In This Story
WEED Inc (BUDZ+2.31%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports no revenue for the year, with total operating expenses amounting to $529,992. The expenses included general and administrative costs of $351,116, professional fees of $156,290, and depreciation and amortization of $22,586.
The company reported a net loss of $510,716 for the year, compared to a net loss of $31,557 in the previous year. The increase in net loss is attributed to the absence of a gain on the disposal of fixed assets, which contributed $988,375 to the previous year's results.
Cash used in operating activities was $415,524, a decrease from $1,074,087 in the prior year. This was primarily due to adjustments for non-cash items and changes in working capital.
The company's total assets decreased to $738,366 from $904,062, while total liabilities increased to $959,372 from $648,753. The increase in liabilities was primarily due to higher notes payable to related parties.
WEED Inc continues to focus on its cannabis genomic study and other business opportunities in the cannabis and hemp sectors. The company acknowledges the need for additional financing to support its operations and strategic initiatives.
The filing highlights the company's ongoing efforts to secure funding and manage its financial position amid challenges in the cannabis industry and broader economic conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the WEED Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.