352
|
17,645,352
|
Series A Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares designated |
1,000
|
1,000
|
Preferred stock, shares issued |
0
|
350
|
Preferred stock, shares outstanding |
0
|
350
|
Series B-1 Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares designated |
32,000,000
|
32,000,000
|
Preferred stock, shares issued |
1,500,000
|
1,500,000
|
Preferred stock, shares outstanding |
1,500,000
|
1,500,000
|
Series B-2 Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares designated |
6,000,000
|
6,000,000
|
Preferred stock, shares issued |
6,000,000
|
6,000,000
|
Preferred stock, shares outstanding |
6,000,000
|
6,000,000
|
Series C Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares designated |
1,000,000
|
1,000,000
|
Preferred stock, shares issued |
1,000,000
|
1,000,000
|
Preferred stock, shares outstanding |
1,000,000
|
1,000,000
|
Series C-1 Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares designated |
10,000
|
10,000
|
Preferred stock, shares issued |
10,000
|
10,000
|
Preferred stock, shares outstanding |
10,000
|
10,000
|
Series C-2 preferred stock [Member] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares designated |
100
|
0
|
Preferred stock, shares issued |
100
|
0
|
Preferred stock, shares outstanding |
100
|
0
|
Series D Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares designated |
10,000
|
10,000
|
Preferred stock, shares issued |
10,000
|
10,000
|
Preferred stock, shares outstanding |
10,000
|
10,000
|
Series E Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares designated |
3,853,000
|
3,853,000
|
Preferred stock, shares issued |
3,853,000
|
3,853,000
|
Preferred stock, shares outstanding |
3,853,000
|
3,853,000
|
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v3.24.1.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
REVENUE |
$ 1,056,447
|
$ 677,481
|
COST OF SALES |
390,282
|
451,872
|
GROSS PROFIT |
666,165
|
225,609
|
OPERATING EXPENSES |
|
|
Production related operating expenses |
1,474,475
|
1,258,159
|
General and administrative expenses |
249,038
|
257,413
|
TOTAL OPERATING EXPENSES |
1,723,513
|
1,515,572
|
LOSS FROM OPERATIONS |
(1,057,348)
|
(1,289,963)
|
OTHER INCOME (EXPENSES) |
|
|
Interest expense |
(429,672)
|
(380,157)
|
Unrealized gain (loss) on marketable securities, net |
5,053
|
(182,255)
|
Realized gain (loss) on sale of securities |
(376)
|
|
Other income (loss) |
|
|
Employer retention credit |
|
|
Rental Income |
36,269
|
60,332
|
Gain on extinguishment of debt |
|
748
|
TOTAL OTHER INCOME (EXPENSE) |
(388,726)
|
(501,332)
|
INCOME (LOSS) BEFORE INCOME TAXES |
(1,446,074)
|
(1,791,295)
|
TAXES |
|
|
NET INCOME (LOSS) |
$ (1,446,074)
|
$ (1,791,295)
|
Per-share data |
|
|
Basic loss per share |
$ (0.09)
|
$ (0.12)
|
Diluted loss per share |
$ (0.09)
|
$ (0.12)
|
Weighted average number of common shares outstanding, basic |
16,492,589
|
14,965,317
|
Weighted average number of common shares outstanding, diluted |
16,492,589
|
14,965,317
|
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- DefinitionEmployer retention credit.
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v3.24.1.u1
Condensed Consolidated Statements of Stockholders' (Deficit) Equity (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 853
|
$ 1,497
|
$ 23,760,704
|
$ (25,907,597)
|
$ (2,144,544)
|
Balance, shares at Dec. 31, 2022 |
8,530,000
|
14,965,317
|
|
|
|
Shares issued in respect of the merger |
|
|
|
|
|
Shares issued in settlement of convertible note |
|
$ 54
|
134,946
|
|
135,000
|
Shares issued in settlement of convertible note, shares |
|
540,000
|
|
|
|
Net Loss |
|
|
|
(1,791,295)
|
(1,791,295)
|
Issuance of common shares for services |
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 853
|
$ 1,551
|
23,895,650
|
(27,698,892)
|
(3,800,839)
|
Balance, shares at Mar. 31, 2023 |
8,530,000
|
15,505,317
|
|
|
|
Balance at Dec. 31, 2023 |
$ 1,238
|
$ 1,765
|
25,628,442
|
(33,922,898)
|
(8,291,454)
|
Balance, shares at Dec. 31, 2023 |
12,838,350
|
17,645,352
|
|
|
|
Shares issued in respect of the merger |
|
|
|
|
|
Shares issued in settlement of convertible note |
|
$ 67
|
114,933
|
|
115,000
|
Shares issued in settlement of convertible note, shares |
|
666,000
|
|
|
|
Net Loss |
|
|
|
|
(1,446,074)
|
Balance at Mar. 31, 2024 |
$ 1,238
|
$ 1,832
|
$ 25,743,375
|
$ (33,922,898)
|
$ (9,622,528)
|
Balance, shares at Mar. 31, 2024 |
12,838,350
|
18,311,352
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.1.u1
Statements of Cash Flows - USD ($)
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash flows from operating activities |
|
|
Net income (loss) |
$ (1,446,074)
|
$ (1,791,295)
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
Depreciation |
383,498
|
422,554
|
Realized gain on sale of securities |
376
|
|
Unrealized (gain)/loss on marketable securities |
5,053
|
182,255
|
Amortization of debt discount and non-cash interest expense |
|
38,329
|
Changes in operating assets and liabilities |
|
|
Accounts receivable |
(6,881)
|
(68,660)
|
Inventory |
(49,302)
|
353,662
|
Prepaid expense and other assets |
70,870
|
34,552
|
Accounts payable and accrued expenses |
548,623
|
400,059
|
Operating lease liability, net |
136,747
|
114,693
|
Net cash used in operating activities |
(357,090)
|
(313,851)
|
Cash flows from investing activities |
|
|
Net fixed asset acquisitions |
(5,000)
|
(15,220)
|
Net Cash provided by (used in) investing activities |
(5,000)
|
(15,220)
|
Cash flows from financing activities |
|
|
Repayment of notes payable |
(5,831)
|
(135,000)
|
Payments of principal on notes payable – related party |
(74,000)
|
(65,000)
|
Proceeds from Notes payable - related party |
448,642
|
595,352
|
Cash provided by financing activities |
368,811
|
395,352
|
Net increase (decrease) in Cash and Cash Equivalents |
6,721
|
66,281
|
Cash and Cash Equivalents, Beginning of Period |
100,922
|
6,951
|
Cash and Cash Equivalents, End of Period |
107,643
|
73,232
|
Supplemental Disclosure of Cash Flow Information |
|
|
Cash paid for income taxes during the year |
|
|
Interest payments during the year |
|
|
Noncash investing and financing activity |
|
|
Conversion of note payable to common stock |
$ (115,000)
|
|
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v3.24.1.u1
NATURE OF ORGANIZATION
|
3 Months Ended |
Mar. 31, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NATURE OF ORGANIZATION |
NOTE
1 - NATURE OF ORGANIZATION
Organization
and Business Description
Panacea
Life Sciences Holdings, Inc. (OTCQB: PLSH) is a holding company organized as a plant-based natural health ingredient and product company,
specializing in the development, manufacturing, research, and distribution of products within the $134B and rapidly growing natural health
and wellness market segment for both humans and animals.
Established
in 2017, the company’s first subsidiary, Panacea Life Sciences, Inc. (PLS), is dedicated to the production, distribution, research,
and manufacturing of premium-quality nutraceuticals, cannabinoids, mushrooms, kratom, and other natural, plant-based ingredients and
products. Operating from a cutting-edge 51,000 square foot cGMP facility located in Golden, Colorado, PLS is committed to delivering
high-quality solutions in the field of natural health and well-being. Panacea also offers the purest natural remedies within its branded
product lines for every aspect of life: PANA Health™, PANA Beauty®, PANA Sport™, PANA Pet®, PANA Pure® and PANA
Life™. If you would like more information, please visit www.panacealife.com.
Panacea
Distro, the second subsidiary of Panacea Life Sciences Holdings, Inc., manages six retail locations and a distribution center situated
in the Tampa, Florida area. These establishments provide a diverse range of products, including Nitro Kava, Kratom, Hemp, VAPE products,
and various beverages, with a primary focus on promoting alternative health and wellness. The Panacea Distro business is segmented into
two distinct areas—the retail stores and the cash & carry distribution warehouse. The retail stores are poised to evolve into
franchise stores, with the intention of eventually adopting the name “PANA KAVA JAVA.” This strategic move is part of our
plan to establish a franchise model based on the success of these existing retail locations.
In
the coming months, a third business entity, Pana Kava Java (PKJ), is set to emerge as the franchisor company, with a scheduled launch
in Q3-Q4 2024. Pana Kava Java is committed to establishing a unique franchise model, drawing inspiration from the European-style café
concept. Patrons will have the opportunity to savor infused coffees and beverages, indulge in vaping, and enjoy an array of infused baked
goods in a welcoming atmosphere. Pana Kava Java, as the franchisor, will offer franchise rights to individuals interested in opening
stores/cafés, enabling them to sell products or services under the PKJ brand, leveraging our expertise and intellectual property.
Currently, active efforts are underway in developing the franchisor plan, encompassing aspects such as business development, flagship
store establishment, legal document preparation, marketing and packaging strategies, as well as the recruitment and training of franchisees.
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v3.24.1.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation and principles of consolidation
The
Company’s consolidated financial statements include the financial statements of Panacea Life Sciences, Inc.
The
accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the
United States of America and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”)
for interim financial information, which includes consolidated unaudited interim financial statements and present the consolidated unaudited
interim financial statements of the Company and its wholly-owned subsidiaries as of March 31, 2024. Accordingly, they do not include
all of the information and notes required by accounting principles generally accepted in the United States of America. All intercompany
transactions and balances have been eliminated. In the opinion of management, all adjustments necessary to present fairly our financial
position, results of operations, stockholders’ equity and cash flows as of March 31, 2024, and 2023, and for the periods then ended,
have been made. Those adjustments consist of normal and recurring adjustments. Operating results for the three ended March 31, 2024 and
2023 are not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ending December 31,
2024. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted.
