Annual report pursuant to Section 13 and 15(d)

SEGMENT INFORMATION (Tables)

v3.19.1
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2018
Segment Information Tables  
Summary of consolidated net revenue

Our segment net revenue and contributions to consolidated net revenue for each of the last two fiscal years were as follows: 

 

    Total Revenue     % of Total Revenue  
    Year Ended December 31,     Year Ended December 31,  
    2018     2017     2018     2017  
                         
Herbs and Produce Products   $ 5,585,447     $ 5,701,233       17.8 %     15.9 %
Cannabis Dispensary, Cultivation and Production     25,978,118       30,031,046       82.9 %     83.9 %
Real Estate     62,574       -       0.2 %     -%  
Other and Eliminations     (292,521 )     68,565       (0.9 )%     0.2 %
                                 
Total   $ 31,333,618     $ 35,800,844       100.0 %     100.0 %
Summarized financial information

Summarized financial information concerning the Company’s reportable segments is shown in the following tables. Total asset amounts at December 31, 2018 and 2017 excludes intercompany receivable balances eliminated in consolidation.

  

    For the Year Ended December 31, 2018  
    Herbs and Produce Products     Cannabis Dispensary, Cultivation and Production     Real Estate     Eliminations and Other     Total  
                               
Total Revenues   $ 5,585,447     $ 25,978,118     $ 62,574     $ (292,521 )   $ 31,333,618  
Cost of Goods Sold     4,232,875       14,091,651       -       575,564       18,900,090  
                                         
Gross Profit     1,352,572       11,886,467       62,574       (868,085 )     12,433,528  
                                         
Depreciation & Amortization     522,669       4,272,592       31,061       232,468       5,058,790  
Stock-Based Compensation     -       -       -       603,117       603,117  
Selling, General and Administrative Expenses (All Other)     3,682,386       15,221,640       984,845       17,753,596       37,642,467  
                                         
Loss from Operations     (2,852,483 )     (7,607,765 )     (953,332 )     (19,457,266 )     (30,870,846 )
                                         
Other Income (Expense):                                        
Impairment of Property     (77,556 )     -       -       -       (77,556 )
Impairment of Intangible Assets     -       -       -       -       -  
Loss on Extinguishment of Debt     -       -       -       -       -  
Loss from Derivatives Issued with Debt Greater Than Debt Carrying Value     -       -       -       -       -  
Gain (Loss) on Fair Market Valuation of Derivatives     -       -       -       -       -  
Interest Expense, Net     -       (524,271 )     (793,690 )     (11,774,973 )     (13,092,934 )
Share of Loss in Joint Venture     -       -       -       (662,222 )     (662,222 )
Gain on Sale of Assets     -       -       -       5,229,680       5,229,680  
Gain on Settlement of Contingent Consideration     -       -       -       -       -  
Gain (Loss) on Fair Market Valuation of Contingent Consideration     -       -       -       -       -  
Gain on Sale of Assets     -       -       -       -       -  
                                         
Total Other Income (Expense)     (77,556 )     (524,271 )     (793,690 )     (7,207,515 )     (8,603,032 )
                                         
Loss Before Provision for Income Taxes   $ (2,930,039 )   $ (8,132,036 )   $ (1,747,022 )   $ (26,664,781 )   $ (39,473,878 )
                                         
Total Assets at December 31, 2018   $ 15,109,512     $ 78,307,074     $ 15,109,512     $ 22,494,829     $ 131,020,927  
                                         
Capital Expenditures   $ 1,036,566     $ 8,062,552     $ 13,229,942     $ 3,079,650     $ 25,408,710  

  

    For the Year Ended December 31, 2017  
   

Herbs and

Produce

Products

     Cannabis Dispensary, Cultivation and Production    

Real

Estate

    

Eliminations

and Other

     Total  
                               
Total Revenues   $ 5,701,233     $ 30,031,046       68,565     $ -     $ 35,800,844  
Cost of Goods Sold     5,211,658       25,112,113       -       -       30,323,771  
                                         
Gross Profit     489,575       4,918,933       68,565       -       5,477,073  
                                         
Selling, General and Administrative Expenses     3,123,037       10,843,210       334,813       11,056,031       25,357,091  
                                         
Loss from Operations     (2,633,462 )     (5,924,277 )     (266,248 )     (11,056,031 )     (19,880,018 )
                                         
Other Income (Expense):                                        
Amortization of Debt Discount     -       -       -       (2,138,762 )     (2,138,762 )
(Loss) Gain on Extinguishment of Debt     (18 )     187       30       (7,144,487 )     (7,144,288 )
Loss on Fair Market Valuation of Derivatives     -       -       -       (3,494,550 )     (3,494,550 )
Interest (Expense) Income     -       110       1       (542,775 )     (542,664 )
Impairment of Property     -       -       -       (138,037 )     (138,037 )
Impairment of Intangibles     (757,467 )     -       -       -       (757,467 )
Loss from Derivatives Issued with Debt Greater than Debt Carrying Value     -       -       -       -       -  
Gain on Settlement of Contingent Consideration     -       4,991,571       -       -       4,991,571  
Loss on Fair Market Valuation of Contingent Consideration     -       (4,426,047 )     -       -       (4,426,047 )
Share of Loss in Joint Venture     -       -       -       -       -  
Gain on Sale of Assets     -       -       -       -       -  
                                         
Total Other Income (Expense)     (757,485 )     565,821       31       (13,458,611 )     (13,650,244 )
                                         
Loss Before Provision for Income Taxes   $ (3,390,947 )   $ (5,358,456 )   $ (266,217 )   $ (24,514,642 )   $ (33,530,262 )
                                         
Total Assets at December 31, 2017   $ 5,847,286     $ 69,844,546     $ 1,791,889     $ 20,704,078     $ 98,187,799