Cannabis Sativa, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cannabis Sativa, Inc. has filed its 2023 10-K, detailing financial performance and noting a prior year accounting adjustment.</b>

AI Summary

Cannabis Sativa, Inc. (DOGP) filed a Annual Report (10-K) with the SEC on May 14, 2024. Cannabis Sativa, Inc. filed its 10-K for the fiscal year ending December 31, 2023. The company's principal business address is 355 W MESQUITE BLVD, C70, MESQUITE, NV 89027. The company was formerly known as Ultra Sun Corp, with a name change on April 24, 2006. The filing indicates a prior understatement of bonus payable to directors of Presto by $88,200 as of December 31, 2022. Wages and salaries expense was also understated by $88,200 due to the aforementioned error.

Why It Matters

For investors and stakeholders tracking Cannabis Sativa, Inc., this filing contains several important signals. The 10-K filing provides a comprehensive overview of the company's financial health and operational status for the fiscal year 2023, crucial for investors assessing its current standing. Disclosure of a $88,200 understatement in director bonuses and related wage expenses for 2022 highlights potential internal control issues and requires investor attention for accuracy.

Risk Assessment

Risk Level: medium — Cannabis Sativa, Inc. shows moderate risk based on this filing. The company disclosed an understatement of $88,200 in director bonuses and wages for the prior year, indicating potential weaknesses in financial reporting and internal controls.

Analyst Insight

Investors should review the full 10-K to understand the financial adjustments and their impact on the company's reported performance.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-05-14 — Filing Date (Date of submission)
• $88,200 — Bonus Understatement (December 31, 2022 adjustment)

Key Players & Entities

• Cannabis Sativa, Inc. (company) — Filer name
• Ultra Sun Corp (company) — Former company name
• Presto (company) — Entity with understated bonus
• $88,200 (dollar_amount) — Amount of bonus understatement

FAQ

Risk Factors

• Prior Period Adjustments [medium — financial]: The company identified an understatement of $88,200 in director bonuses and related wages for the year ended December 31, 2022.

Industry Context

Cannabis Sativa, Inc. operates within the broader cannabis industry, which is subject to evolving regulations and market dynamics.

Regulatory Implications

The cannabis industry is heavily regulated at both federal and state levels, impacting operations, sales, and compliance requirements.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the impact of the identified accounting adjustment on prior period financial reporting.
3. Monitor future filings for any further disclosures or changes related to internal controls or financial reporting.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-05-14: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the annual report for fiscal year 2023, following previous filings which would include quarterly reports and potentially prior annual reports.

Key Financial Figures

• $0.001 — (g) of the Act: Common Stock, Par Value $0.001 Indicate by check mark if the registr

Filing Documents

• cbds_10k.htm (10-K) — 926KB
• cbds_ex311.htm (EX-31.1) — 12KB
• cbds_ex312.htm (EX-31.2) — 10KB
• cbds_ex321.htm (EX-32.1) — 5KB
• cbds_ex322.htm (EX-32.2) — 3KB
• 0001096906-24-001118.txt (&nbsp;) — 4423KB
• cbds-20231231.xsd (EX-101.SCH) — 47KB
• cbds-20231231_lab.xml (EX-101.LAB) — 266KB
• cbds-20231231_cal.xml (EX-101.CAL) — 46KB
• cbds-20231231_pre.xml (EX-101.PRE) — 225KB
• cbds-20231231_def.xml (EX-101.DEF) — 126KB
• cbds_10k_htm.xml (XML) — 582KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 11 Item 3.

Legal Proceedings

Legal Proceedings 11 Item 4. Mine Safety Disclosures 11 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 12 Item 6.

Selected Financial Data

Selected Financial Data 13 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 15 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 15 Item 9A.

Controls and Procedures

Controls and Procedures 15 Item 9B. Other Information 16 PART III Item 10. Directors, Executive Officers and Corporate Governance 17 Item 11.

Executive Compensation

Executive Compensation 19 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 20 Item 13. Certain Relationships and Related Transactions, and Director Independence 21 Item 14. Principal Accounting Fees and Services 21 Item 15. Exhibits, Financial Statement Schedules 22

SIGNATURES

SIGNATURES 23 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS In addition to historical information, this Annual Report on Form 10-K, including, but not limited to, the sections entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business," contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. We use words such as "believe", "expect", "anticipate", "project", "target", "plan", "optimistic", "intend", "aim", "will", or similar expressions, which are intended to identify forward-looking statements. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, as well as assumptions that if they were to ever materialize or prove incorrect, could cause the results of the Company to differ materially from those expressed or implied by such forward-looking statements. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. Forward-looking statements speak only as of the date on which they are made. The Company assumes no obligation and does not intend to update these forward-looking statements for any reason after the date of the filing of this report, to conform these statements to actual results or to changes in our expectations, except as required by law. 3 Table of Contents Part I

Description of Business

Item 1. Description of Business Company Background Cannabis Sativa, Inc., formerly named Ultra Sun Corporation, was incorporated under laws of Nevada in November 2005. In 2023, we conducted our operations through our subsidiaries PrestoCorp, Inc. ("PrestoCorp"), a 51% owned Delaware corporation engaged in the telemedicine business. We also own 100% of the following subsidiaries: Wild Earth Naturals, Inc. ("Wild Earth"), a corporation re-domiciling to Utah, Eden Holdings LLC ("Eden"), a Virginia limited liability company, Kubby Patent and Licenses, Limited Liability Company ("KPAL"), a Texas limited liability company and Hi Brands International Inc. ("Hi Brands"), a corporation re-domiciling to Utah. Wild Earth, Eden, KPAL, and Hi Brands are currently inactive, but fit into our business strategy as discussed below. Our common stock is quoted for trading on the OTCQB Market under the symbol CBDS. We currently maintain virtual principal executive offices with our staff and contractors located remotely and typically working out of their homes. Our mailing address is PO BOX 1602, Mesquite, Nevada 89024. Our telephone number is (702) 762-3123. Business Strategy In 2024, we intend to focus on growth of our telemedicine business while seeking opportunities in brand development and marketing of products and services to the cannabidiol ("CBD") and marijuana industries. We also intend to focus on the consummation of an asset purchase agreement with MJ Harvest, Inc. ("MJ") whereby, if consummated, certain assets of MJ will become 100% owned by the Company. Pursuant to the asset purchase, current shareholders of MJ will receive an approximate 72% interest in the issued and outstanding common shares of the Company. Telemedicine PrestoCorp ("PrestoDoctor"), offers an online telemedicine platform providing customer access to knowledgeable physicians to obtain a medical marijuana recommendation. PrestoDoctor uses secure video conferencing technology (https://prestodoc

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View this 10-K filing on SEC EDGAR