Going
concern
These
unaudited condensed consolidated financial statements are presented on the basis that the Company will continue as a going concern. Panacea
has combined with Panacea Life Sciences Holdings, Inc. so the below items reflect the consolidated company. The going concern concept
contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since our inception in later
2017, we have generated losses from operations. As of March 31, 2024, our accumulated deficit was $35.369 million, and we had $0.117 million in
cash and liquid stock. These factors raise doubt about the Company’s ability to continue as a going concern for a period of 12
months from the issuance date of this report. Management cannot provide assurance that the Company will ultimately achieve or maintain
profitable operations or become cash flow positive or raise additional debt and/or equity capital. In addition, due to insufficient revenue,
we will need to obtain further funding through public or private equity offerings, debt financing, collaboration arrangements or other
sources in order to maintain active business operations. We currently do not have sufficient cash flow to pay our ongoing financial obligations
on a consistent basis. The issuance of any additional shares of Common Stock, preferred stock or convertible securities could be substantially
dilutive to our shareholders. In addition, adequate additional funding may not be available to us on acceptable terms, or at all. These
unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability and classification
of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going
concern.
Use
of Estimates
The
Unaudited Condensed Consolidated Financial Statements have been prepared in conformity with US GAAP and required management of the Company
to make estimates and assumptions in preparation of these statements. Actual results may differ significantly from those estimates. Significant
estimates made by management include but are not limited to the useful life of property and equipment, incremental borrowing rate used
in the calculation of right of use asset and lease liability, reserves for inventory, allowance for doubtful accounts, revenue allocations,
valuation allowance on deferred tax assets, assumptions used in assessing impairment of long-term assets, assumptions used in the calculation
of net realizable value of inventory and fair value of non-cash equity transactions.
Cash
and Cash Equivalents
For
purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market
funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. There were no
cash equivalents. The Company places its cash and cash equivalents with high-quality financial institutions. At times, balances in the
Company’s cash accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) limit. On March 31, 2024, the
Company’s cash balances did not exceed the FDIC limit.
Accounts
Receivable
Accounts
receivable are generally unsecured. The Company establishes an allowance for doubtful accounts receivable based on the age of outstanding
invoices and management’s evaluation of collectability. Accounts are written off after all reasonable collection efforts have been
exhausted and management concludes that likelihood of collection is remote. Any future recoveries are applied against the allowance for
doubtful accounts. An allowance of $50,000 was taken at the beginning of 2024 to allow for any doubtful accounts to be expensed.
As of March 31, 2024, $0 of this allowance was expensed. The Company’s accounts receivable policy changed in 2021 to only provide
larger, well-established companies with Net 30 payment terms. For all other sales they are paid by credit card or wires received before
the product is shipped to the customer.
Inventory
Inventories
are stated at lower of cost or net realizable value. Inventories of purchased materials are valued using a moving average method and
managed on a first in first out basis (FIFO). Inventories of internally manufactured materials are valued using a standard costing method
and are also managed on a FIFO basis. Production related costs that are capitalized as inventory as part of the standard cost valuation
include the direct materials consumed, direct labor used, indirect labor used, and manufacturing overhead. Overhead is calculated based
on specific manufacturing process and allocated on an order-by-order basis. Production variances that occur between standard cost valuation
and actual costs are expensed as incurred in the income statement as part of cost of goods sold.
Marketable
securities
The
Company’s marketable securities consists of 79,200 shares of XXII which are classified as available-for-sale and included in
current assets as they are pledged to secure two promissory notes. Securities are valued based on market prices for identical assets
using third party certified pricing sources. Available-for-sale securities are carried at fair value with unrealized and realized gains
and losses reported as a component of income (loss). Realized gains and losses, if any, are calculated on the specific identification
method and are included in other income in the condensed consolidated statements of operations.
Fair
Value Measurements
The
Company adopted the provisions of Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and
Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair
value, and expands disclosure of fair value measurements. The guidance prioritizes the inputs used in measuring fair value and establishes
a three-tier value hierarchy that distinguishes among the following:
|
● |
Level
1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the
ability to access. |
|
|
|
|
● |
Level
2—Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar
assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly
or indirectly. |
|
|
|
|
● |
Level
3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
The
following table shows, by level within the fair value hierarchy, the Company’s assets and liabilities at fair value on a recurring
basis as of March 31, 2024 and December 31, 2023:
SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Marketable securities | |
$ | 9,504 | | |
| - | | |
$ | - | | |
| - | | |
$ | 14,933 | | |
$ | 14,933 | | |
$ | - | | |
$ | - | |
Total | |
$ | 9,504 | | |
| - | | |
$ | - | | |
$ | - | | |
$ | 14,933 | | |
$ | 14,933 | | |
$ | - | | |
$ | - | |
SCHEDULE OF MARKETABLE SECURITIES
| |
March 31, 2024 | |
Balance at beginning of year | |
$ | 14,933 | |
Realized loss on marketable securities, net | |
| 376 | |
Unrealized loss on marketable securities, net | |
| 5,053 | |
Balance at end of period | |
$ | 9,504 | |
As
of March 31, 2024, the Company has no liabilities that are re-measured at fair value.
Property
and Equipment
Property
and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method on the various
asset classes over their estimated useful lives, which range from three to ten years when placed in service. The cost of repairs and
maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the
cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year
of disposition.
Intangible
Assets and Goodwill
Goodwill
is comprised of the purchase price of business combinations in excess of the fair market value assigned at acquisition to the tangible
and intangible assets acquired. Goodwill is not amortized. The Company tests goodwill for impairment on an annual basis. The Company
performed its most recent goodwill impairment using a discounted cash flow analysis and found that the fair value exceeded the carrying
value. It has $2.189 million of goodwill from the acquisition of the assets of Phoenix Life Sciences, Inc. in October 2017 and $0.825
million from the N7 acquisition.
SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL
|
|
Estimated
Life |
Goodwill
from Phoenix Acquisition |
|
Tested
Yearly for Impairment |
Goodwill
from N7 Acquisition |
|
Tested
Yearly for Impairment |
| |
March
31, 2024 | | |
December
31, 2023 | |
Goodwill from Phoenix Acquisition | |
$ | 2,188,810 | | |
$ | 2,188,810 | |
Goodwill from N7 Acquisition | |
| 825,640 | | |
| 825,640 | |
Total | |
$ | 3,014,450 | | |
$ | 3,014,450 | |
Leases
The
Company determines if an arrangement is a lease at inception. Contracts containing a lease are further evaluated for classification as
an operating or finance lease. In determining the leases classification, the Company assesses among other criteria: (i) 75% or more of
the remaining economic life of the underlying asset is a major part of the remaining economic life of that underlying asset; and (ii)
90% or more of the fair value of the underlying asset comprises substantially all of the fair value of the underlying asset. Operating
leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities and long-term operating lease
liabilities in the Company’s consolidated balance sheets. Finance leases are included in property, plant and equipment, net, other
current liabilities, and long-term finance lease liabilities in the Company’s consolidated balance sheets. ROU assets represent
the right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease
payments arising from the lease. For leases with terms greater than 12 months, the Company records the ROU asset and liability at commencement
date based on the present value of lease payments according to their term.
The
Company uses incremental borrowing rates based on the estimated rate of interest for collateralized borrowing over a similar term of
the lease payments at commencement date. The ROU asset also includes any lease payments made and excludes lease incentives. Lease terms
may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease
expenses are recognized on a straight-line basis over the lease term or the useful life of the leased asset.
In
addition, the carrying amount of the ROU and lease liabilities are remeasured if there is a modification, a change in the lease term,
a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.
Convertible
Notes Payable
The
Company has previously issued convertible notes, which contain variable conversion features, whereby the outstanding principal and accrued
interest automatically convert into common shares at a fixed price which may be a discount to the common stock at the time of conversion.
Some of the conversion features of these notes are contingent upon future events, whereby, the holder agreed not to convert until the
contingent future event has occurred. The Company currently does not hold any convertible notes.
Revenue
Recognition
The
Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers.
The
Company accounts for a contract when it has been approved and committed to, each party’s rights regarding the goods or services
to be transferred have been identified, the payment terms have been identified, the contract has commercial substance, and collectability
is probable. Revenue is generally recognized net of allowances for returns and any taxes collected from customers and subsequently remitted
to governmental authorities. However, the Company’s sales are primarily through retail stores, purchase orders or ecommerce; thus,
currently contract liabilities are negligible. The Company does not have any multiple-element arrangements.
Some
of the Company’s contract liabilities consist of advance customer payments. Contract liability results from transactions in
which the Company has been paid for products by customers, but for which all revenue recognition criteria have not yet been met.
Once all revenue recognition criteria have been met, the contract liabilities are recognized. The Company recorded $400,955 and
$349,705 in advanced customer payments as of March 31, 2024, and December 31, 2023, respectively, and these amounts are
included in the balance sheet line item of accounts payable and accrued expenses.
SCHEDULE OF REVENUE FROM CONTRACT WITH CUSTOMER
| |
March
31, 2024 | | |
December
31, 2023 | |
Balance, beginning of period | |
$ | 349,705 | | |
$ | 368,065 | |
Payments received for unearned revenue | |
| 143,469 | | |
| 156,298 | |
Revenue earned | |
| 92,219 | | |
| 174,658 | |
| |
| | | |
| | |
Balance, end of period | |
$ | 400,955 | | |
$ | 349,705 | |
Revenue
is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration
that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature,
amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded
reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step
model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the
promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of
the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance
obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.
Revenue
related to the sale of products is recognized once goods have been sold to the customer and the performance obligation has been completed.
In both contracted purchase and retail sales, we offer consumer products through our online stores. Revenue is recognized when control
of the goods is transferred to the customer. This generally occurs upon our delivery to a third-party carrier or, to the customer directly.
Revenue from tolling services is recognized when the performance obligation, such as processing of the material, has been completed and
output material has been transferred to the customer.
Revenue
is generally recognized net of allowances for returns and any taxes collected from customers and subsequently remitted to governmental
authorities. A contract liability results from transactions in which the Company has been paid for products by customers, but for which
all revenue recognition criteria have not yet been met. Once all revenue recognition criteria have been met, the contract liabilities
are recognized. The Company does not have any multiple-element arrangements.
The
Company also has recorded other income related to rental income it receives from leasing out space in the laboratory it occupies.
Shipping
and Handling Costs
The
Company accounts for shipping and handling fees in accordance with ASC 606. The amounts charged to customers for shipping products are
recognized as revenues and the related freight costs of shipping products are classified in general and administrative costs as incurred.
Shipping costs are included as a component of general and administrative and were $9,566 and $29,667 for the three months ended
March 31, 2024 and 2023, respectively.
Advertising
& Marketing
Advertising
costs are expensed when incurred and are included in advertising and promotional expense in the accompanying statements of operations.
