0001398432-15-000388.txt : 20151113 0001398432-15-000388.hdr.sgml : 20151113 20151113100347 ACCESSION NUMBER: 0001398432-15-000388 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151113 DATE AS OF CHANGE: 20151113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL CANNABIS CORP CENTRAL INDEX KEY: 0001477009 STANDARD INDUSTRIAL CLASSIFICATION: OIL, GAS FIELD SERVICES, NBC [1389] IRS NUMBER: 208096131 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54457 FILM NUMBER: 151227319 BUSINESS ADDRESS: STREET 1: 6565 EAST EVANS AVENUE CITY: DENVER STATE: CO ZIP: 80224 BUSINESS PHONE: (719) 748-5603 MAIL ADDRESS: STREET 1: 6565 EAST EVANS AVENUE CITY: DENVER STATE: CO ZIP: 80224 FORMER COMPANY: FORMER CONFORMED NAME: Advanced Cannabis Solutions, Inc. DATE OF NAME CHANGE: 20131023 FORMER COMPANY: FORMER CONFORMED NAME: Promap Corp DATE OF NAME CHANGE: 20091117 10-Q 1 a12828.htm 10-Q



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549


FORM 10-Q


(Mark One)


þ

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for quarterly period ended
September 30, 2015.


o

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from __________ to __________.


Commission file number:   000-54457


GENERAL CANNABIS CORPORATION

(Exact name of registrant as specified in its charter)


Colorado

 

90-1072649

(State of incorporation)

 

(IRS Employer Identification No.)


6565 East Evans Avenue

Denver, CO 80224

(Address of principal executive offices) (Zip Code)


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 the filing requirements for the past 90 days. Yes o     No þ


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). Yes  þ       No  o


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


Large accelerated filer   o

 

Accelerated filer   o

Non-accelerated filer   o

 

Smaller reporting company   þ


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


As of November 10, 2015, there were 14,399,421 issued and outstanding shares of the Companys common stock.







GENERAL CANNABIS CORPORATION

FORM 10-Q


TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

3

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

28

Item 4.

Controls and Procedures

28

 

 

 

PART II. OTHER INFORMATION

30

 

 

 

Item 1.

Legal Proceedings

30

Item 1A.

Risk Factors

30

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

30

Item 3.

Defaults Upon Senior Securities

30

Item 4.

Mine Safety Disclosures

30

Item 5.

Other Information

30

Item 6.

Exhibits

30

 

 

 

 

Signatures

31







PART I.  FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS


GENERAL CANNABIS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS


 

 

September 30,

2015

(Unaudited)

 

December 31,

2014

ASSETS

 

 

 

 

Current Assets

 

 

 

 

Cash and cash equivalents

$

100,959

$

165,536

Accounts receivable

 

90,583

 

18,319

Prepaid expenses and other current assets

 

111,807

 

22,402

Inventory, net

 

42,577

 

70,341

Total current assets

 

345,926

 

276,598

 

 

 

 

 

Property and equipment, net

 

1,745,647

 

1,707,410

Intangible assets, net

 

1,356,085

 

--

Goodwill

 

487,000

 

--

Deferred financing costs, net

 

--

 

83,056

Total Assets

$

3,934,658

$

2,067,064

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

Accounts payable and accrued expenses

$

250,720

$

83,185

Interest payable

 

157,977

 

16,470

Line of credit – related party

 

365,000

 

--

Notes payable (net of discount), current portion

 

470,879

 

6,337

Deferred rental revenue

 

36,884

 

--

Accrued stock payable, current portion

 

2,353,417

 

385,917

Warrant derivative liability

 

--

 

3,893,904

Total current liabilities

 

3,634,877

 

4,385,813

 

 

 

 

 

Notes payable (net of debt discount), less current portion

 

1,208,314

 

1,055,797

Accrued stock payable, less current portion

 

--

 

138,125

Tenant deposits

 

9,204

 

8,854

Total Liabilities

 

4,852,395

 

5,588,589

 

 

 

 

 

Commitments and Contingencies

 

--

 

--

 

 

 

 

 

Stockholders’ Equity (Deficit)

 

 

 

 

Preferred stock, no par value; 5,000,000 share authorized; no shares issued and outstanding at September 30, 2015 and December 31, 2014

 

--

 

--

Common Stock, $0.001 par value; 100,000,000 shares authorized; 14,399,421 shares and 12,499,933 shares issued and outstanding on September 30, 2015 and December 31, 2014, respectively

 

14,399

 

12,500

Additional paid-in capital

 

13,584,915

 

4,107,076

Accumulated deficit

 

(14,517,051)

 

(7,641,101)

Total Stockholders’ Equity (Deficit)

 

(917,737)

 

(3,521,525)

 

 

 

 

 

Total Liabilities & Stockholders’ Equity (Deficit)

$

3,934,658

$

2,067,064


See Notes to condensed consolidated financial statements.



3




GENERAL CANNABIS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


 

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

 

2015

 

2014

 

2015

 

2014

REVENUES, net

 

 

 

 

 

 

 

 

Service

$

554,458

$

(13,600)

$

948,561

$

40,000

Tenant

 

29,365

 

28,764

 

93,954

 

86,294

Wholesale

 

9,494

 

39,263

 

34,861

 

57,021

Total revenues

 

593,317

 

54,427

 

1,077,376

 

183,315

 

 

 

 

 

 

 

 

 

COSTS AND EXPENSES

 

 

 

 

 

 

 

 

Cost of service revenues

 

416,838

 

--

 

673,926

 

--

Cost of goods sold

 

28,144

 

25,085

 

67,786

 

42,408

Selling, general and administrative

 

406,711

 

192,258

 

1,027,394

 

555,511

Share-based compensation

 

863,709

 

1,006,500

 

4,967,799

 

1,006,500

Professional fees

 

70,594

 

143,237

 

321,091

 

344,291

Depreciation and amortization

 

54,160

 

12,598

 

130,038

 

18,830

Total costs and expenses

 

1,840,156

 

1,379,678

 

7,188,034

 

1,967,540

 

 

 

 

 

 

 

 

 

OPERATING LOSS

 

(1,246,839)

 

(1,325,251)

 

(6,110,658)

 

(1,784,225)

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

Amortization of debt discount and deferred financing costs

 

(285,090)

 

(237,561)

 

(661,915)

 

(671,414)

Interest expense

 

(166,306)

 

(66,215)

 

(314,011)

 

(178,353)

Net gain (loss) on derivative liability

 

--

 

(117,633)

 

210,634

 

(541,397)

Total other income (expense), net

 

(451,396)

 

(421,409)

 

(765,292)

 

(1,391,164)

 

 

 

 

 

 

 

 

 

NET LOSS

$

(1,698,235)

$

(1,746,660)

$

(6,875,950)

$

(3,175,389)

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

Net loss per share – basic and diluted

$

(0.12)

$

(0.13)

$

(0.50)

$

(0.24)

Weighted average number of common shares outstanding - basic and diluted

 

14,399,029

 

13,545,738

 

13,847,561

 

13,476,962


See Notes to condensed consolidated financial statements.



4




GENERAL CANNABIS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


 

 

Nine months ended

September 30,

 

 

2015

 

2014

CASH FLOWS USED IN OPERATING ACTIVITIES

 

 

 

 

Net loss

$

(6,875,950)

$

(3,175,389)

Adjustments to reconcile net loss to net cash provided by (used in)

operating activities:

 

 

 

 

Amortization of debt discount

 

580,691

 

645,858

Amortization of deferred financing costs

 

83,056

 

25,556

(Gain) loss on derivative liability, net

 

(210,634)

 

541,397

Depreciation and amortization expense

 

130,038

 

18,830

Equity-based payments - issued

 

4,143,550

 

887,669

Equity-based payments – payable

 

820,668

 

122,500

Changes in operating assets and liabilities (net of amounts acquired)

 

 

 

 

Accounts receivable

 

(72,264)

 

(33,598)

Prepaid expenses and other assets

 

(89,405)

 

(12,664)

Inventory

 

40,013

 

(62,805)

Accounts payable and accrued liabilities

 

335,150

 

33,075

Net cash used in operating activities:

 

(1,115,087)

 

(1,009,571)

 

 

 

 

 

CASH FLOWS USED IN INVESTING ACTIVITIES

 

 

 

 

Purchase of property and equipment

 

(54,960)

 

(53,251)

Increase in other capitalized assets

 

--

 

(38,200)

Net cash used in investing activities

 

(54,960)

 

(91,451)

 

 

 

 

 

CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES

 

 

 

 

Proceeds from issuance of notes payable, net of cash expenses

 

659,000

 

1,412,400

Increase in line of credit -- related party

 

365,000

 

--

Payments on notes payable

 

(4,701)

 

(3,178)

Proceeds from sale of warrants, net

 

--

 

400,000

Proceeds from exercise of warrants for shares of common stock, net

 

86,171

 

--

Deferred financing costs

 

--

 

(15,000)

Net cash provided by financing activities

 

1,105,470

 

1,794,222

 

 

 

 

 

NET (DECREASE) INCREASE IN CASH

 

(64,577)

 

693,200

CASH, BEGINNING OF PERIOD

 

165,536

 

427,436

CASH, END OF PERIOD

$

100,959

$

1,120,636

 

 

 

 

 

SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION

 

 

 

 

Cash paid for interest

$

173,627

$

201,111

 

 

 

 

 

NON-CASH TRANSACTIONS

 

 

 

 

Acquisition of IPG with common stock payable, net of cash received

$

1,887,000

$

--

Acquisition of Chiefton with common stock payable

 

69,400

 

--

Warrants issued recorded as deferred financing costs

 

--

 

100,000

Convertible notes payable settled in common stock

 

320,000

 

485,000

Interest on convertible notes payable settled in common stock

 

1,123

 

3,669

Warrants issued in connection with debt recorded as debt discount

 

297,931

 

92,600

Beneficial conversion feature and warrants

 

--

 

1,412,400

Issuance of common stock upon cashless conversion of warrants by Full Circle

 

3,683,270

 

--

Issuance of common stock from accrued stock payable

 

114,693

 

--


See Notes to condensed consolidated financial statements.



