Can B Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Can B Corp has submitted its annual 10-K filing for the fiscal year 2023, detailing its business operations and financial standing.</b>

AI Summary

Can B Corp (NASC) filed a Annual Report (10-K) with the SEC on April 15, 2024. Can B Corp filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal business address is 960 South Broadway, Suite 120, Hicksville, NY 11801. Can B Corp was formerly known as Canbiola, Inc. and Wrapmail, Inc. The filing covers the period from January 1, 2023, to December 31, 2023. The SIC code for the company is 5122 (Wholesale-Drugs Proprietaries & Druggists' Sundries).

Why It Matters

For investors and stakeholders tracking Can B Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Can B Corp's financial performance and business activities for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. Understanding the company's historical information, including former names and its SIC code, helps in contextualizing its current market position and industry classification.

Risk Assessment

Risk Level: low — Can B Corp shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and business information without immediate significant market-moving events.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand Can B Corp's performance and strategic direction.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-04-15 — Filing Date (As of Date)
• 000-55753 — SEC File Number (SEC File Number)
• 5122 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Can B Corp (company) — Filer name
• Canbiola, Inc. (company) — Former company name
• Wrapmail, Inc. (company) — Former company name
• 5122 (dollar_amount) — Standard Industrial Classification code
• FL (company) — State of incorporation
• NY (company) — State in business address
• 516-205-4751 (dollar_amount) — Business phone number

FAQ

Industry Context

Can B Corp operates within the wholesale drug and druggists' sundries sector, as indicated by its SIC code 5122.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Identify and assess the risk factors detailed in the filing to understand potential challenges.
3. Review the management's discussion and analysis (MD&A) section for insights into the company's strategy and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-15: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the annual 10-K filing for the fiscal year 2023, following previous filings which would include quarterly reports (10-Q) and potentially other current reports (8-K).

Key Financial Figures

• $0.00 — ding 49,344,230 shares of common stock, $0.00 par value per share. Can B Corp. 202
• $122,000,000 — nt valuation firm valued the patents at $122,000,000 in 2020, after taking into account the
• $2,447 — he Manufacturers at a price per Unit of $2,447. The exclusivity of the Distribution Li
• $37 million — e Elixinol LLC, a UK based company with $37 million revenue, GW Pharmaceuticals also UK bas
• $19 million — , GW Pharmaceuticals also UK based with $19 million revenue, and Aurora Cannabis based in C
• $59 — lotte's Web with respective revenues of $59, $48, $45, and $17 million. Worthy of n
• $48 — 's Web with respective revenues of $59, $48, $45, and $17 million. Worthy of note i
• $45 — b with respective revenues of $59, $48, $45, and $17 million. Worthy of note is tha
• $17 million — spective revenues of $59, $48, $45, and $17 million. Worthy of note is that Charlotte's Web

Filing Documents

• form10-k.htm (10-K) — 1465KB
• ex31-1.htm (EX-31.1) — 9KB
• ex31-2.htm (EX-31.2) — 9KB
• ex32-1.htm (EX-32.1) — 4KB
• ex10-67.htm (EX-10.67) — 184KB
• ex10-68.htm (EX-10.69) — 179KB
• ex10-69.htm (EX-10.69) — 19KB
• ex10-70.htm (EX-10.70) — 52KB
• ex10-71.htm (EX-10.71) — 49KB
• ex10-72.htm (EX-10.72) — 50KB
• 0001493152-24-014686.txt (&nbsp;) — 6998KB
• canb-20231231.xsd (EX-101.SCH) — 45KB
• canb-20231231_cal.xml (EX-101.CAL) — 63KB
• canb-20231231_def.xml (EX-101.DEF) — 188KB
• canb-20231231_lab.xml (EX-101.LAB) — 397KB
• canb-20231231_pre.xml (EX-101.PRE) — 297KB
• form10-k_htm.xml (XML) — 811KB

Selected Financial Data

Selected Financial Data. 23 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. 23 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 24 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 24 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 24 Item 9A.