Included in this category are expenses related to public relations, investor relations, new package design, website design, design of
promotional materials, cost of trade shows, cost of products given away as promotional samples, and paid advertising. The Company recorded
advertising costs included in general and administrative costs of $2,486 and $8,769 for the three months ended March 31, 2024
and 2023, respectively.
Segment
Information
The
Company follows the provisions of ASC 280-10 Segment Reporting. This standard requires that companies disclose operating segments
based on the manner in which management disaggregates the Company in making internal operating decisions. Segment identification and
selection is consistent with the management structure used by the Company’s chief operating decision maker to evaluate performance
and make decisions regarding resource allocation, as well as the materiality of financial results consistent with that structure. Based
on the Company’s management structure and method of internal reporting, the Company has one operating segment. The Company’s
chief operating decision maker does not review operating results on a disaggregated basis; rather, the chief operating decision maker
reviews operating results on an aggregate basis.
Earnings
per Share
The
Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, “Earnings per Share”. Basic
earnings per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common
shares outstanding during the reporting period. Diluted earnings per share reflects the potential dilution that could occur if preferred
stock converted to common stock and warrants are exercised. Preferred stock and warrants are excluded from the diluted earnings per share
calculation if their effect is anti-dilutive.
The
following financial instruments were not included in the diluted loss per share calculation for the three months ended March 31, 2024
and 2023 because their effect was anti-dilutive:
SCHEDULE OF ANTI-DILUTIVE DILUTED LOSS PER SHARE
| |
2024 | | |
2023 | |
| |
For
the three months ended March 31, | |
| |
2024 | | |
2023 | |
Restricted stock | |
| 1,793,483 | | |
| 107,993 | |
Options to purchase common stock | |
| 536,854 | | |
| 401,854 | |
Warrants to purchase common stock | |
| 1,078,573 | | |
| 1,107,250 | |
Series B-1 Convertible Preferred | |
| 6,679 | | |
| 6,679 | |
Series B-2 Convertible Preferred | |
| 26,786 | | |
| 26,786 | |
Series C Convertible Preferred | |
| 2,289,220 | | |
| 2,289,220 | |
Series C-1 Convertible Preferred | |
| 1,064,908 | | |
| 1,064,908 | |
Series D Convertible Preferred | |
| 1,628,126 | | |
| 1,628,126 | |
Series E Convertible Preferred | |
| 3,853,000 | | |
| - | |
Total | |
| 12,277,629 | | |
| 6,632,816 | |
Anti-dilutive securities | |
| 12,277,629 | | |
| 6,632,816 | |
Income
Taxes
Income
taxes are accounted for under the asset and liability method prescribed by FASB ASC Topic 740. These standards require a company to determine
whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position.
If the more likely than not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial
statements. Deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis
of assets and liabilities. Deferred tax assets and liabilities reflect the tax rates expected to be in effect for the years in which
the differences are expected to reverse. A valuation allowance is provided if it is more likely than not that some or all of the deferred
tax asset will not be realized.
Recently
Issued Accounting Standards
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity
(Subtopic 815-40), Accounting for Convertible Instruments and Contract’s in an Entity’s Own Equity. The ASU simplifies accounting
for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments
will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain
settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity
contracts to qualify for it. The ASU simplifies the diluted net income per share calculation in certain areas. The ASU is effective for
annual and interim periods beginning after December 31, 2021, and early adoption is permitted for fiscal years beginning after December
15, 2020, and interim periods within those fiscal years. The Company does not expect the adoption of ASU 2020-6 to have any material
impact on its consolidated financial statements.
In
May 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-04 “Earnings Per Share (Topic 260), Debt—Modifications
and Extinguishments (Subtopic 470-50), Compensation— Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts
in Entity’s Own Equity (Subtopic 815- 40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified
Written Call Options” which clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding
equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. An entity
should measure the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity
classified after modification or exchange as follows: i) for a modification or an exchange that is a part of or directly related to a
modification or an exchange of an existing debt instrument or line-of-credit or revolving-debt arrangements (hereinafter, referred to
as a “debt” or “debt instrument”), as the difference between the fair value of the modified or exchanged written
call option and the fair value of that written call option immediately before it is modified or exchanged; ii) for all other modifications
or exchanges, as the excess, if any, of the fair value of the modified or exchanged written call option over the fair value of that written
call option immediately before it is modified or exchanged. The amendments in this Update are effective for all entities for fiscal years
beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively
to modifications or exchanges occurring on or after the effective date of the amendments. The Company is currently evaluating the impact
of this standard on its consolidated financial statements.
The
Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition,
results of operations, cash flows or disclosures.
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v3.24.1.u1
PROPERTY, EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY, EQUIPMENT, NET OF ACCUMULATED DEPRECIATION |
NOTE
3 – PROPERTY, EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
Property
and equipment, net including any major improvements, are recorded at historical cost. The cost of repairs and maintenance is charged
against operations as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the related
assets, generally as follows:
SCHEDULE
OF PROPERTY PLANT AND EQUIPMENT USEFUL LIVES
|
|
Estimated
Life |
|
Computers
and technological assets |
|
|
3
– 5 Years |
|
Furniture
and fixtures |
|
|
3
– 5 Years |
|
Machinery
and equipment |
|
|
5
– 10 Years |
|
Leasehold
improvement |
|
|
10
Years |
|
Property
and equipment, net consists of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
March
31, 2024 | | |
December
31, 2023 | |
Computers and technological assets | |
$ | 3,776,320 | | |
$ | 3,776,320 | |
Furniture and fixtures | |
| 166,830 | | |
| 161,830 | |
Machinery and equipment | |
| 7,846,788 | | |
| 7,846,788 | |
Land | |
| 92,222 | | |
| 92,222 | |
Leasehold improvements | |
| 1,806,755 | | |
| 1,806,755 | |
Total | |
| 13,688,915 | | |
| 13,683,915 | |
Less accumulated depreciation | |
| (7,619,345 | ) | |
| (7,235,847 | ) |
Total property and equipment, net | |
$ | 6,069,570 | | |
$ | 6,448,068 | |
Depreciation
expenses for the three-month period ended March 31, 2024 and 2023 were $383,498 and $422,554 respectively.
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INVENTORY
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
INVENTORY |
NOTE
4 - INVENTORY
Inventory
consists of the following components:
SCHEDULE
OF INVENTORY
| |
March
31, 2024 | | |
December
31, 2023 | |
Raw Materials | |
$ | 892,377 | | |
$ | 850,362 | |
Semi-Finished | |
| 1,785,949 | | |
| 1,870,978 | |
Finished Goods | |
| 1,358,063 | | |
| 1,262,674 | |
Packaging | |
| 26,438 | | |
| 29,511 | |
Total | |
$ | 4,062,827 | | |
$ | 4,013,525 | |
Inventories
are stated at lower of cost or net realizable value using the standard costing method for its work in process and finished goods. For
its raw materials, trading goods, and packaging supplies, the Company utilizes the moving average method for costing purposes and FIFO.
At this time there are no inventory reserves required.
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v3.24.1.u1
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES – RELATED PARTY
|
3 Months Ended |
Mar. 31, 2024 |
Operating Lease Right-of-use Assets And Operating Lease Liabilities Related Party |
|
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES – RELATED PARTY |
NOTE
5 –OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES – RELATED PARTY
Right
of Use
The
Company adopted Accounting Standards Update (“ASU”) No. 2016-02, “Leases” (“ASC 842”) on January
1, 2019, the start of our 2019 fiscal year. The Company has one lease arrangement with a related party entered into on December 22, 2018
for 3-year term starting with January 1, 2019 for certain laboratory facilities, with a nine-year extension option. This lease was extended
and now expires on December 31, 2030. At inception, the Company recognized a Right of Use Asset and a corresponding lease liability in
the amount of $4,595,509. The Company’s lease arrangements may contain both lease and non-lease components. The Company has elected
to combine and account for lease and non-lease components as a single lease component. The Company has incorporated residual value obligations
in leases for which there is such occurrences. Regarding short-term leases, ASC 842-10-25-2 permits an entity to make a policy election
not to apply the recognition requirements of ASC 842 to Short-term leases. The Company has elected not to apply the ASC 842 recognition
criteria to any leases that qualify as Short-Term Leases.
The
Company leases a portion of the property (formerly the Environmental Protection Agency building) in Golden, CO from J&N Real Estate,
owned by the CEO, a related party with a term expiring on December 31, 2030. The lease consists of all laboratory space including testing
facilities, water treatment, extraction and production. The lease of the property is based on the fair market rent and triple net lease
(NNN) values competitive in the marketplace for a cGMP facility. The Company also subleases some of its laboratory space to other CBD
companies. This income is presented under the Other Income line items of the statements of operations. The leases vary from short-term
monthly leases to 3-year leases but are all cancellable.
Below
is a summary of our right of use assets and liabilities as of March 31, 2024.
SCHEDULE
OF RIGHT OF USE ASSET AND LIABILITY
| |
March 31, 2024 | | |
December 31, 2023 | |
Right-of-use assets | |
$ | 3,685,567 | | |
$ | 3,864591 | |
| |
| | | |
| | |
Present value of operating lease liabilities | |
$ | 3,793,321 | | |
$ | 3,972,696 | |
Less: Long-term portion of operating lease liability | |
| (3,070,391 | ) | |
| (3,254,021 | ) |
Short-term portion of operating lease liability | |
| 722,930, | | |
| 718,675 | |
Unpaid balances | |
| 2,300,802 | | |
| 2,185,758 | |
Total short-term lease liability obligations | |
$ | 3,023,732 | | |
$ | 2,904,433 | |
Weighted-average remaining lease term (Ends December
31, 2030) | |
| 5.76
years | | |
| 5.96
years | |
| |
| | | |
| | |
Weighted-average discount rate | |
| | | |
| 3.0 | % |
During
the three months ended March 31, 2024 and 2023, we recognized approximately $437,752 and $114,693 respectively in operating
lease costs. Operating lease costs are included in operating expenses in our consolidated statement of operations.
