Annual report pursuant to Section 13 and 15(d)

SEGMENT INFORMATION

v3.22.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
In 2020 given the limited nature of the company's assets, the Company had only one reportable segment. During 2021, the Company acquired assets and opened new operations, such that it has determined previously insignificant operating segments are now significant and are reportable segments requiring disclosure in accordance with ASC 280. Our reportable segments are as follows:
(in thousands)
Total Revenue		 % of Total Revenue
Year Ended December 31, Year Ended December 31,
Segment 2021 2020 2021 2020
Cannabis Retail $ 24,540  $ 5,400  51.5  % 87.6  %
Cannabis Cultivation & Distribution $ 23,131  $ 460  48.5  % 7.5  %
Corporate and Other $ 2  $ 301  —  % 4.9  %
Total $ 47,673  $ 6,161  100.0  % 100.0  %
Cannabis Retail
Either independently or in conjunction with third parties, we operate medical marijuana and adult use cannabis dispensaries in California. All our retail dispensaries offer a broad selection of medical and adult use cannabis products including flower, concentrates and edibles.
Cannabis Cultivation and Distribution
We operate distribution centers in California and Oregon that distribute our own branded products as well as third party products to our own dispensaries and to other non-affiliated medical marijuana and/or adult use cannabis dispensaries.
(in thousands)
For the Year Ended December 31, 2021
Cannabis Retail Cannabis Cultivation and Distribution Corporate and Other Total
Total Revenues $ 24,540  $ 23,131  $ 2  $ 47,673 
Cost of goods sold 13,706  22,000  —  35,706 
Gross Profit 10,834  1,131  2  11,967 
Selling, general and administrative expenses 12,327  7,961  27,969  48,257 
Impairment of Assets 6,171  —  —  6,171 
(Gain) / Loss on sale of assets —  56  (3,189) (3,133)
Loss from operations (7,664) (6,886) (24,778) (39,328)
Other income / (expense):
Extinguishment of debt income / (expense) —  116  (6,092) (5,976)
Gain / (loss) on investments —  —  5,337  5,337 
Interest income / (expense) (85) (186) (1,505) (1,776)
Other income / (loss) 110  85  (628) (433)
Total other income 25  15  (2,888) (2,848)
Loss from continuing operations before provision for income taxes $ (7,639) $ (6,871) $ (27,666) $ (42,176)
Total assets at December 31, 2021 $ 67,821  $ 476  $ 203,527  $ 271,824