0001493152-18-009947.txt : 20180712 0001493152-18-009947.hdr.sgml : 20180712 20180712170355 ACCESSION NUMBER: 0001493152-18-009947 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 46 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180712 DATE AS OF CHANGE: 20180712 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREEN SPIRIT INDUSTRIES INC. CENTRAL INDEX KEY: 0001381240 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FOOD STORES [5400] IRS NUMBER: 141982491 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-141929 FILM NUMBER: 18950982 BUSINESS ADDRESS: STREET 1: BUILDING NO. 3, P.R. 696, INT. STREET 2: JOSE EFRON AVE. CITY: DORADO, STATE: PR ZIP: 00646 BUSINESS PHONE: (808) 214-8649 MAIL ADDRESS: STREET 1: BUILDING NO. 3, P.R. 696, INT. STREET 2: JOSE EFRON AVE. CITY: DORADO, STATE: PR ZIP: 00646 FORMER COMPANY: FORMER CONFORMED NAME: Cyberspace Vita, Inc. DATE OF NAME CHANGE: 20061116 10-Q 1 form10q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

 

For the Quarter ended June 30, 2018

 

Commission File Number: 333-141929

 

GREEN SPIRIT INDUSTRIES INC.

(Exact name of registrant as specified in its charter)

 

Nevada   14-1982491
(State of organization)   (I.R.S. Employer Identification No.)

 

Building No. 3, P.R. 696, int. Jose Efron Ave.

Dorado, Puerto Rico 00646

(Address of principal executive offices)

 

(214) 808-8649

Registrant’s telephone number, including area code

 

 

Former address if changed since last report

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [  ] No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] Yes [  ] No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ]

Non-accelerated filer [  ]

(Do not check if smaller reporting company)

Accelerated filer [  ]

Smaller reporting company [X]

Emerging growth company [  ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). [  ] Yes [X] No

 

As of July 11, 2018, the registrant had 43,489,342 shares of common stock, par value $0.001 per share, outstanding.

 

 

 

   
 

 

TABLE OF CONTENTS 

 

  PART I - FINANCIAL INFORMATION  
     
ITEM 1. INTERIM FINANCIAL STATEMENTS 3
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND RESULTS OF OPERATIONS 16
ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 22
ITEM 4 CONTROLS AND PROCEDURES 22
     
  PART II - OTHER INFORMATION  
     
ITEM 1. LEGAL PROCEEDINGS 23
ITEM 1A. RISK FACTORS 23
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES 23
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 23
ITEM 4. MINE SAFETY DISCLOSURES 23
ITEM 5. OTHER INFORMATION 23
ITEM 6. EXHIBITS 23
   
SIGNATURES 24

 

2
 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. INTERIM FINANCIAL STATEMENTS

 

Green Spirit Industries Inc.

Consolidated Balance Sheets

June 30, 2018 and December 31, 2017

 

    June 30, 2018     December 31, 2017  
    (Unaudited)     (Audited)  
Assets                
                 
Current Assets                
Cash   $ 782,208     $ 4,645  
Cash, held in escrow     3,344,553       6,753,373  
Accounts Receivable     97,993       -  
Inventory     300,166       -  
Prepaid Expenses     93,297       20,650  
Total Current Assets     4,618,217       6,778,668  
                 
Fixed Assets                
Furniture, fixtures and equipment     255,766       -  
Building and leasehold improvements     1,878,475       -  
Accumulated Depreciation     (22,961 )     -  
Total Net Fixed Assets     2,111,280       -  
              -  
Other Assets                
Licenses (Note 5)     812,300       503,000  
Deposits     280,200       7,300  
Patents     1,522,023       -  
Construction in progress (Note 6)     282,678       241,627  
Total Other Assets     2,897,201       751,927  
                 
Total Assets   $ 9,626,698     $ 7,530,595  
                 
Liabilities and Stockholders’ Equity                
                 
Current Liabilities                
Accounts Payable   $ 216,689     $ 222,515  
Accrued Expenses     29,613       -  
Advances Payable     2,522       1,000  
Total Current Liabilities     248,824       223,515  
                 
Total Liabilities     248,824       223,515  
                 
Commitments and Contingencies (Note 9)                
                 
Stockholders’ Equity (Note 3)                
                 
Preferred Stock, convertible, $.001 par value; 1,000 shares  authorized; 1,000 issued and outstanding as of June 30, 2018 and December 31, 2017, respectively     1       1  
Common Stock $.001 par value 100,000,000  authorized; 43,476,758 and 40,817,870 issued and outstanding and 190,000 and 77,167 held in escrow and not issued as of June 30, 2018 and December 31, 2017, respectively     43,668       40,895  
Additional paid-in capital     44,756,665       33,349,144  
Retained deficit     (35,922,101 )     (26,082,960 )
Equity attributable to Green Spirit Industries Inc.     8,878,233       7,307,080  
Non-controlling interest     499,641          
                 
Total Stockholders’ Equity     9,377,874       7,307,080  
                 
Total Liabilities and Stockholders’ Equity   $ 9,626,698     $ 7,530,595  

 

The accompanying footnotes are an integral part of these consolidated financial statements.

 

3
 

 

Green Spirit Industries Inc.

Consolidated Statements of Operations

For the Three and Six Months Ended June 30, 2018 and 2017

(Unaudited)

 

   For the Three Months Ended
June 30,
   For the Six Months Ended
June 30,
 
   2018   2017   2018   2017 
Revenues                
Revenues  $353,430   $-   $355,626   $- 
Cost of Goods Sold   200,357         201,178      
Gross Profit   153,073    -    154,448    - 
                     
Operating expenses                    
Consulting Fees   357,990    30,000    674,823    30,000 
General and administrative   1,138,396    20,965    1,544,233    20,965 
Professional Fees   134,464    56,250    326,877    56,250 
Depreciation Expense   22,961    -    22,961    - 
Stock based compensation (Note 3)                    
Consulting fees   2,750    1,069,600    7,297,750    1,069,600 
Investor relations   -    991,000    300,000    991,000 
Professional fees   -    1,129,400    -    1,129,400 
Total Stock based compensation   2,750    3,190,000    7,597,750    3,190,000 
Total Operating Expenses   1,656,561    3,297,215    10,166,644    3,297,215 
Loss from operations   (1,503,488)   (3,297,215)   (10,012,196)   (3,297,215)
                     
Other Income (Expenses)                    
Rent Income   8,585    -    8,585    - 
                     
Total Other Income (Expenses)   8,585    -    8,585    - 
                     
Loss from operations before provision for income taxes   (1,494,903)   (3,297,215)   (10,003,611)   (3,297,215)
                     
Provision for income taxes   -    -    -    - 
                     
Net loss   (1,494,903)   (3,297,215)   (10,003,611)   (3,297,215)
Net loss attributable to non-controlling interest   (163,952)   -    (164,470)   - 
Net loss attributable to Green Spirit Industries Inc.  $(1,330,951)  $(3,297,215)  $(9,839,141)  $(3,297,215)
                     
Basic loss per share  $(0.03)  $(0.20)  $(0.23)  $(0.39)
                     
Weighted average number of common shares outstanding   42,946,004    16,595,057    42,143,764    8,466,462 

 

The accompanying footnotes are an integral part of these consolidated financial statements.

 

4
 

 

Green Spirit Industries Inc.

Consolidated Statement of Changes in Stockholders’ Equity

For the Six Months Ended June 30, 2018

(Unaudited)

 

    Shares     Preferred     Common     Additional           Non -        
    Preferred     Common     Stock     Stock     Paid-in     Retained     Controlling        
    Stock     Stock     Amount     Amount     Capital     Deficit     Interest     Total  
                                                 
Balance as of December 31, 2017     1,000       40,895,037     $ 1     $ 40,895     $ 33,349,144     $ (26,082,960 )   $ -     $ 7,307,080  
                                                                 
Issuance of shares and warrants for cash     -       155,167       -       155       465,345       -       -       465,500  
                                                                 
Issuance of shares for cash     -       738,504       -       739       2,584,026       -       -       2,584,765  
                                                                 
Issuance of shares for services     -       1,488,050       -       1,489       7,596,261       -       -       7,597,750  
                                                                 
Shares purchased, not issued as of statement date     -       190,000       -       190       474,810       -       -       475,000  
                                                                 
Shares issued for purchase of patents     -       200,000       -       200       949,800       -       -       950,000  
                                                                 
Recognition of Non-Controlling Interest attributable to Spirulinex       -       -            -       -       (662,721 )             662,721       -  
                                                                 
Capital contributed by minority joint venturers                                     -               1,390       1,390  
                                                                 
Net loss     -       -       -       -       -       (9,839,141 )      (164,470 )     (10,003,611 ) 
                                                                 
Balance as of June 30, 2018     1,000       43,666,758     $ 1     $ 43,668     $ 44,756,665     $ (35,922,101 )    $ (499,641 )    $ 9,377,874  

 

The accompanying footnotes are an integral part of these consolidated financial statements.

 

5
 

 

Green Spirit Industries Inc.

Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2018 and 2017

(Unaudited)

 

 

   For the Six Months Ended June 30, 
   2018   2017 
Cash Flow from Operating Activities          
Net loss  $(10,003,611)  $(3,297,215)
Adjustments to Reconcile Net Loss to Net Cash used in Operating Activities          
Issuance of common stock for services   7,597,750    3,190,000 
Depreciation Expense   22,961      
           
Changes in operating assets and liabilities:          
Accounts Receivable   (97,993)   - 
Inventory   (300,166)   - 
Prepaid Expenses   (72,647)   (17,500)
Accounts Payable   (5,826)   4,750 
Accrued Expenses   29,613    - 
Advances Payable   1,522    1,000 
Net cash (used in) provided by operating activities   (2,828,397)   (118,965)
           
Cash Flow from Investing Activities          
Deposit   (272,900)   (150,000)
Fixed Assets   (2,134,241)   - 
Licenses   (309,300)   - 
Patents   (572,023)   - 
Construction in Progress   (41,051)   (63,747)
Net cash used in investing activities   (3,329,515)   (213,747)
           
Cash Flow from Financing Activities          
Issuance of common stock   3,525,265    3,300,000 
Cash contributed by minority joint venturers   1,390      
Capitalization of subsidiary for prepaid expenses   -    1,000 
Advances payable, related party   -    150,000 
Advances Payable, related party   -    (150,000)
Net cash provided by financing activities   3,526,655    3,301,000 
Net increase (decrease) in cash   (2,631,257)   2,968,288 
Cash at beginning of period   6,758,018    - 
Cash at end of period  $4,126,761   $2,968,288 
           
Supplemental Disclosures of Cash Flow Information          
Cash paid during the period for:          
Interest  $-   $- 
Income Taxes  $-   $- 
Supplemental Disclosure of Non-Cash Investing and Financing Activities:          
Common Stock issued for purchase of patents  $950,000   $- 

 

The accompanying footnotes are an integral part of these consolidated financial statements.

 

6
 

 

Green Spirit Industries Inc.

Notes to Consolidated Financial Statements

June 30, 2018

 

 

 

1. Nature of Operations

 

Green Spirit Industries Inc. (“the Company”) is a Nevada corporation formed under the name Cyberspace Vita, Inc. (“Cyberspace”) on November 7, 2006. Cyberspace’s initial business plan was related to the online sale of vitamins and supplements. On May 11, 2017, the Company entered into a share exchange agreement (the “Exchange Agreement”) with Peter Zachariou, the majority shareholder of Cyberspace (the “Shareholder”), Project 1493, LLC, a limited liability company organized under the laws of the Commonwealth of Puerto Rico (“1493”), and Peach Management, LLC (“Peach”) the sole member of 1493 (the “Member”), pursuant to which the Member transferred all of the outstanding membership interests of 1493 to the Company in exchange for 16,690,912 restricted shares of common stock of the Company (the “Exchange Shares”), warrants to purchase up to 3,000,000 shares of common stock at an exercise price of $0.50 per share for a period of three (3) years from the date of issuance (the “Exchange Warrants”) and 1,000 shares of Series A Preferred Stock that grants the holders thereof fifty-one percent (51%) voting power (the “Preferred Shares” and together with the Exchange Shares, and the Exchange Warrants, the “Exchange Securities”). As a result of the Exchange Agreement, 1493 became a wholly-owned subsidiary of the Company, and the business of 1493 became the business of the Company. At the time of the Exchange Agreement, Cyberspace was not engaged in any business activity. The Company accounted for the acquisition of 1493 as a reverse merger and all prior periods presented are those of 1493.

 

On June 21, 2018, the Board of Directors of Green Spirit Industries Inc. (the “Company”) unanimously adopted amended and restated Bylaws of the Company (the “Amended and Restated Bylaws”), to, among other things, conform certain provisions of the Amended and Restated Bylaws to the Company’s Amended Articles of Incorporation and the Nevada Revised Statutes, as well as to revise the procedures relating to action by written consent of the Company’s stockholders.