Approximate
future minimum lease payments for our right of use assets over the remaining lease periods as of March 31, 2024, are as follows:
SCHEDULE
OF MATURITY OF OPERATING LEASE LIABILITIES
| |
| | |
2024 | |
| 621,570 | |
2025 | |
| 830,307 | |
2026 | |
| 764,830 | |
2027 | |
| 474,122 | |
Thereafter | |
| 1,451,002 | |
Total undiscounted operating lease payments | |
| 4,141,831 | |
Less: Imputed interest | |
| (348,510 | ) |
Present value of operating lease liabilities | |
$ | 3,793,321 | |
|
X |
- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.24.1.u1
NOTES PAYABLE
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE
6 – NOTES PAYABLE
Paycheck
Protection Program Funding U.S. Small Business Administration Loan
On
May 28, 2020, the Company received a secured, 30-year, Economic Injury Disaster Loan in the amount of $99,100 from the U.S. Small Business
Administration. The loan carries interest at a rate of 3.75% per year and matures in 30 years. The SBA loan is secured by a security
interest in the Company’s tangible and intangible assets. As of March 31, 2024 the current principal balance of this note amounted
to $99,100 and accrued interest was approximately $2,047.
Notes
payable – related party and other liabilities.
As
part of the Exchange Agreement certain loan balances (“J&N Loans”) from J&N Real Estate LLC, an affiliate of the
Company’s CEO, (“J&N”) and historical interest owed of $1,932,358 were combined into a new promissory note with
the principal amount of $4.062 million. The J&N Note bears annual interest at 12% and was secured by a pledge of certain XXII common
stock owned by Panacea.
On
June 30, 2021, the Company issued its CEO, Ms. Buttorff, a 10% promissory note in the amount of $1,685,685 (the “Buttorff Note”).
This demand note replaced a prior working capital note that the Company had issued on January 1, 2021. On July 1, 2021, the Company issued
Ms. Buttorff a 10%, $1 million line of credit note at 10% annual rate which Ms. Buttorff has since increased and has extended (see Note
6 – Notes Payable – Buttorff Note). The Company’s line of credit from Ms. Buttorff increased to $8,000,000 on July
1, 2022. The terms include an annual interest rate of 10% and a maturity date in 2025.
SCHEDULE
OF NOTES PAYABLE RELATED PARTY
| |
March
31, 2024 | | |
December
31, 2023 | |
J&N Note | |
$ | 4,062,713 | | |
$ | 4,062,713 | |
CEO Note | |
| 7,709,546 | | |
| 7,334,904 | |
Total related party notes | |
$ | 11,772,259 | | |
$ | 11,397,617 | |
Other
long-term liabilities, related party
The
Company has recorded a related party liability (“Fixed Asset Loan”) in the amounts of $3,059,474
as of March 31, 2024 and December 31, 2023, respectively, relating to SAP software and support fees which were paid by an affiliate
company of the CEO. The maturity date has not yet been determined. The Company is no longer paying any fees related to these
services.
In
2020, the Company recorded an additional related party liability in the amount of $513,390 in respect to certain building improvements,
due to J&N Real Estate Company (a company owned by the CEO) (“J&N Building Loan”). This balance bears no interest
and the maturity date has not yet been determined.
SCHEDULE
OF NOTES PAYABLE
| |
March
31, 2024 | | |
December
31, 2023 | |
Other long-term liabilities, related party | |
| | | |
| | |
Fixed Asset Loan | |
$ | 3,059,474 | | |
$ | 3,059,474 | |
J&N Building Loan | |
| 513,390 | | |
| 513,390 | |
Total | |
$ | 3,572,864 | | |
$ | 3,572,864 | |
|
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v3.24.1.u1
STOCKHOLDERS’ EQUITY
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
7 - STOCKHOLDERS’ EQUITY
Common
stock
The
Company’s authorized common stock consists of 650,000,000 shares with a par value of $0.0001 per share.
During
the three months ended March 31, 2024, the Company issued 666,000 shares of common stock in respect of the settlement of the convertible
note payable.
Common
stock options
Stock
Option Plan
On
June 30, 2021, the Company’s stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan
provided for the issuance of 4,049,409 incentive awards in the form of non-qualified and incentive stock options, restricted stock awards,
restricted stock unit awards, warrants and preferred stock. The awards may be granted by the Company’s Board of Directors to its
employees, directors and officers and to consultants, agents, advisors and independent contractors who provide services to the Company
or to a subsidiary of the Company. The exercise price for stock options must not be less than the fair market value of the underlying
shares on the date of grant. The incentive awards shall either be fully vested and exercisable from the date of grant or shall vest and
become exercisable in such installments as the Board of Directors or Compensation Committee may specify. Stock options expire no later
than ten years from the date of grant. Unless sooner terminated, the Plan shall terminate in 10 years.
This
plan had 196,491 fully vested options outstanding at the time of the share exchange.
Stock
Options
A
summary of the stock option activity is presented below:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Options Outstanding as of March 31, 2024 | |
| |
Number of Shares Subject to Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (in years) | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Balance on December 31, 2023 | |
| 551,854 | | |
$ | 1.84 | | |
| 3.18 | | |
$ | - | |
Options granted | |
| - | | |
| - | | |
| - | | |
| - | |
Options exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Options canceled / expired | |
| 15,000 | | |
| - | | |
| - | | |
| - | |
Balance on March 31, 2024 | |
| 536,854 | | |
$ | 1.88 | | |
| 2.91 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Vested and exercisable at March 31, 2024 | |
| 196,491 | | |
$ | 1.88 | | |
| 2.91 | | |
$ | - | |
The
Company’s outstanding warrants as of March 31, 2024, are summarized as follows, and all were exercisable at that date.
SCHEDULE OF WARRANTS OUTSTANDING
| |
Warrants Outstanding as of March 31, 2024 | |
| |
Number of Shares Subject to Warrants | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (in years) | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Balance on December 31, 2023 | |
| 1,104,243 | | |
$ | 1.70 | | |
| 3.16 | | |
| - | |
Options granted | |
| - | | |
| - | | |
| - | | |
| - | |
Options exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Options canceled / expired | |
| 25,670 | | |
| 5.60 | | |
| - | | |
| - | |
Balance at March 31, 2024 | |
| 1,078,573 | | |
$ | 1.70 | | |
| 2.92 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Vested and exercisable at March 31, 2024 | |
| 1,078,573 | | |
$ | 1.70 | | |
| 2.92 | | |
$ | - | |
As
of March 31, 2024, the outstanding warrants had no intrinsic value.
Restricted
Stock
A
summary of the restricted stock activity is presented below:
SCHEDULE
OF RESTRICTED STOCK
| |
Restricted Stock
Common Stock | |
Balance at December 31, 2023 | |
| 107,993 | |
Balance at March 31, 2024 | |
| 107,993 | |
As
of March 31, 2024, there were no unamortized or unvested stock-based compensation costs related to restricted share arrangements.
Preferred
Stock
The
Company’s authorized preferred stock consists of 50,000,000 shares with a par value of $0.0001.
On
September 30, 2023, an asset purchase agreement with N7 Enterprises was closed. The original agreement was to award N7 785 shares of
preferred E stock. Each share is convertible into 10,000 shares of common stock. The agreement contained a provision permitting the total
number of shares to be adjusted based on projected sales targets being achieved. Due to these sales targets not being met, subsequent
to the original award, the preferred shares were reduced to 385.
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v3.24.1.u1
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
8 - COMMITMENTS AND CONTINGENCIES
Legal
Matters
In
the ordinary course of business, the Company enters into agreements with third parties that include indemnification provisions which,
in its judgment, are normal and customary for companies in the Company’s industry sector. These agreements are typically with business
partners, and suppliers. Pursuant to these agreements, the Company generally agrees to indemnify, hold harmless, and reimburse indemnified
parties for losses suffered or incurred by the indemnified parties with respect to the Company’s products, use of such products,
or other actions taken or omitted by us. The maximum potential number of future payments the Company could be required to make under
these indemnification provisions is unlimited. The Company has not incurred material costs to defend lawsuits or settle claims related
to these indemnification provisions. As a result, the estimated fair value of liabilities relating to these provisions is minimal. Accordingly,
the Company has no liabilities recorded for these provisions as of March 31, 2024.
Concentrations
The
Company has no contingencies, material commitments, purchase obligations, or sales obligations.
On
the revenue side, in the three months ended March 31, 2024, we have a concentration of two customers.
Both
are contract manufacturing customers who represent 46% and 13% of revenues. In the three months ended March 31, 2023, we had a concentration
of two customers. Both are contract manufacturing customers who represent 31% and 13% of revenues.
The
other concentration is in the accounts receivable category, where two customers account for 54% of total receivables. . One customer
is unique in that we produced all of the products for them to sell, and they pay Panacea as the items are sold in the ecommerce marketplace.
Thus, until their inventory is depleted, we will have accounts receivable. This customer receivable is 22% of the 54%. The other is a
tenant who subleases space and accounts for 31% of the total receivables.
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v3.24.1.u1
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
9 - RELATED PARTY TRANSACTIONS
Notes
Payable and Accrued Interest – Related Parties
For
information on related party loans to the Company and other related party transactions, see Notes 5 and 6, Operating Lease and Notes
Payable.
The
accrued interest and interest expenses recorded for related party loans are shown below.
SCHEDULE
OF RELATED PARTY TRANSACTIONS LOANS
| |
March 31, 2024 | | |
December 31, 2023 | |
Accrued Interest | |
| | | |
| | |
Related party loan-J&N | |
$ | 1,579,136 | | |
$ | 1,413,210 | |
Related party loan-CEO loan | |
| 531,044 | | |
| 476,536 | |
Related party loan – Line of credit | |
| 1,164,347 | | |
| 964,486 | |
Accrued Interest | |
| 1,164,347 | | |
| 964,486 | |
| |
Three months ended March 31, 2024 | | |
Three months ended March 31, 2023 | |
Interest Expense | |
| | | |
| | |
Related party loan-J&N | |
$ | 165,926 | | |
$ | 147,251 | |
Related party loan-CEO loan | |
| 54,507 | | |
| 49,341 | |
Related party loan – Line of Credit | |
| 199,861 | | |
| 144,956 | |
Interest Expense | |
| 199,861 | | |
| 144,956 | |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.1.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
Basis of presentation and principles of consolidation |
Basis
of presentation and principles of consolidation
The
Company’s consolidated financial statements include the financial statements of Panacea Life Sciences, Inc.
