| Summarized financial information |
Summarized financial information concerning
our reportable segments is shown in the following tables. Total asset amounts at June 30, 2015 and 2014 exclude intercompany receivable
balances eliminated in consolidation.
| |
|
3 Months Ended June 30, 2015 |
|
| |
|
Hydroponic |
|
|
Cannabis |
|
|
Eliminations |
|
|
|
|
| |
|
Produce |
|
|
Products |
|
|
and Other |
|
|
Total |
|
| Total Revenues |
|
$ |
4,776,654 |
|
|
$ |
127,747 |
|
|
$ |
119,889 |
|
|
$ |
5,024,290 |
|
| Cost of Goods Sold |
|
|
4,607,961 |
|
|
|
32,616 |
|
|
|
121,099 |
|
|
|
4,761,676 |
|
| |
|
|
168,693 |
|
|
|
95,131 |
|
|
|
(1,210 |
) |
|
|
262,614 |
|
| Selling, general and administrative expenses |
|
|
462,734 |
|
|
|
329,845 |
|
|
|
2,569,267 |
|
|
|
3,361,846 |
|
| Loss from operations |
|
|
(294,041 |
) |
|
|
(234,714 |
) |
|
|
(2,570,477 |
) |
|
|
(3,099,232 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Income (Expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
(224,729 |
) |
|
|
(224,729 |
) |
| Loss from derivatives issued with debt greater than debt carrying value |
|
|
- |
|
|
|
- |
|
|
|
(337,000 |
) |
|
|
(337,000 |
) |
| Gain (Loss) on fair market valuation of derivatives |
|
|
- |
|
|
|
- |
|
|
|
999,000 |
|
|
|
999,000 |
|
| Interest Income (Expense) |
|
|
- |
|
|
|
- |
|
|
|
(129,701 |
) |
|
|
(129,701 |
) |
| Total Other Income (Expense) |
|
|
- |
|
|
|
- |
|
|
|
307,570 |
|
|
|
307,570 |
|
| Loss before Provision of Income Taxes |
|
$ |
(294,041 |
) |
|
$ |
(234,714 |
) |
|
$ |
(2,262,907 |
) |
|
$ |
(2,791,662 |
) |
| |
|
3 Months Ended June 30, 2014 |
|
| |
|
Hydroponic |
|
|
Cannabis |
|
|
Eliminations |
|
|
|
|
| |
|
Produce |
|
|
Products |
|
|
and Other |
|
|
Total |
|
| Total Revenues |
|
$ |
3,695,513 |
|
|
$ |
- |
|
|
$ |
16,288 |
|
|
$ |
3,711,801 |
|
| Cost of Goods Sold |
|
|
3,765,215 |
|
|
|
- |
|
|
|
46,223 |
|
|
|
3,811,438 |
|
| |
|
|
(69,702 |
) |
|
|
- |
|
|
|
(29,935 |
) |
|
|
(99,637 |
) |
| Selling, general and administrative expenses |
|
|
416,372 |
|
|
|
- |
|
|
|
3,475,705 |
|
|
|
3,892,077 |
|
| Loss from operations |
|
|
(486,074 |
) |
|
|
- |
|
|
|
(3,505,640 |
) |
|
|
(3,991,714 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Income (Expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss from derivatives issued with debt greater than debt carrying value |
|
|
- |
|
|
|
- |
|
|
|
(1,346,000 |
) |
|
|
(1,346,000 |
) |
| Gain (Loss) on fair market valuation of derivatives |
|
|
- |
|
|
|
- |
|
|
|
1,017,000 |
|
|
|
1,017,000 |
|
| Interest Income (Expense) |
|
|
864 |
|
|
|
- |
|
|
|
(235,227 |
) |
|
|
(234,363 |
) |
| Total Other Income (Expense) |
|
|
864 |
|
|
|
- |
|
|
|
(564,227 |
) |
|
|
(563,363 |
) |
| Loss before Provision of Income Taxes |
|
$ |
(485,210 |
) |
|
$ |
- |
|
|
$ |
(4,069,867 |
) |
|
$ |
(4,555,077 |
) |
| |
|
6 Months Ended June 30, 2015 |
