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Americann Inc (ACAN+3.58%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing outlines the company's business activities, including the design, development, leasing, and operation of cannabis cultivation, processing, and manufacturing facilities in the United States.
Americann's flagship project is the Massachusetts Cannabis Center (MCC), a 52.6-acre development in Freetown, Massachusetts, which includes a state-of-the-art 30,000 square foot cultivation and processing facility.
The company reported a net loss of $1,254,329 for the fiscal year, compared to a net loss of $94,755 in the previous year. The decrease in rental income was attributed to a lease modification with a tenant.
Americann's total assets were $14,063,167 as of September 30, 2024, with total liabilities amounting to $9,610,139. The company had an accumulated deficit of $21,107,773.
The company is not a well-known seasoned issuer and is a smaller reporting company. It is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act.
Americann secured a $4,000,000 loan in 2019, which was increased by $500,000 in 2020. The maturity date of the loan has been extended multiple times, with the latest extension to April 30, 2025.
The company has identified significant risks and uncertainties, including the need for additional funding to support its business plan and the legal status of cannabis under federal law.
Americann's stock is quoted on the OTCQB under the trading symbol 'ACAN'. The company does not anticipate paying cash dividends in the near future.
The company has implemented various measures to address cybersecurity risks and has not experienced any material impact on its business strategy or financial condition due to such threats.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Americann Inc annual 10-K report dated January 15, 2025. To report an error, please email earnings@qz.com.