The
accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the
United States of America and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”)
for interim financial information, which includes consolidated unaudited interim financial statements and present the consolidated unaudited
interim financial statements of the Company and its wholly-owned subsidiaries as of March 31, 2024. Accordingly, they do not include
all of the information and notes required by accounting principles generally accepted in the United States of America. All intercompany
transactions and balances have been eliminated. In the opinion of management, all adjustments necessary to present fairly our financial
position, results of operations, stockholders’ equity and cash flows as of March 31, 2024, and 2023, and for the periods then ended,
have been made. Those adjustments consist of normal and recurring adjustments. Operating results for the three ended March 31, 2024 and
2023 are not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ending December 31,
2024. Certain information and note disclosures normally included in our annual financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted.
|
Going concern |
Going
concern
These
unaudited condensed consolidated financial statements are presented on the basis that the Company will continue as a going concern. Panacea
has combined with Panacea Life Sciences Holdings, Inc. so the below items reflect the consolidated company. The going concern concept
contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since our inception in later
2017, we have generated losses from operations. As of March 31, 2024, our accumulated deficit was $35.369 million, and we had $0.117 million in
cash and liquid stock. These factors raise doubt about the Company’s ability to continue as a going concern for a period of 12
months from the issuance date of this report. Management cannot provide assurance that the Company will ultimately achieve or maintain
profitable operations or become cash flow positive or raise additional debt and/or equity capital. In addition, due to insufficient revenue,
we will need to obtain further funding through public or private equity offerings, debt financing, collaboration arrangements or other
sources in order to maintain active business operations. We currently do not have sufficient cash flow to pay our ongoing financial obligations
on a consistent basis. The issuance of any additional shares of Common Stock, preferred stock or convertible securities could be substantially
dilutive to our shareholders. In addition, adequate additional funding may not be available to us on acceptable terms, or at all. These
unaudited condensed consolidated financial statements do not include any adjustments related to the recoverability and classification
of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going
concern.
|
Use of Estimates |
Use
of Estimates
The
Unaudited Condensed Consolidated Financial Statements have been prepared in conformity with US GAAP and required management of the Company
to make estimates and assumptions in preparation of these statements. Actual results may differ significantly from those estimates. Significant
estimates made by management include but are not limited to the useful life of property and equipment, incremental borrowing rate used
in the calculation of right of use asset and lease liability, reserves for inventory, allowance for doubtful accounts, revenue allocations,
valuation allowance on deferred tax assets, assumptions used in assessing impairment of long-term assets, assumptions used in the calculation
of net realizable value of inventory and fair value of non-cash equity transactions.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
For
purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market
funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. There were no
cash equivalents. The Company places its cash and cash equivalents with high-quality financial institutions. At times, balances in the
Company’s cash accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) limit. On March 31, 2024, the
Company’s cash balances did not exceed the FDIC limit.
|
Accounts Receivable |
Accounts
Receivable
Accounts
receivable are generally unsecured. The Company establishes an allowance for doubtful accounts receivable based on the age of outstanding
invoices and management’s evaluation of collectability. Accounts are written off after all reasonable collection efforts have been
exhausted and management concludes that likelihood of collection is remote. Any future recoveries are applied against the allowance for
doubtful accounts. An allowance of $50,000 was taken at the beginning of 2024 to allow for any doubtful accounts to be expensed.
As of March 31, 2024, $0 of this allowance was expensed. The Company’s accounts receivable policy changed in 2021 to only provide
larger, well-established companies with Net 30 payment terms. For all other sales they are paid by credit card or wires received before
the product is shipped to the customer.
|
Inventory |
Inventory
Inventories
are stated at lower of cost or net realizable value. Inventories of purchased materials are valued using a moving average method and
managed on a first in first out basis (FIFO). Inventories of internally manufactured materials are valued using a standard costing method
and are also managed on a FIFO basis. Production related costs that are capitalized as inventory as part of the standard cost valuation
include the direct materials consumed, direct labor used, indirect labor used, and manufacturing overhead. Overhead is calculated based
on specific manufacturing process and allocated on an order-by-order basis. Production variances that occur between standard cost valuation
and actual costs are expensed as incurred in the income statement as part of cost of goods sold.
|
Marketable securities |
Marketable
securities
The
Company’s marketable securities consists of 79,200 shares of XXII which are classified as available-for-sale and included in
current assets as they are pledged to secure two promissory notes. Securities are valued based on market prices for identical assets
using third party certified pricing sources. Available-for-sale securities are carried at fair value with unrealized and realized gains
and losses reported as a component of income (loss). Realized gains and losses, if any, are calculated on the specific identification
method and are included in other income in the condensed consolidated statements of operations.
|
Fair Value Measurements |
Fair
Value Measurements
The
Company adopted the provisions of Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and
Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair
value, and expands disclosure of fair value measurements. The guidance prioritizes the inputs used in measuring fair value and establishes
a three-tier value hierarchy that distinguishes among the following:
|
● |
Level
1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the
ability to access. |
|
|
|
|
● |
Level
2—Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar
assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly
or indirectly. |
|
|
|
|
● |
Level
3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
The
following table shows, by level within the fair value hierarchy, the Company’s assets and liabilities at fair value on a recurring
basis as of March 31, 2024 and December 31, 2023:
SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Marketable securities | |
$ | 9,504 | | |
| - | | |
$ | - | | |
| - | | |
$ | 14,933 | | |
$ | 14,933 | | |
$ | - | | |
$ | - | |
Total | |
$ | 9,504 | | |
| - | | |
$ | - | | |
$ | - | | |
$ | 14,933 | | |
$ | 14,933 | | |
$ | - | | |
$ | - | |
SCHEDULE OF MARKETABLE SECURITIES
| |
March 31, 2024 | |
Balance at beginning of year | |
$ | 14,933 | |
Realized loss on marketable securities, net | |
| 376 | |
Unrealized loss on marketable securities, net | |
| 5,053 | |
Balance at end of period | |
$ | 9,504 | |
As
of March 31, 2024, the Company has no liabilities that are re-measured at fair value.
|
Property and Equipment |
Property
and Equipment
Property
and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method on the various
asset classes over their estimated useful lives, which range from three to ten years when placed in service. The cost of repairs and
maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the
cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year
of disposition.
|
Intangible Assets and Goodwill |
Intangible
Assets and Goodwill
Goodwill
is comprised of the purchase price of business combinations in excess of the fair market value assigned at acquisition to the tangible
and intangible assets acquired. Goodwill is not amortized. The Company tests goodwill for impairment on an annual basis. The Company
performed its most recent goodwill impairment using a discounted cash flow analysis and found that the fair value exceeded the carrying
value. It has $2.189 million of goodwill from the acquisition of the assets of Phoenix Life Sciences, Inc. in October 2017 and $0.825
million from the N7 acquisition.
SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL
|
|
Estimated
Life |
Goodwill
from Phoenix Acquisition |
|
Tested
Yearly for Impairment |
Goodwill
from N7 Acquisition |
|
Tested
Yearly for Impairment |
| |
March
31, 2024 | | |
December
31, 2023 | |
Goodwill from Phoenix Acquisition | |
$ | 2,188,810 | | |
$ | 2,188,810 | |
Goodwill from N7 Acquisition | |
| 825,640 | | |
| 825,640 | |
Total | |
$ | 3,014,450 | | |
$ | 3,014,450 | |
|
Leases |
Leases
The
Company determines if an arrangement is a lease at inception. Contracts containing a lease are further evaluated for classification as
an operating or finance lease. In determining the leases classification, the Company assesses among other criteria: (i) 75% or more of
the remaining economic life of the underlying asset is a major part of the remaining economic life of that underlying asset; and (ii)
90% or more of the fair value of the underlying asset comprises substantially all of the fair value of the underlying asset. Operating
leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities and long-term operating lease
liabilities in the Company’s consolidated balance sheets. Finance leases are included in property, plant and equipment, net, other
current liabilities, and long-term finance lease liabilities in the Company’s consolidated balance sheets. ROU assets represent
the right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease
payments arising from the lease. For leases with terms greater than 12 months, the Company records the ROU asset and liability at commencement
date based on the present value of lease payments according to their term.
The
Company uses incremental borrowing rates based on the estimated rate of interest for collateralized borrowing over a similar term of
the lease payments at commencement date. The ROU asset also includes any lease payments made and excludes lease incentives. Lease terms
may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease
expenses are recognized on a straight-line basis over the lease term or the useful life of the leased asset.
In
addition, the carrying amount of the ROU and lease liabilities are remeasured if there is a modification, a change in the lease term,
a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.
|
Convertible Notes Payable |
Convertible
Notes Payable
The
Company has previously issued convertible notes, which contain variable conversion features, whereby the outstanding principal and accrued
interest automatically convert into common shares at a fixed price which may be a discount to the common stock at the time of conversion.
Some of the conversion features of these notes are contingent upon future events, whereby, the holder agreed not to convert until the
contingent future event has occurred. The Company currently does not hold any convertible notes.
|
Revenue Recognition |
Revenue
Recognition
The
Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers.
The
Company accounts for a contract when it has been approved and committed to, each party’s rights regarding the goods or services
to be transferred have been identified, the payment terms have been identified, the contract has commercial substance, and collectability
is probable. Revenue is generally recognized net of allowances for returns and any taxes collected from customers and subsequently remitted
to governmental authorities. However, the Company’s sales are primarily through retail stores, purchase orders or ecommerce; thus,
currently contract liabilities are negligible. The Company does not have any multiple-element arrangements.
Some
of the Company’s contract liabilities consist of advance customer payments. Contract liability results from transactions in
which the Company has been paid for products by customers, but for which all revenue recognition criteria have not yet been met.
Once all revenue recognition criteria have been met, the contract liabilities are recognized. The Company recorded $400,955 and
$349,705 in advanced customer payments as of March 31, 2024, and December 31, 2023, respectively, and these amounts are
included in the balance sheet line item of accounts payable and accrued expenses.
SCHEDULE OF REVENUE FROM CONTRACT WITH CUSTOMER
| |
March
31, 2024 | | |
December
31, 2023 | |
Balance, beginning of period | |
$ | 349,705 | | |
$ | 368,065 | |
Payments received for unearned revenue | |
| 143,469 | | |
| 156,298 | |
Revenue earned | |
| 92,219 | | |
| 174,658 | |
| |
| | | |
| | |
Balance, end of period | |
$ | 400,955 | | |
$ | 349,705 | |
Revenue
is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration
that an entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature,
amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded
reflects the consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step
model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the
promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of
the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance
obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.
Revenue
related to the sale of products is recognized once goods have been sold to the customer and the performance obligation has been completed.
In both contracted purchase and retail sales, we offer consumer products through our online stores. Revenue is recognized when control
of the goods is transferred to the customer. This generally occurs upon our delivery to a third-party carrier or, to the customer directly.
Revenue from tolling services is recognized when the performance obligation, such as processing of the material, has been completed and
output material has been transferred to the customer.