|
| |
|
Hydroponic |
|
|
Cannabis |
|
|
Eliminations |
|
|
|
|
| |
|
Produce |
|
|
Products |
|
|
and Other |
|
|
Total |
|
| Total Revenues |
|
$ |
5,235,427 |
|
|
$ |
431,772 |
|
|
$ |
120,444 |
|
|
$ |
5,787,643 |
|
| Cost of Goods Sold |
|
|
4,896,054 |
|
|
|
279,161 |
|
|
|
121,099 |
|
|
|
5,296,314 |
|
| |
|
|
339,373 |
|
|
|
152,611 |
|
|
|
(655 |
) |
|
|
491,329 |
|
| Selling, general and administrative expenses |
|
|
932,799 |
|
|
|
556,134 |
|
|
|
4,204,198 |
|
|
|
5,693,131 |
|
| Loss from operations |
|
|
(593,426 |
) |
|
|
(403,523 |
) |
|
|
(4,204,853 |
) |
|
|
(5,201,802 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Income (Expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
(265,855 |
) |
|
|
(265,855 |
) |
| Loss from derivatives issued with debt greater than debt carrying value |
|
|
- |
|
|
|
- |
|
|
|
(561,000 |
) |
|
|
(561,000 |
) |
| Gain (Loss) on fair market valuation of derivatives |
|
|
- |
|
|
|
- |
|
|
|
1,407,200 |
|
|
|
1,407,200 |
|
| Interest Income (Expense) |
|
|
- |
|
|
|
- |
|
|
|
(318,230 |
) |
|
|
(318,230 |
) |
| Total Other Income (Expense) |
|
|
- |
|
|
|
- |
|
|
|
262,115 |
|
|
|
262,115 |
|
| Loss before Provision of Income Taxes |
|
$ |
(593,426 |
) |
|
$ |
(403,523 |
) |
|
$ |
(3,942,738 |
) |
|
$ |
(4,939,687 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets at June 30, 2015 |
|
$ |
5,658,584 |
|
|
$ |
761,330 |
|
|
$ |
2,473,138 |
|
|
$ |
8,893,052 |
|
| |
|
6 Months Ended June 30, 2014 |
|
| |
|
Hydroponic |
|
|
Cannabis |
|
|
Eliminations |
|
|
|
|
| |
|
Produce |
|
|
Products |
|
|
and Other |
|
|
Total |
|
| Total Revenues |
|
$ |
4,153,336 |
|
|
$ |
- |
|
|
$ |
118,784 |
|
|
$ |
4,272,120 |
|
| Cost of Goods Sold |
|
|
4,241,354 |
|
|
|
- |
|
|
|
128,313 |
|
|
|
4,369,667 |
|
| |
|
|
(88,018 |
) |
|
|
- |
|
|
|
(9,529 |
) |
|
|
(97,547 |
) |
| Selling, general and administrative expenses |
|
|
682,616 |
|
|
|
- |
|
|
|
5,413,266 |
|
|
|
6,095,882 |
|
| Loss from operations |
|
|
(770,634 |
) |
|
|
- |
|
|
|
(5,422,795 |
) |
|
|
(6,193,429 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Income (Expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss from derivatives issued with debt greater than debt carrying value |
|
|
- |
|
|
|
- |
|
|
|
(2,560,000 |
) |
|
|
(2,560,000 |
) |
| Gain (Loss) on fair market valuation of derivatives |
|
|
- |
|
|
|
- |
|
|
|
(267,825 |
) |
|
|
(267,825 |
) |
| Interest Income (Expense) |
|
|
2,601 |
|
|
|
- |
|
|
|
(452,916 |
) |
|
|
(450,315 |
) |
| Total Other Income (Expense) |
|
|
2,601 |
|
|
|
- |
|
|
|
(3,280,741 |
) |
|
|
(3,278,140 |
) |
| Loss before Provision of Income Taxes |
|
$ |
(768,033 |
) |
|
$ |
- |
|
|
$ |
(8,703,536 |
) |
|
$ |
(9,471,569 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets at June 30, 2014 |
|
$ |
5,191,176 |
|
|
$ |
- |
|
|
$ |
3,682,980 |
|
|
$ |
8,874,156 |
|
|