 

On June 22, 2018 the Board of Directors approved the resolution to change the name of the Corporation to “GSRX Industries Inc.” in order to reflect the nature of the corporation following consummation of the share exchange. The name change will become effective after final review by FINRA.

 

Project 1493, LLC (“1493”) was organized under the laws of the Commonwealth of Puerto Rico on March 17, 2017. The Company was formerly known as Grey Finland Advisors, LLC (“Grey”), which was organized under the laws of the Commonwealth of Puerto Rico on March 24, 2011, and has had no operations since that time. 1493 filed a Certificate of Restoration on March 17, 2017 and elected to change its name to Project 1493, LLC.

 

Andalucia 511, LLC (“511”) was organized under the laws of the Commonwealth of Puerto Rico on March 19, 2018. 511 was formed for the purpose of purchasing the building at 51 McLeary, San Juan, Puerto Rico.

 

Spirulinex, LLC (“Spirulinex”) was organized under the laws of the State of California on October 12, 2017and had no operations since its inception. On March 3, 2018, the Company entered into an operating agreement with Solunas Aqua Corp., a California corporation (“Solunas”). Spirulinex was formed as a joint venture between the Company and Solunas (the “Joint Venture”) for the purpose of carrying out the manufacturing cannabis and cannabinoid products for distribution in the State of California.

 

7
 

 

Green Spirit Industries Inc.

Notes to Consolidated Financial Statements

June 30, 2018

 

 

 

Sunset Connect Oakland, LLC (“Sunset”) was organized under the laws of the State of California on December 13, 2017 and had no operations since its inception. On March 26, 2018, the Company entered into an operating agreement with Sunset Connect SF, Inc. (formerly Happy VA Corp.), a California corporation (“Happy”). Sunset was formed as a joint venture between the Company and Happy for the purpose of carrying out the growing of cannabis for distribution in the State of California.

 

Green Spirit Essentials, LLC (“GS Essentials”) was organized under the laws of the State of California on December 12, 2017 and had no operations since its inception. On March 26, 2018, the Company entered into an operating agreement with Sunset Connect SF, Inc. (formerly Happy VA Corp.), a California corporation (“Happy”). Sunset was formed as a joint venture between the Company and Happy for the purpose of carrying out the extraction of cannabis oils for distribution in the State of California.

 

Green Spirit Mendocino, LLC (“Mendocino”) was organized under the laws of the State of California on December 8, 2017 and had no operations since inception. The Company entered into an operating agreement with Mendocino on March 26, 2018. The Company is the sole member of Mendocino. On March 7, 2018, Mendocino entered into an asset purchase agreement with a third-party seller, pursuant to which Mendocino acquired all of the assets relating to a retail cannabis business in Point Arena, Mendocino County, California for total cash consideration of $350,000.

 

Mendocino began operations on April 2, 2018.

 

138 Main Street PA, LLC (“138 Main”) was organized under the laws of the State of California on March 16, 2018. 138 Main was formed for the purpose of purchasing the building at 138 Main Street, Point Arena, California. The closing of the purchase was on May 22, 2018. 138 Main will lease the building to Green Spirit Mendocino for $1,200 per month.

 

GSRX SUSPES, LLC (“SUSPES”) was organized under the laws of the State of California on April 3, 2018. SUSPES was formed for the purpose of payroll management for the operations in California.

 

The Company is in the business of acquiring, developing and operating medical cannabis dispensaries throughout Puerto Rico and cannabis related businesses in California. To date, the Company has acquired all of the legal rights, permits, licenses, leasing contracts and assets of pre-qualified medical cannabis dispensaries pursuant to three Final Purchasing Agreements (“FPA”). (Note 6). The Company began operations in one dispensary in Puerto Rico on March 28, 2018, two dispensaries on June 1, 2018 and on April 2, 2018 in Point Arena, California.

 

2. Summary of Significant Accounting Policies

 

Basis of Presentation

 

The consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. However, in the opinion of management, all adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the consolidated financial position and results of its operations for the periods presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. These consolidated financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2017 (including the notes thereto) set forth in Form 10-K filed with the Securities and Exchange Commission on April 17, 2018.

 

8
 

 

Green Spirit Industries Inc.

Notes to Consolidated Financial Statements

June 30, 2018

 

 

 

Principles of Consolidation

 

The consolidated financial statements through June 30, 2018 include the accounts of the Company and the following entities, all of which have fiscal year ends of December 31. (Note 1).

 

  100% owned subsidiary, Project 1493, LLC;
  100% owned subsidiary, Andalucia 511, LLC;
  51% majority owned subsidiary, Spirulinex, LLC;
  55% majority owned subsidiary, Sunset Connect Oakland, LLC;
  55% majority owned, Green Spirit Essentials, LLC;
  100% owned subsidiary, Green Spirit Mendocino, LLC; and
  100% owned subsidiary, 138 Main Street PA, LLC.
  100% owned subsidiary, GSRX SUPES, LLC
  100% owned subsidiary, Point Arena Supply Co., LLC

 

Use of Estimates and Assumptions

 

The preparation of the consolidated financial statements that are in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements.

 

Cash and cash equivalents

 

The Company considers all cash on hand, cash in banks and all highly liquid debt instruments purchased with a maturity of three months at purchase or less to be cash and cash equivalents. At times, cash and cash equivalent balances at a limited number of banks and financial institutions may exceed insurable amounts. At June 30, 2018 the Company had $3,268,709 in excess of FDIC depository insurance coverage. The Company believes it mitigates its risks by depositing cash or investing in cash equivalents in major financial institutions.

 

Cash held in escrow, in the name of the Company, is held by Sichenzia Ross Ference Kesner (“Sichenzia”). The escrow account was established to hold the deposits from the sale of common stock and hold funds for businesses under letters of intents to purchase. There are no restrictions on the funds held by Sichenzia on the Company’s behalf.

 

Revenue Recognition

 

In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” This new standard replaced most existing revenue recognition guidance in U.S. GAAP and codified guidance under FASB Topic 606. The underlying principle of this new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration that the entity expects to be entitled to receive in exchange for those goods or services.

 

The Company adopted ASU No. 2014-09 as of January 1, 2018 using the modified retrospective method. Results for the reporting period beginning after January 1, 2018 are presented under Topic 606, while prior period amounts continue to be reported in accordance with the Company’s historic accounting practices under previous guidance. However, given the nature of the Company’s products and the terms and conditions applicable to sales to its customers, the timing and amount of revenue recognized based on the underlying principles of ASU No. 2014-09 are consistent with the Company’s revenue recognition policy under previous guidance.

 

The Company incurs costs associated with product distribution, such as freight and handling costs. The Company has elected to treat these costs as fulfillment activities and recognizes these costs at the same time that it recognizes the underlying product revenue. As this policy election is in line with the Company’s previous accounting practices, the treatment of shipping and handling activities under Topic 606 did not have any impact on the Company’s results of operations, financial condition and/or financial statement disclosures.

 

9
 

 

Green Spirit Industries Inc.

Notes to Consolidated Financial Statements

June 30, 2018

 

 

 

In accordance with the new guidance, the Company recognizes revenue at an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for transferring goods or services to its customers. The Company’s policy is to record revenue when control of the goods transfers to the customer.

 

In limited instances when products are sold under consignment arrangements, the Company does not recognize revenue until control over such products has transferred to the end consumer.

 

Other revenues, primarily rents, do not comprise a material amount of the Company’s net sales.

 

Share based Compensation

 

Compensation cost relating to share-based payment transactions (including the cost of all employee stock options) is required to be recognized in the consolidated financial statements and covers a wide range of share-based compensation arrangements including share options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. That cost will be measured based on the estimated fair value of the equity or liability instruments issued. See Note 3.

 

Fair Value of Financial Instruments

 

The carrying value of the Company’s current liabilities approximates fair value because of the short maturity of these instruments. Unless otherwise noted, it is management’s opinion the Company is not exposed, except for cash balances in excess of the FDIC depository insurance coverage, to significant interest, currency or credit risks arising from these financial instruments.

 

Income Taxes

 

The Company follows the accrual method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on the deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company was organized under the laws of Nevada and therefore will be taxed at statutory U.S. federal corporate income tax rates.

 

Basic Earnings per Share

 

The Company computes net loss per share in accordance with FASB ASC 260 “Earnings per Share”, which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.

 

Basic net loss per share amounts are computed by dividing the net loss by the weighted average number of common shares outstanding. Potentially dilutive securities have been excluded from the Company’s earnings per share calculation due to the effect of being anti-dilutive. The total number of potentially dilutive securities which have been excluded is 6,038,462. (Note 3).

 

10
 

 

Green Spirit Industries Inc.

Notes to Consolidated Financial Statements

June 30, 2018

 

 

 

Recent Accounting Pronouncements

 

As of June 30, 2018 and through July 11, 2018, there were several new accounting pronouncements issued by the Financial Accounting Standards Board. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s financial position or future operating results. The Company will monitor these emerging issues to assess any potential future impact on its financial statements.

 

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This standard requires all leases that have a term of over 12 months to be recognized on the balance sheet with the liability for lease payments and the corresponding right-of-use asset initially measured at the present value of amounts expected to be paid over the term. Recognition of the costs of these leases on the income statement will be dependent upon their classification as either an operating or a financing lease. Costs of an operating lease will continue to be recognized as a single operating expense on a straight-line basis over the lease term. This standard will be effective for our interim and annual periods beginning January 1, 2019, and must be applied on a modified retrospective basis to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. We are currently evaluating the timing of adoption and the potential impact of this standard on our consolidated financial position, but we do not expect it to have a material impact on our results of operations.

 

3. Equity

 

Authorized and Outstanding Capital Stock

 

The Company has authorized 100,000,000 shares of common stock, par value $0.001, of which 43,476,758 are currently issued and outstanding; an additional 190,000 shares were purchased but not issued. The Company currently has 9,999,000 shares of “blank check” preferred stock, and 1,000 shares of Series A Preferred Stock which are issued and outstanding.

 

Common Stock

 

The holders of common stock are entitled to one vote per share. In addition, the holders of the common stock will be entitled to receive ratably dividends, if any, declared by the board of directors out of legally available funds; however, the current policy of the board of directors is to retain earnings, if any, for operations and growth. Upon liquidation, dissolution or winding-up, the holders of common stock will be entitled to share ratably in all assets that are legally available for distribution. The holders of common stock will have no preemptive, subscription, redemption or conversion rights. The rights, preferences and privileges of holders of common stock will be subject to, and may be adversely affected by, the rights of the holders of any series of preferred stock, which may be designated solely by action of the board of directors and issued in the future.

 

The following table illustrates the common stock transactions for the six months ended June 30, 2018:

 

    Preferred     Common  
Category   Shares     Shares  
Cash, common shares     0       893,671  
Services     0       1,487,500  
Services, approved but not issued     0       550  
Patents     0       200,000  
Cash, common shares purchased but not issued as of the statement date     0       190,000  
Total     0       2,771,721  

 

11
 

 

Green Spirit Industries Inc.

Notes to Consolidated Financial Statements

June 30, 2018

 

 

 

On June 12, 2018 the Company issued 275 shares to Dr. Harlan Ribnik, Board Director, per letter agreement dated February 12, 2018. In connection with the appointment of Dr. Ribnik, the Board authorized to pay Dr. Ribnik compensation as a member of the Board of the Corporation a quarterly fee of shares of the Corporation’s Common Stock in an amount equal to One Thousand Five Hundred Dollars ($1,500) based on the market price per share of the Corporation’s Common Stock on the last trading day of each quarter.

 

On June 12, 2018 the Company issued 275 shares to Steve Farkas, Board Director, per letter agreement dated February 12, 2018. In connection with the appointment of Mr. Farkas, the Board authorized to pay Mr. Farkas compensation as a member of the Board of the Corporation as follows: (i) a monthly fee of One Thousand Dollars ($1,000); and (ii) a quarterly fee of shares of the Corporation’s common stock, par value $0.001 per share (the “Common Stock”), in an amount equal to One Thousand Five Hundred Dollars ($1,500) based on the market price per share of the Corporation’s Common Stock on the last trading day of each quarter.

 

Series A Preferred Stock

 

The holder of Series A Preferred Stock shall have full voting rights and shall vote together as a single class with the holders of the Company’s common stock. The holder of Series A Preferred Stock is entitled to fifty-one percent (51%) of the total votes on all matters brought before shareholders of the Company, regardless of the actual number of shares of Series A Preferred Stock then outstanding. In addition, the Company is prohibited from issuing any other class of preferred stock without first obtaining the prior approval of the holders of Series A Preferred Stock. All Series A Preferred stock issued and outstanding is held by Peach Management, LLC.