Revenue
is generally recognized net of allowances for returns and any taxes collected from customers and subsequently remitted to governmental
authorities. A contract liability results from transactions in which the Company has been paid for products by customers, but for which
all revenue recognition criteria have not yet been met. Once all revenue recognition criteria have been met, the contract liabilities
are recognized. The Company does not have any multiple-element arrangements.
The
Company also has recorded other income related to rental income it receives from leasing out space in the laboratory it occupies.
|
Shipping and Handling Costs |
Shipping
and Handling Costs
The
Company accounts for shipping and handling fees in accordance with ASC 606. The amounts charged to customers for shipping products are
recognized as revenues and the related freight costs of shipping products are classified in general and administrative costs as incurred.
Shipping costs are included as a component of general and administrative and were $9,566 and $29,667 for the three months ended
March 31, 2024 and 2023, respectively.
|
Advertising & Marketing |
Advertising
& Marketing
Advertising
costs are expensed when incurred and are included in advertising and promotional expense in the accompanying statements of operations.
Included in this category are expenses related to public relations, investor relations, new package design, website design, design of
promotional materials, cost of trade shows, cost of products given away as promotional samples, and paid advertising. The Company recorded
advertising costs included in general and administrative costs of $2,486 and $8,769 for the three months ended March 31, 2024
and 2023, respectively.
|
Segment Information |
Segment
Information
The
Company follows the provisions of ASC 280-10 Segment Reporting. This standard requires that companies disclose operating segments
based on the manner in which management disaggregates the Company in making internal operating decisions. Segment identification and
selection is consistent with the management structure used by the Company’s chief operating decision maker to evaluate performance
and make decisions regarding resource allocation, as well as the materiality of financial results consistent with that structure. Based
on the Company’s management structure and method of internal reporting, the Company has one operating segment. The Company’s
chief operating decision maker does not review operating results on a disaggregated basis; rather, the chief operating decision maker
reviews operating results on an aggregate basis.
|
Earnings per Share |
Earnings
per Share
The
Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, “Earnings per Share”. Basic
earnings per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common
shares outstanding during the reporting period. Diluted earnings per share reflects the potential dilution that could occur if preferred
stock converted to common stock and warrants are exercised. Preferred stock and warrants are excluded from the diluted earnings per share
calculation if their effect is anti-dilutive.
The
following financial instruments were not included in the diluted loss per share calculation for the three months ended March 31, 2024
and 2023 because their effect was anti-dilutive:
SCHEDULE OF ANTI-DILUTIVE DILUTED LOSS PER SHARE
| |
2024 | | |
2023 | |
| |
For
the three months ended March 31, | |
| |
2024 | | |
2023 | |
Restricted stock | |
| 1,793,483 | | |
| 107,993 | |
Options to purchase common stock | |
| 536,854 | | |
| 401,854 | |
Warrants to purchase common stock | |
| 1,078,573 | | |
| 1,107,250 | |
Series B-1 Convertible Preferred | |
| 6,679 | | |
| 6,679 | |
Series B-2 Convertible Preferred | |
| 26,786 | | |
| 26,786 | |
Series C Convertible Preferred | |
| 2,289,220 | | |
| 2,289,220 | |
Series C-1 Convertible Preferred | |
| 1,064,908 | | |
| 1,064,908 | |
Series D Convertible Preferred | |
| 1,628,126 | | |
| 1,628,126 | |
Series E Convertible Preferred | |
| 3,853,000 | | |
| - | |
Total | |
| 12,277,629 | | |
| 6,632,816 | |
Anti-dilutive securities | |
| 12,277,629 | | |
| 6,632,816 | |
|
Income Taxes |
Income
Taxes
Income
taxes are accounted for under the asset and liability method prescribed by FASB ASC Topic 740. These standards require a company to determine
whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position.
If the more likely than not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial
statements. Deferred income taxes are recorded for temporary differences between financial statement carrying amounts and the tax basis
of assets and liabilities. Deferred tax assets and liabilities reflect the tax rates expected to be in effect for the years in which
the differences are expected to reverse. A valuation allowance is provided if it is more likely than not that some or all of the deferred
tax asset will not be realized.
|
Recently Issued Accounting Standards |
Recently
Issued Accounting Standards
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity
(Subtopic 815-40), Accounting for Convertible Instruments and Contract’s in an Entity’s Own Equity. The ASU simplifies accounting
for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments
will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain
settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity
contracts to qualify for it. The ASU simplifies the diluted net income per share calculation in certain areas. The ASU is effective for
annual and interim periods beginning after December 31, 2021, and early adoption is permitted for fiscal years beginning after December
15, 2020, and interim periods within those fiscal years. The Company does not expect the adoption of ASU 2020-6 to have any material
impact on its consolidated financial statements.
In
May 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-04 “Earnings Per Share (Topic 260), Debt—Modifications
and Extinguishments (Subtopic 470-50), Compensation— Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts
in Entity’s Own Equity (Subtopic 815- 40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified
Written Call Options” which clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding
equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. An entity
should measure the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity
classified after modification or exchange as follows: i) for a modification or an exchange that is a part of or directly related to a
modification or an exchange of an existing debt instrument or line-of-credit or revolving-debt arrangements (hereinafter, referred to
as a “debt” or “debt instrument”), as the difference between the fair value of the modified or exchanged written
call option and the fair value of that written call option immediately before it is modified or exchanged; ii) for all other modifications
or exchanges, as the excess, if any, of the fair value of the modified or exchanged written call option over the fair value of that written
call option immediately before it is modified or exchanged. The amendments in this Update are effective for all entities for fiscal years
beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively
to modifications or exchanges occurring on or after the effective date of the amendments. The Company is currently evaluating the impact
of this standard on its consolidated financial statements.
The
Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition,
results of operations, cash flows or disclosures.
|
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v3.24.1.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS |
The
following table shows, by level within the fair value hierarchy, the Company’s assets and liabilities at fair value on a recurring
basis as of March 31, 2024 and December 31, 2023:
SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Marketable securities | |
$ | 9,504 | | |
| - | | |
$ | - | | |
| - | | |
$ | 14,933 | | |
$ | 14,933 | | |
$ | - | | |
$ | - | |
Total | |
$ | 9,504 | | |
| - | | |
$ | - | | |
$ | - | | |
$ | 14,933 | | |
$ | 14,933 | | |
$ | - | | |
$ | - | |
|
SCHEDULE OF MARKETABLE SECURITIES |
SCHEDULE OF MARKETABLE SECURITIES
| |
March 31, 2024 | |
Balance at beginning of year | |
$ | 14,933 | |
Realized loss on marketable securities, net | |
| 376 | |
Unrealized loss on marketable securities, net | |
| 5,053 | |
Balance at end of period | |
$ | 9,504 | |
|
SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL |
SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL
|
|
Estimated
Life |
Goodwill
from Phoenix Acquisition |
|
Tested
Yearly for Impairment |
Goodwill
from N7 Acquisition |
|
Tested
Yearly for Impairment |
| |
March
31, 2024 | | |
December
31, 2023 | |
Goodwill from Phoenix Acquisition | |
$ | 2,188,810 | | |
$ | 2,188,810 | |
Goodwill from N7 Acquisition | |
| 825,640 | | |
| 825,640 | |
Total | |
$ | 3,014,450 | | |
$ | 3,014,450 | |
|
SCHEDULE OF REVENUE FROM CONTRACT WITH CUSTOMER |
SCHEDULE OF REVENUE FROM CONTRACT WITH CUSTOMER
| |
March
31, 2024 | | |
December
31, 2023 | |
Balance, beginning of period | |
$ | 349,705 | | |
$ | 368,065 | |
Payments received for unearned revenue | |
| 143,469 | | |
| 156,298 | |
Revenue earned | |
| 92,219 | | |
| 174,658 | |
| |
| | | |
| | |
Balance, end of period | |
$ | 400,955 | | |
$ | 349,705 | |
|
SCHEDULE OF ANTI-DILUTIVE DILUTED LOSS PER SHARE |
The
following financial instruments were not included in the diluted loss per share calculation for the three months ended March 31, 2024
and 2023 because their effect was anti-dilutive:
SCHEDULE OF ANTI-DILUTIVE DILUTED LOSS PER SHARE
| |
2024 | | |
2023 | |
| |
For
the three months ended March 31, | |
| |
2024 | | |
2023 | |
Restricted stock | |
| 1,793,483 | | |
| 107,993 | |
Options to purchase common stock | |
| 536,854 | | |
| 401,854 | |
Warrants to purchase common stock | |
| 1,078,573 | | |
| 1,107,250 | |
Series B-1 Convertible Preferred | |
| 6,679 | | |
| 6,679 | |
Series B-2 Convertible Preferred | |
| 26,786 | | |
| 26,786 | |
Series C Convertible Preferred | |
| 2,289,220 | | |
| 2,289,220 | |
Series C-1 Convertible Preferred | |
| 1,064,908 | | |
| 1,064,908 | |
Series D Convertible Preferred | |
| 1,628,126 | | |
| 1,628,126 | |
Series E Convertible Preferred | |
| 3,853,000 | | |
| - | |
Total | |
| 12,277,629 | | |
| 6,632,816 | |
Anti-dilutive securities | |
| 12,277,629 | | |
| 6,632,816 | |
|
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v3.24.1.u1
PROPERTY, EQUIPMENT, NET OF ACCUMULATED DEPRECIATION (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Property, Plant and Equipment [Abstract] |
|
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT USEFUL LIVES |
SCHEDULE
OF PROPERTY PLANT AND EQUIPMENT USEFUL LIVES
|
|
Estimated
Life |
|
Computers
and technological assets |
|
|
3
– 5 Years |
|
Furniture
and fixtures |
|
|
3
– 5 Years |
|
Machinery
and equipment |
|
|
5
– 10 Years |
|
Leasehold
improvement |
|
|
10
Years |
|
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
Property
and equipment, net consists of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
March
31, 2024 | | |
December
31, 2023 | |
Computers and technological assets | |
$ | 3,776,320 | | |
$ | 3,776,320 | |
Furniture and fixtures | |
| 166,830 | | |
| 161,830 | |
Machinery and equipment | |
| 7,846,788 | | |
| 7,846,788 | |
Land | |
| 92,222 | | |
| 92,222 | |
Leasehold improvements | |
| 1,806,755 | | |
| 1,806,755 | |
Total | |
| 13,688,915 | | |
| 13,683,915 | |
Less accumulated depreciation | |
| (7,619,345 | ) | |
| (7,235,847 | ) |
Total property and equipment, net | |
$ | 6,069,570 | | |
$ | 6,448,068 | |
|
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v3.24.1.u1
INVENTORY (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORY |
Inventory
consists of the following components:
SCHEDULE
OF INVENTORY
| |
March
31, 2024 | | |
December
31, 2023 | |
Raw Materials | |
$ | 892,377 | | |
$ | 850,362 | |
Semi-Finished | |
| 1,785,949 | | |
| 1,870,978 | |
Finished Goods | |
| 1,358,063 | | |
| 1,262,674 | |
Packaging | |
| 26,438 | | |
| 29,511 | |
Total | |
$ | 4,062,827 | | |
$ | 4,013,525 | |
|
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v3.24.1.u1
OPERATING LEASE RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES – RELATED PARTY (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Operating Lease Right-of-use Assets And Operating Lease Liabilities Related Party |
|
SCHEDULE OF RIGHT OF USE ASSET AND LIABILITY |
Below
is a summary of our right of use assets and liabilities as of March 31, 2024.