5



GENERAL CANNABIS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


NOTE 1.   NATURE OF OPERATIONS, HISTORY AND PRESENTATION


Nature of Operations


General Cannabis Corporation (the “Company,” “we,” “us” or “GCC”) (formerly, Advanced Cannabis Solutions, Inc.), was incorporated on June 3, 2013 (Inception) and provides products and services to the regulated cannabis industry.  The Company’s primary operations include real estate leasing, shared office space, networking and event services, security and cash management services, industry finance, wholesale supply, and consulting and advisory.


Finance and Real Estate


The Company’s real estate leasing business primarily includes the acquisition and leasing of cultivation space and related facilities to licensed marijuana growers and dispensary owners for their operations.  As of the date of this report, the Company owns one cultivation property that is located in a suburb of Pueblo, Colorado (the “Pueblo West Property”). The property consists of approximately three acres of land, which includes a 5,000 square foot steel building, and parking lot. The property is zoned for cultivating cannabis and is leased to a medical cannabis grower until December 31, 2022.


The Company leases cultivation equipment and facilities to customers in the cannabis industry. The Company may enter into sale lease-back transactions of grow lights, tenant improvements and other grow equipment. The Company’s finance strategy will include providing customized finance, direct term loans and revolving lines of credit to businesses involved in the cultivation and sale of cannabis and related products.


In October 2014, the Company purchased a former retail bank located at 6565 East Evans Avenue, Denver, Colorado 80224, which has been branded as The Greenhouse (“The Greenhouse”).  The building is a 16,056 square-foot facility, which will be converted to serve as a leading shared workspace for entrepreneurs, professionals and others serving the cannabis industry.  Clients will be able to lease space to use as offices, meeting rooms, lecture, educational and networking facilities, and individual workstations.


Wholesale Supply


The Company’s wholesale supply business, GC Supply, is a reseller of supplies to the cannabis market. GC Supply works with industry leaders and innovators to deliver high-quality products that are compliant with applicable regulations and with a focus on products that are manufactured in the United States. GC Supply operates out of a leased, 1,800 square-foot warehouse located in Colorado Springs, Colorado.


In September 2015, GCC acquired substantially all of the assets of Chiefton Supply Co. (“CSC”), and established a dba within GCC of Chiefton Supply Co. (“Chiefton”).  Chiefton designs, manufactures, distributes and sells apparel featuring graphic designs.


Security


In March 2015, the Company’s wholly owned subsidiary, GC Security, LLC (“GCS”), acquired substantially all of the assets of Iron Protection Group, LLC, a Colorado limited liability company.  GCS, which will continue to do business as “Iron Protection Group,” provides advanced security, including on-site professionals and video surveillance, to licensed cannabis cultivators and retail shops.


Consulting


The Company delivers comprehensive consulting services that includes design and construction to approved and licensed cannabis operators, as well as assistance with licensure and related applications for potential cannabis operators. The Company’s business plan is based on the future growth of the regulated cannabis market in the United States. The Company provides general advisory services for business development, facilities design and construction, cultivation and retail operations, marketing and the improvement and expansion of existing operations.


Corporate


While the Company does not grow, harvest, distribute or sell cannabis or any substances that violate United States law or the Controlled Substances Act, the Company may be irreparably harmed by a change in enforcement by federal or state governments.



6



On April 28, 2015, the Company’s stock was uplisted and resumed quotation on the OTC Market’s OTCQB.


Basis of Presentation


The accompanying (a) condensed consolidated balance sheet at December 31, 2014 has been derived from audited statements and (b) the condensed consolidated unaudited financial statements as of September 30, 2015 and 2014, have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements, and should be read in conjunction with the audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Annual Report”), filed with the Securities and Exchange Commission (the “SEC”) on April 15, 2015.  It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments), have been made which are necessary for a fair financial statements presentation. The financial statements include all material adjustments (consisting of normal recurring accruals) necessary to make the financial statements not misleading as required by Regulation S-X, Rule 10-01. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results of operations expected for the year ending December 31, 2015.


The condensed consolidated financial statements include the results of GCC, and its five wholly-owned subsidiary companies: (a) ACS Colorado Corp., a Colorado corporation formed in 2013; (b) Advanced Cannabis Solutions Corporation, a Colorado corporation formed in 2013; (c) 6565 E. Evans Avenue LLC (“6565 Evans”), a Colorado limited liability company formed in 2014; (d)  General Cannabis Capital Corporation (“GCCC”), a Colorado corporation formed in 2015; and (e) GCS, a Colorado limited liability company formed in 2015. Advanced Cannabis Solutions Corporation has one wholly-owned subsidiary company, ACS Corp., which was formed in the State of Colorado on June 6, 2013.


Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. The reclassifications had no effect on net loss, total assets, or total stockholders’ equity (deficit).


Going Concern


The financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management believes that actions presently being taken to further implement its business plan and generate additional revenues provide opportunity for the Company to continue as a going concern.  While the Company believes in the viability of its strategy to generate additional revenues and its ability to raise additional funds, there can be no assurances to that effect.


The Company had an accumulated deficit of $14,517,051 and $7,641,101, respectively, at September 30, 2015 and December 31, 2014, and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.


Significant Accounting Policies


Business Combinations


Amounts paid for acquisitions are allocated to the assets acquired and liabilities assumed based on their estimated fair value at the date of acquisition.  The fair value of identifiable intangible assets is based on detailed valuations that use information and assumptions provided by management, including expected future cash flows. The Company allocates any excess purchase price over the fair value of the net assets and liabilities acquired to goodwill.  Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related costs, including advisory, legal, accounting, valuation and other costs, are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date.


Concentration of Cash Balances


We maintain our cash balances in financial institutions that from time to time exceed amounts insured by the Federal Deposit Insurance Corporation (up to $250,000 per financial institution as of September 30, 2015).  At September 30, 2015 and December 31, 2014, our deposits did not exceed insured amounts. We have not experienced any losses in such accounts.



7



Inventory


Inventory consisting of wholesale finished goods is stated at the lower-of-cost (first-in, first-out (“FIFO”)) or market value. During the three and nine months ended September 30, 2015, the Company incurred losses of $27,459 and $54,959, respectively, for inventory that had a market value below carrying value, included in cost of goods sold in the condensed consolidated statements of operations.


Intangible Assets and Goodwill


Intangible assets consist primarily of customer relationships, non-compete agreements with key employees, and marketing-related intangibles. The Company’s intangible assets are being amortized on a straight-line basis over a period of two to ten years. The life assigned to customer relationships acquired is based on management’s estimate of expected customer attrition rate. The attrition rate is estimated based on historical contract longevity and management’s operating experience.


Management evaluates the remaining useful life of intangible assets on a periodic basis to determine whether events and circumstances warrant a revision to the remaining useful life. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying value of the intangible asset is amortized prospectively over the revised remaining useful life Any potential impairment is evaluated based on anticipated undiscounted future cash flows and actual customer attrition.


Management monitors the recoverability of goodwill recorded in connection with acquisitions, by reporting unit, annually, or more often if events or changes in circumstances indicate that the carrying amount may not be recoverable.


If it is determined that sufficient indicators of potential impairment exists to require an interim goodwill impairment analysis for a reporting unit, the Company compares the reporting unit’s carrying value to its estimated fair value and, accordingly, performs a second phase of the goodwill impairment test (“Step 2”). Under Step 2, the fair value of the reporting unit’s assets and liabilities are estimated, including tangible assets and intangible assets for the purpose of deriving an estimate of the implied fair value of goodwill. The implied fair value of the goodwill is then compared to the carrying value of the goodwill to determine the amount of the impairment, if any.  There were no impairments to goodwill recorded during the nine months ended September 30, 2015.


Debt


We issue debt that may have separate warrants, conversion features, or no equity-linked attributes.


Debt with warrants – When we issue debt with warrants, we treat the warrants as a debt discount, record as a contra-liability against the debt, and amortize the balance over the life of the underlying debt as amortization of debt discount expense in the condensed consolidated statement of operations.  The offset to the contra-liability is recorded as additional paid in capital in our condensed consolidated balance sheet.  We determine the value of the warrants using the Black-Scholes Option Pricing Model (“Black-Scholes”) using the stock price on the date of issuance, the risk free interest rate associated with the life of the debt, and the volatility of our stock.  If the debt is retired early, the associated debt discount is then recognized immediately as amortization of debt discount expense in the condensed consolidated statement of operations.  The debt is treated as conventional debt.


Convertible debtderivative treatment – When we issue debt with a  conversion feature, we must first assess whether the conversion feature meets the requirements to be treated as a derivative, as follows:  a) one or more underlyings, typically the price of the company’s stock; b) one or more notional amounts or payment provisions or both, generally the number of shares upon conversion; c) no initial net investment, which typically excludes the amount borrowed; and d) net settlement provisions, which in the case of convertible debt generally means the stock received upon conversion can be readily sold for cash. An embedded equity-linked component that meets the definition of a derivative does not have to be separated from the host instrument if the component qualifies for the scope exception for certain contracts involving an issuer’s own equity.  The scope exception applies if the contract is both a) indexed to its own stock; and b) classified in stockholders’ equity in its statement of financial position.


