v3.26.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 30, 2026
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES  
Schedule of inventory

 

 

June 30, 2026

 

 

December 31, 2025

 

Raw Goods

 

$5,422,051

 

 

$5,906,501

 

Finished Goods

 

 

4,633,813

 

 

 

5,051,322

 

Inventory Reserve (Allowance)

 

 

(6,596,096)

 

 

-

 

Total Inventory

 

$3,459,768

 

 

$10,957,823

 

Schedule of disaggregation of historical revenue

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

Type of Sale

 

2026

 

 

 

 

2025

 

 

 

 

2026

 

 

 

 

2025

 

 

 

Net sales of raw materials to customers

 

$78,297

 

 

 

1%

 

$141,537

 

 

 

1%

 

$326,145

 

 

 

2%

 

$141,537

 

 

 

1%

Net sales of products to private label clients

 

 

360,824

 

 

 

4%

 

 

301,020

 

 

 

3%

 

 

1,148,016

 

 

 

6%

 

 

490,126

 

 

 

3%

Net sales of products to wholesalers

 

 

961,794

 

 

 

11%

 

 

1,425,985

 

 

 

14%

 

 

2,088,751

 

 

 

12%

 

 

3,293,809

 

 

 

17%

Net sales of products to distributors

 

 

6,101,547

 

 

 

70%

 

 

7,390,299

 

 

 

72%

 

 

11,885,579

 

 

 

67%

 

 

13,419,356

 

 

 

69%

Net sales of products to end consumers

 

 

1,202,731

 

 

 

14%

 

 

1,066,496

 

 

 

10%

 

 

2,414,909

 

 

 

14%

 

 

2,104,358

 

 

 

11%

Net Sales

 

$8,705,194

 

 

 

100%

 

$10,325,336

 

 

 

100%

 

$17,863,400

 

 

 

100%

 

$19,449,186

 

 

 

100%

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

Product Type

 

2026

 

 

 

 

2025

 

 

 

 

2026

 

 

 

 

2025

 

 

 

Beverage

 

$167,177

 

 

 

2%

 

$-

 

 

 

0%

 

$325,656

 

 

 

2%

 

$-

 

 

 

0%

Vapes

 

 

613,263

 

 

 

7%

 

 

1,164,611

 

 

 

11%

 

 

1,235,142

 

 

 

7%

 

 

3,244,479

 

 

 

17%

Edibles

 

 

7,540,503

 

 

 

87%

 

 

8,610,540

 

 

 

83%

 

 

15,487,359

 

 

 

87%

 

 

14,846,470

 

 

 

76%

Flower

 

 

216,365

 

 

 

2%

 

 

238,253

 

 

 

2%

 

 

507,546

 

 

 

3%

 

 

556,247

 

 

 

3%

Cartridges

 

 

160,805

 

 

 

2%

 

 

298,161

 

 

 

3%

 

 

290,563

 

 

 

2%

 

 

766,476

 

 

 

4%

Apparel and Accessories

 

 

7,082

 

 

 

0%

 

 

13,770

 

 

 

0%

 

 

17,133

 

 

 

0%

 

 

35,514

 

 

 

0%

Net Sales

 

$8,705,194

 

 

 

100%

 

$10,325,336

 

 

 

100%

 

$17,863,400

 

 

 

100%

 

$19,449,186

 

 

 

100%

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

Hemp vs Non-Hemp Product Sales

 

2026

 

 

 

 

2025

 

 

 

 

2026

 

 

 

 

2025

 

 

 

Net sales of hemp products

 

$3,843,914

 

 

 

44%

 

$4,409,808

 

 

 

43%

 

$8,725,811

 

 

 

49%

 

$10,107,451

 

 

 

52%

Net sales of non-hemp products

 

4,861,280

 

 

 

56%

 

 

5,915,528

 

 

 

57%

 

 

9,137,589

 

 

 

51%

 

 

9,341,735

 

 

 

48%

Net Sales

 

$8,705,194

 

 

 

100%

 

$10,325,336

 

 

 

100%

 

$17,863,400

 

 

 

100%

 

$19,449,186

 

 

 

100%

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

Geographic Market

 

2026

 

 

 

 

2025

 

 

 

 

2026

 

 

 

 

2025

 

 

 

United States

 

$8,705,194

 

 

 

100%

 

$10,325,336

 

 

 

100%

 

$17,863,400

 

 

 

100%

 

$19,449,186

 

 

 

100%

International

 

 

0

 

 

 

0%

 

 

0

 

 

 

0%

 

 

0

 

 

 

0%

 

 

0

 

 

 

0%

Net Sales

 

$8,705,194

 

 

 

100%

 

$10,325,336

 

 

 

100%

 

$17,863,400

 

 

 

100%

 

$19,449,186

 

 

 

100%
Schedule of earnings per share, basic and diluted

 

 

For the Three Months Ended

 

 

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

 

 

2026

 

 

2025

 

Net Loss

 

$(1,438,290)

 

$(268,950)

 

Net Loss

 

$(5,598,239)

 

$(571,992)

Less: Accrued Preferred Stock Dividends

 

 

(3,367)

 

 

(3,366)

 

Less: Accrued Preferred Stock Dividends

 

 

(6,694)

 

 

(6,697)

Net Loss Attributable to Common Stockholders

 

$(1,441,657)

 

$(272,316)

 

Net Loss Attributable to Common Stockholders

 

$(5,604,933)

 

$(578,689)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

14,822,678

 

 

 

14,822,678

 

 

Basic

 

 

14,822,678

 

 

 

14,822,678

 

Diluted

 

 

14,822,678

 

 

 

14,822,678

 

 

Diluted

 

 

14,822,678

 

 

 

14,822,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss Per Common Share Attributable to Common Stockholders

 

 

 

 

 

 

 

 

 

Loss Per Common Share Attributable to Common Stockholders

 

 

 

 

 

 

 

 

Basic

 

$(0.10)

 

$(0.02)

 

Basic

 

$(0.38)

 

$(0.04)

Diluted

 

$(0.10)

 

$(0.02)

 

Diluted

 

$(0.38)

 

$(0.04)