SCHEDULE
OF RIGHT OF USE ASSET AND LIABILITY
| |
March 31, 2024 | | |
December 31, 2023 | |
Right-of-use assets | |
$ | 3,685,567 | | |
$ | 3,864591 | |
| |
| | | |
| | |
Present value of operating lease liabilities | |
$ | 3,793,321 | | |
$ | 3,972,696 | |
Less: Long-term portion of operating lease liability | |
| (3,070,391 | ) | |
| (3,254,021 | ) |
Short-term portion of operating lease liability | |
| 722,930, | | |
| 718,675 | |
Unpaid balances | |
| 2,300,802 | | |
| 2,185,758 | |
Total short-term lease liability obligations | |
$ | 3,023,732 | | |
$ | 2,904,433 | |
Weighted-average remaining lease term (Ends December
31, 2030) | |
| 5.76
years | | |
| 5.96
years | |
| |
| | | |
| | |
Weighted-average discount rate | |
| | | |
| 3.0 | % |
|
SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITIES |
Approximate
future minimum lease payments for our right of use assets over the remaining lease periods as of March 31, 2024, are as follows:
SCHEDULE
OF MATURITY OF OPERATING LEASE LIABILITIES
| |
| | |
2024 | |
| 621,570 | |
2025 | |
| 830,307 | |
2026 | |
| 764,830 | |
2027 | |
| 474,122 | |
Thereafter | |
| 1,451,002 | |
Total undiscounted operating lease payments | |
| 4,141,831 | |
Less: Imputed interest | |
| (348,510 | ) |
Present value of operating lease liabilities | |
$ | 3,793,321 | |
|
X |
- DefinitionTabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.
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v3.24.1.u1
NOTES PAYABLE (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF NOTES PAYABLE RELATED PARTY |
SCHEDULE
OF NOTES PAYABLE RELATED PARTY
| |
March
31, 2024 | | |
December
31, 2023 | |
J&N Note | |
$ | 4,062,713 | | |
$ | 4,062,713 | |
CEO Note | |
| 7,709,546 | | |
| 7,334,904 | |
Total related party notes | |
$ | 11,772,259 | | |
$ | 11,397,617 | |
|
SCHEDULE OF NOTES PAYABLE |
SCHEDULE
OF NOTES PAYABLE
| |
March
31, 2024 | | |
December
31, 2023 | |
Other long-term liabilities, related party | |
| | | |
| | |
Fixed Asset Loan | |
$ | 3,059,474 | | |
$ | 3,059,474 | |
J&N Building Loan | |
| 513,390 | | |
| 513,390 | |
Total | |
$ | 3,572,864 | | |
$ | 3,572,864 | |
|
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v3.24.1.u1
STOCKHOLDERS’ EQUITY (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
A
summary of the stock option activity is presented below:
SCHEDULE
OF STOCK OPTION ACTIVITY
| |
Options Outstanding as of March 31, 2024 | |
| |
Number of Shares Subject to Options | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (in years) | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Balance on December 31, 2023 | |
| 551,854 | | |
$ | 1.84 | | |
| 3.18 | | |
$ | - | |
Options granted | |
| - | | |
| - | | |
| - | | |
| - | |
Options exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Options canceled / expired | |
| 15,000 | | |
| - | | |
| - | | |
| - | |
Balance on March 31, 2024 | |
| 536,854 | | |
$ | 1.88 | | |
| 2.91 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Vested and exercisable at March 31, 2024 | |
| 196,491 | | |
$ | 1.88 | | |
| 2.91 | | |
$ | - | |
|
SCHEDULE OF WARRANTS OUTSTANDING |
The
Company’s outstanding warrants as of March 31, 2024, are summarized as follows, and all were exercisable at that date.
SCHEDULE OF WARRANTS OUTSTANDING
| |
Warrants Outstanding as of March 31, 2024 | |
| |
Number of Shares Subject to Warrants | | |
Weighted Average Exercise Price Per Share | | |
Weighted Average Remaining Contractual Life (in years) | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
| | |
| |
Balance on December 31, 2023 | |
| 1,104,243 | | |
$ | 1.70 | | |
| 3.16 | | |
| - | |
Options granted | |
| - | | |
| - | | |
| - | | |
| - | |
Options exercised | |
| - | | |
| - | | |
| - | | |
| - | |
Options canceled / expired | |
| 25,670 | | |
| 5.60 | | |
| - | | |
| - | |
Balance at March 31, 2024 | |
| 1,078,573 | | |
$ | 1.70 | | |
| 2.92 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Vested and exercisable at March 31, 2024 | |
| 1,078,573 | | |
$ | 1.70 | | |
| 2.92 | | |
$ | - | |
|
SCHEDULE OF RESTRICTED STOCK |
A
summary of the restricted stock activity is presented below:
SCHEDULE
OF RESTRICTED STOCK
| |
Restricted Stock
Common Stock | |
Balance at December 31, 2023 | |
| 107,993 | |
Balance at March 31, 2024 | |
| 107,993 | |
|
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v3.24.1.u1
RELATED PARTY TRANSACTIONS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
SCHEDULE OF RELATED PARTY TRANSACTIONS LOANS |
The
accrued interest and interest expenses recorded for related party loans are shown below.
SCHEDULE
OF RELATED PARTY TRANSACTIONS LOANS
| |
March 31, 2024 | | |
December 31, 2023 | |
Accrued Interest | |
| | | |
| | |
Related party loan-J&N | |
$ | 1,579,136 | | |
$ | 1,413,210 | |
Related party loan-CEO loan | |
| 531,044 | | |
| 476,536 | |
Related party loan – Line of credit | |
| 1,164,347 | | |
| 964,486 | |
Accrued Interest | |
| 1,164,347 | | |
| 964,486 | |
| |
Three months ended March 31, 2024 | | |
Three months ended March 31, 2023 | |
Interest Expense | |
| | | |
| | |
Related party loan-J&N | |
$ | 165,926 | | |
$ | 147,251 | |
Related party loan-CEO loan | |
| 54,507 | | |
| 49,341 | |
Related party loan – Line of Credit | |
| 199,861 | | |
| 144,956 | |
Interest Expense | |
| 199,861 | | |
| 144,956 | |
|
X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
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SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Marketable Securities [Line Items] |
|
|
Marketable securities |
$ 9,504
|
$ 14,933
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Marketable Securities [Line Items] |
|
|
Marketable securities |
|
14,933
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Marketable Securities [Line Items] |
|
|
Marketable securities |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Marketable Securities [Line Items] |
|
|
Marketable securities |
|
|
Marketable Securities [Member] |
|
|
Marketable Securities [Line Items] |
|
|
Marketable securities |
9,504
|
14,933
|
Marketable Securities [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Marketable Securities [Line Items] |
|
|
Marketable securities |
|
14,933
|
Marketable Securities [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Marketable Securities [Line Items] |
|
|
Marketable securities |
|
|
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|
|
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|
|
Marketable securities |
|
|
X |
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SCHEDULE OF INTANGIBLE ASSETS AND GOODWILL (Details) - USD ($)
|
3 Months Ended |
|
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Oct. 31, 2017 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
Goodwill from N7 Acquisition |
$ 3,014,450
|
$ 3,014,450
|
|
Total |
$ 3,014,450
|
3,014,450
|
|
Phoenix Life Sciences, Inc. [Member] |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Goodwill from Acquisition, Estimated Life |
Tested
Yearly for Impairment
|
|
|
Goodwill from N7 Acquisition |
$ 2,188,810
|
2,188,810
|
$ 2,189,000
|
N7 Acquistion [Member] |
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
Goodwill from Acquisition, Estimated Life |
Tested
Yearly for Impairment
|
|
|
Goodwill from N7 Acquisition |
$ 825,640
|
$ 825,640
|
$ 825,000
|
X |
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v3.24.1.u1
SCHEDULE OF REVENUE FROM CONTRACT WITH CUSTOMER (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
|
Balance, beginning of period |
$ 349,705
|
$ 368,065
|
Payments received for unearned revenue |
143,469
|
156,298
|
Revenue earned |
92,219
|
174,658
|
Balance, end of period |
$ 400,955
|
$ 349,705
|
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SCHEDULE OF ANTI-DILUTIVE DILUTED LOSS PER SHARE (Details) - shares
|
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
12,277,629
|
6,632,816
|
Restricted Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
1,793,483
|
107,993
|
Options [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
536,854
|
401,854
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
1,078,573
|
1,107,250
|
Series B-1 Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
6,679
|
6,679
|
Series B-2 Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
26,786
|
26,786
|
Series C Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
2,289,220
|
2,289,220
|
Series C-1 Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
1,064,908
|
1,064,908
|
Series D Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
1,628,126
|
1,628,126
|
Series E Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
3,853,000
|
|
X |
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v3.24.1.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
|
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Oct. 31, 2017 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
Accumulated deficit |
$ 35,368,972
|
|
$ 33,922,898
|
|
Cash and liquid stock |
117,000
|
|
|
|
Allowance for doubtful accounts |
50,000
|
|
|
|
Allowance for doubtful expense |
$ 0
|
|
|
|
Investment owned balance shares |
79,200
|
|
|
|
Business acquisition, goodwill |
$ 3,014,450
|
|
3,014,450
|
|
Customer advances payments |
400,955
|
|
349,705
|
|
General and Administrative Expense [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Shipping and handling costs |
9,566
|
$ 29,667
|
|
|
Advertising expense |
2,486
|
$ 8,769
|
|
|
Phoenix Life Sciences, Inc. [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Business acquisition, goodwill |
2,188,810
|
|
2,188,810
|
$ 2,189,000
|
N7 Acquistion [Member] |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
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$ 825,640
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$ 825,640
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$ 825,000
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v3.24.1.u1
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT USEFUL LIVES (Details)
|
Mar. 31, 2024 |
Leasehold Improvements [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, useful life |
10 years
|
Minimum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, useful life |
3 years
|
Minimum [Member] | Computer Equipment [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, useful life |
3 years
|
Minimum [Member] | Furniture and Fixtures [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, useful life |
3 years
|
Minimum [Member] | Machinery and Equipment [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, useful life |
5 years
|
Maximum [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, useful life |
10 years
|
Maximum [Member] | Computer Equipment [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, useful life |
5 years
|