If the conversion feature within convertible debt meets the requirements to be treated as a derivative, we estimate the fair value of the convertible debt derivative using Black-Scholes upon the date of issuance.  If the fair value of the convertible debt derivative is higher than the face value of the convertible debt, the excess is immediately recognized as interest expense.  Otherwise, the fair value of the convertible debt derivative is recorded as a liability with an offsetting amount recorded as a debt discount, which offsets the carrying amount of the debt.  The convertible debt derivative is revalued at the end of each reporting period and any change in fair value is recorded as a gain or loss in the condensed consolidated statement of operations.  The debt discount is amortized through interest expense over the life of the debt.



8



Convertible debt – beneficial conversion feature – If the conversion feature is not treated as a derivative, the Company assesses whether it is a beneficial conversion feature (“BCF’).  A BCF exists if the conversion price of the convertible debt instrument is less than the stock price on the commitment date.  This typically occurs when the conversion price is less than the fair value of the stock on the date the instrument was issued.  The value of a BCF is equal to the intrinsic value of the feature, the difference between the conversion price and the common stock into which it is convertible, and is recorded as additional paid in capital and as a debt discount in the condensed consolidated balance sheet.  We amortize the balance over the life of the underlying debt as amortization of debt discount expense in the condensed consolidated statement of operations.  If the debt is retired early, the associated debt discount is then recognized immediately as amortization of debt discount expense in the condensed consolidated statement of operations.


If the conversion feature does not qualify for either the derivative treatment or as a BCF, the convertible debt is treated as traditional debt.


Revenue Recognition


Revenue is recognized on an accrual basis as earned under contract terms. Specifically, revenue from tenant rentals is recognized on a straight-line basis over the reasonably assured lease term, and when collectability is reasonably assured. Consulting revenue is recognized based upon the payment terms within the contracts; and when collectability is reasonably assured. Revenue relating to our wholesale business is recognized at the time goods are sold.  Security services revenue is recognized as earned and billed to customers on terms agreed upon with the individual customer, usually weekly or bi-monthly.  We reduce revenue for estimated bad debts.


Reporting Segments


Our reporting segments consist of:  a) Finance and Real Estate; b) Wholesale Supply; c) Security; and d) Consulting.  Our Chief Executive Officer has been identified as the chief decision maker.  As of the date of this filing, the Company’s operations are conducted primarily within the state of Colorado.


Recently Issued Accounting Standards


Consolidation Reporting


In February 2015, the FASB issued ASU 2015-02, “Consolidation: Amendments to the Consolidation Analysis” (“ASU 2015-02”). This standard update is intended to improve targeted areas of consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. This ASU simplifies consolidation accounting by reducing the number of consolidation models and improves current U.S. GAAP by (1) placing more emphasis on risk of loss when determining a controlling financial interest; (2) reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity; and (3) changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or variable interest entities. The amendments in ASU 2015-02 are effective for reporting periods beginning after December 15, 2015, with early adoption permitted. Entities can transition to the standard either retrospectively or as a cumulative effect adjustment as of the date of adoption. The adoption of ASU 2015-02 is not expected to have an impact on the Company’s consolidated financial statements.


Debt Issuance Costs


In April 2015, the FASB issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. This standard update requires an entity to present debt issuance costs on the balance sheet as a direct deduction from the related debt liability as opposed to an asset. Amortization of the costs will continue to be reported as interest expense. The update is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued, and the new guidance would be applied retrospectively to all prior periods presented. The adoption of this standard update is not expected to have a material impact on the Company’s consolidated financial statements.


NOTE 2.   BUSINESS ACQUISITIONS


IPG Acquisition


On March 26, 2015, GCS, a wholly-owned subsidiary of the Company, entered into an Asset Purchase Agreement (the “IPG APA”) by and among the Company, GCS and Iron Protection Group, LLC, a Colorado limited liability company (“IPG” or the “Seller”), whereby GCS agreed to acquire substantially all of the assets of Seller (the “IPG Acquisition”). Pursuant to the terms of the IPG APA, the Company will deliver to Seller 500,000 restricted shares of the Company’s common stock, which will vest over a one-year period (100,000 shares vest on October 1, 2015; 200,000 shares vest on January 1, 2016; and 200,000 shares vest on April 1, 2016).




9



In addition, the Company delivered to Seller three-year warrants (the “IPG Warrants”) to purchase an aggregate of 500,000 shares of the Company’s common stock at an exercise price of: (i) $4.50 for warrants to purchase 250,000 shares of the Company’s common stock, and (ii) $5.00 for warrants to purchase another 250,000 shares of the Company’s common stock. The IPG APA contains certain provisions that require Seller to forfeit a portion of the stock consideration in the event that Seller violates its obligations under the IPG APA relating to non-competition and non-disclosure. The closing date of the IPG Acquisition was March 26, 2015 and the Company has initially calculated the purchase price of the IPG Acquisition to be approximately $1,887,000. At the acquisition date and pursuant to the IPG APA, the Company did not assume any of the Seller’s liabilities and there were no tangible assets of significance.


The aggregate consideration was as follows:


Common stock payable

$

1,054,000

Warrants issued with $4.50 exercise price

 

421,000

Warrants issued with $5.00 exercise price

 

412,000

 

$

1,887,000


The 500,000 shares of common stock were valued based on the closing price per share on March 26, 2015, or $2.48, reduced by a discount of 15% due to restrictions in the ability to trade the Company’s shares.  The $1,054,000 value of stock consideration is included in accrued stock payable on the condensed consolidated balance sheet as of September 30, 2015.  See Note 8 for a discussion of the warrants.


The preliminary purchase price allocation is as follows:


Intangible assets:

 

 

Customer relationship intangible

$

1,000,000

Marketing-related intangibles

 

200,000

Non-compete agreements

 

200,000

Goodwill

 

487,000

 

$

1,887,000


The purchase price allocation is preliminary as of September 30, 2015 as the Company finalizes its evaluation of the value of the customer relationships and marketing-related intangibles.  Management anticipates completing the Company’s purchase price allocation as soon as reasonably possible, not to exceed one year from the acquisition date. 


In connection with the Company’s acquisition of IPG, the Company will issue to the sole shareholder of the Seller 100,000 fully vested warrants to purchase shares of the Company’s stock if revenues of the Security segment exceed $3,000,000 for the year ended December 31, 2015.  If the warrants are issued, they will have an exercise price of $2.48, which was the Company’s closing share price on March 26, 2015.  Should the sole shareholder of the Seller cease employment with the Company, the right to receive these warrants will be forfeited.  At March 26, 2015, the fair value of the warrants was calculated to be approximately $188,000.  This has not been included in the purchase price or accrued as contingent compensation at September 30, 2015.


Chiefton Acquisition


On September 25, 2015, the Company closed an asset purchase agreement for the purchase of substantially all the assets of Chiefton Supply Co., a Colorado corporation, and established a dba within GCC of Chiefton.


The Company acquired the Chiefton assests for consideration of 80,000 shares of the Company’s common stock. The shares shall remain in escrow for six months for the exclusive purpose of being available to indemnify the Company for any claims that may be made by any person or governmental entity related to or arising from Chiefton’s intellectual property during the six month period after closing. After such period, the shares will be released if no claims have been made, provided that if any claims have been made the shares will remain in escrow until the claim is resolved, at which time the shares will be released less the value of any and all settlement amounts, penalties, damages or other liabilities arising from the claim.


The aggregate consideration was as follows:


Cash

$

12,249

Common stock

 

69,400

  Aggregate consideration

$

81,649




10



The value of the common stock consideration was estimated based on the Company’s closing stock price on September 25, 2015, or $1.02 per share, reduced by a discount of 15% due to restrictions in the ability to trade the Company’s shares.  The $69,400 value of stock consideration is included in accrued stock payable on the condensed consolidated balance sheet as of September 30, 2015.


The preliminary purchase price allocation is as follows:


Inventory

$

12,249

Intangible assets – intellectual property

 

69,400

 

$

81,649


The purchase price allocation is preliminary as of September 30, 2015 as the Company finalizes its evaluation of the nature and value of the acquired intangibles.  Management anticipates completing the Company’s purchase price allocation as soon as reasonably possible, not to exceed one year from the acquisition date.


NOTE 3.   INTANGIBLE ASSETS AND GOODWILL


The Company has not completed the final purchase price allocation for the IPG Acquisition and the Chiefton Acquisition.  Accordingly, the amount allocated to the intangible categories and goodwill, as well as the estimated useful lives, may change.


Intangible Assets


Intangible assets consisted of the following as of September 30, 2015:


 

 

Gross

 

Accumulated Amortization

 

Net

 

Estimated

Life

(in years)

Customer relationship intangible

$

1,000,000

$

51,507

$

948,493

 

10

Marketing-related intangibles

 

200,000

 

10,301

 

189,699

 

10

Non-compete agreements

 

200,000

 

51,507

 

148,493

 

2

Intellectual property

 

69,400

 

--

 

69,400

 

5

  Intangible assets, net

$

1,469,400

$

113,315

$

1,356,085

 

 


The Company began amortizing the above intangible assets on April 1, 2015 and recorded amortization expense on intangible assets of $55,453 and $113,315, respectively, for the three and nine months ended September 30, 2015.


Goodwill


In connection with the Company’s purchase of IPG, the Company had recorded goodwill of $487,000. The Company had not recognized any impairment as of September 30, 2015.