 

Blank Check Preferred Stock

 

The board of directors will be authorized, subject to any limitations prescribed by law, without further vote or action by the common stockholders, to issue from time to time shares of preferred stock in one or more series. Each series of preferred stock will have the number of shares, designations, preferences, voting powers, qualifications and special or relative rights or privileges as shall be determined by the board of directors, which may include, among others, dividend rights, voting rights, liquidation preferences, conversion rights and preemptive rights.

 

Warrants

 

As of June 30, 2018, the Company had outstanding warrants to purchase 6,038,462 shares of common stock (the “Warrants”). Each Warrant represents the right to purchase one share of common stock at an exercise price of $0.50 per share for a period of three (3) years from the date of issuance.

 

The Company may issue warrants to non-employees in capital raising transactions or for services. In accordance with guidance in ASC Topic 718, the cost of warrants issued to non-employees is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period.

 

All of the outstanding warrants granted were fully vested on the grant date.

 

12
 

 

Green Spirit Industries Inc.

Notes to Consolidated Financial Statements

June 30, 2018

 

 

 

2018 Stock Offering

 

On February 23, 2018, the Company entered into a subscription agreement (the “February Agreement”) with selected accredited investors (each, an “Investor” and collectively, the “Investors”). Pursuant to the terms of the February Agreement, the Company sold in a private placement (the “February Offering”) an aggregate of 155,167 units (each, a “Unit” and collectively, the “Units”) at a purchase price of $3.00 per Unit. The Offering resulted in $465,500 total gross proceeds. Each Unit consists of (i) one (1) share of the Company’s common stock, par value $0.001 per share (the “Shares”); and (ii) one (1) warrant to purchase shares of the Company’s common stock (each, a “Warrant” and together with the Units, Shares and the common stock issuable upon exercise of the Warrants (the “Warrant Shares”), collectively, the “Securities”). Each Warrant shall be exercisable at any time on or after the date of issuance for a period of three (3) years at an exercise price per share equal to $6.00 per share, subject to adjustment as provided in the Warrant agreement.

 

April 2018 Stock Offering

 

On April 11, 2018, the Company entered into a subscription agreement (the “April Agreement”) with selected accredited investors (each, an “Investor” and collectively, the “Investors”). Pursuant to the terms of the April Agreement, the Company sold in a private placement (the “April Offering”) 738,504 common shares at a purchase price of $3.50 per share. The Offering resulted in $2,584,765 total gross proceeds. The Offering was terminated on May 21, 2018.

 

June 2018 Stock Offering

 

On June 11, 2018, the Company entered into a subscription agreement (the “April Agreement”) with selected accredited investors (each, an “Investor” and collectively, the “Investors”). Pursuant to the terms of the April Agreement, the Company sold in a private placement (the “June Offering”) 190,000 common shares at a purchase price of $2.50 per share. The Offering resulted in $475,000 total gross proceeds. The Offering was terminated on June 22, 2018.

 

4. Income Taxes

 

Deferred income taxes are reported using the liability method. Deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

5. Licenses

 

On March 7, 2018, Mendocino entered into an asset purchase agreement with a third-party seller, pursuant to which Mendocino acquired all of the assets relating to a retail cannabis business in Point Arena, Mendocino County, California for total cash consideration of $350,000.

 

The amount assigned to the Licenses intangible asset was $309,300. The licenses and permits renew annually for nominal fees.

 

6. Construction in progress

 

On June 8, 2017, the Company entered into construction contracts for the construction and build-out of two dispensaries for the Carolina and Dorado locations for $123,700 and $100,075, respectively. On August 14, 2017 the Company entered into a construction contract for the construction and build-out of a dispensary for the Andalucia location for $117,200. On October 4, 2017 the Company entered into a construction contract for the construction and build-out of a dispensary for the Fajardo location for $127,600. As of June 30, 2018, the Company has paid $587,237 on interim payment applications to the contractor. The construction at the Dorado location was completed March 24, 2018; and the construction was completed at Carolina and Andalucia on May 14, 2018. The construction on the Fajardo location began on March 15, 2018 and is anticipated to be completed by July 31, 2018. Estimated costs to complete the projects is approximately $150,000.

 

7. Related Party Transactions

 

The Company entered into Consulting Agreements with the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) effective as of January 1, 2018. The CEO will be paid $20,000 per month plus expenses and the CFO will be paid $17,500 per month plus expenses.

 

The two officers performed their executive and financial duties for the Company since March 17, 2017. During the six months ended June 30, 2018, the CEO and CFO were paid $125,000 and $100,500, respectively.

 

13
 

 

Green Spirit Industries Inc.

Notes to Consolidated Financial Statements

June 30, 2018

 

 

 

On March 9, 2018, the Company entered into a consulting agreement effective January 1, 2018 with Peach Management LLC (“Peach”), pursuant to which Peach shall provide certain consulting services relating to the execution of the Company’s business plan. In consideration of Peach’s services, the Company agrees to pay to Peach an amount of $10,000 per month, payable in accordance with the Company’s standard practices. On March 12, 2018 the Board of Directors increased the amount payable monthly to $25,000 to Peach.

 

During the six months ended June 30, 2018, Peach was paid $127,500.

 

8. Patents

 

The Operating Agreement which governs the terms of Spirulinex, includes among other things, the requirement that the Company contribute to Spirulinex an aggregate of 200,000 shares of common stock valued at $4.75 per share, par value $0.001 per share, valued at $950,000; the Company contribute to Spirulinex a total of $350,000 to fund the Business; and Solunas Aqua Corp. enter into an IP assignment agreement and IP purchase agreement with Spirulinex for all intellectual property and provisional patents relating to the Business.

 

The Company has applied for patents which it believes are a new, original and ornamental design for Oral Consumable Flakes. The patents use the methods of preparing solulizable, encapsulated plant-based compositions.

 

During the six months ended June 30, 2018, the Company has paid $222,023 in legal and associated costs for the multiple patent applications.

 

9. Commitments and Contingencies

 

Long Term Supply Agreement

 

On April 18, 2017 the Company entered into a long term supply agreement (“Supply Agreement”) to purchase flower and manufactured products for the dispensaries upon approval of the appropriate licensing by the Puerto Rico Department of Health. Pursuant to the terms of the Supply Agreement, the Company agreed to purchase at least 50% of all flower and manufactured products to be sold in the dispensaries owned by the Company or its affiliates. The Supply Agreement has a term of ten years from the moment of its coming into effect. If neither party announces termination of the Supply Agreement at least thirty (30) days before its stated expiration, the Supply Agreement shall automatically extend for a period of one year, and renewing until such time as either party provides notice of termination in accordance with the terms and conditions of the Supply Agreement.

 

Option to Purchase Building

 

On May 14, 2018, Andalucia 511, LLC, through its parent company, Project 1493, LLC remitted $50,000 in the form of an option to purchase a building located at 1022 Ashford Avenue in Santuree, Puerto Rico. The option gives the Company an exclusive ninety day option to purchase the building for $1,150,000, which can be executed by written consent, specifying the closing date. The Company will also pay $5,000 rent for the duration of the option agreement.

 

Risk of Prosecution for Cannabis-Related Companies

 

A company that is connected to the marijuana industry must be aware that cannabis-related companies may be at risk of federal, and perhaps state, criminal prosecution. The Department of Treasury recently issued guidance noting: “The Controlled Substances Act” (“CSA”) makes it illegal under federal law to manufacture, distribute, or dispense cannabis. Many states impose and enforce similar prohibitions. As of June 30, 2018 and July 11, 2018, the Company has not been notified of any pending investigations regarding its planned business activities, and is not currently involved in any such investigations with any regulators.

 

Letter of Intent – Progressive Collectives, LLC

 

On January 26, 2018, the Company entered into a letter of intent with Progressive Collectives, LLC (“Progressive”), pursuant to which Progressive would sell and transfer the assets of a cannabis dispensary business, and the Company would purchase and assume the assets of such cannabis dispensary business, subject to the terms and conditions of the letter of intent with Progressive. Subject to a satisfactory due diligence investigation by the Company, and entry into a definitive agreement by and among the parties, the anticipated closing date of the proposed transaction shall be on or before February 2, 2018, subject to the right of the Company to extend such time for a period of forty-five days thereafter in the event the Company requires additional time to conduct its due diligence investigation. The Company and Progressive have signed extensions of time to complete the due diligence, the most recent one on March 23, 2018, extending the period for due diligence until ten days after Progressive files its 2017 Federal income tax return. As of the date of this statement, Progressive has not filed its Federal income tax return.

 

14
 

 

Green Spirit Industries Inc.

Notes to Consolidated Financial Statements

June 30, 2018

 

 

 

10. Revenue Classes

 

Selected financial information for the Company’s operating revenue for disaggregated revenue purposes are as follows: 

 

   For the Three Months Ended June 30,   For the Six Months Ended June 30, 
   2018   2017   2018   2017 
Revenues by Type                    
Wholesale  $98,252   $-   $98,252   $- 
Retail   255,178         257,374      
Total  $353,430    -   $355,626    - 

 

   For the Three Months Ended June 30,   For the Six Months Ended June 30, 
   2018   2017   2018   2017 
Revenues by State                    
California  $220,461   $-   $220,461   $- 
Puerto Rico   132,969         135,165      
Total  $353,430    -   $355,626    - 

 

11. Subsequent Events

 

Isla Verde Construction

 

On July 2, 2018 the Company entered into a construction contract for the construction and build-out of a dispensary for the Isla Verde location for $180,150. Estimated completion date is October, 2018.

 

15
 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND RESULTS OF OPERATIONS

 

The following discussion should be read in conjunction with our unaudited financial statements and the notes thereto.

 

Forward-Looking Statements

 

This section and other parts of this Quarterly Report on Form 10-Q (“Form 10-Q”) contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part II, Item 1A of this Form 10-Q under the heading “Risk Factors,” which are incorporated herein by reference. The following discussion should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the U.S. Securities and Exchange Commission (the “SEC”) and the condensed consolidated financial statements and notes thereto included in Part I, Item 1 of this Form 10-Q. All information presented herein is based on the Company’s fiscal calendar. Unless otherwise stated, references to particular years, quarters, months or periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years. Unless the context indicates or suggests otherwise, references to “we,” “our,” “us,” the “Company,” or “Green Spirit” refer to Green Spirit Industries Inc., a Nevada corporation, individually, or as the context requires, collectively with its consolidated subsidiaries. The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.

 

Available Information

 

The Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are filed with the SEC. The Company is subject to the informational requirements of the Exchange Act and files or furnishes reports, proxy statements, and other information with the SEC. Such reports and other information filed by the Company with the SEC are available free of charge on the Company’s website at https://ir.greenspiritrx.com/sec-filings when such reports are available on the SEC’s website. The public may read and copy any materials filed by the Company with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Room 1580, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov. The information contained on the websites referenced in this Form 10-Q is not incorporated by reference into this filing. Further, the Company’s references to website URLs are intended to be inactive textual references only.

 

16
 

 

Corporate Structure

 

Green Spirit Industries Inc., organized on November 7, 2006 in Nevada, is a holding company with the following subsidiaries:

 

  Project 1493, LLC, a Puerto Rico limited liability company (“1493”);
  Green Spirit Mendocino, LLC, a California limited liability company (“Mendocino”);
  Sunset Connect Oakland, LLC, a California limited liability company (“Sunset”);
  Green Spirit Essentials, LLC, a California limited liability company (“GS Essentials”);
  Spirulinex, LLC, a California limited liability company (“Spirulinex”);
  Point Arena Supply Co., LLC, a California limited liability company (“PA Supply”);
  GSRX SUSPES, LLC., a California limited liability company (“SUSPES”);
  138 Main Street PA, LLC, a California limited liability company (“138 Main”); and
  511 Andalucia, LLC, a Puerto Rico limited liability company (“511”).

 

Our corporate headquarters is located at Building No. 3, P.R. 696, int. Jose Efron Avenue, Dorado, Puerto Rico, 00646 and our telephone number is (214) 808-8649. Our website addresses are as follows: www.greenspiritrx.com, www.spirulinex.com and www.thegreenroomcollective.org. No information on or through websites shall be deemed to be incorporated into this Annual Report on Form 10-K. Our common stock, par value $0.001 per share, is quoted on the OTC Pink Tier of the OTC Markets, Inc. under the symbol “GSRX.”

 

Overview of Business

 

We operate in a rapidly evolving and highly regulated industry that, as has been estimated by some , will exceed $30 billion in revenue by the year 2020. We have been and will continue to be aggressive in executing acquisitions and pursuing other opportunities that we believe will benefit us in the long-term.

 

Through our operating subsidiaries, we operate as a vertically integrated retail, production and cultivation company, with an emphasis on providing the highest quality and unique medical and adult use cannabis products to the regulated cannabis industry.

