Cannabis Sativa, Inc. Files Q1 2024 10-Q

TL;DR

CBDS filed Q1 10-Q. Financials and operations update.

AI Summary

Cannabis Sativa, Inc. filed its quarterly report for the period ending March 31, 2024. The company, formerly known as Ultra Sun Corp, is incorporated in Nevada and operates in personal services. Its principal business address is 355 W Mesquite Blvd, Mesquite, NV 89027.

Why It Matters

This filing provides investors with an update on Cannabis Sativa, Inc.'s financial performance and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: medium — As a cannabis-related company, it faces regulatory uncertainties and market volatility inherent to the industry.

Key Players & Entities

• Cannabis Sativa, Inc. (company) — Filer of the 10-Q
• Ultra Sun Corp (company) — Former name of Cannabis Sativa, Inc.
• March 31, 2024 (date) — End of the reporting period
• 20240625 (date) — Filing date
• 355 W Mesquite Blvd, Mesquite, NV 89027 (location) — Business and mailing address

FAQ

Key Financial Figures

• $24,744 — Cash used in operating activities was $24,744 in the three months period ended March
• $59,018 — We ended the first quarter of 2024 with $59,018 in cash on hand. The accompanying cond
• $222,568 — of business. We incurred net losses of $222,568 and $500,101, respectively, for the thr
• $500,101 — We incurred net losses of $222,568 and $500,101, respectively, for the three months end
• $82,283,765 — 2023 and had an accumulated deficit of $82,283,765 as of March 31, 2024. The Company may s

Filing Documents

• cbds-20240331.htm (10-Q) — 436KB
• cbds_ex31z1.htm (EX-31.1) — 12KB
• cbds_ex31z2.htm (EX-31.2) — 12KB
• cbds_ex32z1.htm (EX-32.1) — 4KB
• cbds_ex32z2.htm (EX-32.2) — 4KB
• 0001096906-24-001421.txt ( ) — 2440KB
• cbds-20240331_cal.xml (EX-101.CAL) — 26KB
• cbds-20240331_def.xml (EX-101.DEF) — 68KB
• cbds-20240331_lab.xml (EX-101.LAB) — 150KB
• cbds-20240331_pre.xml (EX-101.PRE) — 136KB
• cbds-20240331.xsd (EX-101.SCH) — 30KB
• cbds-20240331_htm.xml (XML) — 220KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Attached after signature page.

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Certain statements in this Report constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Factors that might cause such a difference include, among others, uncertainties relating to general economic and business conditions; industry trends; changes in demand for our products and services; uncertainties relating to customer plans and commitments and the timing of orders received from customers; announcements or changes in our pricing policies or that of our competitors; unanticipated delays in the development, market acceptance or installation of our products and services; changes in government regulations; availability of management and other key personnel; availability, terms, and deployment of capital; relationships with third-party equipment suppliers; and worldwide political stability and economic growth. The words "believe," "expect," "anticipate," "intend" and "plan" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Results of Operations Three Months Ended March 31, 2024, compared with the Three Months Ended March 31, 2023 Three Months Ended A B A-B March 31, March 31, Change Change % 2024 2023 REVENUE $ 225,131 $ 345,368 $ (120,237) (35) % Cost of revenues 99,018 105,401 (6,383) (6) % Cost of sales % of total sales 44 % 31 % 13 % Gross profit 126,113 239,967 (113,854) (47) % Gross profit % of sales 56 % 69 % EXPENSES Professional fees 57,637 53,141 4,4

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. Not required. 3

Controls and Procedures

Item 4. Controls and Procedures. Disclosure Controls and Procedures Conclusions of Management Regarding Effectiveness of Disclosure Controls and Procedures At the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was carried out under the supervision and with the participation of the Company's management, including the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the design and operations of the Company's disclosure controls and procedures (as defined in Rule 13a – 15(e) and Rule 15d – 15(e) under the Exchange Act). Based on that evaluation, the CEO and the CFO have concluded that as of the end of the period covered by this report, the Company's disclosure controls and procedures were not effective as it was determined that there were material weaknesses affecting our disclosure controls and procedures. Management of the Company believes that these material weaknesses are due to the small size of the company's accounting staff. The small size of the Company's accounting staff may prevent adequate controls in the future, such as segregation of duties, due to the cost/benefit of remediation. To mitigate the current limited resources and limited employees, we rely heavily on direct management oversight of transactions, along with the use of external legal and accounting professionals. As the Company grows, management expects to increase the number of employees, which will enable us to implement adequate segregation of duties within the internal control framework. Changes in Internal Control over Financial Reporting There was no change in our internal control over financial reporting during the quarter ended September 30, 2023, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings. We are not a party to any material legal proceedings, and, to the best of our knowledge, no such legal proceedings have been threatened against us.

Risk Factors

Item 1A. Risk Factors Not required.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. None

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. None.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. Not applicable.