NOTE 4.    DEBT


Line of Credit – Related Party


In February 2015, the Company issued a senior secured note to Infinity Capital, LLC (“Infinity Capital”), as amended in April 2015, bearing interest at 5% payable monthly in arrears commencing June 30, 2015, until the maturity date of August 31, 2015 (the “Infinity Note”).   Infinity Capital, an investment management company, was founded and is controlled by the Company’s chairman of the board, a related party.  On July 1, 2015, the outstanding principal and interest of $309,000 was settled by the Company issuing a 10% private placement note.  During the quarter ended September 30, 2015, the Company borrowed an additional $365,000 under the Infinity Note.




11



Notes Payable


 

 

September 30,

2015

 

December 31,

2014

10.0% private placement notes

$

659,000

$

--

14.0% mortgage note payable (The Greenhouse)

 

600,000

 

600,000

12.0% convertible notes - December 2013

 

380,000

 

530,000

12.0% convertible notes - January 2014

 

950,000

 

1,120,000

8.5% convertible note payable (Pueblo West Property)

 

159,943

 

164,644

 

 

2,748,943

 

2,414,644

Unamortized debt discount

 

(1,069,750)

 

(1,352,510)

 

 

1,679,193

 

1,062,134

Less: Current portion

 

470,879

 

6,337

Long-term portion

$

1,208,314

$

1,055,797


10% Private Placement Notes


In May, 2015, the Company initiated a private placement pursuant to a Promissory Note and Warrant Purchase Agreement (the “10% Agreement”) with certain accredited investors, bearing interest at 10% payable quarterly, with a maturity date of May 1, 2016.  Under the 10% Agreement, the Company can issue up to $2,000,000 of notes to investors, bearing interest at 10%, with a minimum denomination of $25,000 (each such note, a “10% Note,” and collectively, the “10% Notes”).  Subject to the terms and conditions of the 10% Agreement, each investor is granted fully-vested warrants equal to their note principal divided by two (the “10% Warrants”) (with standard dilution clauses).  The 10% Warrants are exercisable for a period of eighteen months after grant date and have an exercise price of $1.08 per share.  The debt is treated as conventional debt.  The 10% Notes are collateralized by a security interest in substantially all of the Company’s assets.


$309,000 of the 10% Notes are due to a related party, Infinity Capital, at September 30, 2015.


14% Mortgage Note Payable (The Greenhouse)


In October 2014, the Company executed a mortgage on The Greenhouse in the amount of $600,000, bearing 14.0% interest payable quarterly, with a maturity date of October 21, 2016 (the “Greenhouse Mortgage”).  The debt is treated as conventional debt.


In addition, the Company granted warrants to Evans Street Lendco LLC (“Evans Lendco”), the note holder of the Greenhouse Mortgage, which expire on October 21, 2016.  The warrants vested immediately and allowed for Evans Lendco to purchase 600,000 shares of the Company’s common stock at a price of $4.40 per share, (with standard dilution clauses).  Due to the drop in the Company’s stock price, on July 29, 2015, Evans Lendco and the Company agreed to replace the warrants previously issued to Evans Lendco with warrants to purchase 225,000 shares of the Company’s stock at $1.20 per share with a term of two years.  The estimated fair value of the replacement warrants is less than the fair value of the original warrants on their date of grant.  Accordingly, the Company will continue to amortize the remaining fair value of the original warrants over the remaining life of the underlying debt.


12% Convertible Notes


December 2013 Issuance


In December 2013, the Company entered into convertible promissory notes with various third parties totaling $530,000 (the “December 2013 Issuance”). The principal amounts of these notes range between $10,000 and $150,000. The notes mature on October 31, 2018, bear interest at 12.0% payable quarterly, and are convertible into shares of the Company’s common stock at a conversion rate of $5.00 per share, with standard dilution clauses. The notes are secured by a first lien on all of the Company’s assets, which the Company acquired or may acquire with the proceeds from these notes.


Derivative treatment is not required, as the conversion feature meets the scope exception. The conversion feature is not beneficial, because the conversion price was higher than the stock price on the commitment date.  Accordingly, the Company is treating the December 2013 Issuance as conventional debt.




12



January 2014 Issuance


In January 2014, the Company entered into various convertible promissory notes with various third parties totaling $1,605,000 (the “January 2014 Issuance”). The principal amounts of these notes range between $10,000 and $200,000. Under the terms of these notes, they mature on October 31, 2018, bear interest at 12.0% payable quarterly, and are convertible into shares of the Company’s common stock at a conversion rate of $5.00 per share, with standard dilution clauses (i.e. dividends, stock splits, etc.). These notes are convertible at the election of the noteholder at any time on or before maturity date. These notes are secured by a first lien on all of the Company’s assets, which the Company acquired or may acquire with the proceeds from these notes.


Derivative treatment is not required, as the conversion feature met the scope exception.  Since the initial conversion price was less than the market value of the common stock at the time of issuance, it was determined that a beneficial conversion feature existed. The intrinsic value of the beneficial conversion feature and the combined value of the debt discount resulted in a value greater than the value of the debt and, as such, the total discount was limited to the value of the debt balance of $1,605,000.


Conversion of 12% Convertible Notes


After December 1, 2015, the remaining convertible notes in the December 2013 Issuance and the January 2014 Issuance (collectively, the “12% Convertible Notes”) will automatically convert to shares of the Company’s stock if the trading stock price has exceeded $10 for twenty consecutive trading days and the daily volume for those twenty consecutive trading days exceeds 25,000 shares.  As of April 24, 2014, these parameters were met and the Company expects that the 12% Convertible Notes will automatically convert to shares of the Company’s stock on December 2, 2015.


8 ½% Convertible Note Payable (Pueblo West Property)


In December 2013, the Company executed a mortgage on its Pueblo West Property in the amount of $170,000, bearing 8 ½% interest with monthly principal and interest payments totaling $1,674, with the balance due on December 31, 2018 (the “Pueblo Mortgage”). This note is convertible at any time at $5.00 per share.


Derivative treatment is not required, as the conversion feature meets the scope exception. The conversion feature is not beneficial, because the conversion price was higher than the stock price on the commitment date.  Accordingly, the Company is treating the Pueblo Mortgage as conventional debt.


Annual maturities of long-term debt (excluding unamortized discount) for the next four years, consist of:


Year ending December 31,

 

 

2015

$

1,635

2016

 

1,265,910

2017

 

7,507

2018

 

1,473,891

 

$

2,748,943


NOTE 5.  ACCRUED STOCK PAYABLE


The following tables summarize the changes in accrued common stock payable during the nine months ended September 30, 2015:


December 31, 2014

$

524,042

Stock issued for services, accrued in 2014

 

(114,693)

IPG acquisition

 

1,054,000

Chiefton acquisition

 

69,400

Infinity Capital

 

640,294

NBC employment agreements

 

158,158

Management consulting services

 

22,216

September 30, 2015

$

2,353,417




13



On May 13, 2015, the Company hired two individuals from the Next Big Crop (“NBC”), an unaffiliated entity serving the cannabis industry, to service the Company’s new and existing clients. The Company did not purchase any existing client base from NBC and upon execution of employment agreements, granted these persons a total of 100,000 shares of the Company’s common stock with a vesting date of January 1, 2016. On the date of grant, the 100,000 shares had an initial fair value of $311,000, based on a closing price per share of the Company of $3.11 on May 13, 2015. Due to restrictions in the ability to trade the Company’s shares, a discount of fifteen percent (15%) was applied to the fair value of the shares. After taking into consideration the illiquidity of the shares, the fair value was determined to be $264,350.


On July 15, 2015, the Company entered into an agreement with an individual to provide management consulting services in exchange for 50,000 shares of common stock to be delivered on December 31, 2015.  The fair value of the common stock is determined at the end of each reporting period and the pro rata amount earned is recognized as accrued stock payable over the term of the agreement.


NOTE 6.   DERIVATIVE WARRANT LIABILITY


On January 21, 2014, in connection with a Securities Purchase Agreement (the “SPA”) the Company entered into with Full Circle Capital Corporation (“Full Circle”) (see Note 7), for $500,000 the Company issued to Full Circle, fully-vested warrants (“Series C Warrants”), which allow Full Circle to purchase up to 1,000,000 shares of the Company’s common stock at any time on or prior to January 21, 2017 at a price of $5.50 per share. As part of the $500,000 proceeds from the issuance of the Series C Warrants, $100,000 was retained by Full Circle to cover legal and deal related expenses of future financing transactions, which was recorded as deferred financing costs.  On September 24, 2014, the Company and Full Circle entered into Amendment No. 1 to the SPA, which changed the exercise price of the warrants issuable to $4.00 per share of the Company’s common stock, and increased the amount of warrants issuable to 1,400,000 warrants to purchase shares of the Company’s common stock.


The Series C Warrants have non-standard anti-dilution protection provisions and, under certain conditions, grant the right to the holder to require the Company to adjust the warrant’s exercise price to a lower price. Accordingly, these warrants were accounted for as derivative liabilities.


The Company used the binomial pricing model and assumptions that consider, among other factors, the fair value of the underlying stock, risk-free interest rate, volatility, expected life and dividend rates in estimating fair value for the warrants considered to be derivative instruments. The Company’s common stock has been thinly traded since being delisted in the first quarter of 2014, and all conversions of debt from the January 2014 Issuance during 2014 were converted using a stock price of $5.00 per share. Using the binomial pricing model and a stock price of $5.00 per share, management utilized initial scenario stock prices of $3.00, $4.00, $6.00, and $7.00.  Initially assuming a three-year expected term, management assessed the probabilities of the stock prices for each year, with probabilities more heavily weighted toward lower stock prices, in light of the Company’s delisted status, changes in leadership, and the Company’s current inability to execute its initial financing with Full Circle.