 

We are in the business of acquiring, developing and operating retail dispensaries, growing facilities, extraction and manufacturing related to the cannabis industry in Puerto Rico and California. In Puerto Rico, all of our medicinal cannabis dispensaries operate under the name “Green Spirit RX” and our dispensary in California, located in Point Arena, Mendocino County, operates under the name “The Green Room”. As of the date of this quarterly report, we have secured leases to commence operations of our new ventures in San Francisco and Oakland. Once we commence operations, we plan to offer a broad selection of medical and adult use products including flowers, concentrates and edibles.

 

Puerto Rico Operations

 

We are currently in various stages of construction of our dispensaries in Puerto Rico. Three dispensaries have been completed and operating; one location will be completed in July 2018 the remaining dispensaries to be completed by the end of 2018. We currently hold pre-qualifications for a dispensary license for these locations, and they will not be fully licensed until construction is completed, and the Department of Health of Puerto Rico (“DHPR”) issues the requisite operating permit for each of the dispensaries.

 

As of the date of this Form 10-Q, we have acquired all of the legal rights, permits, pre-qualified licenses, leasing contracts and assets pertaining to six medical cannabis dispensaries in Puerto Rico. The dispensaries are located in the following locations: (1) Fajardo; (2) Carolina; (3) Dorado; (4) San Juan; (5) Hato Rey; (6) Bayamon; and (7) Isla Verde.

 

During the first quarter of 2018, we completed construction at our first medical cannabis dispensary in Dorado, Puerto Rico and were issued the requisite operating license by the DHPR. On March 28, 2018, we commenced operations under the name “Green Spirit RX.” We completed construction at our dispensaries located in Carolina and Hato Rey and began operations on June 1, 2018 at both dispensaries. We expect construction to be completed at one of our locations during the third quarter of 2018 and that construction at the remaining locations will be completed during the fourth quarter of 2018. These six medical cannabis dispensaries will not be fully licensed until construction is completed, and the DHPR issues the requisite operating permit for each of the dispensaries.

 

17
 

 

California Operations

 

The Green Room

 

On March 7, 2018, Mendocino entered into an asset purchase agreement (the “Asset Purchase Agreement”) with a third-party seller, pursuant to which Mendocino acquired all of the assets relating to a retail cannabis operation in Point Arena, Mendocino County, California for total cash consideration of $350,000. The purchase closed on April 26, 2018.

 

On March 26, 2018, Mendocino was granted the local permit to operate by the City of Point Arena. On April 2, 2018, Mendocino received its State of California permit to operate its adult use and recreational cannabis dispensary.

 

We also assumed the prior owner’s delivery license, which allows delivery of The Green Room product through both telephone or on-line orders to any county in California that allows such product delivery. The delivery car is permitted to transport up to $3,000 of product at retail price at a time, but may make as many daily deliveries as necessary to fulfill all delivery orders. The car contains GPS and a built in safe for security, and the sales proceeds are returned to the store’s safe after each delivery to avoid having cash in the car.

 

Featuring more than 15 strains grown locally and products only found in this location, many customers have made The Green Room a destination place. Coupled with our current plans in establishing new cultivation and manufacturing operations through our other subsidiaries, we intend to increase product offerings by producing unique product lines and branded items solely for purchase at The Green Room. We believe that this will result in return-customers.

 

Spirulinex

 

On March 3, 2018, we entered into an operating agreement with Solunas Aqua Corp., a California corporation (“Solunas”), relating to the formation of Spirulinex, LLC, a California limited liability company. Spirulinex was formed as a joint venture between Green Spirit and Solunas (the “Joint Venture”) for the purpose of carrying out the manufacturing cannabis and cannabinoid products for distribution in the State of California.

 

On April 13, 2018, Spirulinex entered into a lease agreement for a 4,500 square foot facility located in San Francisco, California. We believe that such facility would provide ample space to manufacture quality products for sale to distributors and retailers throughout California, including to our dispensary in Point Arena

 

At the end of the second quarter, the leased space is currently under construction and will become fully operational in the third quarter of 2018.

 

Sunset

 

On March 26, 2018, we entered into an operating agreement with Sunset Connect SF, Inc. (formerly Happy VA Corp.), a California corporation (“Happy”), relating to the formation of Sunset Connect Oakland, LLC, a California limited liability company (“Sunset”). Sunset was formed as a joint venture between Green Spirit and Happy for the purpose of carrying out the cultivation of cannabis for distribution in the State of California.

 

On May 3, 2018, Sunset entered into a sublease for a 25,000 square foot facility located in Oakland, California. We believe that such facility would provide ample space to grow and cultivate quality product for sale to distributors and retailers in California, including our dispensary in Point Arena.

 

At the end of the second quarter, the leased space is currently under construction and will become fully operational in the third quarter of 2018.

 

18
 

 

GS Essentials

 

On March 26, 2018, we entered into an operating agreement with Sunset Connect SF, Inc. (formerly Happy VA Corp.), a California corporation (“Happy”), relating to the formation of Green Spirit Essentials, LLC, a California limited liability company (“GS Essentials”). GS Essentials was formed as a joint venture between Green Spirit and Happy for the purpose of carrying out the extraction of cannabis oils for distribution in the State of California. We plan to have GS Essentials sublease space from Spirulinex. As noted above, Spirulinex leased a 4,500 square foot facility in San Francisco, California. We expect that approximately 1,000 square feet will be allocated to GS Essentials’ extraction business.

 

Through GS Essentials, we plan to run a mix of volatile and non-volatile closed loop extractions as well as an ethanol distillation process to allow us to manufacture a broad spectrum of products, including topical applications, cartridges, oils, wax, shatter, crumble and oral for sale in California.

 

Business Model

 

We plan to operate as a service business specializing in the sale of medical cannabis, edibles and paraphernalia, including, oils, lotions, THC pills, vaporizers, rigs, grinders, t-shirts, hats, logo items, and bongs and pipes with vaporizer attachments through our strategically located dispensaries; and operating several cultivation, extraction and manufacturing facilities.

 

In Puerto Rico, we have entered into a long-term supply agreement (the “Supply Agreement”) to purchase our products from one of the largest growers on the island, who operates a state-of-the art facility and currently has over 36 strands available and is able to produce up to 2,000 pounds a week. Pursuant to the terms of the Supply Agreement, the supplier agrees to sell products to us, upon the issuance by the Department of Health of Puerto Rico of the requisite operating permit for each of the dispensaries, at a 20% discount to current wholesale market prices. We anticipate that based on such prices, we will realize gross margins of approximately 75%. However, there can be no assurance that we will realize such margins. The Company has also begun researching available locations to open its own flower growing facility in Puerto Rico in order to develop its new strains not currently found in Puerto Rico. In addition, the Company will continue the vertical chain with its own extraction and manufacturing units.

 

In California, we are currently evaluating three retail dispensaries to purchase and operate. If purchased, we plan to use our cultivation, extraction and manufacturing subsidiaries to furnish the majority of product once we commence operations while also purchasing certain strains of flowers, edibles oils and lotions from local suppliers.

 

Plan of Operations

 

We also intend to continue evaluating retail, extraction and manufacturing opportunities in multiple states and Puerto Rico. During the past nine months, we have performed due diligence on nine facilities, but rejected them due to their business plan or questionable records. In addition to the three dispensaries noted above, we currently have one dispensary in the due diligence phase located in Portland, Oregon and we are reviewing one dispensary in Puerto Rico to determine whether to continue pursuing those opportunities and commence due diligence.

 

We intend to sell and keep inventory of the top 5 selling brands, which will be determined by sales velocity. We intend to use a state-of-art CRM to track our customers, their buying habits and monthly spend. Customer Segments will be categorized by age, occupation and medical condition.

 

Over the next 12 months, we plan to continue identifying, purchasing and operating medical cannabis dispensaries in various states. We expect to operate 5 locations in the next 12 months and 10 locations by the end of 2019. It is anticipated that costs associated with purchasing or constructing the dispensary, licensing, stocking inventory and operating these dispensaries will be approximately $2.5 million. Our current fixed overhead, which includes our ongoing leasing obligations, is approximately $140,000 per month. We anticipate that fixed overhead will increase at such time as the dispensaries begin operations. In addition, we expect that our fixed costs will continue to increase so long as we are successful in our plan of expansion. We anticipate supporting our operations through the proceeds from our prior and future offerings of our securities, from anticipated revenue once the dispensaries become fully operational and, if necessary, through the sale of our securities in order to complete the development of our dispensaries. However, there can be no assurance that we will be successful in raising sufficient revenues necessary to support our operations, or that we will be successful in selling our securities.

 

19
 

 

We anticipate earning revenue by selling medical cannabis, edibles, pills, creams, patches and oral drops, and paraphernalia such as vaporizers. The average net profit for medical marijuana dispensaries is 20% in the U.S., according to a study conducted by Marijuana Business Daily and the media annual revenue is $1,200,000. We aim to undercut our competition by acquiring our goods at a lower than average cost which we anticipate will allow us to achieve 30% net margins, 50% higher than the industry average.

 

In addition, we will focus on providing the best and most friendly customer service, and provide the highest quality brands and widest variety possible in order to attract repeat business. We expect to realize, although no assurance can be given, approximately 30% net margins on edibles, with 50% net margins on edibles and paraphernalia.

 

Revenue Streams:

 

We expect our primary source of revenue to be from the sale of cannabis and cannabis-related products in our dispensaries. We believe that in order to acquire a significant market share, we will need to increase our advertising and marketing efforts of our products and services. We plan to advertise online and use traditional advertising outlets. We have no specific budget set forth at this time for either form of advertising. Further, we believe that in order to maximize our product sales, we will require additional market research and testing to enable us to be efficient with purchasing and inventory management to determine which products our customers will purchase. We may need to raise additional equity for research and development of our inventory plan. However, there can be no assurance that we will be successful in our advertising and marketing plans, or that we will raise the capital necessary to support the research and development of our inventory plan.

 

We anticipate that revenues from our retail dispensaries will be generated from the following:

 

  medical cannabis, up to 10 strains in each dispensary;
  derivatives (oils, lotions, edibles, THC pills);
  paraphernalia (vaporizers, grinders, rigs, bongs and pipes with vaporizer attachments); and
  clothing (hats, t-shirts, logos).

 

As for our planned extraction, cultivation, and manufacturing operations, we intend to derive revenues from the distribution and sale of our product to dispensaries and other distributors throughout California.

 

Cost Structure:

 

We intend to price our product at below market rates, however we intend to market certain items as “boutique” items, such as gourmet style edibles or exotic strains and clothing and paraphernalia.

 

Limited Operating History

 

There is no historical financial information about us which to base an evaluation of our performance. As of the date of this filing, we have generated minimal revenues from our current operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise in a complicated regulatory environment.

 

CRITICAL ACCOUNTING POLICIES

 

The methods, estimates and judgments we use in applying our accounting policies have a significant impact on the results we report in our financial statements, which we discuss under the heading “Results of Operations.” Some of our accounting policies require us to make difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Due to the life cycle stage of our Company every balance sheet account has inherent estimates.

 

20
 

 

RESULTS OF OPERATIONS

  

The following table summarizes the results of our operations during the three months ended June 30, 2018 and 2017, respectively, and provides information regarding the dollar and percentage increase or (decrease) from the current 3-month period to the prior six-month period:

 

Line Item   6/30/2018 (unaudited)     6/302017 (unaudited)     Increase (Decrease)    

Percentage

Increase

(Decrease)

 
Revenues     353,430       -       353,430       100 %
Cost of Goods Sold     200,357       -       200,357       100 %
Operating expenses     1,656,561       3,297,215       (1,656,561 )     (50) %
Net loss     (1,494,903)       (3,297,215 )     (1,802,312)       (55) %
Loss per share of common stock   $ (0.03)     $ (0.20)     $ 0.17       85 %

 

Three Months Ended June 30, 2018 and June 30, 2017

 

We recorded a net loss of $1,494,903 for the three months ended June 30, 2018.

 

Revenue. Total revenue for the three months ended June 30, 2018 and 2017 was $353,430 and $0, respectively. The increase of $353,430, or 100%, was due to operations of four dispensaries opening in Puerto Rico and Point Arena, California; and revenues from the grow and manufacturing facilities in Oakland and San Francisco, respectively.

 

Cost of Goods Sold. Total cost of revenue for the three months ended June 30, 2018 and 2017 was $200,357 and $0, respectively. The increase of $200,357, or 100%, was due to four dispensaries opening in Puerto Rico and Point Arena, California; and revenues from the grow and manufacturing facilities in Oakland and San Francisco, respectively.

 

Total Operating Expenses Selling, general, administrative and operating expenses for the three months ended June 30, 2018 and 2017 was $1,656,561 and $3,297,215, respectively. The decrease of $1,640,654, or 50%, was primarily due to decrease of stock based compensation paid to officers, directors and consultants for services rendered.

