Quarterly report pursuant to Section 13 or 15(d)

Segment Information (Tables)

v3.22.2.2
Segment Information (Tables)
9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Schedule of segment information

 

    Cannabis and Medical Marijuana Segment     Facility Operations Related     Corporate and Eliminations     Consolidated  
Three months ended September 30, 2022                        
Net revenue   $ 20,168     $ 1,910,131     $ -     $ 1,930,299  
Operating income (loss)     19,507       (314,565 )     (126,983 )     (422,041 )
Interest income     -       -       12,887       12,887  
Interest expense     -       10,564       9,719       20,283  
Property additions     -       18,334       -       18,334  
Depreciation and amortization     -       17,687       520       18,207  
                                 
Three months ended September 30, 2021                                
Net revenue   $ 9,972     $ 1,482,649     $ -     $ 1,492,624  
Operating income (loss)     6,426       196,565       (116,664 )     86,327  
Interest income     -       -       16,269       16,269  
Interest expense     -       9,831       7,333       16,714  
Property additions     -       92,013       1,264       93,277  
Depreciation and amortization     -       13,570       1,461       15,031  
                                 
Nine months ended September 30, 2022                                
Net revenue   $ 37,659     $ 5,610,158     $ -     $ 5,647,817  
Operating income (loss)     33,079       (360,192 )     (727,315 )     (1,054,428 )
Interest income     -       5       40,632       40,632  
Interest expense     -       31,743       26,309       58,052  
Property additions     -       46,236       -       46,236  
Depreciation and amortization     -       50,283       1,564       51,847  
Total assets     737,847       3,536,780       1,566,378       5,841,005  
                                 
Nine months ended September 30, 2021                                
Net revenue   $ 31,176     $ 4,154,711     $ -     $ 4,185,887  
Operating income (loss)     20,876       11,062       (417,644 )     (385,706 )
Interest income     -       -       49,003       49,003  
Interest expense     -       27,421       16,478       43,899  
Property additions     -       107,290       1,264       108,554  
Depreciation and amortization     -       29,923       4,382       34,305  
Total assets     396,907       1,997,786       2,391,748       4,786,441  
Reconciliation of revenue from segments to consolidated

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:

 

    2022     2021     2022     2021  
    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2022     2021     2022     2021  
Operating loss   $ (422,041 )   $ 86,327     $ (1,054,428 )   $ (385,706 )
Employee retention credits     -       -       1,350,161       -  
Gain (loss) on investments     590       (2,427 )     (39,661 )     (8,001 )
Interest income     12,887       16,269       40,632       49,003  
Interest expense     (20,283 )     (16,714 )     (58,052 )     (43,899 )
Gain on asset disposals     -       (671 )     56,455       761  
Paycheck protection program loan forgiveness     -       -       -       10,000  
Other income     56,128       4,032       58,026       4,429  
                                 
Income before income taxes   $ (372,719 )   $ 86,816     $ 353,133     $ (373,413 )