On January 21, 2014, the value of the initial warrant derivative liability was calculated to be $1,368,908. The Company received $500,000 in cash, resulting in an initial loss on the fair value of the derivative liability of $868,908 on the grant date. The price of $5.00 per share of the Series A and Series B Warrants granted in connection with the December 2013 Issuance and the January 2014 Issuance resulted in the revaluation of the Series C Warrants granted to Full Circle and an increase to the derivative liability of $153,994.


On January 21, 2015, Full Circle executed a cashless exercise of 1,215,000 warrants in exchange for 660,263 common shares of the Company’s stock.  At the time of the cashless exercise, the fair value of the common shares was determined to be $3,314,520 based on the Company’s closing share price of $5.02 on January 21, 2015. Accordingly, the Company decreased the derivative liability by $3,314,520 and increased common stock by $660 and additional paid in capital by $3,313,860.


On May 1, 2015, the Company and Full Circle entered into Amendment No. 2 to the Series C Warrants, pursuant to which Full Circle executed a cashless exercised of 160,000 warrants and received 100,000 shares of the Company’s common stock. On May 4, 2015, Full Circle exercised its remaining warrants under the Series C Warrants to purchase 25,000 shares of the Company’s common stock for $4.00 per share. Immediately preceding Full Circle’s exercises the fair value of the Series C Warrants was determined to be $593,394. The fair value of the 125,000 common shares issued to Full Circle was determined to be approximately $468,750, based on closing prices per share of $3.75 on May 1, 2015. Accordingly, the Company decreased the derivative liability by $601,617 and increased common stock by $125 and additional paid in capital by $454,796, and $86,171 in cash received from Full Circle, net of $13,829 of settlement expenses paid. The Company recorded a net gain in the settlement of the warrant liability of $232,867 and $210,634 for the three and six months ended June 30, 2015. Following these transactions, there are no more Series C Warrants outstanding.




14



The underlying assumptions used in the binomial model to determine the fair value of the derivative warrant liability were:


 

 

May 1, 2015

 

May 4, 2015

Current stock price

$

3.75

$

3.50

Exercise price of warrant

 

4.00

 

4.00

Risk-free interest rate

 

0.60 %

 

0.60 %

Expected dividend yield

 

-- %

 

-- %

Expected term (in years)

 

1.8

 

1.8

Expected volatility

 

133 %

 

133 %

Early exercise factor

 

1.33

 

1.33


Changes in fair value of the derivative financial instruments are recognized in the Company’s condensed consolidated statements of operations as a derivative gain or loss and are included in other income (expense).  The primary underlying risk exposure pertaining to the warrants was the change in fair value of the underlying common stock for each reporting period.


Changes in the derivative warrant liability and cumulative expense since inception are as follows:


 

 

Liability

 

Cumulative

Expense

(Gain)

January 1, 2014

$

--

$

--

Fair value of warrants issued

 

1,368,908

 

868,908

Increase in derivative liability resulting from anti-dilution provision in agreement, with Full Circle

 

153,994

 

153,994

Increase in the fair value of warrant liability

 

2,371,002

 

2,371,002

December 31, 2014

 

3,893,904

 

3,393,904

Increase in the fair value of warrant liability

 

14,010

 

14,010

Reclassification to APIC for shares issued for Full Circle as a result of warrant exercises, net of cash received

 

(3,683,270)

 

--

Gain on settlement of derivative

 

(224,644)

 

(224,644)

Balance after all warrants were exercised

$

--

$

3,183,270


The components of the net (gain) loss on derivative liability are as follows:


 

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

 

2015

 

2014

 

2015

 

2014

Fair value of warrants issued

$

--

$

--

$

--

$

868,908

Increase (decrease) in fair value of warrant liability

 

--

 

117,633

 

14,010

 

(327,511)

Gain on settlement of derivative

 

--

 

--

 

(224,644)

 

--

 

$

--

$

117,633

$

(210,634)

$

541,397


NOTE 7.   COMMITMENTS AND CONTINGENCIES


Long-Term Financing Commitment


On January 21, 2014, the Company signed the SPA with Full Circle.  The SPA provides that Full Circle will initially provide $7.5 million to the Company in the form of Senior Secured Convertible Notes, subject to certain named conditions.  The Company can borrow an additional $22.5 million with the mutual agreement of Full Circle and the Company.


At least 95% of any loan proceeds will be used to acquire properties, which the Company will lease to licensed cannabis cultivators.


Full Circle will provide the Company with the initial $7.5 million when:


·

Full Circle agrees on the location of property to be purchased;

·

The specified property’s appraised value is satisfactory to Full Circle;

·

A Phase I environmental inspection is completed to the satisfaction of Full Circle; and

·

The Company is able to provide a first priority lien on the property in favor of Full Circle.




15



The six-year loan(s) will be secured by real estate acquired with the loan proceeds and will require interest-only payments at a rate of 12% a year, payable monthly. The funding of the loan(s) is subject to the execution of additional documents between the parties. The initial loan can, at any time, be converted into shares of the Company’s common stock at a conversion price of $5.00 per common share. It is contemplated that further advances will be convertible at 110% of the market price of the Company’s stock on the day of any advance, or the ten-day volume-weighted average price prior to the day of advance, whichever is lower. As of September 30, 2015, no amounts have been funded to the Company pursuant to the SPA. In connection with the SPA, Full Circle purchased warrants from the Company for $500,000 (see Note 6).


Operating Leases


The Company rents office space for its corporate needs. The Company entered into a month-to-month lease agreement in July 2013 to lease 2,000 square feet for an annual rate of $12,000, paid monthly. This lease was terminated effective April 1, 2014. On April 2, 2014, the Company entered into a three-year lease agreement to lease 3,000 square feet for its corporate offices. The Company’s lease for office space at 4445 Northpark Avenue, Colorado Springs, Colorado, 80907 was canceled without penalty, effective November 1, 2014. The Company entered into a three-year agreement effective April 21, 2014 for a warehouse supply and distribution facility. The facility leased is 1,800 square feet and expires April 30, 2017.


Lease expense was approximately $3,192 and $9,150 for the three months ended September 30, 2015 and 2014, respectively, and $6,342 and $16,250 for the nine months ended September 30, 2015 and 2014. The future obligations under this lease amount to approximately $3,310 for the remainder of 2015, $13,200 for 2016, and $4,500 for 2017.


Legal


To the best of the Company’s knowledge and belief, no legal proceedings of merit are currently pending or threatened against the Company.


NOTE 8.   STOCKHOLDERS’ EQUITY


Common Stock


The following tables summarize the changes in outstanding shares of the Company’s common stock during the nine months ended September 30, 2015:


 

 

Transaction

Value

 

Number of Shares

December 31, 2014

 

 

 

12,499,933

Issued for services

$

114,693

 

50,000

Issued to Infinity Capital upon uplisting of the Company’s stock

 

2,966,500

 

1,000,000

Issued to Full Circle via cashless exercises

 

3,683,270

 

760,263

Issued to Full Circle for cash consideration

 

86,171

 

25,000

Issued in settlement of converted 12% Convertible Notes and accrued interest

 

321,123

 

64,225

September 30, 2015

 

 

 

14,399,421


Employee Stock Options


On October 29, 2014, the Board authorized the adoption of the Company’s 2014 Equity Incentive Plan (the “Incentive Plan”), which is designed to provide an additional incentive to executives, employees, directors and key consultants, aligning the long term interests of participants in the Incentive Plan with those of the Company and the Company’s stockholders. The Incentive Plan provides that up to 10 million shares of the Company’s common stock may be issued under the Plan.  On June 26, 2015, the Company’s stockholders ratified the Incentive Plan.


Share-based compensation costs for award grants to employees and directors (“Employee Awards”) are recognized on a straight-line basis over the service period for the entire award, with the amount of compensation cost recognized at any date equaling at least the portion of the award that is vested.    The Company recognized expense for Employee Awards of $591,856 and $1,161,197, respectively, for the three and nine months ended September 30, 2015.  No Employee Awards were granted prior to 2015.




16



The fair value of each option grant is estimated on the date of grant using Black-Scholes.  We use historical data to estimate the expected price volatility.  We estimate forfeiture rates based on expected turnover of employees by category.  The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the option.  The following summarizes the Black-Scholes assumptions used for Employee Awards granted during the nine months ended September 30, 2015:


Exercise price

$ 2.10 – 3.75

Stock price on date of grant

$ 3.70 -- 3.75

Volatility

126 – 133 %

Risk-free interest rate

1.0 – 1.1 %

Expected option life (years)

3.0 – 10.0

Dividend yield

--


The following summarizes Employee Awards activity:


 

Number of Shares

Weighted-average Exercise Price per Share

Weighted-average Remaining Contractual Term (in years)

Aggregate Intrinsic Value

Outstanding at December 31, 2014

--

 

 

 

Granted

1,017,500

$  2.99

3.8

 

Outstanding at September 30, 2015

1,017,500

$  2.99

3.8

$ --

Exercisable at September 30, 2015

397,500

$  3.02

3.7

$ --


As of September 30, 2015, there was approximately $997,307 of total unrecognized compensation expense related to unvested Employee Awards, which is expected to be recognized over a weighted-average period of 0.9 years.


Warrants for Consulting Services


As needed, the Company may issue warrants to third parties in exchange for consulting services.  Stock-based compensation costs for award grants to third parties for consulting services (“Consulting Awards”) are recognized on a straight-line basis over the service period for the entire award, with the amount of compensation cost recognized at any date equaling at least the portion of the award that is vested.  Service Awards are revalued at each reporting date until fully vested, which may generate an expense or benefit.  The Company recognized expense (benefit) for Consulting Awards of $(1,395) and $16,059, respectively, for the three and nine months ended September 30, 2015.  No Consulting Awards were granted prior to 2015.