 

Net Loss. Net Loss for the three months ended June 30, 2018 and 2017 was $1,494,903 and $3,297,215, respectively. The decrease of $1,802,312, or 55%, was primarily due to operations beginning in four retail dispensaries, grow and manufacturing facilities, and the decrease of stock based compensation paid to officers, directors and consultants for services rendered.

 

Six Months Ended June 30, 2018 and June 30, 2017

 

We recorded a net loss of $10,003,611 for the six months ended June 30, 2018.

 

Revenue. Total revenue for the six months ended June 30, 2018 and 2017 was $355,626 and $0, respectively. The increase of $355,626, or 100%, was primarily due to operations beginning in four retail dispensaries, grow and manufacturing facilities.

 

Cost of Goods Sold. Total cost of revenue for the six months ended June 30, 2018 and 2017 was $201,178 and $0, respectively. The increase of $201,178, or 100%, was due to operations beginning in four retail dispensaries, grow and manufacturing facilities.

 

Total Operating Costs. Selling, general, administrative and operating expenses for the six months ended June 30, 2018 and 2017 was $10,166,644 and $3,297,215, respectively. The increase of $6,869,429, or 207%, was primarily due to stock based compensation paid to officers, directors and consultants for services rendered and overhead expenses incurred to operate the business.

 

Net Loss. Net Loss for the six months ended June 30, 2018 and 2017 was $10,003,611 and $3,297,215, respectively. The increase of $6,706,396, or 203%, was primarily due to stock based compensation paid to officers, directors and consultants for services rendered and overhead expenses incurred to operate the business.

 

LIQUIDITY AND CAPITAL RESOURCES

 

Sources of Liquidity

 

As of June 30, 2018, the Company had $4,126,761 cash on hand as compared to $6,758,018 as of December 31, 2017. For the six months ended June 30, 2018, the Company reported loss from operations of $10,033,611 and net cash used in operating activities of $2,828,397.

 

We have financed our operations during the six months through the remaining proceeds from the Company’s July 2017 offering, which resulted in total gross proceeds of $3,300,000. During the first quarter, the Company operated with the proceeds from the Company’s December 2017 offering and February 2018 offering, which resulted in total gross proceeds of $5,000,000 and $697,001, respectively. 

 

In addition, we financed our operations during the six months of 2018 through the proceeds from the Company’s April offering and June 2018 offering, which resulted in total gross proceeds of $2,584,765 and $475,000, respectively.

 

We will continue to raise additional cash during the following twelve months and these needs will coincide with the cash demands anticipated for the implementation of our business plan and remaining current with our Securities and Exchange Commission filings. There is no assurance that we will be able to obtain additional capital as required, or obtain the capital on acceptable terms and conditions.

 

Operating Cash Flows. Net cash used in operating activities for the six months ended June 30, 2018 was $2,828,397, which was due to the net loss from operations, less stock-based compensation, purchase of inventory, payment of prepaid expenses and increases of accounts payable and accrued expenses.

 

21
 

 

Investing Cash Flows. Net cash used in investing activities for the six months ended June 30, 2018 was $3,329,515, which was due to the purchase of our dispensary located in Point Arena, California, purchase of certain real estate property in San Juan, Puerto Rico, purchase of patents, and construction costs of our dispensaries in Puerto Rico.

  

Financing Cash Flows. Net cash provided by financing activities for the six months ended June 30, 2018 was $3,526,655, which was due to our February, April and June 2018 capital raises.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures 

 

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of June 30, 2018. Based on this evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures are not effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that our disclosure and controls are not designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties consistent with control objectives; and (3) ineffective controls over period end financial disclosure and reporting processes.

 

Management believes that the material weaknesses set forth in items (2) and (3) above did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.

 

Changes in Internal Control Over Financial Reporting

 

There have been no changes in our “internal control over financial reporting” (as defined in Rule 13a-15(f) under the Securities Exchange Act) that occurred during the period covered by this quarterly report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

22
 

 

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

There are no legal proceedings which are pending or have been threatened against us or any of our officers, directors or control persons of which management is aware.

 

ITEM 1A. RISK FACTORS.

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES 

 

June 2018 Private Placement

 

On June 7, 2018, the Company entered into a subscription agreement (the “February Agreement”) with selected accredited investors (each, an “Investor” and collectively, the “Investors”). Pursuant to the terms of the Subscription Agreement, the Company offered in a private placement (the “Offering”) common stock, par value $0.001 per share (the “Shares”) at a purchase price of $3.50 per share. In the Offering, the Company issued a total of 738,504 Shares for total gross proceeds of $2,584,764.

 

In connection with the foregoing issuances, the Company relied upon the exemption from securities registration provided by Section 4(a)(2) under the Securities Act for transactions not involving a public offering.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

ITEM 6. EXHIBITS

 

Exhibit No.   Description
     
31.1   Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
31.2   Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
32.1   Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101.INS   XBRL Instance Document
101 SCH   XBRL Taxonomy Extension Schema Document
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
101 LAB   XBRL Extension Labels Linkbase Document
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document

 

23
 

 

SIGNATURES

 

In accordance with the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

  GREEN SPIRIT INDUSTRIES INC.
     
Date: July 12, 2018 By: /s/ Leslie Ball
    Leslie Ball
    Chief Executive Officer

 

24
 

 

EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

I, Leslie Ball, certify that:

 

  1. I have reviewed this Form 10-Q for the period ended June 30, 2018 of Green Spirit Industries Inc.;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  e. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  f. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: July 12, 2018

 

/s/ Leslie Ball  
Leslie Ball  
Principal Executive Officer  

 

   
 

 

EX-31.2 3 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

I, Thomas Gingerich, certify that:

 

  1. I have reviewed this Form 10-Q for the period ended June 30, 2018 of Green Spirit Industries Inc.;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  e. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  f. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: July 12, 2018

 

/s/ Thomas Gingerich  
Thomas Gingerich  
Principal Financial Officer  

 

   
 

 

 

EX-32.1 4 ex32-1.htm

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Green Spirit Industries Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1. The Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (the “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

 

2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

IN WITNESS WHEREOF, each of the undersigned has executed this statement this 12th day of July, 2018.

 

  /s/ Leslie Ball
  Leslie Ball
  Chief Executive Officer
   
  /s/ Thomas Gingerich
  Thomas Gingerich
  Chief Financial Officer

 

A signed original of this written statement required by Section 906 has been provided to GREEN SPIRIT INDUSTRIES INC. and will be retained by GREEN SPIRIT INDUSTRIES INC. and furnished to the Securities and Exchange Commission or its staff upon request.

 

   
 

 

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Document and Entity Information - shares
6 Months Ended
Jun. 30, 2018
Jul. 11, 2018
Document And Entity Information    
Entity Registrant Name GREEN SPIRIT INDUSTRIES INC.  
Entity Central Index Key 0001381240  
Document Type 10-Q  
Document Period End Date Jun. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   43,489,342
Trading Symbol GSRX  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2018  
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Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current Assets    
Cash $ 782,208 $ 4,645
Cash, held in escrow 3,344,553 6,753,373
Accounts Receivable 97,993
Inventory 300,166
Prepaid Expenses 93,297 20,650
Total Current Assets 4,618,217 6,778,668
Fixed Assets    
Furniture, fixtures and equipment 255,766
Building and leasehold improvements 1,878,475
Accumulated Depreciation (22,961)
Total Net Fixed Assets 2,111,280
Other Assets    
Licenses (Note 5) 812,300 503,000
Deposits 280,200 7,300
Patents 1,522,023
Construction in progress (Note 6) 282,678 241,627
Total Other Assets 2,897,201 751,927
Total Assets 9,626,698 7,530,595
Current Liabilities    
Accounts Payable 216,689 222,515
Accrued Expenses 29,613
Advances Payable 2,522 1,000
Total Current Liabilities 248,824 223,515
Total Liabilities 248,824 223,515
Commitments and Contingencies (Note 9)
Stockholders' Equity (Note 3)    
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Common Stock $.001 par value 100,000,000 authorized; 43,476,758 and 40,817,870 issued and outstanding and 190,000 and 77,167 held in escrow and not issued as of June 30, 2018 and December 31, 2017, respectively 43,668 40,895
Additional paid-in capital 44,756,665 33,349,144
Retained deficit (35,922,101) (26,082,960)
Equity attributable to Green Spirit Industries Inc. 8,878,233 7,307,080
Non-controlling interest 499,641
Total Stockholders' Equity 9,377,874 7,307,080
Total Liabilities and Stockholders' Equity $ 9,626,698 $ 7,530,595
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Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
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Preferred stock, shares authorized 1,000 1,000
Preferred stock, shares issued 1,000 1,000
Preferred stock, shares outstanding 1,000 1,000
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 43,476,758 40,817,870
Common stock, shares outstanding 43,476,758 40,817,870
Number shares held in escrow 190,000 77,167
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Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Revenues $ 353,430 $ 355,626
Cost of Goods Sold 200,357 201,178
Gross Profit 153,073 154,448
Operating expenses        
Consulting Fees 357,990 30,000 674,823 30,000
General and administrative 1,138,396 20,965 1,544,233 20,965
Professional Fees 134,464 56,250 326,877 56,250
Depreciation Expense 22,961 22,961
Stock based compensation (Note 3)        
Consulting fees 2,750 1,069,600 7,297,750 1,069,600
Investor relations 991,000 300,000 991,000
Professional fees 1,129,400 1,129,400
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Total Operating Expenses 1,656,561 3,297,215 10,166,644 3,297,215
Loss from operations (1,503,488) (3,297,215) (10,012,196) (3,297,215)
Other Income (Expenses)        
Rent Income 8,585 8,585
Total Other Income (Expenses) 8,585 8,585
Loss from operations before provision for income taxes (1,494,903) (3,297,215) (10,003,611) (3,297,215)
Provision for income taxes
Net loss (1,494,903) (3,297,215) (10,003,611) (3,297,215)
Net loss attributable to non-controlling interest (163,952) (164,470)
Net loss attributable to Green Spirit Industries Inc. $ (1,330,951) $ (3,297,215) $ (9,839,141) $ (3,297,215)
Basic loss per share $ (0.03) $ (0.20) $ (0.23) $ (0.39)
Weighted average number of common shares outstanding 42,946,004 16,595,057 42,143,764 8,466,462
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Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2018 - USD ($)
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Deficit [Member]
Non-Controlling Interest [Member]
Total
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Balance, shares at Dec. 31, 2017 1,000 40,895,037        
Issuance of shares and warrants for cash $ 155 465,345 465,500
Issuance of shares and warrants for cash, shares 155,167        
Issuance of shares for cash $ 739 2,584,026 2,584,765
Issuance of shares for cash, shares 738,504        
Issuance of shares for services $ 1,489 7,596,261 7,597,750
Issuance of shares for services, shares 1,488,050        
Shares purchased, not issued as of statement date $ 190 474,810 475,000
Shares purchased, not issued as of statement date, shares 190,000        
Shares issued for purchase of patents $ 200 949,800 950,000
Shares issued for purchase of patents, shares 200,000        
Recognition of Non-Controlling Interest attributable to Spirulinex (662,721) 662,721
Capital contributed by minority joint venturers 1,390 1,390
Net loss (9,839,141) (164,470) (10,003,611)
Balance at Jun. 30, 2018 $ 1 $ 43,668 $ 44,756,665 $ (35,922,101) $ 499,641 $ 9,377,874
Balance, shares at Jun. 30, 2018 1,000 43,666,758        
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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flow from Operating Activities    
Net loss $ (10,003,611) $ (3,297,215)
Adjustments to Reconcile Net Loss to Net Cash used in Operating Activities    
Issuance of common stock for services 7,597,750 3,190,000
Depreciation Expense 22,961
Changes in operating assets and liabilities:    
Accounts Receivable (97,993)
Inventory (300,166)
Prepaid Expenses (72,647) (17,500)
Accounts Payable (5,826) 4,750
Accrued Expenses 29,613
Advances Payable 1,522 1,000
Net cash (used in) provided by operating activities (2,828,397) (118,965)
Cash Flow from Investing Activities    
Deposit (272,900) (150,000)
Fixed Assets (2,134,241)
Licenses (309,300)
Patents (572,023)
Construction in Progress (41,051) (63,747)
Net cash used in investing activities (3,329,515) (213,747)
Cash Flow from Financing Activities    
Issuance of common stock 3,525,265 3,300,000
Cash contributed by minority joint venturers 1,390
Capitalization of subsidiary for prepaid expenses 1,000
Advances payable, related party 150,000
Advances Payable, related party (150,000)
Net cash provided by financing activities 3,526,655 3,301,000
Net increase (decrease) in cash (2,631,257) 2,968,288
Cash at beginning of period 6,758,018
Cash at end of period 4,126,761 2,968,288
Supplemental Disclosures of Cash Flow Information    
Interest
Income Taxes
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Common Stock issued for purchase of patents $ 950,000
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Nature of Operations
6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations

1. Nature of Operations

 

Green Spirit Industries Inc. (“the Company”) is a Nevada corporation formed under the name Cyberspace Vita, Inc. (“Cyberspace”) on November 7, 2006. Cyberspace’s initial business plan was related to the online sale of vitamins and supplements. On May 11, 2017, the Company entered into a share exchange agreement (the “Exchange Agreement”) with Peter Zachariou, the majority shareholder of Cyberspace (the “Shareholder”), Project 1493, LLC, a limited liability company organized under the laws of the Commonwealth of Puerto Rico (“1493”), and Peach Management, LLC (“Peach”) the sole member of 1493 (the “Member”), pursuant to which the Member transferred all of the outstanding membership interests of 1493 to the Company in exchange for 16,690,912 restricted shares of common stock of the Company (the “Exchange Shares”), warrants to purchase up to 3,000,000 shares of common stock at an exercise price of $0.50 per share for a period of three (3) years from the date of issuance (the “Exchange Warrants”) and 1,000 shares of Series A Preferred Stock that grants the holders thereof fifty-one percent (51%) voting power (the “Preferred Shares” and together with the Exchange Shares, and the Exchange Warrants, the “Exchange Securities”). As a result of the Exchange Agreement, 1493 became a wholly-owned subsidiary of the Company, and the business of 1493 became the business of the Company. At the time of the Exchange Agreement, Cyberspace was not engaged in any business activity. The Company accounted for the acquisition of 1493 as a reverse merger and all prior periods presented are those of 1493.

