TILT Holdings Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>TILT Holdings Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023, detailing its financial position and business operations.</b>

AI Summary

TILT Holdings Inc. (TLLTF) filed a Annual Report (10-K) with the SEC on March 22, 2024. TILT Holdings Inc. filed its 2023 Form 10-K on March 22, 2024. The filing covers the fiscal year ending December 31, 2023. Key financial data points such as retained earnings, additional paid-in capital, and accumulated other comprehensive income are reported for fiscal years 2021, 2022, and 2023. The company's business address is Suite 2200, 885 West Georgia Street, Vancouver, A1, V6C 3E8. The SIC code for TILT Holdings Inc. is 2111 (CIGARETTES).

Why It Matters

For investors and stakeholders tracking TILT Holdings Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of TILT Holdings Inc.'s financial performance and condition for the fiscal year 2023, which is crucial for investors to assess the company's stability and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's assets, liabilities, equity, and operational results, aiding in investment decisions.

Risk Assessment

Risk Level: medium — TILT Holdings Inc. shows moderate risk based on this filing. The company's financial disclosures, while extensive, lack specific revenue and net income figures for the current fiscal year, making a direct assessment of its profitability challenging without further detailed financial statements.

Analyst Insight

Investors should review the full 10-K filing to analyze TILT Holdings Inc.'s detailed financial statements, including revenue segments, net income, and debt levels, to make informed investment decisions.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-22 — Filing Date (As of date)
• 0001761510 — Central Index Key (Filer's identifier)
• 000-56422 — SEC File Number (SEC registration number)

Key Players & Entities

• TILT Holdings Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• March 22, 2024 (date) — Filing date
• Suite 2200, 885 West Georgia Street (address) — Business address
• Vancouver (location) — Business address city
• V6C 3E8 (postal_code) — Business address zip
• 2111 (industry_code) — Standard Industrial Classification
• CIGARETTES (industry) — Standard Industrial Classification

FAQ

Risk Factors

• Financial Risks [medium — financial]: The company's financial health and ability to meet its obligations are subject to various market and operational risks.
• Regulatory Compliance [medium — regulatory]: TILT Holdings Inc. operates in a highly regulated industry, and changes in laws or regulations could adversely affect its business.
• Market Conditions [medium — market]: The company is exposed to fluctuations in market demand and competitive pressures within its operating sectors.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-22: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $ — otherwise indicated, all references to "$," "US$," "USD," or "USD
  quot; in this Annua
• $1,400 — in SFNY for the agreed consideration of $1,400. Standard Farms NY held a 75% interest
• $38,000 — otes NPA (the "Holders") and refinanced $38,000 in aggregate principal amount of secure
• $30,000 — e 2023 Refinanced Notes is greater than $30,000 on the first anniversary of the Effecti
• $22,000 — y of the Effective Date or greater than $22,000 on the second anniversary of the Effect
• $8,260 — ") in the aggregate principal amount of $8,260 to the Holders with a maturity date of
• $5,000 — rs are obligated to pay an aggregate of $5,000 of principal on the 2023 Refinanced Not
• $10,000 — ompany's unrestricted cash greater than $10,000 at the end of the prior calendar year.
• $2,000 — r Representative is required to be paid $2,000 over the term of the 2023 Refinanced No
• $1 — common shares of the Company for every $1 principal amount of the 2023 Refinanced
• $0.07084 — of the Company at an exercise price of $0.07084 per common share. The Debt Modification

Filing Documents

• tilt-20231231x10k.htm (10-K) — 3179KB
• tilt-20231231xex10d32.htm (EX-10.32) — 192KB
• tilt-20231231xex10d33.htm (EX-10.33) — 27KB
• tilt-20231231xex21d1.htm (EX-21.1) — 19KB
• tilt-20231231xex23d1.htm (EX-23.1) — 5KB
• tilt-20231231xex31d1.htm (EX-31.1) — 12KB
• tilt-20231231xex31d2.htm (EX-31.2) — 12KB
• tilt-20231231xex32d1.htm (EX-32.1) — 8KB
• tilt-20231231xex23d1001.jpg (GRAPHIC) — 5KB
• 0001558370-24-003790.txt (&nbsp;) — 15435KB
• tilt-20231231.xsd (EX-101.SCH) — 107KB
• tilt-20231231_cal.xml (EX-101.CAL) — 122KB
• tilt-20231231_def.xml (EX-101.DEF) — 471KB
• tilt-20231231_lab.xml (EX-101.LAB) — 873KB
• tilt-20231231_pre.xml (EX-101.PRE) — 805KB
• tilt-20231231x10k_htm.xml (XML) — 2792KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 53 Item 1C. Cybersecurity 53 Item 2.

Properties

Properties 54 Item 3.

Legal Proceedings

Legal Proceedings 55 Item 4. Mine Safety Disclosures 55 PART II 56 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Securities 56 Item 6. Reserved 57 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 57 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 67 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 67 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 67 Item 9A.

Controls and Procedures

Controls and Procedures 67 Item 9B. Other Information 68 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III 69 Item 10. Directors, Executive Officers and Corporate Governance 69 Item 11.

Executive Compensation

Executive Compensation 69 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 69 Item 13. Certain Relationships and Related Transactions, and Director Independence 69 Item 14. Principal Accounting Fees and Services 70 PART IV 71 Item 15. Exhibits, Financial Statement Schedules 71 Item 16. Form 10-K Summary 77 Table of Contents USE OF NAMES AND CURRENCY In this Annual Report on Form 10-K, unless the context otherwise requires, the terms "we," "us," "our," "Company," or "TILT" refer to TILT Holdings Inc. together with its wholly-owned subsidiaries. Unless otherwise indicated, all references to "$," "US$," "USD," or "USD

BUSINESS

ITEM 1. BUSINESS General TILT is a business solutions provider to the global cannabis industry offering a diverse range of value-added products and services to industry participants. Through a portfolio of companies providing technology, hardware, cultivation, production, and distribution, TILT services brands and cannabis retailers in regulated markets across 40 states in the U.S., as well as Canada, Israel, Mexico, South America, and the European Union. TILT was incorporated under the laws of Nevada pursuant to NRS Chapter 78 on June 22, 2018. The Company was continued under the Business Corporations Act (British Columbia) ("BCBCA") pursuant to a Certificate of Continuance dated November 14, 2018. The Company is a reporting issuer in Canada in the Provinces of British Columbia, Alberta and Ontario and its common shares are listed for trading on the Cboe Canada (formerly known as the NEO Exchange) under the symbol "TILT." In addition, the common shares are quoted on the OTCQB in the U.S. under the symbol "TLLTF." The Company's head office is in Phoenix, Arizona and its registered office is located at Suite 2400, 745 Thurlow Street, Vancouver, BC, V6E 0C5, Canada. Principal Products and Services The Company operates through two business divisions: Inhalation Technology and Cannabis. Inhalation Technology — Jupiter The Inhalation Technology division encompasses the business of Jupiter Research, LLC ("Jupiter") which is a leading participant in the cannabis vape and accessory product market. Through the Inhalation Technology division, the Company sells vape and accessory products and services to brand partners and cannabis retailers in regulated markets across 40 states in the U.S., and internationally in Canada, Israel, Mexico, South America, and the European Union. The Company's business model leverages in-house technical and product design acumen along with supply chain expertise to deliver customized hardware, accessories, technology and packaging solu

View Full Filing

View this 10-K filing on SEC EDGAR