On April 24, 2015, the Company entered into a one-year contract with an individual to provide consulting services to raise capital. The Company granted to this individual warrants to purchase 20,000 shares of the Company’s common stock at an exercise price of $3.75 per share with a term of two years.


On April 27, 2015, the Company entered into a one-year contract with a company to provide investor relations services. The Company granted to this company warrants to purchase 20,000 shares of the Company’s common stock at an exercise price of $3.49 per share with a term of two years.


On July 1, 2015, the Company entered into a one-year contract with an individual to provide management consulting services.  The Company granted warrants to purchase 25,000 shares of the Company’s common stock at an exercise price of $.88 per share with a term of three years.


The fair value of each warrant grant is estimated using Black-Scholes. We use historical data to estimate the expected price volatility. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the option. The following summarizes the Black-Scholes assumptions used for Consulting Awards granted during the nine months ended September 30, 2015:


 

Grant Date

September 30, 2015

Volatility

125 – 170 %

154 %

Risk-free interest rate

0.5 – 1.1 %

0.6 %

Expected option life (years)

2.0 – 3.0

2.0 – 3.0

Dividend yield

--

--




17



The following summarizes Consulting Awards activity:


 

Number of Shares

Weighted-average Exercise Price per Share

Weighted-average Remaining Contractual Term (in years)

Aggregate Intrinsic Value

Outstanding at December 31, 2014

150,000

$  4.40

1.2

$  --

Granted

65,000

$  3.03

2.0

 

Outstanding at September 30, 2015

215,000

$  3.99

1.5

$  --

Exercisable at September 30, 2015

150,000

$  4.40

1.2

$  --


As of September 30, 2015, there was approximately $30,349 of total unrecognized expense related to unvested Consulting Awards, which is expected to be recognized over a weighted-average period of 4.2 years.


IPG Acquisition Warrants


In connection with the IPG APA, the Company issued to IPG 500,000 fully-vested warrants to purchase a) 250,000 shares of the Company’s common stock at $4.50 per share, (the “IPG $4.50 Warrants”), and b) 250,000 shares of the Company’s common stock at $5.00 per share (the “IPG $5.00 Warrants”) (collectively, the “IPG Warrants”). The IPG Warrants are subject to customary adjustments in the event of reclassification of the Company, consolidation of the Company, merger, subdivision of shares of the Company’s common stock, combination of shares of the Company’s common stock or payment of dividends in the form of the Company’s common stock. The IPG Warrants expire three years after their initial issuance date.  On the date of grant, the IPG $4.50 Warrants and the IPG $5.00 Warrants had fair values of approximately $421,000 and $412,000, respectively, based on the Black-Scholes, which was included in the purchase price of IPG.


The following summarizes the Black-Scholes assumptions used for IPG Warrants:


Volatility

134 %

Risk-free interest rate

1.0 %

Expected option life (years)

3.0

Dividend yield

--


Warrants with Debt


The fair value of each warrant grant is estimated using Black-Scholes.  We use historical data to estimate the expected price volatility.  The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the option.  The following summarizes the Black-Scholes assumptions used for warrants granted for debt during the nine months ended September 30, 2015:


Volatility

127 – 132 %

Risk-free interest rate

0.4 – 0.5 %

Expected option life (years)

1.5

Dividend yield

--


The following summarizes warrants issued with debt activity:


 

Number of Shares

Weighted-average Exercise Price per Share

Weighted-average Remaining Contractual Term (in years)

Aggregate Intrinsic Value

Outstanding at December 31, 2014

600,000

$  4.40

1.1

 

Cancelled

(600,000)

$  4.40

1.1

 

Granted

554,500

$  1.13

1.2

 

Outstanding at September 30, 2015

554,500

$  1.13

1.2

$  16,475

Exercisable at September 30, 2015

554,500

$  1.13

1.2

$  16,475




18



NOTE 9.  NET LOSS PER SHARE


Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the reporting period.  Diluted net loss per share is computed similarly to basic loss per share, except that it includes the potential dilution that could occur if dilutive securities are exercised.


The following table presents a reconciliation of the denominators used in the computation of net loss per share – basic and diluted:


 

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

 

2015

 

2014

 

2015

 

2014

Net loss

$

(1,698,235)

$

(1,746,660)

$

(6,875,950)

$

(3,175,389)

Weighted average outstanding shares of common stock

 

14,399,029

 

13,545,738

 

13,847,561

 

13,476,962

Dilutive effect of stock options and warrants

 

--

 

--

 

--

 

--

Common stock and equivalents

 

14,399,029

 

13,545,738

 

13,847,561

 

13,476,962

Net loss per share – Basic and diluted

$

(0.12)

$

(0.13)

$

(0.50)

$

(0.24)


Outstanding stock options and common stock warrants are considered anti-dilutive because we are in a net loss position.  The following summarizes equity instruments that may, in the future, have a dilutive effect on earnings per share:


 

September 30,

 

2015

2014

Common stock upon conversion of debt

297,989

362,929

Stock options

1,017,500

--

Warrants

2,285,200

1,015,700

Stock payable

1,080,000

500,000

 

4,680,689

1,878,629


 NOTE 10.   SUBSEQUENT EVENTS


On November 4, 2015, the Company entered into an agreement (the “DB Option Agreement”) with Infinity Capital, a related party. Pursuant to the DB Option Agreement, Infinity Capital granted the Company a six month option to purchase all of its interest in DB Products Arizona, LLC (“DB”) at Infinity Capital’s actual cost, plus $1.00, or $600,001. The interests for which the option has been granted are Infinity Capital’s 50% equity interest in the membership interests of DB and any outstanding unpaid principal and interest owed on promissory note(s) issued by DB in favor of Infinity Capital for up to $600,000. The Company has no obligation to exercise the option.


NOTE 11.   SEGMENT INFORMATION


The Company’s operations are organized into four segments: Finance and Real Estate; Wholesale Supply; Security; and Consulting. All revenue originates in the United States.  The Company has revised its disclosure to correspond to the information provided to the chief operating decision maker.


Three months ended September 30


2015

 

Finance and Real Estate

 

Wholesale Supply

 

Security

 

Consulting

 

Total

Revenues, net

$

29,365

$

9,494

$

503,703

$

50,755

$

593,317

Costs and expenses

 

(3,599)

 

(30,667)

 

(472,617)

 

(11,980)

 

(518,863)

Other expense

 

(41,361)

 

--

 

--

 

--

 

(41,361)

 

$

(15,595)

$

(21,173)

$

31,086

$

38,775

 

33,093

Corporate expenses

 

 

 

 

 

 

 

 

 

(1,731,328)

 

 

 

 

 

 

 

 

Net loss

$

(1,698,235)




19




2014

 

Finance and Real Estate

 

Wholesale Supply

 

Security

 

Consulting

 

Total

Revenues, net

$

28,764

$

39,263

$

--

$

(13,600)

$

54,427

Costs and expenses

 

(10,561)

 

(27,203)

 

--

 

--

 

(37,764)

Other expense

 

(3,548)

 

--

 

--

 

--

 

(3,548)

 

$

14,655

$

12,060

$

--

$

(13,600)

 

13,115

Corporate expenses

 

 

 

 

 

 

 

 

 

(1,759,775)

 

 

 

 

 

 

 

 

Net loss

$

(1,746,660)


Nine months ended September 30


2015

 

Finance and Real Estate

 

Wholesale Supply

 

Security

 

Consulting

 

Total

Revenues, net

$

93,954

$

34,861

$

897,806

$

50,755

$

1,077,376

Costs and expenses

 

(43,939)

 

(80,352)

 

(818,950)

 

(11,980)

 

(955,221)

Other expense

 

(191,394)

 

--

 

--

 

--

 

(191,394)

 

$

(141,379)

$

(45,491)

$

78,856

$

38,775

 

(69,239)

Corporate expenses

 

 

 

 

 

 

 

 

 

(6,806,711)

 

 

 

 

 

 

 

 

Net loss

$

(6,875,950)


2014

 

Finance and Real Estate

 

Wholesale Supply

 

Security

 

Consulting

 

Total

Revenues, net

$

86,294

$

57,021

$

--

$

40,000

$

183,315

Costs and expenses

 

(13,927)

 

(45,858)

 

--

 

(30)

 

(59,815)

Other expense

 

(9,535)

 

--

 

--

 

--

 

(9,535)

 

$

62,832

$

11,163

$

--

$

39,970

 

113,965

Corporate expenses

 

 

 

 

 

 

 

 

 

(3,289,354)

 

 

 

 

 

 

 

 

Net loss

$

(3,175,389)


Total assets

 

September 30,

2015

 

December 31,

2014

Finance and Real Estate

$

1,755,188

$

1,720,067

Wholesale Supply

 

114,466

 

70,341

Security

 

2,019,070

 

--

Consulting

 

--

 

--

Corporate

 

45,934

 

276,656

 

$

3,934,658

$

2,067,064


All assets are located in the United States.



20



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


This Management’s Discussion and Analysis (“MD&A”) is intended to provide an understanding of our financial condition, results of operations and cash flows by focusing on changes in certain key measures from year to year.  This discussion should be read in conjunction with the Condensed Consolidated Unaudited Financial Statements contained in this quarterly report and the Consolidated Financial Statements and related notes and MD&A of Financial Condition and Results of operations appearing in our Annual Report on Form 10-K as of and for the years ended December 31, 2014 and 2013. The results of operations for an interim period may not give a true indication of results for future interim periods or for the year.