 

On June 21, 2018, the Board of Directors of Green Spirit Industries Inc. (the “Company”) unanimously adopted amended and restated Bylaws of the Company (the “Amended and Restated Bylaws”), to, among other things, conform certain provisions of the Amended and Restated Bylaws to the Company’s Amended Articles of Incorporation and the Nevada Revised Statutes, as well as to revise the procedures relating to action by written consent of the Company’s stockholders.

 

On June 22, 2018 the Board of Directors approved the resolution to change the name of the Corporation to “GSRX Industries Inc.” in order to reflect the nature of the corporation following consummation of the share exchange. The name change will become effective after final review by FINRA.

 

Project 1493, LLC (“1493”) was organized under the laws of the Commonwealth of Puerto Rico on March 17, 2017. The Company was formerly known as Grey Finland Advisors, LLC (“Grey”), which was organized under the laws of the Commonwealth of Puerto Rico on March 24, 2011, and has had no operations since that time. 1493 filed a Certificate of Restoration on March 17, 2017 and elected to change its name to Project 1493, LLC.

 

Andalucia 511, LLC (“511”) was organized under the laws of the Commonwealth of Puerto Rico on March 19, 2018. 511 was formed for the purpose of purchasing the building at 51 McLeary, San Juan, Puerto Rico.

 

Spirulinex, LLC (“Spirulinex”) was organized under the laws of the State of California on October 12, 2017and had no operations since its inception. On March 3, 2018, the Company entered into an operating agreement with Solunas Aqua Corp., a California corporation (“Solunas”). Spirulinex was formed as a joint venture between the Company and Solunas (the “Joint Venture”) for the purpose of carrying out the manufacturing cannabis and cannabinoid products for distribution in the State of California.

 

 

Sunset Connect Oakland, LLC (“Sunset”) was organized under the laws of the State of California on December 13, 2017 and had no operations since its inception. On March 26, 2018, the Company entered into an operating agreement with Sunset Connect SF, Inc. (formerly Happy VA Corp.), a California corporation (“Happy”). Sunset was formed as a joint venture between the Company and Happy for the purpose of carrying out the growing of cannabis for distribution in the State of California.

 

Green Spirit Essentials, LLC (“GS Essentials”) was organized under the laws of the State of California on December 12, 2017 and had no operations since its inception. On March 26, 2018, the Company entered into an operating agreement with Sunset Connect SF, Inc. (formerly Happy VA Corp.), a California corporation (“Happy”). Sunset was formed as a joint venture between the Company and Happy for the purpose of carrying out the extraction of cannabis oils for distribution in the State of California.

 

Green Spirit Mendocino, LLC (“Mendocino”) was organized under the laws of the State of California on December 8, 2017 and had no operations since inception. The Company entered into an operating agreement with Mendocino on March 26, 2018. The Company is the sole member of Mendocino. On March 7, 2018, Mendocino entered into an asset purchase agreement with a third-party seller, pursuant to which Mendocino acquired all of the assets relating to a retail cannabis business in Point Arena, Mendocino County, California for total cash consideration of $350,000.

 

Mendocino began operations on April 2, 2018.

 

138 Main Street PA, LLC (“138 Main”) was organized under the laws of the State of California on March 16, 2018. 138 Main was formed for the purpose of purchasing the building at 138 Main Street, Point Arena, California. The closing of the purchase was on May 22, 2018. 138 Main will lease the building to Green Spirit Mendocino for $1,200 per month.

 

GSRX SUSPES, LLC (“SUSPES”) was organized under the laws of the State of California on April 3, 2018. SUSPES was formed for the purpose of payroll management for the operations in California.

 

The Company is in the business of acquiring, developing and operating medical cannabis dispensaries throughout Puerto Rico and cannabis related businesses in California. To date, the Company has acquired all of the legal rights, permits, licenses, leasing contracts and assets of pre-qualified medical cannabis dispensaries pursuant to three Final Purchasing Agreements (“FPA”). (Note 6). The Company began operations in one dispensary in Puerto Rico on March 28, 2018, two dispensaries on June 1, 2018 and on April 2, 2018 in Point Arena, California.

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Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

 

Basis of Presentation

 

The consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. However, in the opinion of management, all adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the consolidated financial position and results of its operations for the periods presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. These consolidated financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2017 (including the notes thereto) set forth in Form 10-K filed with the Securities and Exchange Commission on April 17, 2018.

 

 

Principles of Consolidation

 

The consolidated financial statements through June 30, 2018 include the accounts of the Company and the following entities, all of which have fiscal year ends of December 31. (Note 1).

 

  100% owned subsidiary, Project 1493, LLC;
  100% owned subsidiary, Andalucia 511, LLC;
  51% majority owned subsidiary, Spirulinex, LLC;
  55% majority owned subsidiary, Sunset Connect Oakland, LLC;
  55% majority owned, Green Spirit Essentials, LLC;
  100% owned subsidiary, Green Spirit Mendocino, LLC; and
  100% owned subsidiary, 138 Main Street PA, LLC.
  100% owned subsidiary, GSRX SUPES, LLC
  100% owned subsidiary, Point Arena Supply Co., LLC

 

Use of Estimates and Assumptions

 

The preparation of the consolidated financial statements that are in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements.

 

Cash and cash equivalents

 

The Company considers all cash on hand, cash in banks and all highly liquid debt instruments purchased with a maturity of three months at purchase or less to be cash and cash equivalents. At times, cash and cash equivalent balances at a limited number of banks and financial institutions may exceed insurable amounts. At June 30, 2018 the Company had $3,268,709 in excess of FDIC depository insurance coverage. The Company believes it mitigates its risks by depositing cash or investing in cash equivalents in major financial institutions.

 

Cash held in escrow, in the name of the Company, is held by Sichenzia Ross Ference Kesner (“Sichenzia”). The escrow account was established to hold the deposits from the sale of common stock and hold funds for businesses under letters of intents to purchase. There are no restrictions on the funds held by Sichenzia on the Company’s behalf.

 

Revenue Recognition

 

In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” This new standard replaced most existing revenue recognition guidance in U.S. GAAP and codified guidance under FASB Topic 606. The underlying principle of this new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration that the entity expects to be entitled to receive in exchange for those goods or services.

 

The Company adopted ASU No. 2014-09 as of January 1, 2018 using the modified retrospective method. Results for the reporting period beginning after January 1, 2018 are presented under Topic 606, while prior period amounts continue to be reported in accordance with the Company’s historic accounting practices under previous guidance. However, given the nature of the Company’s products and the terms and conditions applicable to sales to its customers, the timing and amount of revenue recognized based on the underlying principles of ASU No. 2014-09 are consistent with the Company’s revenue recognition policy under previous guidance.

 

The Company incurs costs associated with product distribution, such as freight and handling costs. The Company has elected to treat these costs as fulfillment activities and recognizes these costs at the same time that it recognizes the underlying product revenue. As this policy election is in line with the Company’s previous accounting practices, the treatment of shipping and handling activities under Topic 606 did not have any impact on the Company’s results of operations, financial condition and/or financial statement disclosures.

 

 

In accordance with the new guidance, the Company recognizes revenue at an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for transferring goods or services to its customers. The Company’s policy is to record revenue when control of the goods transfers to the customer.

 

In limited instances when products are sold under consignment arrangements, the Company does not recognize revenue until control over such products has transferred to the end consumer.

 

Other revenues, primarily rents, do not comprise a material amount of the Company’s net sales.

 

Share based Compensation

 

Compensation cost relating to share-based payment transactions (including the cost of all employee stock options) is required to be recognized in the consolidated financial statements and covers a wide range of share-based compensation arrangements including share options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. That cost will be measured based on the estimated fair value of the equity or liability instruments issued. See Note 3.

 

Fair Value of Financial Instruments

 

The carrying value of the Company’s current liabilities approximates fair value because of the short maturity of these instruments. Unless otherwise noted, it is management’s opinion the Company is not exposed, except for cash balances in excess of the FDIC depository insurance coverage, to significant interest, currency or credit risks arising from these financial instruments.

 

Income Taxes

 

The Company follows the accrual method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on the deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company was organized under the laws of Nevada and therefore will be taxed at statutory U.S. federal corporate income tax rates.

 

Basic Earnings per Share

 

The Company computes net loss per share in accordance with FASB ASC 260 “Earnings per Share”, which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.

 

Basic net loss per share amounts are computed by dividing the net loss by the weighted average number of common shares outstanding. Potentially dilutive securities have been excluded from the Company’s earnings per share calculation due to the effect of being anti-dilutive. The total number of potentially dilutive securities which have been excluded is 6,038,462. (Note 3).

 

 

Recent Accounting Pronouncements

 

As of June 30, 2018 and through July 11, 2018, there were several new accounting pronouncements issued by the Financial Accounting Standards Board. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s financial position or future operating results. The Company will monitor these emerging issues to assess any potential future impact on its financial statements.

 

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This standard requires all leases that have a term of over 12 months to be recognized on the balance sheet with the liability for lease payments and the corresponding right-of-use asset initially measured at the present value of amounts expected to be paid over the term. Recognition of the costs of these leases on the income statement will be dependent upon their classification as either an operating or a financing lease. Costs of an operating lease will continue to be recognized as a single operating expense on a straight-line basis over the lease term. This standard will be effective for our interim and annual periods beginning January 1, 2019, and must be applied on a modified retrospective basis to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. We are currently evaluating the timing of adoption and the potential impact of this standard on our consolidated financial position, but we do not expect it to have a material impact on our results of operations.

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Equity
6 Months Ended
Jun. 30, 2018
Stockholders' Equity Note [Abstract]  
Equity

3. Equity

 

Authorized and Outstanding Capital Stock

 

The Company has authorized 100,000,000 shares of common stock, par value $0.001, of which 43,476,758 are currently issued and outstanding; an additional 190,000 shares were purchased but not issued. The Company currently has 9,999,000 shares of “blank check” preferred stock, and 1,000 shares of Series A Preferred Stock which are issued and outstanding.

 

Common Stock

 

The holders of common stock are entitled to one vote per share. In addition, the holders of the common stock will be entitled to receive ratably dividends, if any, declared by the board of directors out of legally available funds; however, the current policy of the board of directors is to retain earnings, if any, for operations and growth. Upon liquidation, dissolution or winding-up, the holders of common stock will be entitled to share ratably in all assets that are legally available for distribution. The holders of common stock will have no preemptive, subscription, redemption or conversion rights. The rights, preferences and privileges of holders of common stock will be subject to, and may be adversely affected by, the rights of the holders of any series of preferred stock, which may be designated solely by action of the board of directors and issued in the future.

 

The following table illustrates the common stock transactions for the six months ended June 30, 2018:

 

    Preferred     Common  
Category   Shares     Shares  
Cash, common shares     0       893,671  
Services     0       1,487,500  
Services, approved but not issued     0       550  
Patents     0       200,000  
Cash, common shares purchased but not issued as of the statement date     0       190,000  
Total     0       2,771,721  

 

 

On June 12, 2018 the Company issued 275 shares to Dr. Harlan Ribnik, Board Director, per letter agreement dated February 12, 2018. In connection with the appointment of Dr. Ribnik, the Board authorized to pay Dr. Ribnik compensation as a member of the Board of the Corporation a quarterly fee of shares of the Corporation’s Common Stock in an amount equal to One Thousand Five Hundred Dollars ($1,500) based on the market price per share of the Corporation’s Common Stock on the last trading day of each quarter.

