Greater Cannabis Co. Files Q2 2024 10-Q

TL;DR

Greater Cannabis Co. filed its Q2 10-Q. Check financials.

AI Summary

Greater Cannabis Company, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and first half of the fiscal year. Specific financial details and operational updates for this period are detailed within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of Greater Cannabis Company, Inc., crucial for understanding its current business health and future prospects.

Risk Assessment

Risk Level: medium — As a cannabis-related company, it operates in a highly regulated and evolving industry, which presents inherent risks.

Key Players & Entities

• Greater Cannabis Company, Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of reporting period
• 2024-08-12 (date) — Filing date
• 0001695473 (company) — Central Index Key for Greater Cannabis Company, Inc.

FAQ

Filing Documents

• form10-q.htm (10-Q) — 636KB
• ex31-1.htm (EX-31.1) — 20KB
• ex32-1.htm (EX-32.1) — 8KB
• logo_001.jpg (GRAPHIC) — 13KB
• 0001493152-24-031106.txt ( ) — 3825KB
• gcan-20240630.xsd (EX-101.SCH) — 30KB
• gcan-20240630_cal.xml (EX-101.CAL) — 30KB
• gcan-20240630_def.xml (EX-101.DEF) — 161KB
• gcan-20240630_lab.xml (EX-101.LAB) — 229KB
• gcan-20240630_pre.xml (EX-101.PRE) — 201KB
• form10-q_htm.xml (XML) — 496KB

Financial Statements

Financial Statements F-2 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operation 4 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 6 Item 4

Controls and Procedures

Controls and Procedures 6 PART II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 7 Item 1A

Risk Factors

Risk Factors 7 Item 2 Unregistered Sales of equity Securities and Use of Proceeds 7 Item 3 Defaults Upon Senior Securities 7 Item 4 Mine Safety Disclosures 7 Item 5 Other Information 7 Item 6 Exhibits 7 Item 7

Signatures

Signatures 8 2 Cautionary Note Regarding Forward Looking Statements This quarterly report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "believe," "expect," "anticipate," "intend," "estimate," "may," "should," "could," "will," "plan," "future," "continue, "and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. These forward-looking statements are based largely on our expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond our control. Therefore, actual results could differ materially from the forward-looking statements contained in this document, and readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A wide variety of factors could cause or contribute to such differences and could adversely impact revenues, profitability, cash flows and capital needs. There can be no assurance that the forward-looking statements contained in this document will, in fact, transpire or prove to be accurate. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risk Factors" that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by any forward-looking statements. Important factors that may cause the actual results to differ from the forward-looking statements, project

controls and procedures;

controls and procedures; risk that we fail to meet the requirements of the agreements under which we acquired our business interests, including any cash payments to the business operations, which could result in the loss of our right to continue to operate or develop the specific businesses described in the agreements; risk that we will be unable to secure additional financing in the near future in order to commence and sustain our planned development and growth plans; risk that we cannot attract, retain and motivate qualified personnel, particularly employees, consultants and contractors for our operations; risks and uncertainties relating to the various industries and operations we are currently engaged in; results of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future growth, development or expansion will not be consistent with our expectations; risks related to the inherent uncertainty of business operations including profit, cost of goods, production costs and cost estimates and the potential for unexpected costs and expenses; risks related to commodity price fluctuations; the uncertainty of profitability based upon our history of losses; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms for our planned development projects; risks related to environmental regulation and liability; risks related to tax assessments; other risks and uncertainties related to our prospects, properties and business strategy. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Except as required by law, we do not undertake to update or revise any of the forward-looking statements to conform these statements to actual resu

- FINANCIAL INFORMATION

PART I- FINANCIAL INFORMATION F-2

Financial Statements

ITEM 1. Financial Statements F-2 Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 F-2 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (Unaudited) F-3 Consolidated Statements of Stockholders' Deficiency for the three and six months ended June 30, 2024 and 2023 (Unaudited) F-5 Consolidated Statements of Cash Flows for the three and six months ended June 30, 2024 and 2023 (Unaudited) F-6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) F-7 F-1 PART I- FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS THE GREATER CANNABIS COMPANY, INC. CONSOLIDATED BALANCE SHEETS June 30, 2024 and December 31, 2023 June 30, 2024 December 31, 2023 (Unaudited) (Audited) ASSETS CURRENT ASSETS Cash $ 80,316 $ 166,859 Total current assets 80,316 166,859 OTHER ASSETS Right of first refusal agreement cost (less accumulated amortization of $ 22,083 and $ 14,583 ) 2,917 5,417 Total assets $ 83,233 $ 172,276 LIABILITIES AND STOCKHOLDERS' DEFICIENCY CURRENT LIABILITIES Accounts payable $ 5,259 $ 6,094 Accrued interest 66,947 55,627 Accrued officers' compensation 330,350 340,350 Loans payable to related parties 260,000 260,000 Notes payable to third parties 171,437 171,437 Total current liabilities and total liabilities 833,993 833,508 STOCKHOLDERS' (DEFICIENCY) Preferred stock; 19,000,000 shares authorized, $ .001 par value: Series A Convertible Preferred-issued and outstanding 9,111,998 and 9,111,998 shares, respectively 9,112 9,112 Common stock; 2,000,000,000 shares authorized, $ .001 par value, as of June 30, 2024 and December 31, 2023, there are 804,638,436 shares outstanding, respectively 804,639 804,639 Additional paid-in capital 3,006,321 3,006,321 Accumulated deficit ( 4,570,832 ) ( 4,481,304 ) Total stockholders' (deficiency) ( 750,760 ) ( 661,232 ) Total liabilities and stockholders' (deficiency) $ 83,233 $ 172,276 The accompanying notes are an integral part of these unaudited consolidated financial statements. F-2 THE GREATER CANNABIS COMPANY, INC. CONSOLIDATED Three Months Ended June 30, 2024 and 2023 (Unaudited) June 30, 2024 June 30, 2023 (Unaudited) (Unaudited) Revenue: Product sales $ - $ - Consulting fees - - Total revenue - - Cost of product sales - - Gross profit (loss) - - Operating Expens

Financial Statements

Financial Statements The interim financial statements as of June 30, 2024 are unaudited and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. These statements reflect all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the information contained herein. Operating results for the six months ended June 30, 2024 are not necessarily indicative of results that may be expected for the year ending December 31, 2023. Certain information and finance disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes for the year ended December 31, 2023 as included in our report on Form 10-K. Cash and Cash Equivalents Investments having an original maturity of 90 days or less that are readily convertible into cash are considered to be cash equivalents. For the periods presented, the Company had no in cash equivalents. Notes and Accounts Receivable The Company maintains an allowance for doubtful accounts for estimated losses from the failure of its customers to make required payments for products and other consideration delivered. The Company estimates this allowance based on the age of the related receivable, knowledge of the financial condition of customers, review of historical receivables and reserve trends and other pertinent information. If the financial condition of customers deteriorates or an unfavorable trend in receivable collections is experienced in the future, additional allowances may be required. Historically, the Company's reserves have approximated actual experience. Income Taxes In accordance with Accounting Standards Codifica

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View this 10-Q filing on SEC EDGAR