Other Information

Item 5. Other Information. None. 4

Exhibits

Item 6. Exhibits. The following documents are included as exhibits to this report: (a) Exhibits Exhibit Number SEC Reference Number Title of Document Notes 3.1 3 Articles of Incorporation (1) 3.2 3 Bylaws (1) 31.1 31 Section 302 Certification of Principal Executive Officer 31.2 31 Section 302 Certification of Principal Financial Officer 32.1 32 Section 1350 Certification of Principal Executive Officer 32.2 32 Section 1350 Certification of Principal Financial Officer 101.INS XBRL Instance Document (2) 101.SCH XBRL Taxonomy Extension Schema (2) 101.CAL XBRL Taxonomy Extension Calculation Linkbase (2) 101.DEF XBRL Taxonomy Extension Definition Linkbase (2) 101.LAB XBRL Taxonomy Extension Label Linkbase (2) 101.PRE XBRL Taxonomy Extension Presentation Linkbase (2) (1) Incorporated by reference to Exhibits 3.01 and 3.02 of the Company's Registration Statement on Form 10 filed January 28, 2009. (2) XBRL information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and is not subject to liability under those sections, is not part of any registration statement or prospectus to which it relates and is not incorporated or deemed to be incorporated by reference into any registration statement, prospectus or other document.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Cannabis Sativa, Inc. Date: June 24, 2024 By: /s/ David Tobias David Tobias Principal Executive Officer Principal Financial Officer 5 CANNABIS SATIVA, INC. Contents Page

FINANCIAL STATEMENTS - UNAUDITED – for the three months ended March 31, 2024 and 2023

FINANCIAL STATEMENTS - UNAUDITED – for the three months ended March 31, 2024 and 2023: Condensed consolidated balance sheets F-2 Condensed consolidated statements of operations F-3 Condensed consolidated statements of changes in stockholders' equity F-4 Condensed consolidated statements of cash flows F-5 Notes to condensed consolidated financial statements F-6 through F-12 F-1 CANNABIS SATIVA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED March 31, December 31, 2024 2023 ASSETS Current Assets Cash $ 59,018 $ 83,762 Investment in equity securities, at fair value 18,150 66,000 Right of use asset 2,590 10,232 Total Current Assets 79,758 159,994 Advances to related party 75,054 75,054 Property and equipment, net 2,367 2,436 Intangible assets, net 4,902 7,259 Goodwill 1,775,811 1,775,811 Total Assets $ 1,937,892 $ 2,020,554 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued expenses $ 203,044 $ 175,066 Operating lease liability, current 2,590 10,232 Accrued interest - related parties 20,880 20,130 Convertible notes payable 204,840 118,818 Notes payable to related parties 176,170 161,170 Total Current Liabilities 607,524 485,416 Long-term liabilities Stock payable 795,545 777,747 Total Liabilities 1,403,069 1,263,163 Commitments and contingencies (Notes 6 and 8) Stockholders' Equity Common stock $ 0.001 par value; 495,000,000 shares authorized; 88,814,037 shares issued and outstanding 88,815 88,815 Additional paid-in capital 81,392,196 81,392,196 Accumulated deficit ( 82,283,765 ) ( 82,083,492 ) Total Cannabis Sativa, Inc. Stockholders' Deficit ( 802,754 ) ( 602,481 ) Non-Controlling Interest 1,337,577 1,359,872 Total Stockholders' Equity 534,823 757,391 Total Liabilities and Stockholders' Equity $ 1,937,892 $ 2,020,554 F-2 CANNABIS SATIVA, INC. CONDENSED CO

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Three Months Ended March 31, 2024 and 2023 1. Organization and Summary of Significant Accounting Policies Nature of Business: Cannabis Sativa, Inc. (the "Company," "us", "we" or "our") was incorporated as Ultra Sun Corp. under the laws of Nevada in November 2004. On November 13, 2013, we changed our name to Cannabis Sativa, Inc. We operate through several subsidiaries including: PrestoCorp, Inc. ("PrestoCorp") Wild Earth Naturals, Inc. ("Wild Earth") Kubby Patent and Licenses Limited Liability Company ("KPAL") Hi Brands, International, Inc. ("Hi Brands") Eden Holdings LLC ("Eden"). PrestoCorp is a 51% owned subsidiary. Wild Earth, KPAL, Hi Brands, and Eden are wholly owned subsidiaries. At March 31, 2024 and December 31, 2023, PrestoCorp is the sole operating subsidiary. Our primary operations for the three months ended March 31, 2024 were through PrestoCorp, which provides telemedicine online referral services for customers desiring medical marijuana cards in states where medical marijuana has been legalized. The Company is actively seeking new business opportunities for acquisition and is continually reviewing opportunities for product and brand development through our Wild Earth, Hi Brands, and KPAL subsidiaries. Basis of Presentation Operating results for the three months ended March 31, 2024, may not be indicative of the results expected for the full year ending December 31, 2024. For further information, refer to the financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The interim financial statements should be read in conjunction with audited financial statements and related footnotes set forth in our annual report filed on Form 10-K for the year ended December 31, 2023, as filed with the United States Securities and Exchange Commission on May 14, 2024. In the opinion of management, the accompanying unaudited condensed

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