 

On June 12, 2018 the Company issued 275 shares to Steve Farkas, Board Director, per letter agreement dated February 12, 2018. In connection with the appointment of Mr. Farkas, the Board authorized to pay Mr. Farkas compensation as a member of the Board of the Corporation as follows: (i) a monthly fee of One Thousand Dollars ($1,000); and (ii) a quarterly fee of shares of the Corporation’s common stock, par value $0.001 per share (the “Common Stock”), in an amount equal to One Thousand Five Hundred Dollars ($1,500) based on the market price per share of the Corporation’s Common Stock on the last trading day of each quarter.

 

Series A Preferred Stock

 

The holder of Series A Preferred Stock shall have full voting rights and shall vote together as a single class with the holders of the Company’s common stock. The holder of Series A Preferred Stock is entitled to fifty-one percent (51%) of the total votes on all matters brought before shareholders of the Company, regardless of the actual number of shares of Series A Preferred Stock then outstanding. In addition, the Company is prohibited from issuing any other class of preferred stock without first obtaining the prior approval of the holders of Series A Preferred Stock. All Series A Preferred stock issued and outstanding is held by Peach Management, LLC.

 

Blank Check Preferred Stock

 

The board of directors will be authorized, subject to any limitations prescribed by law, without further vote or action by the common stockholders, to issue from time to time shares of preferred stock in one or more series. Each series of preferred stock will have the number of shares, designations, preferences, voting powers, qualifications and special or relative rights or privileges as shall be determined by the board of directors, which may include, among others, dividend rights, voting rights, liquidation preferences, conversion rights and preemptive rights.

 

Warrants

 

As of June 30, 2018, the Company had outstanding warrants to purchase 6,038,462 shares of common stock (the “Warrants”). Each Warrant represents the right to purchase one share of common stock at an exercise price of $0.50 per share for a period of three (3) years from the date of issuance.

 

The Company may issue warrants to non-employees in capital raising transactions or for services. In accordance with guidance in ASC Topic 718, the cost of warrants issued to non-employees is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period.

 

All of the outstanding warrants granted were fully vested on the grant date.

 

 

2018 Stock Offering

 

On February 23, 2018, the Company entered into a subscription agreement (the “February Agreement”) with selected accredited investors (each, an “Investor” and collectively, the “Investors”). Pursuant to the terms of the February Agreement, the Company sold in a private placement (the “February Offering”) an aggregate of 155,167 units (each, a “Unit” and collectively, the “Units”) at a purchase price of $3.00 per Unit. The Offering resulted in $465,500 total gross proceeds. Each Unit consists of (i) one (1) share of the Company’s common stock, par value $0.001 per share (the “Shares”); and (ii) one (1) warrant to purchase shares of the Company’s common stock (each, a “Warrant” and together with the Units, Shares and the common stock issuable upon exercise of the Warrants (the “Warrant Shares”), collectively, the “Securities”). Each Warrant shall be exercisable at any time on or after the date of issuance for a period of three (3) years at an exercise price per share equal to $6.00 per share, subject to adjustment as provided in the Warrant agreement.

 

April 2018 Stock Offering

 

On April 11, 2018, the Company entered into a subscription agreement (the “April Agreement”) with selected accredited investors (each, an “Investor” and collectively, the “Investors”). Pursuant to the terms of the April Agreement, the Company sold in a private placement (the “April Offering”) 738,504 common shares at a purchase price of $3.50 per share. The Offering resulted in $2,584,765 total gross proceeds. The Offering was terminated on May 21, 2018.

 

June 2018 Stock Offering

 

On June 11, 2018, the Company entered into a subscription agreement (the “April Agreement”) with selected accredited investors (each, an “Investor” and collectively, the “Investors”). Pursuant to the terms of the April Agreement, the Company sold in a private placement (the “June Offering”) 190,000 common shares at a purchase price of $2.50 per share. The Offering resulted in $475,000 total gross proceeds. The Offering was terminated on June 22, 2018.

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Income Taxes
6 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Income Taxes

4. Income Taxes

 

Deferred income taxes are reported using the liability method. Deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

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Licenses
6 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Licenses

5. Licenses

 

On March 7, 2018, Mendocino entered into an asset purchase agreement with a third-party seller, pursuant to which Mendocino acquired all of the assets relating to a retail cannabis business in Point Arena, Mendocino County, California for total cash consideration of $350,000.

 

The amount assigned to the Licenses intangible asset was $309,300. The licenses and permits renew annually for nominal fees.

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Construction in Progress
6 Months Ended
Jun. 30, 2018
Fixed Assets  
Construction in Progress

6. Construction in progress

 

On June 8, 2017, the Company entered into construction contracts for the construction and build-out of two dispensaries for the Carolina and Dorado locations for $123,700 and $100,075, respectively. On August 14, 2017 the Company entered into a construction contract for the construction and build-out of a dispensary for the Andalucia location for $117,200. On October 4, 2017 the Company entered into a construction contract for the construction and build-out of a dispensary for the Fajardo location for $127,600. As of June 30, 2018, the Company has paid $587,237 on interim payment applications to the contractor. The construction at the Dorado location was completed March 24, 2018; and the construction was completed at Carolina and Andalucia on May 14, 2018. The construction on the Fajardo location began on March 15, 2018 and is anticipated to be completed by July 31, 2018. Estimated costs to complete the projects is approximately $150,000.

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Related Party Transactions
6 Months Ended
Jun. 30, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

7. Related Party Transactions

 

The Company entered into Consulting Agreements with the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) effective as of January 1, 2018. The CEO will be paid $20,000 per month plus expenses and the CFO will be paid $17,500 per month plus expenses.

 

The two officers performed their executive and financial duties for the Company since March 17, 2017. During the six months ended June 30, 2018, the CEO and CFO were paid $125,000 and $100,500, respectively.

 

 

On March 9, 2018, the Company entered into a consulting agreement effective January 1, 2018 with Peach Management LLC (“Peach”), pursuant to which Peach shall provide certain consulting services relating to the execution of the Company’s business plan. In consideration of Peach’s services, the Company agrees to pay to Peach an amount of $10,000 per month, payable in accordance with the Company’s standard practices. On March 12, 2018 the Board of Directors increased the amount payable monthly to $25,000 to Peach.

 

During the six months ended June 30, 2018, Peach was paid $127,500.

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Patents
6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Patents

8. Patents

 

The Operating Agreement which governs the terms of Spirulinex, includes among other things, the requirement that the Company contribute to Spirulinex an aggregate of 200,000 shares of common stock valued at $4.75 per share, par value $0.001 per share, valued at $950,000; the Company contribute to Spirulinex a total of $350,000 to fund the Business; and Solunas Aqua Corp. enter into an IP assignment agreement and IP purchase agreement with Spirulinex for all intellectual property and provisional patents relating to the Business.

 

The Company has applied for patents which it believes are a new, original and ornamental design for Oral Consumable Flakes. The patents use the methods of preparing solulizable, encapsulated plant-based compositions.

 

During the six months ended June 30, 2018, the Company has paid $222,023 in legal and associated costs for the multiple patent applications. 

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Commitments and Contingencies
6 Months Ended
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

9. Commitments and Contingencies

 

Long Term Supply Agreement

 

On April 18, 2017 the Company entered into a long term supply agreement (“Supply Agreement”) to purchase flower and manufactured products for the dispensaries upon approval of the appropriate licensing by the Puerto Rico Department of Health. Pursuant to the terms of the Supply Agreement, the Company agreed to purchase at least 50% of all flower and manufactured products to be sold in the dispensaries owned by the Company or its affiliates. The Supply Agreement has a term of ten years from the moment of its coming into effect. If neither party announces termination of the Supply Agreement at least thirty (30) days before its stated expiration, the Supply Agreement shall automatically extend for a period of one year, and renewing until such time as either party provides notice of termination in accordance with the terms and conditions of the Supply Agreement.

 

Option to Purchase Building

 

On May 14, 2018, Andalucia 511, LLC, through its parent company, Project 1493, LLC remitted $50,000 in the form of an option to purchase a building located at 1022 Ashford Avenue in Santuree, Puerto Rico. The option gives the Company an exclusive ninety day option to purchase the building for $1,150,000, which can be executed by written consent, specifying the closing date. The Company will also pay $5,000 rent for the duration of the option agreement.

 

Risk of Prosecution for Cannabis-Related Companies

 

A company that is connected to the marijuana industry must be aware that cannabis-related companies may be at risk of federal, and perhaps state, criminal prosecution. The Department of Treasury recently issued guidance noting: “The Controlled Substances Act” (“CSA”) makes it illegal under federal law to manufacture, distribute, or dispense cannabis. Many states impose and enforce similar prohibitions. As of June 30, 2018 and July 11, 2018, the Company has not been notified of any pending investigations regarding its planned business activities, and is not currently involved in any such investigations with any regulators.

 

Letter of Intent – Progressive Collectives, LLC

 

On January 26, 2018, the Company entered into a letter of intent with Progressive Collectives, LLC (“Progressive”), pursuant to which Progressive would sell and transfer the assets of a cannabis dispensary business, and the Company would purchase and assume the assets of such cannabis dispensary business, subject to the terms and conditions of the letter of intent with Progressive. Subject to a satisfactory due diligence investigation by the Company, and entry into a definitive agreement by and among the parties, the anticipated closing date of the proposed transaction shall be on or before February 2, 2018, subject to the right of the Company to extend such time for a period of forty-five days thereafter in the event the Company requires additional time to conduct its due diligence investigation. The Company and Progressive have signed extensions of time to complete the due diligence, the most recent one on March 23, 2018, extending the period for due diligence until ten days after Progressive files its 2017 Federal income tax return. As of the date of this statement, Progressive has not filed its Federal income tax return.

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Revenue Classes
6 Months Ended
Jun. 30, 2018
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue Classes

10. Revenue Classes

 

Selected financial information for the Company’s operating revenue for disaggregated revenue purposes are as follows: 

 

    For the Three Months Ended June 30,     For the Six Months Ended June 30,  
    2018     2017     2018     2017  
Revenues by Type                                
Wholesale   $ 98,252     $ -     $ 98,252     $ -  
Retail     255,178               257,374          
Total   $ 353,430       -     $ 355,626       -  

 

    For the Three Months Ended June 30,     For the Six Months Ended June 30,  
    2018     2017     2018     2017  
Revenues by State                                
California   $ 220,461     $ -     $ 220,461     $ -  
Puerto Rico     132,969               135,165          
Total   $ 353,430       -     $ 355,626       -  

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Subsequent Events
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

11. Subsequent Events

 

Isla Verde Construction

 

On July 2, 2018 the Company entered into a construction contract for the construction and build-out of a dispensary for the Isla Verde location for $180,150. Estimated completion date is October, 2018.

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Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. However, in the opinion of management, all adjustments (which include only normal recurring adjustments, unless otherwise indicated) necessary to present fairly the consolidated financial position and results of its operations for the periods presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. These consolidated financial statements should be read in conjunction with the financial statements of the Company for the year ended December 31, 2017 (including the notes thereto) set forth in Form 10-K filed with the Securities and Exchange Commission on April 17, 2018.

Principles of Consolidation

Principles of Consolidation

 

The consolidated financial statements through June 30, 2018 include the accounts of the Company and the following entities, all of which have fiscal year ends of December 31. (Note 1).

 

  100% owned subsidiary, Project 1493, LLC;
  100% owned subsidiary, Andalucia 511, LLC;
  51% majority owned subsidiary, Spirulinex, LLC;
  55% majority owned subsidiary, Sunset Connect Oakland, LLC;
  55% majority owned, Green Spirit Essentials, LLC;
  100% owned subsidiary, Green Spirit Mendocino, LLC; and
  100% owned subsidiary, 138 Main Street PA, LLC.
  100% owned subsidiary, GSRX SUPES, LLC
  100% owned subsidiary, Point Arena Supply Co., LLC

Use of Estimates and Assumptions

Use of Estimates and Assumptions

 

The preparation of the consolidated financial statements that are in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements.

Cash and Cash Equivalents

Cash and cash equivalents

 

The Company considers all cash on hand, cash in banks and all highly liquid debt instruments purchased with a maturity of three months at purchase or less to be cash and cash equivalents. At times, cash and cash equivalent balances at a limited number of banks and financial institutions may exceed insurable amounts. At June 30, 2018 the Company had $3,268,709 in excess of FDIC depository insurance coverage. The Company believes it mitigates its risks by depositing cash or investing in cash equivalents in major financial institutions.

 

Cash held in escrow, in the name of the Company, is held by Sichenzia Ross Ference Kesner (“Sichenzia”). The escrow account was established to hold the deposits from the sale of common stock and hold funds for businesses under letters of intents to purchase. There are no restrictions on the funds held by Sichenzia on the Company’s behalf.

