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Cannaisseur Grou (TCRG0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's transition from a hemp business to a health and wellness company, focusing on CBD-related products. The company manages and operates Atlanta CBD, Inc., in which it holds a 51% interest.
Revenue for the year was $700, a significant decrease from $53,130 in the previous year, attributed to the closing of the company's retail store and a shift to online sales.
Cost of revenue decreased to $4,275 from $26,976, resulting in a negative gross profit margin due to reduced sales.
Selling, general, and administrative expenses increased to $1,263,004 from $216,054, driven by costs related to share registration, stock-based compensation, and salaries.
The company reported a net loss of $1,273,006 for the year, compared to a net loss of $172,586 in the prior year.
Cash used in operating activities was $110,627, with cash provided by financing activities amounting to $72,800, primarily from the sale of common stock and convertible notes.
As of December 31, 2024, Cannaisseur Grou had total assets of $1,876 and total liabilities of $305,576, leading to a stockholders' deficit of $341,575.
The company plans to raise additional capital to support its operations and expand its health and wellness business, acknowledging substantial doubt about its ability to continue as a going concern.
The filing also addresses regulatory considerations related to CBD products and outlines potential risks, including competition, reliance on third parties, and regulatory changes.
Cannaisseur Grou's board consists of five directors, and the company does not currently have independent directors or a compensation committee.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cannaisseur Grou annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.