WEED, INC.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 31, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-04-01.
0001096906-24-000701
ITEM 7. – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONCurrent report: 10-K
Period ended 2024-12-31; filed 2025-03-31.
0001096906-25-000350
ITEM 7. – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 51 previous paragraphs and 51 current paragraphs.
36 unchanged; 13 reworded; 2 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
Other Income
Current report
During the year ended December 31, 2024, the Company received a $35,000 settlement from the Titan laboratory deal. This amount represents refunds from the prepaid rent of a purchase deal that fell through in 2023.
Removed paragraphs (2)
Previous report
Other Expense
Previous report
During 2023, we had other expense of ($203,010) compared to other expense of ($719) in 2022. The increase in other expense in 2023 was primarily related to purchase a laboratory but the deal fell through.
Reworded paragraphs (13)
Previous wording
Our comprehensive net loss decreased by $1,502,901, from ($1,528,882) to ($25,981), from the year ended 2022 compared to 2023. Our operating loss decreased by $724,452, from ($1,505,274) to ($780,822) for the same period. The decrease in operating loss is primarily a result of the fact we had a one-time gain on disposal of fixed assets of $988,375 in 2023 that we did not have in 2022, as well as decreases in general and administrative expenses and professional fees. These changes are detailed below.
Current wording
Our comprehensive net loss increased by $483,936, from ($25,981) to ($509,917), from the year ended 2023 compared to 2024. Our operating loss decreased by $230,321, from ($770,568) to ($592,992) for the same period. The increase in comprehensive net loss is primarily a result of the fact we had a one-time gain on disposal of fixed assets of $988,375 in 2023 that we did not have in 2024. The decrease in operating loss is primarily a result of decreases in general and administrative expenses and professional fees. These changes are detailed below.
Previous wording
General and administrative expenses decreased by $172,542, from $567,159 for the year ended December 31, 2022 to $394,617 for the year ended December 31, 2023, primarily due to decreases in our consulting services and salary.
Current wording
General and administrative expenses decreased by $43,501, from $394,617 for the year ended December 31, 2023 to $351,116 for the year ended December 31, 2024, primarily due to decreases in our consulting services and salary.
Previous wording
Our professional fees decreased by 503,130 during the year ended December 31, 2023 compared to the year ended December 31, 2022. Our professional fees were $323,559 for the year ended December 31, 2023 and $826,689 for the year ended December 31, 2022. These fees are largely related to fees paid for legal and accounting services, along with compensation to independent contractors. We expect these fees to vary quarter-to-quarter as our business and stock price fluctuate if we continue to use stock-based compensation. In the event we undertake an unusual transaction, such as an acquisition, securities offering, or file a registration statement, we would expect these fees to substantially increase during that period.
Current wording
Our professional fees decreased by 167,269 during the year ended December 31, 2024 compared to the year ended December 31, 2023. Our professional fees were $156,290 for the year ended December 31, 2024 and $323,559 for the year ended December 31, 2023. These fees are largely related to fees paid for legal and accounting services, along with compensation to independent contractors. We expect these fees to vary quarter-to-quarter as our business and stock price fluctuate if we continue to use stock-based compensation. In the event we undertake an unusual transaction, such as an acquisition, securities offering, or file a registration statement, we would expect these fees to substantially increase during that period.
Previous wording
During the year ended December 31, 2023, we had depreciation and amortization of $52,392, compared to $111,426 in the year ended December 31, 2022. The depreciation and amortization expense primarily relates to our properties and trademark acquisitions.
Current wording
During the year ended December 31, 2024, we had depreciation and amortization of $22,586, compared to $52,392 in the year ended December 31, 2023. The depreciation and amortization expense primarily relates to our properties and trademark acquisitions.
Previous wording
Interest expense decreased to ($45,374) from ($117,124) for the year ended December 31, 2023 compared to the same period in 2022. Our interest expense primarily relates to notes payable from attorneys and related parties.
Current wording
Interest expense decreased to ($15,325) from ($45,374) for the year ended December 31, 2024 compared to the same period in 2023. Our interest expense primarily relates to notes payable from attorneys and related parties.
Previous wording
During the year ended December 31, 2023, we had gain disposal of fixed assets of $988,375, compared to $639,773 in the year ended December 31, 2021. The gain on disposal of fixed assets in 2022 was related to the sale of a company property in Cucharus, Colorado. The gain on disposal of fixed assets in 2023 relates to the sale of company-owned residential property near La Veta, Colorado.
Current wording
During the year ended December 31, 2023, we had gain disposal of fixed assets of $988,375, compared to nil in the year ended December 31, 2024.. The gain on disposal of fixed assets in 2023 relates to the sale of company-owned residential property near La Veta, Colorado.
Previous wording
During the years ended December 31, 2023 and 2022, because of our operating losses, we did not generate positive operating cash flows. Our cash on hand as of December 31, 2023 was $290,409 and our monthly cash flow burn rate was approximately $45,000. Our cash on hand was primarily proceeds from the sale f our securities and the sale of our residential property near La Veta, Colorado. We currently do not believe we will be able to satisfy our cash needs from our revenues for many years to come.
Current wording
During the years ended December 31, 2024 and 2023, because of our operating losses, we did not generate positive operating cash flows. Our cash on hand as of December 31, 2024 was $159,355 and our monthly cash flow burn rate was approximately $45,000. We currently do not believe we will be able to satisfy our cash needs from our revenues for many years to come.