Cautionary Statement Regarding Forward Looking Statements


This Quarterly Report on Form 10-Q, Financial Statements and Notes to Financial Statements contain forward-looking statements that discuss, among other things, future expectations and projections regarding future developments, operations and financial conditions. All forward-looking statements are based on management’s existing beliefs about present and future events outside of management’s control and on assumptions that may prove to be incorrect. If any underlying assumptions prove incorrect, our actual results may vary materially from those anticipated, estimated, projected or intended.  We undertake no obligation to publicly update or revise any forward-looking statements to reflect actual results, changes in expectations or events or circumstances after the date this Quarterly Report on Form 10-Q is filed.


When this report uses the words “we,” “us,” “our,” or “GCC,” and the “Company,” they refer to General Cannabis Corporation (formerly, “Advanced Cannabis Solutions, Inc.”).


Our Products, Services and Customers


We operate in a rapidly evolving and highly regulated industry that, as has been estimated by some, will exceed $30 billion by the year 2020.  The Company has been and will continue to be aggressive in executing acquisitions and other opportunities that it believes will benefit the Company in the long-term.


Through its reporting segments (Finance and Real Estate, Wholesale Supply, Security, and Consulting) the Company provides products and services to the regulated cannabis industry, which include the following:


Real Estate Leasing


Our real estate business primarily includes the acquisition and leasing of cultivation space and related facilities to licensed marijuana growers and dispensary owners for their operations. Management anticipates that these facilities will range in size from 5,000 to 50,000 square feet. These facilities will only be leased to tenants that possess the requisite state licenses to operate cultivation facilities. The leases with the tenants will provide certain requirements that permit us to continually evaluate its tenants’ compliance with applicable laws and regulations.


We have a credit facility to finance the acquisition of real estate.


As of the date of this report, we owned one cultivation property that is located in a suburb of Pueblo, Colorado (the “Pueblo West Property”). The property consists of approximately three acres of land, which includes a 5,000 square foot steel building, and parking lot. The property is zoned for cultivating cannabis and is leased to a medical cannabis grower until December 31, 2022.


We have identified other properties that are currently under review for purchase and leaseback to licensed cannabis cultivators in Colorado. These projects include the purchase and leaseback of existing, currently operating facilities, as well as proposed new construction projects. These opportunities are in Denver and Pueblo counties in Colorado and can be purchased and/or constructed for amounts ranging from $750,000 to $5 million for each project. There can be no assurance that we will be able to complete any of these transactions.


Shared Office Space, Networking and Event Services


In October 2014, we purchased a former retail bank located at 6565 East Evans Avenue, Denver, Colorado 80224, which has been branded as The Greenhouse (“The Greenhouse”).  The building is a 16,056 square-foot facility, which will be converted to serve as the largest shared workspace for entrepreneurs, professionals and others serving the cannabis industry.  Clients will be able to lease space to use as offices, meeting rooms, lecture, educational and networking facilities, and individual workstations.


The Greenhouse has approximately 5,000 square feet on its ground floor that is dedicated to a consumer banking design.



21



We plan to continue to acquire commercial real estate and lease office space to participants in the cannabis industry. These participants include media, internet, packaging, lighting, cultivation supplies, and financial services. In exchange for certain services that may be provided to these tenants, we expect to receive rental income in the form of cash. In certain cases, we may acquire equity interests or provide debt capital to these businesses.


Security and Cash Management Services


In March 2015, we acquired substantially all of the assets of Iron Protection Group, LLC, a Colorado limited liability company, and will continue to do business as “Iron Protection Group.” Iron Protection Group provides advanced security, including on-site professionals and video surveillance, to licensed cannabis cultivators and retail shops. Iron Protection Group has approximately 80 guards who serve 25 clients throughout Colorado.  The acquisition is anticipated to add annualized revenue of approximately $1.5 million in 2015.


Industry Finance and Equipment Leasing Services


We lease cultivation equipment and facilities to customers in the cannabis industry. We expect it will enter into sale lease-back transactions of grow lights, tenant improvements and other grow equipment. Since Colorado State law does not allow entities operating under a cannabis license to pledge the assets or the license of the cannabis operation for any type of general borrowing activity, we intend to provide loans to individuals and businesses in the cannabis industry on an unsecured basis.  Equipment will only be leased to tenants that possess the requisite state licenses to operate such facilities. The leases with the tenants will provide certain requirements that permit us to continually evaluate its tenants’ compliance with applicable laws and regulations.


We are exploring lending opportunities in Oregon, Washington, Colorado, and Arizona. Our finance strategy will include making direct term loans and providing revolving lines of credit to businesses involved in the cultivation and sale of cannabis and related products.  These loans will generally be secured to the maximum extent permitted by law.  We believe there is a significant demand for this financing.  We are pursuing other finance services including customized finance, capital formation, and banking, for participants in the cannabis industry.


On November 4, 2015, we entered into an agreement (the “DB Option Agreement”) with Infinity Capital, a related party.  Pursuant to the DB Option Agreement, Infinity Capital granted the Company a six month option to purchase all of its interest in DB Products Arizona, LLC (“DB”) at Infinity Capital’s actual cost, plus $1.00, or $600,001. The interests for which the option has been granted are Infinity Capital’s 50% equity interest in the membership interests of DB and any outstanding unpaid principal and interest owed on promissory note(s) issued by DB in favor of Infinity Capital for up to $600,000. We have no obligation to exercise the option.


Wholesale Supply


Our wholesale supply business, GC Supply, is a reseller of supplies to the cannabis market. GC Supply works with industry leaders and innovators to deliver high-quality products that are compliant with applicable regulations and with a focus on products that are manufactured in the United States.   GC Supply operates out of a leased, 1,800 square-foot warehouse located in Colorado Springs, Colorado.


In September 2015, we acquired substantially all of the assets of Chiefton Supply Co., and established a dba of Chiefton Supply Co. (“Chiefton”).  Chiefton designs, manufactures, distributes and sells apparel featuring graphic designs.


Consulting and Advisory


We deliver comprehensive consulting and advisory services under the tradename Next Big Crop that include new license competition, compliance advisory services, cultivation operation and logistical support, facility design and building services, and ongoing cultivation management services.  Our business plan is based on the future growth of the regulated cannabis market in the United States.


Subsidiary Structure


General Cannabis Corporation has five wholly-owned subsidiaries, Advanced Cannabis Solutions Corporation, a Colorado corporation formed in 2013, ACS Colorado Corp., a Colorado corporation formed in 2013; 6565 E. Evans Avenue LLC (“6565 Evans”), a Colorado limited liability company formed in 2014, General Cannabis Capital Corporation (“GCCC”), a Colorado corporation formed in 2015 and GC Security LLC (“GCS”), a Colorado limited liability company formed in 2015.  Advanced Cannabis Solutions Corporation has one wholly-owned subsidiary company, GC Corp. (formerly, ACS Corp.), which was formed in the State of Colorado on June 6, 2013.



22



Results of Operations


The following table sets forth, for the periods indicated, condensed statements of income data.  The table and the discussion below should be read in conjunction with the accompanying condensed financial statements and the notes thereto appearing elsewhere in this report.


Consolidated Results


 

 

Three months ended

September 30,

 

 

 

Percent

 

 

2015

 

2014

 

Change

 

Change

Revenues

$

593,317

$

54,427

$

538,890

 

990 %

Costs and expenses

 

1,840,156

 

1,379,678

 

460,478

 

33 %

Other expense

 

451,396

 

421,409

 

29,987

 

7%

Net loss

$

(1,698,235)

$

(1,746,660)

$

48,425

 

3 %


 

 

Nine months ended

September 30,

 

 

 

Percent

 

 

2015

 

2014

 

Change

 

Change

Revenues

$

1,077,376

$

183,315

$

894,061

 

488 %

Costs and expenses

 

7,188,034

 

1,967,540

 

5,220,494

 

265 %

Other expense

 

765,292

 

1,391,164

 

(625,872)

 

(45) %

Net loss

$

(6,875,950)

$

(3,175,389)

$

(3,700,561)

 

(117) %


Revenues


Revenue increased primarily due the acquisition of Iron Protection Group (“IPG”), which occurred in March 2015, by generating revenue of $503,703 and $897,806, respectively, for the three and nine months ended September 30, 2015.


Costs and expenses


 

 

Three months ended

September 30,

 

 

 

Percent

 

 

2015

 

2014

 

Change

 

Change

Cost of service revenues

$

416,838

$

--

$

416,838

 

N/A

Cost of goods sold

 

28,144

 

25,085

 

3,059

 

12 %

Selling, general and administrative

 

406,711

 

192,258

 

214,453

 

112 %

Share-based compensation

 

863,709

 

1,006,500

 

(142,791)

 

(14) %

Professional fees

 

70,594

 

143,237

 

(72,643)

 

(51) %

Depreciation and amortization

 

54,160

 

12,598

 

41,562

 

330 %

 

$

1,840,156

$

1,379,678

$

460,478

 

33 %


 

 

Nine months ended

September 30,

 

 

 

Percent

 

 

2015

 

2014

 

Change

 

Change

Cost of service revenues

$

673,926

$

--

$

673,926

 

N/A

Cost of goods sold

 

67,786

 

42,408

 

25,378

 

60 %

Selling, general and administrative

 

1,027,394

 

555,511

 

471,883

 

85 %

Share-based compensation

 

4,967,799

 

1,006,500

 

3,961,299

 

394 %

Professional fees

 

321,091

 

344,291

 

(23,200)

 

(7) %

Depreciation and amortization

 

130,038

 

18,830

 

111,208

 

591 %

 

$

7,188,034

$

1,967,540

$

5,220,494

 

265 %


The cost of service revenue increase in 2015 compared to 2014, relates primarily to the IPG acquisition, which had costs of $406,150 and $663,238, respectively for the three and nine months ended September 30, 2015.  Cost of goods sold increased in 2015 compared to 2014, due primarily to writing off inventory resulting from a loss in effectiveness of certain nutrients in our Wholesale Supply segment, which increased expense by $27,459 and $54,959, respectively, for the three and nine months ended September 30, 2015.