Maximum [Member] | Furniture and Fixtures [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property, plant and equipment, useful life |
5 years
|
Maximum [Member] | Machinery and Equipment [Member] |
|
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|
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10 years
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v3.24.1.u1
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Total |
$ 13,688,915
|
$ 13,683,915
|
Less accumulated depreciation |
(7,619,345)
|
(7,235,847)
|
Total property and equipment, net |
6,069,570
|
6,448,068
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
3,776,320
|
3,776,320
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
166,830
|
161,830
|
Machinery and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
7,846,788
|
7,846,788
|
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|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
92,222
|
92,222
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Total |
$ 1,806,755
|
$ 1,806,755
|
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SCHEDULE OF INVENTORY (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Raw Materials |
$ 892,377
|
$ 850,362
|
Semi-Finished |
1,785,949
|
1,870,978
|
Finished Goods |
1,358,063
|
1,262,674
|
Packaging |
26,438
|
29,511
|
Total |
$ 4,062,827
|
$ 4,013,525
|
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v3.24.1.u1
SCHEDULE OF RIGHT OF USE ASSET AND LIABILITY (Details) - USD ($)
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Operating Lease Right-of-use Assets And Operating Lease Liabilities Related Party |
|
|
Right-of-use assets |
$ 3,685,567
|
$ 3,864,591
|
Present value of operating lease liabilities |
3,793,321
|
3,972,696
|
Less: Long-term portion of operating lease liability |
(3,070,391)
|
(3,254,021)
|
Short-term portion of operating lease liability |
722,930
|
718,675
|
Unpaid balances |
2,300,802
|
2,185,758
|
Total short-term lease liability obligations |
$ 3,023,732
|
$ 2,904,433
|
Weighted-average remaining lease term (Ends December 31, 2030) |
5 years 9 months 3 days
|
5 years 11 months 15 days
|
Weighted-average discount rate |
|
3.00%
|
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|
Mar. 31, 2024 |
Dec. 31, 2023 |
Operating Lease Right-of-use Assets And Operating Lease Liabilities Related Party |
|
|
2024 |
$ 621,570
|
|
2025 |
830,307
|
|
2026 |
764,830
|
|
2027 |
474,122
|
|
Thereafter |
1,451,002
|
|
Total undiscounted operating lease payments |
4,141,831
|
|
Less: Imputed interest |
(348,510)
|
|
Present value of operating lease liabilities |
$ 3,793,321
|
$ 3,972,696
|
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|
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Lease expiring |
Dec. 31, 2030
|
|
|
Present value of operating lease liabilities |
$ 3,793,321
|
|
$ 3,972,696
|
Lease term |
3 years
|
|
|
Operating lease, cost |
$ 437,752
|
$ 114,693
|
|
Accounting Standards Update 2016-02 [Member] |
|
|
|
Present value of operating lease liabilities |
$ 4,595,509
|
|
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|
Mar. 31, 2024 |
Dec. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
Total related party notes |
$ 11,772,259
|
$ 11,397,617
|
J&N Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total related party notes |
4,062,713
|
4,062,713
|
CEO Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total related party notes |
$ 7,709,546
|
$ 7,334,904
|
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|
Mar. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Total |
$ 3,572,864
|
$ 3,572,864
|
|
Fixed Asset Loan [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Total |
3,059,474
|
3,059,474
|
|
JN Building Loan [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Total |
$ 513,390
|
$ 513,390
|
$ 513,390
|
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v3.24.1.u1
NOTES PAYABLE (Details Narrative) - USD ($)
|
May 28, 2020 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Jul. 01, 2022 |
Jun. 30, 2021 |
Dec. 31, 2020 |
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Other long-term liabilities, related party |
|
$ 3,572,864
|
$ 3,572,864
|
|
|
|
Related Party [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Quintel Note |
|
11,772,259
|
11,397,617
|
|
|
|
Fixed Asset Loan [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Other long-term liabilities, related party |
|
3,059,474
|
3,059,474
|
|
|
|
JN Building Loan [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Other long-term liabilities, related party |
|
513,390
|
513,390
|
|
|
$ 513,390
|
J&N Note [Member] | Related Party [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Quintel Note |
|
4,062,713
|
$ 4,062,713
|
|
|
|
Chief Executive Officer [Member] | J&N Note [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Principal amount |
|
$ 4,062,000.000
|
|
|
|
|
Debt instrument interest rate |
|
12.00%
|
|
|
|
|
Chief Executive Officer [Member] | J&N Note [Member] | Related Party [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Quintel Note |
|
$ 1,932,358
|
|
|
|
|
Chief Executive Officer [Member] | Buttorff Note [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Debt instrument interest rate |
|
|
|
|
10.00%
|
|
Percentage of promissory |
|
|
|
|
10.00%
|
|
Quintel Note |
|
|
|
|
$ 1,685,685
|
|
Additional line of credit note |
|
|
|
$ 8,000,000
|
$ 1,000,000
|
|
Notes Payable [Member] | US Small Business Administration [Member] |
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
Disaster loan amount |
$ 99,100
|
99,100
|
|
|
|
|
Interest rate |
3.75%
|
|
|
|
|
|
accured interest, payable |
|
$ 2,047
|
|
|
|
|
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v3.24.1.u1
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Equity [Abstract] |
|
|
Options outstanding, beginning |
551,854
|
|
Weighted average exercise price per share outstanding, beginning |
$ 1.84
|
|
Weighted average remaining contractual life outstanding, ending |
2 years 10 months 28 days
|
3 years 2 months 4 days
|
Aggregate intrinsic value outstanding, warrants outstanding Beginning |
|
|
Options granted |
|
|
Weighted average exercise price per share, options granted |
|
|
Options exercised |
|
|
Weighted average exercise price per share, options exercised |
|
|
Options canceled/expired |
15,000
|
|
Weighted average exercise price per share, options canceled/expired |
|
|
Options outstanding, ending |
536,854
|
551,854
|
eighted average exercise price per share outstanding, ending |
$ 1.88
|
$ 1.84
|
Aggregate intrinsic value outstanding, warrants outstanding Ending |
|
|
Options vested and exercisable |
196,491
|
|
Weighted Average exercise price per share outstanding, vested and exercisable |
$ 1.88
|
|
Weighted average remaining contractual life outstanding, vested and exercisable |
2 years 10 months 28 days
|
|
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|
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v3.24.1.u1
SCHEDULE OF WARRANTS OUTSTANDING (Details) - USD ($)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Equity [Abstract] |
|
|
Number of Shares, warrants outstanding Beginning |
1,104,243
|
|
Weighted average exercise price per share, warrants outstanding Beginning |
$ 1.70
|
|
Weighted average remaining contractual life warrants outstanding |
2 years 11 months 1 day
|
3 years 1 month 28 days
|
Aggregate intrinsic value outstanding, warrants outstanding Beginning |
|
|
Number of Shares, granted |
|
|
Weighted average exercise price per share, options granted |
|
|
Number of Shares, exercised |
|
|
Weighted average exercise price per share, options exercised |
|
|
Number of Shares, canceled / expired |
25,670
|
|
Weighted average exercise price per share, options canceled/expired |
$ 5.60
|
|
Number of Shares, warrants outstanding Ending |
1,078,573
|
1,104,243
|
Weighted average exercise price per share, warrants outstanding Ending |
$ 1.70
|
$ 1.70
|
Aggregate intrinsic value outstanding, warrants outstanding Ending |
|
|
Number of Shares, vested and exercisable |
1,078,573
|
|
Weighted Average exercise price per share, warrants outstanding vested and exercisable |
$ 1.70
|
|
Weighted average remaining contractual life warrants outstanding vested and exercisable |
2 years 11 months 1 day
|
|
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|
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v3.24.1.u1
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
|
Sep. 30, 2023 |
Jun. 30, 2021 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Common stock, authorized |
|
|
650,000,000
|
|
650,000,000
|
Common stock, par value per share |
|
|
$ 0.0001
|
|
$ 0.0001
|
Preferred stock, shares authorized |
|
|
50,000,000
|
|
|
Preferred stock, par value per share |
|
|
$ 0.0001
|
|
|
Series E Preferred Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, shares authorized |
|
|
3,853,000
|
|
3,853,000
|
Preferred stock, par value per share |
|
|
$ 0.0001
|
|
$ 0.0001
|
Series E Preferred Stock [Member] | N7 Enterprises, Inc [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Convertible preferred stock, shares issued upon conversion |
785
|
|
|
|
|
Series E Preferred Stock [Member] | N7 Enterprises, Inc [Member] | Minimum [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Preferred stock, convertible, shares issuable |
385
|
|
|
|
|
Employees and Directors [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Debt instrument, unamortized discount |
|
|
$ 0
|
|
|
2021 Plan [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
New issuance of shares |
|
4,049,409
|
|
|
|
Number of years shares available for grant |
|
10 years
|
|
|
|
Option vested |
|
196,491
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Number of shares convertible into common stock |
|
|
666,000
|
540,000
|
|
Common Stock [Member] | N7 Enterprises, Inc [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
Number of shares convertible into common stock |
10,000
|
|
|
|
|
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.24.1.u1
SCHEDULE OF RELATED PARTY TRANSACTIONS LOANS (Details) - USD ($)
|
3 Months Ended |
|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Related Party Transaction [Line Items] |
|
|
|
Interest Expense |
$ 429,672
|
$ 380,157
|
|
Related Party Loan J&N Real Estate [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Accrued Interest |
1,579,136
|
|
$ 1,413,210
|
Interest Expense |
165,926
|
147,251
|
|
Related Party Loan CEO Loan [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Accrued Interest |
531,044
|
|
476,536
|
Interest Expense |
54,507
|
49,341
|
|
Related Party Loan Line Of Credit [Member] |
|
|
|
Related Party Transaction [Line Items] |
|
|
|
Accrued Interest |
1,164,347
|
|
$ 964,486
|
Interest Expense |
$ 199,861
|
$ 144,956
|
|
X |
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