Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.1
Segment Information
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Information

Note 19 – Segment Information

 

The Company is an operating, acquisition, and investment business. Subsidiaries in which the Company has a controlling financial interest are consolidated. The Company generally has two reportable segments; 1) the historic cannabis and medical marijuana segment which includes the cost basis of our former membership interests of Electrum, the former contractual interest in the Electrum legal recovery, the settlement payments receivable from G Farma and its co-defendants, the former finance lease payments receivable from Pueblo West to Partner II, the operation of subsidiaries MCIP and Partner I in the cannabis and medical marijuana sector, and 2) the Company’s long standing investment in WCI which works with business park owners, governmental centers, and apartment complexes to reduce their facility related operating costs. Additionally, the Company formerly had small investments in securities listed on the NYSE and NASDAQ, an investment in note receivable from a non-affiliated party, the fair value of convertible notes receivable and accrued interest from NeuCourt, which on July 15, 2022 was exchanged for a NeuCourt SAFE security investment that will be carried at cost, and the investment in NeuCourt that is included in the Corporate, Other, and Eliminations section below.

  

    Cannabis and Medical Marijuana Segment     Facility Operations Related     Corporate and Eliminations     Consolidated  
                         
Three months ended March 31, 2023                                
Net revenue   $ -     $ 2,175,135     $ -     $ 2,175,135  
Operating income (loss)     (706 )     244,054       (170,734 )     72,614  
Interest income     -       -       6,660       6,660  
Interest expense     -       16,163       2,796       18,959  
Property additions     -       -       -       -  
Depreciation and amortization     -       14,208       238       14,446  
Total assets     812       3,623,663       1,607,618       5,232,093  
                                 
Three months ended March 31, 2022                                
Net revenue   $ 9,017     $ 1,839,881     $ -     $ 1,848,898  
Operating income (loss)     5,491       187,150       (161,265 )     31,376 )
Interest income     -       -       14,353       14,353  
Interest expense     -       10,386       7,821       18,207  
Property additions     -       27,902       -       27,902  
Depreciation and amortization     -       15,368       522       15,890  
Total assets     879,789       2,411,343       1,545,786       4,836,918  

 

 

Note 19 – Segment Information (continued)

 

The following table reconciles operating segments and corporate-unallocated operating income (loss) to consolidated income before income taxes, as presented in the unaudited condensed consolidated income statements:

  

    2023     2022  
    Three Months Ended
March 31,		  
    2023     2022  
Operating loss   $ 72,614     $ 31,376  
Gain (loss) on investments     -       (42,680 )
Interest income     6,660       14,353  
Interest expense     (18,959 )     (18,207 )
Gain (loss) on ROU asset disposal     -       26,168  
Other income     12,118       1,500  
                 
Income before income taxes   $ 72,433     $ 12,510