Previous wording
Our total assets decreased by $729,756 as of December 31, 2023 as compared to December 31, 2022. The decrease in our total assets between the two periods was attributed to decreases in our cash, prepaids, property and equipment, intangible assets, ROU assets and partially offset by the increase in other current assets.
Current wording
Our total assets decreased by $165,696 as of December 31, 2024 as compared to December 31, 2023. The decrease in our total assets between the two periods was attributed to decreases in our cash, ROU assets and accumulated depreciation.
Previous wording
Our current liabilities and total liabilities decreased by $815,269, as of December 31, 2023 as compared to December 31, 2022. This decrease was primarily due to decreases in accounts payable, accrued officer compensation, accrued interest, notes payable- related parties, lease liability and partially offset by increase in accrued expense, asset retirement obligation.
Current wording
Our current liabilities and total liabilities increased by $310,619, as of December 31, 2024 as compared to December 31, 2023. This increase was primarily due to increases in notes payable, related parties.
Previous wording
We had cash available of $290,409 and $315,826 as of December 31, 2023 and December 31, 2022, respectively. Based on our lack of revenue, our cash on hand and current monthly burn rate of approximately $45,000, we will need to continue borrowing from our shareholders and other related parties, and/or raise money from the sales of our securities, to fund operations.
Current wording
We had cash available of $159,355 and $290,409 as of December 31, 2024 and December 31, 2023, respectively. Based on our lack of revenue, our cash on hand and current monthly burn rate of approximately $45,000, we will need to continue borrowing from our shareholders and other related parties, and/or raise money from the sales of our securities, to fund operations.
Previous wording
We had net cash used in operating activities of $(1,074,087) for the year ended December 31, 2023, as compared to $(812,975) for the year ended December 31, 2022. For the period in 2023, the net cash used in operating activities consisted primarily of our net loss of $(31,557), adjusted by depreciation and amortization of $52,392, debt discount amortization of $14,545, gain on disposal of fixed asset of $(988,375), estimated fair value of shares issued for services of $90,000, and imputed interest on RP loans of $21,494, and further adjusted by increases in assets related to prepaid expenses and deposits of $(3,228), and decreases in liabilities consisting of accounts payable of $6,214 and accrued expenses of $223,144. For the period in 2022, the net cash used in operating activities consisted primarily of our net loss of ($1,528,105), adjusted by depreciation and amortization of $111,426, debt discount amortization of $27,845, estimated fair value of shares issued for services of $613,600, imputed interest on RP loans of $31,722, and gain on disposal of fixed asset of ($639,773) and further adjusted by decreases in prepaid expenses and deposits of $4,457 and accounts payable of $(56,079), and increases in accrued expenses of $86,085.
Current wording
We had net cash used in operating activities of $(415.524) for the year ended December 31, 2024, as compared to $(1,074,087) for the year ended December 31, 2023. For the period in 2024, the net cash used in operating activities consisted primarily of our net loss of $(510,716), adjusted by depreciation and amortization of $22,586, debt discount amortization of $10,255, and estimated fair value of stock based compensation and shares issued for services of $20,000 and 14,000, respectively. For the period in 2023, the net cash used in operating activities consisted primarily of our net loss of ($31,557), gain on disposal of fixed asset of $(988,375), adjusted by depreciation and amortization of $52,392, debt discount amortization of $14,545, estimated fair value of shares issued for services of $90,000, and imputed interest on RP loans of $21,494, and further adjusted by increases in assets related to prepaid expenses and deposits of $(3,228), and decreases in liabilities consisting of accounts payable of $6,214 and accrued expenses of $223,144.
Previous wording
For the year ended December 31, 2023, we had cash flows provided by investing activities of $1,631,073, primarily from $1,641,073 in proceeds from disposal of fixed assets, offset by $(10,000) related to purchase of property and equipment. For the year ended December 31, 2022, we had cash flows from investing activities of $1,257,037 from proceeds from disposal of fixed assets.
Current wording
For the year ended December 31, 2024, we had cash flows provided by investing activities of nil, compared to cash flows from investing activities of $1,631,073, primarily from $1,641,073 in proceeds from disposal of fixed assets, offset by $(10,000) related to purchase of property and equipment for the year ended December 31, 2023.
Previous wording
Our net cash used in financing activities for the year ended December 31, 2023 was ($587,979), compared to $(148,667) for the year ended December 31, 2022. For the period in 2023, our financing activities related to proceeds from notes payable of $50,000, offset by repayments of notes payable-related party of $637,979. For the period in 2022, our financing activities related to repayments on notes payable of ($585,721) and repayments of notes payable-related party of ($106,946), partially offset by proceeds from the sale of common stock of $40,000, and proceeds from notes payable of $504,000.
Current wording
Our net cash provided by financing activities for the year ended December 31, 2024 was 285,269, compared to $(587,979) for the year ended December 31, 2023. For the period in 2024, our financing activities related to proceeds from notes payable of $310,000, partially offset by proceeds from repayments of notes payables-related party of $30,000. For the period in 2023, our financing activities related to proceeds from notes payable of $50,000, offset by repayments of notes payable-related party of $637,979.