Revenue Recognition

Revenue Recognition

 

In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” This new standard replaced most existing revenue recognition guidance in U.S. GAAP and codified guidance under FASB Topic 606. The underlying principle of this new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration that the entity expects to be entitled to receive in exchange for those goods or services.

 

The Company adopted ASU No. 2014-09 as of January 1, 2018 using the modified retrospective method. Results for the reporting period beginning after January 1, 2018 are presented under Topic 606, while prior period amounts continue to be reported in accordance with the Company’s historic accounting practices under previous guidance. However, given the nature of the Company’s products and the terms and conditions applicable to sales to its customers, the timing and amount of revenue recognized based on the underlying principles of ASU No. 2014-09 are consistent with the Company’s revenue recognition policy under previous guidance.

 

The Company incurs costs associated with product distribution, such as freight and handling costs. The Company has elected to treat these costs as fulfillment activities and recognizes these costs at the same time that it recognizes the underlying product revenue. As this policy election is in line with the Company’s previous accounting practices, the treatment of shipping and handling activities under Topic 606 did not have any impact on the Company’s results of operations, financial condition and/or financial statement disclosures.

 

 

In accordance with the new guidance, the Company recognizes revenue at an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for transferring goods or services to its customers. The Company’s policy is to record revenue when control of the goods transfers to the customer.

 

In limited instances when products are sold under consignment arrangements, the Company does not recognize revenue until control over such products has transferred to the end consumer.

 

Other revenues, primarily rents, do not comprise a material amount of the Company’s net sales.

Share Based Compensation

Share based Compensation

 

Compensation cost relating to share-based payment transactions (including the cost of all employee stock options) is required to be recognized in the consolidated financial statements and covers a wide range of share-based compensation arrangements including share options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. That cost will be measured based on the estimated fair value of the equity or liability instruments issued. See Note 3.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The carrying value of the Company’s current liabilities approximates fair value because of the short maturity of these instruments. Unless otherwise noted, it is management’s opinion the Company is not exposed, except for cash balances in excess of the FDIC depository insurance coverage, to significant interest, currency or credit risks arising from these financial instruments.

Income Taxes

Income Taxes

 

The Company follows the accrual method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on the deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company was organized under the laws of Nevada and therefore will be taxed at statutory U.S. federal corporate income tax rates.

Basic Earnings Per Share

Basic Earnings per Share

 

The Company computes net loss per share in accordance with FASB ASC 260 “Earnings per Share”, which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.

 

Basic net loss per share amounts are computed by dividing the net loss by the weighted average number of common shares outstanding. Potentially dilutive securities have been excluded from the Company’s earnings per share calculation due to the effect of being anti-dilutive. The total number of potentially dilutive securities which have been excluded is 6,038,462. (Note 3).

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

As of June 30, 2018 and through July 11, 2018, there were several new accounting pronouncements issued by the Financial Accounting Standards Board. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s financial position or future operating results. The Company will monitor these emerging issues to assess any potential future impact on its financial statements.

 

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This standard requires all leases that have a term of over 12 months to be recognized on the balance sheet with the liability for lease payments and the corresponding right-of-use asset initially measured at the present value of amounts expected to be paid over the term. Recognition of the costs of these leases on the income statement will be dependent upon their classification as either an operating or a financing lease. Costs of an operating lease will continue to be recognized as a single operating expense on a straight-line basis over the lease term. This standard will be effective for our interim and annual periods beginning January 1, 2019, and must be applied on a modified retrospective basis to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. We are currently evaluating the timing of adoption and the potential impact of this standard on our consolidated financial position, but we do not expect it to have a material impact on our results of operations. 

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equity (Tables)
6 Months Ended
Jun. 30, 2018
Stockholders' Equity Note [Abstract]  
Schedule of Common Stock Transactions

The following table illustrates the common stock transactions for the six months ended June 30, 2018:

 

    Preferred     Common  
Category   Shares     Shares  
Cash, common shares     0       893,671  
Services     0       1,487,500  
Services, approved but not issued     0       550  
Patents     0       200,000  
Cash, common shares purchased but not issued as of the statement date     0       190,000  
Total     0       2,771,721  

XML 30 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue Classes (Tables)
6 Months Ended
Jun. 30, 2018
Revenue Recognition and Deferred Revenue [Abstract]  
Schedule of Disaggregation of Revenue

Selected financial information for the Company’s operating revenue for disaggregated revenue purposes are as follows: 

 

    For the Three Months Ended June 30,     For the Six Months Ended June 30,  
    2018     2017     2018     2017  
Revenues by Type                                
Wholesale   $ 98,252     $ -     $ 98,252     $ -  
Retail     255,178               257,374          
Total   $ 353,430       -     $ 355,626       -  

 

    For the Three Months Ended June 30,     For the Six Months Ended June 30,  
    2018     2017     2018     2017  
Revenues by State                                
California   $ 220,461     $ -     $ 220,461     $ -  
Puerto Rico     132,969               135,165          
Total   $ 353,430       -     $ 355,626       -  

XML 31 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature of Operations (Details Narrative) - USD ($)
May 22, 2018
Mar. 07, 2018
May 11, 2017
Lease payments per month $ 1,200    
Series A Preferred Stock [Member]      
Number of preferred stock shares grants during period     1,000
Share Exchange Agreement [Member]      
Number of exchange for restricted shares of common stock     16,690,912
Maximum number of warrants to purchase of common stock shares     3,000,000
Exercise price of warrant     $ 0.50
Issuance of exchange warrants term     3 years
Voting percentage     51.00%
Asset Purchase Agreement [Member]      
Cash consideration   $ 350,000  
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details Narrative)
6 Months Ended
Jun. 30, 2018
USD ($)
shares
Liquid investments maturity, period 3 months
Excess of FDIC depository insurance coverage | $ $ 3,268,709
Potentially dilutive securities | shares 6,038,462
Project 1493, LLC [Member]  
Ownership percentage 100.00%
Andalucia 511, LLC [Member]  
Ownership percentage 100.00%
Spirulinex, LLC [Member]  
Ownership percentage 51.00%
Sunset Connect Oakland, LLC [Member]  
Ownership percentage 55.00%
Green Spirit Essentials, LLC [Member]  
Ownership percentage 55.00%
Green Spirit Mendocino, LLC [Member]  
Ownership percentage 100.00%
138 Main Street PA, LLC [Member]  
Ownership percentage 100.00%
GSRX SUPES, LLC [Member]  
Ownership percentage 100.00%
Point Arena Supply Co., LLC [Member]  
Ownership percentage 100.00%
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equity (Details Narrative) - USD ($)
6 Months Ended
Jun. 12, 2018
Jun. 11, 2018
Apr. 11, 2018
Feb. 23, 2018
Jun. 30, 2018
Dec. 31, 2017
Common stock, shares authorized         100,000,000 100,000,000
Common stock, par value         $ 0.001 $ 0.001
Common stock, shares issued         43,476,758 40,817,870
Common stock, shares outstanding         43,476,758 40,817,870
Shares approved, not issued as of statement date, shares         190,000  
Preferred stock, shares authorized         1,000 1,000
Preferred stock, shares issued         1,000 1,000
Preferred stock, shares outstanding         1,000 1,000
Subscription Agreement [Member]            
Shares issued price per share   $ 2.50 $ 3.50 $ 3.00    
Total gross proceeds of shares issued   $ 475,000 $ 2,584,765 $ 465,500    
Subscription Agreement [Member] | Private Placement [Member]            
Number of shares issued   190,000 738,504 155,167    
Dr. Ribnik [Member]            
Number of shares issued 275          
Compensation description The Board authorized to pay Dr. Ribnik compensation as a member of the Board of the Corporation a quarterly fee of shares of the Corporation’s Common Stock in an amount equal to One Thousand Five Hundred Dollars ($1,500) based on the market price per share of the Corporation’s Common Stock on the last trading day of each quarter.          
Mr. Farkas [Member]            
Common stock, par value $ 0.001          
Number of shares issued 275          
Compensation description (i) a monthly fee of One Thousand Dollars ($1,000); and (ii) a quarterly fee of shares of the Corporation’s common stock, par value $0.001 per share (the “Common Stock”), in an amount equal to One Thousand Five Hundred Dollars ($1,500) based on the market price per share of the Corporation’s Common Stock on the last trading day of each quarter.          
Monthly fee $ 1,000          
Series A Preferred Stock [Member]            
Preferred stock, shares issued         1,000  
Preferred stock, shares outstanding         1,000  
Preferred stock, voting percentage         51.00%  
Blank Check [Member]            
Preferred stock, shares authorized         9,999,000  
Warrants [Member]            
Outstanding warrants to purchase       1 6,038,462  
Exercise price of warrant       $ 6.00 $ 0.50  
Warrant term       3 years 3 years  
Common Stock [Member]            
Common stock, par value       $ 0.001    
Number of shares issued       1 738,504  
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Equity - Schedule of Common Stock Transactions (Details)
6 Months Ended
Jun. 30, 2018
shares
Preferred Shares [Member]  
Cash, common shares 0
Services 0
Services, approved but not issued 0
Patents 0
Cash, common shares purchased but not issued as of the statement date 0
Total 0
Common Shares [Member]  
Cash, common shares 893,671
Services 1,487,500
Services, approved but not issued 550
Patents 200,000
Cash, common shares purchased but not issued as of the statement date 190,000
Total 2,771,721
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Licenses (Details Narrative) - USD ($)
6 Months Ended
Mar. 07, 2018
Jun. 30, 2018
Jun. 30, 2017
Licenses cost   $ 309,300
Asset Purchase Agreement [Member]      
Cash consideration $ 350,000    
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Construction in Progress (Details Narrative) - USD ($)
6 Months Ended
Oct. 04, 2017
Aug. 14, 2017
Jun. 08, 2017
Jun. 30, 2018
Payment to contractor       $ 587,237
Construction is estimated to be completed       The construction at the Dorado location was completed March 24, 2018; and the construction was completed at Carolina and Andalucia on May 14, 2018. The construction on the Fajardo location began on March 15, 2018 and is anticipated to be completed by July 31, 2018.
Estimated cost to complete the project       $ 150,000
Carolina [Member]        
Construction contracts     $ 123,700  
Dorado [Member]        
Construction contracts     $ 100,075  
Andalucia [Member]        
Construction contracts   $ 117,200    
Fajardo [Member]        
Construction contracts $ 127,600      
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions (Details Narrative) - USD ($)
6 Months Ended
Mar. 12, 2018
Mar. 09, 2018
Jun. 30, 2018
Jun. 30, 2017
Jan. 02, 2018
Payments of related party     $ 150,000  
Peach Management, LLC [Member]          
Compensation paid     127,500    
Chief Executive Officer [Member]          
Compensation paid     125,000    
Chief Financial Officer [Member]          
Compensation paid     $ 100,500    
Consulting Agreements [Member] | Peach Management, LLC [Member]          
Payments of related party $ 25,000 $ 10,000      
Consulting Agreements [Member] | Chief Executive Officer [Member]          
Related party will be paid plus expenses         $ 20,000
Consulting Agreements [Member] | Chief Financial Officer [Member]          
Related party will be paid plus expenses         $ 17,500
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Patents (Details Narrative) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Common stock, par value $ 0.001   $ 0.001
Common stock, value $ 43,668   $ 40,895
Shares issued for purchase of patents 950,000    
Patent cost $ 572,023  
Spirulinex, LLC [Member]      
Shares issued for purchase of patents, shares 200,000    
Common stock price, per share $ 4.75    
Common stock, par value $ 0.001    
Common stock, value $ 950,000    
Shares issued for purchase of patents 350,000    
Patent cost $ 222,023    
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details Narrative) - USD ($)
May 14, 2018
Apr. 18, 2017
Long term supply agreement, description   Pursuant to the terms of the Supply Agreement, the Company agreed to purchase at least 50% of all flower and manufactured products to be sold in the dispensaries owned by the Company or its affiliates. The Supply Agreement has a term of ten years from the moment of its coming into effect.. If neither party announces termination of the Supply Agreement at least thirty (30) days before its stated expiration, the Supply Agreement shall automatically extend for a period of one year, and renewing until such time as either party provides notice of termination in accordance with the terms and conditions of the Supply Agreement.
Purchase the building $ 1,150,000  
Project 1493, LLC [Member]    
Purchase the building 50,000  
Project 1493, LLC [Member] | Option Agreement [Member]    
Payment for rent $ 5,000  
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Revenue Classes (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue $ 353,430 $ 355,626
Wholesale [Member]        
Revenue 98,252 98,252
Retail [Member]        
Revenue 255,178 257,374
California [Member]        
Revenue 220,461 220,461
Puerto Rico [Member]        
Revenue $ 132,969 $ 135,165
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events (Details Narrative)
Jul. 02, 2018
USD ($)
Subsequent Event [Member] | Isla Verde [Member]  
Construction contract $ 180,150
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