Can B Corp Files 10-Q for Q3 2024

TL;DR

Can B Corp's Q3 2024 10-Q is in. Check financials for wholesale drug biz.

AI Summary

Can B Corp filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Canbiola, Inc., operates in the wholesale drug proprietaries and druggists' sundries sector. Its principal business address is in Hicksville, NY. The filing covers the third quarter and the first nine months of the fiscal year.

Why It Matters

This filing provides investors with an update on Can B Corp's financial performance and operational status for the third quarter of 2024, crucial for understanding its current business health.

Risk Assessment

Risk Level: medium — As a publicly traded company filing a 10-Q, there are inherent risks associated with financial reporting and market performance.

Key Players & Entities

• Can B Corp (company) — Filer
• Canbiola, Inc. (company) — Former company name
• Wrapmail, Inc. (company) — Former company name
• 516-205-4751 (phone_number) — Business phone number
• FL (state) — State of incorporation
• NY (state) — Business address state
• 20240930 (date) — Reporting period end date
• 20241119 (date) — Filing date

FAQ

Filing Documents

• form10-q.htm (10-Q) — 1505KB
• ex10-75.htm (EX-10.75) — 40KB
• ex10-76.htm (EX-10.76) — 45KB
• ex10-77.htm (EX-10.77) — 15KB
• ex10-78.htm (EX-10.78) — 111KB
• ex31-1.htm (EX-31.1) — 15KB
• ex31-2.htm (EX-31.2) — 16KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 9KB
• 0001493152-24-046837.txt ( ) — 6019KB
• canb-20240930.xsd (EX-101.SCH) — 38KB
• canb-20240930_cal.xml (EX-101.CAL) — 52KB
• canb-20240930_def.xml (EX-101.DEF) — 160KB
• canb-20240930_lab.xml (EX-101.LAB) — 323KB
• canb-20240930_pre.xml (EX-101.PRE) — 240KB
• form10-q_htm.xml (XML) — 770KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 22 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 23 Item 4

Controls and Procedures

Controls and Procedures. 23

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item A.

Risk Factors

Risk Factors 2 4 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 25 Item 6. Exhibits 25 2 PART 1 – FINANCIAL INFORMATION Item 1. Financial Statements Can B Corp. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 7,879 $ 34,006 Accounts receivable, less allowance for doubtful accounts of $ 4,774,088 and $ 2,818,395 , respectively 1,419,978 3,723,344 Inventory 155,917 1,619,542 Prepaid expenses and other current assets 10,065 4,137 Total current assets 1,593,839 5,381,029 Other assets: Deposits 245,755 235,418 Intangible assets, net - 95,144 Property and equipment, net - 4,106,283 Right of use assets, net - 295,151 Other noncurrent assets 16,555 13,139 Total other assets 262,310 4,745,135 Total assets $ 1,856,149 $ 10,126,164 Liabilities and Stockholders' Equity (Deficit) Current liabilities: Accounts payable $ 2,630,697 $ 1,997,643 Due to related party 457,850 357,243 Notes and loans payable, net 8,555,243 9,372,714 Warrant liabilities - 1,766 Operating lease liability - current - 254,391 Total current liabilities 11,643,790 11,983,757 Total liabilities 11,643,790 11,983,757 Commitments and contingencies (Note 12) - - Stockholders' equity (deficit): Preferred stock, authorized 5,000,000 shares: Series A Preferred stock, no par value: 20 shares authorized, 5 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 5,320,000 5,320,000 Series C Preferred stock, $ 0.001 par value: 2,000 shares authorized, 1,100 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 2,900,039 2,900,039 Series D Preferred stock, $ 0.001 par value: 4,000 shares

notes to consolidated financial statements

notes to consolidated financial statements 7 Can B Corp. and Subsidiaries Condensed Notes to Unaudited Consolidated Financial Statements September 30, 2024 Note 1 – Organization and Description of Business Can B Corp. was originally incorporated as WrapMail, Inc. ("WRAP") in Florida on October 11, 2005. On May 15, 2017, WRAP changed its name to Canbiola, Inc. On January 16, 2020 Canbiola, Inc. changed its name to Can B Corp. (the "Company", "we", "us", "our", "CANB", "Can B" or "Registrant"). The Company acquired 100% of the membership interests in Pure Health Products, LLC, a New York limited liability company ("PHP" or "Pure Health Products") effective December 28, 2018. The Company runs its manufacturing operations through PHP and holds and sells several of its brands through PHP as well. The Company's durable equipment products, such as Sam units are marketed and sold through its wholly-owned subsidiaries, Duramed Inc. (incorporated on November 29, 2018) and Duramed MI LLC (fka DuramedNJ, LLC) (incorporated on May 29, 2019) (collectively, "Duramed"). Duramed began operating on or about February 1, 2019. Most of the Company's consumer products include hemp derived cannabidiol ("CBD") are available online. Additional hemp derived isolate is available for wholesale to third-parties looking to incorporate such compounds into their products through the Company's wholly owned subsidiary CO Botanicals LLC (incorporated in August 2021). In February of 2024, Can B Corp's 67 % owned subsidiary, Nascent Pharma, LLC, acquired certain Patents using liquid formulations containing cannabinoids which are used in such products as vape cartridges, edibles, pills, gummies, tinctures, oils, concentrates and more. Prior to September 2024 , the Company was in the business of promoting health and wellness through its development, manufacture and sale of products containing cannabinoids derived from hemp biomass and the licensing of durable medical devises. Can B's prod

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View this 10-Q filing on SEC EDGAR