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Americann Inc (ACAN0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $1,298,708, compared to a net loss of $171,999 in the same quarter the previous year. The loss is attributed to the termination of a lease and associated costs.
Rental income for the quarter was $0, down from $475,629 in the previous year. This decrease is due to the termination of the lease on the building at the Massachusetts Cannabis Center (MCC).
Operating expenses for the quarter were $447,939, compared to $515,742 in the previous year. The decrease is primarily due to a reduction in professional fees.
The company reported cash and cash equivalents of $131,156 as of December 31, 2024, compared to $48,841 as of September 30, 2024.
Americann's total liabilities as of December 31, 2024, were $6,986,945, compared to $9,610,139 as of September 30, 2024. This decrease is due to the termination of one of the land leases.
The company has a note payable of $4,500,000, secured by a first lien on the building at the MCC. The maturity date of the loan was extended to April 30, 2025.
Americann intends to operate the building at the MCC as a regulated cannabis cultivation and manufacturing operator after the lease termination with BASK. BASK agreed to transfer its provisional Cultivation and Product Manufacturing licenses to Americann.
The filing also notes a material weakness in internal controls over financial reporting due to a lack of personnel with appropriate training and experience in GAAP.
Americann continues to focus on its Massachusetts Cannabis Center project and plans to produce branded consumer packaged goods for sale to licensed Massachusetts retailers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Americann Inc quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.