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Trees Corporation (CANN+0.57%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $3,310,259 from $4,111,583 in the same quarter the previous year. The decrease is attributed to the reversal of the acquisition of a portion of the Green Tree assets.
Cost of sales for the quarter was $1,957,455, compared to $2,442,541 in the same quarter of the previous year. Selling, general, and administrative expenses decreased to $1,271,696 from $1,962,641.
Net loss for the quarter was $845,348, compared to $815,123 in the previous year. The company reported a net loss attributable to common stockholders of $509,009, compared to $815,123 in the previous year.
Cash used in operating activities was $481,939, while cash used in investing and financing activities was $45,631 and $196,739, respectively.
Trees Corporation had cash and cash equivalents of $245,367 as of September 30, 2024. The company acknowledges its dependence on raising additional capital to fund operations and support planned investing activities.
The filing also details various financial activities, including the issuance of a 2024 Working Capital Note and the reversal of the acquisition of a portion of the Green Tree assets.
Trees Corporation continues to focus on its operations in Colorado and Oregon, operating five cannabis dispensaries and two cultivation facilities.
The company identified no material changes to its risk factors as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Trees Corporation. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.