Controls and Procedures

Controls and Procedures. 24 Item 9B. Other Information. 25 PART III Item 10. Directors, Executive Officers and Corporate Governance. 25 Item 11.

Executive Compensation

Executive Compensation. 28 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. 29 Item 13. Certain Relationships and Related Transactions, and Director Independence. 31 Item 14. Principal Accounting Fees and Services. 31 PART IV Item 15. Exhibits, Financial Statement Schedules. 32

Signatures

Signatures 35 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained or incorporated by reference in this Annual Report on Form 10-K are considered forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) concerning our business, results of operations, economic performance and/or financial condition, based on management's current expectations, plans, estimates, assumptions and projections. Forward-looking statements are included, for example, in the discussions about: strategy; new product discovery and development; current or pending clinical trials; our products' ability to demonstrate efficacy or an acceptable safety profile; actions by regulatory authorities; product manufacturing, including our arrangements with third-party suppliers; product introduction and sales; royalties and contract revenues; expenses and net income; credit and foreign exchange risk management; liquidity; value of assets asset and liability risk management; the outcome of litigation and other proceedings; intellectual property rights and protection; economic factors; competition; and legal risks. Any statements contained in this report that are not "expects," "anticipates," "believes," "intends," "estimates," "aims," "plans," "may," "could," "will," "will continue," "seeks," "should," "predict," "potential," "outlook," "guidance," "target," "forecast," "probable," "possible" or the negative of such terms and similar expressions. Forward-looking statements are subject to change and may be affected by risks and uncertainties, most of which are difficult to predict and are generally beyond our control. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement

Forward-looking statements are based on information

Forward-looking statements are based on information we have when those statements are made or management's good faith belief as of that time with respect to future events and are subject to significant risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Moreover, new risks regularly emerge, and it is not possible for our management to predict or articulate all risks we face, nor can we assess the impact of all risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ from those contained in any forward-looking statements. All forward-looking statements included in this prospectus are based on information available to us on the date of this Annual Report. Except to the extent required by applicable laws or rules, we undertake no obligation to publicly update or revise any forward-looking attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained above and throughout this Annual Report. 3 PART I Item 1.

Business

Business Recent Developments In February 2024, our 67% owned subsidiary, Nascent Pharma, LLC ("Nascent"), acquired composition of matter and use patents covering liquid formulations of cannabis, including, among other things, beverages, tinctures, vape pen liquids and liquid filled capsules. Patented uses include using the liquid formulations to alleviate numerous debilitating conditions, including cancer, irritable bowel syndrome, chronic pain, post-traumatic stress disorder, anxiety, sleep disorders and opioid dependencies. Through Nascent, we plan to pursue opportunities to license, protect and develop uses for the patents. An independent valuation firm valued the patents at $122,000,000 in 2020, after taking into account the present value of projected income streams, applying a 90% discount and assuming a revenue stream through August 2034. No assurance can be given that the patents will ultimately provide a revenue stream to the Company or that the value of the patents will equal the value determined by the independent valuation firm. On March 14, 2024, an auction of the assets of our hemp division was conducted under Article 9 of the Uniform Commercial Code following allegations by certain affiliated creditors that we were in breach of our obligations under certain notes and a forbearance agreement. See "Item 3. Legal Proceedings." Following the auction, we have continued our hemp operations on a reduced scale using equipment provided by third parties and the services of third-party processors. Historically, revenues from our hemp division supported, in part, our durable medical equipment business conducted through Duramed, Inc. Due to reduced support from the hemp division, Duramed, Inc. is operating with reduced staff which has adversely impacted revenues. While we plan to continue our hemp and durable medical equipment operations for the near term, our primary focus will be on protecting and commercializing the cannabis patents recently acquired by N

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View this 10-K filing on SEC EDGAR