XML 36 R22.htm IDEA: XBRL DOCUMENT

PROFORMA FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2021

16. PROFORMA FINANCIAL STATEMENTS (UNAUDITED)

Unaudited Supplemental Pro Forma Data

Unaudited pro forma results of operations for the years ended December 31, 2021 and 2020 as though the company acquired TopPop on January 1, 2020 is set forth below.

	Year Ended December 31, 2021			Year Ended December 31, 2020
Sales	$	14,853,763		$	5,090,755
Cost of sales		11,077,756			3,064,113
Gross Profit		3,776,007			2,026,642

General and administrative expenses		11,123,461			10,734,747
Selling and marketing		998,741			899,125
Total Operating expenses		12,122,202			11,633,872
Operating Loss		(8,346,195	)		(9,607,230	)
Other (Expense) Income
Loss on investment in and receivable from Can B Corp.		-			(483,472	)
Interest expense		(448,024	)		(621,693	)
Gain on forgiveness of PPP loan		(28,458	)		75,995
Total Other Income		(476,482	)		(1,029,170	)
Net loss	$	(8,822,677	)	$	(10,636,400	)
Net loss attributable to noncontrolling interests in subsidiaries		(40,882	)		(109,962	)
Net loss attributable to common stockholders:	$	(8,781,795	)	$	(10,526,438	)

Basic and Diluted Loss Per Common Share	$	(0.10	)	$	(0.12	)

Weighted Average Shares Outstanding – basic and diluted		87,715,476			87,199,430

These pro forma results are based on estimates and assumptions, which the Company believes are reasonable. They are not necessarily indicative of our consolidated results of operations in future periods or the results that actually would have been realized had we been a combined company during the periods presented. The pro forma results include adjustments in the 2020 calendar year primarily related to amortization of acquired intangible assets of $3,555,380, interest expense on notes payable of $376,200, and officer compensation of $1,040,285.