23



Selling, general and administrative expense increased in 2015 compared to 2014, due to an increase in administrative salaries in connection with the IPG acquisition and our hiring of individuals from Next Big Crop for our consulting segment, as well as overhead incurred on The Greenhouse.


Share-based compensation included the following:


 

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

 

2015

 

2014

 

2015

 

2014

Infinity Capital agreement

$

143,725

$

1,006,500

$

640,294

$

1,006,500

Infinity Capital – stock uplisting

 

--

 

--

 

2,966,500

 

--

Consulting agreements

 

24,196

 

--

 

41,650

 

--

Employee awards

 

695,788

 

--

 

1,319,355

 

--

 

$

863,709

$

1,006,500

$

4,967,799

$

1,006,500


On August 4, 2014, pursuant to an agreement with Michael Feinsod (“Feinsod”), our Board of Directors (the “Board”) appointed Feinsod Chairman of the Board and approved a compensatory agreement with Infinity Capital, LLC (“Infinity Capital”), an investment management company founded and controlled by him. Under the agreement, we issued 200,000 shares of our common stock in 2014 and committed to issuing an additional 150,000 shares in 2015 and 150,000 shares in 2016.  The 200,000 shares were expensed immediately, while the additional shares are being expensed ratably through their issue date.  Additionally, when our common stock was uplisted to the OTC Market’s OTCQB, we issued 1,000,000 shares of our common stock to Infinity Capital. Employee awards are issued under our 2014 Equity Incentive Plan, which was approved by the Board on June 26, 2015.


Professional fees consist primarily of accounting and legal expenses.  Legal fees are typically incurred for acquisitions and other corporate matters.  Accounting fees are incurred for annual audits and quarterly reviews.  Professional fees generally fluctuate depending on the timing of the delivery of service.


Depreciation and amortization expense increased due to the amortization of the intangibles from the IPG acquisition.


Other Expense


 

 

Three months ended

September 30,

 

 

 

Percent

 

 

2015

 

2014

 

Change

 

Change

Amortization of debt discount and  deferred financing costs

$

285,090

$

237,561

$

47,529

 

20 %

Interest expense

 

166,306

 

66,215

 

100,091

 

151%

Net (gain) loss on derivative liability

 

--

 

117,633

 

(117,633)

 

(100) %

 

$

451,396

$

421,409

$

(29,987)

 

7 %


 

 

Nine months ended

September 30,

 

 

 

Percent

 

 

2015

 

2014

 

Change

 

Change

Amortization of debt discount and  deferred financing costs

$

661,915

$

671,414

$

(9,499)

 

(1) %

Interest expense

 

314,011

 

178,353

 

135,658

 

76 %

Net (gain) loss on derivative liability

 

(210,634)

 

541,397

 

(752,031)

 

(139) %

 

$

765,292

$

1,391,164

$

(652,872)

 

(45) %


Amortization of debt discount and deferred financing costs varies in 2015 compared to 2014, due to a) the addition of the mortgage for The Greenhouse in October 2014; b) additional borrowings in 2015 under the 10% convertible notes payable; c) the write-off of the deferred financing costs for the Full Circle financing in 2015; and d) unamortized debt discounts are fully expensed when debt is converted and $550,000 of debt was converted in 2014 compared to $320,000 converted in 2015.  Interest expense is higher due to the increased borrowing in 2015 compared to 2014.  The net (gain) loss on derivative liability was a net gain in 2015, which resulted from the settlement of our derivative liability upon Full Circle exercising its remaining warrants in May 2015.  The net loss on derivative liability in 2014 was driven by changes in the fair value of the underlying derivative.




24



Finance and Real Estate Segment


 

 

Three months ended

September 30,

 

 

 

Percent

 

 

2015

 

2014

 

Change

 

Change

Revenues

$

29,365

$

28,764

$

601

 

2 %

Costs and expenses

 

3,599

 

10,561

 

(6,962)

 

(66) %

Other expense

 

41,361

 

3,548

 

37,813

 

1,066 %

 

$

(15,595)

$

14,655

$

(30,250)

 

(206) %


 

 

Nine months ended

September 30,

 

 

 

Percent

 

 

2015

 

2014

 

Change

 

Change

Revenues

$

93,954

$

86,294

$

7,660

 

9 %

Costs and expenses

 

43,939

 

13,927

 

30,012

 

215 %

Other expense

 

191,394

 

9,535

 

181,859

 

1,907 %

Net loss

$

(141,379)

$

62,832

$

(204,211)

 

(325) %


Revenue increased in 2015 compared to 2014, due to lease revenue for The Greenhouse, which we acquired in October 2014.  We continue to renovate The Greenhouse in anticipation of being able to generate additional revenue from currently available space.  Costs and expenses increased in 2015 compared to 2014, associated with The Greenhouse.  Other expense includes the interest expense and amortization of debt discount associated with The Greenhouse mortgage.  In 2014, results included only revenues and expenses from our Pueblo facility.


Wholesale Supply


 

 

Three months ended

September 30,

 

 

 

Percent

 

 

2015

 

2014

 

Change

 

Change

Revenues

$

9,494

$

39,263

$

(29,769)

 

(76) %

Costs and expenses

 

30,667

 

27,203

 

3,464

 

13 %

 

$

(21,173)

$

12,060

$

(33,233)

 

(276) %


 

 

Nine months ended

September 30,

 

 

 

Percent

 

 

2015

 

2014

 

Change

 

Change

Revenues

$

34,861

$

57,021

$

(22,160)

 

(39) %

Costs and expenses

 

80,352

 

45,858

 

34,494

 

75 %

Net loss

$

(45,491)

$

11,163

$

(56,654)

 

(508) %


The decrease in revenues in 2015 compared to 2014, was primarily due to increased competition and turnover in sales personnel.  Costs and expenses increased in 2015 compared to 2014, due primarily to writing off inventory resulting from a loss in effectiveness of certain nutrients, which increased expense by $27,459 and $54,959, respectively, for the three and nine months ended September 30, 2015.


Security


We launched our Security segment with the IPG acquisition on March 26, 2015.


 

 

Period ended

September 30, 2015

 

 

Three

Months

 

Nine

Months

Revenues

$

503,703

$

897,806

Costs and expenses

 

472,617

 

818,950

Net loss

$

31,086

$

78,856


Revenues are derived primarily from guard service and cash transport.  Costs and expenses for the three and nine months ended September 30, 2015, were comprised primarily of payroll and transportation costs for guards of $416,957 and $678,246, respectively. Amortization of intangible assets was $55,453 and $113,315, respectively, for the three and nine months ended September 30, 2015.




25



Consulting


 

 

Three months ended

September 30,

 

 

 

Percent

 

 

2015

 

2014

 

Change

 

Change

Revenues

$

50,755

$

(13,600)

$

64,355

 

N/A

Costs and expenses

 

11,980

 

--

 

11,980

 

N/A

 

$

38,775

$

(13,600)

$

52,375

 

N/A


 

 

Nine months ended

September 30,

 

 

 

Percent

 

 

2015

 

2014

 

Change

 

Change

Revenues

$

50,755

$

40,000

$

10,755

 

27 %

Costs and expenses

 

11,980

 

30

 

11,950

 

N/A

Net loss

$

38,775

$

39,970

$

(1,195)

 

(3) %


We relaunched our consulting business under the tradename Next Big Crop in July 2015, by hiring two individuals with expertise in the cannabis consulting industry, including obtaining licenses, compliance, cultivation, logistical support, facility design and building services.   We also have contracts with clients pursuing medical cannabis licenses in states other than Colorado.  These contracts are expected to result in revenue of at least $75,000 through the end of 2015.  Activity in 2014, was primarily a result of a contract with a Canadian client that was canceled in the third quarter of 2014, resulting in a reversal of revenue during that period.


Liquidity and Capital Resources


We had cash of $100,959 and $165,536, respectively as of September 30, 2015 and December 31, 2014.  Our cash flows from operating, investing and financing activities were as follows:


 

 

Nine months ended

September 30,

 

 

2015

 

2014

Net cash used in operating activities

$

(1,115,087)

$

(1,009,571)

Net cash used in investing activities

 

(54,960)

 

(91,451)

Net cash provided by financing activities

 

1,105,470

 

1,794,222


Net cash used in operating activities increased in 2015 by $105,516 compared to 2014.  Our operations expanded significantly in 2015, with the launch of our Security segment through the acquisition of IPG, as well as the relaunch of our Consulting segment, with the hiring of three employees with expertise in the cannabis industry.  We have also expanded our infrastructure ahead of anticipated revenue growth in all of our segments.  Where possible, we continue to use non-cash equity-based instruments to obtain consulting services and compensate employees.


Net cash used in investing activities relates primarily to renovating The Greenhouse for use as corporate offices and future revenue generating activities through leasing available space.


Net cash provided by financing activities in 2015, included new debt of $1,024,000, of which $659,000 was raised through a private securities offering (see Form 8-K filed with the SEC on May 6, 2015).  The private placement debt (the “10% Notes”) carries an interest rate of 10% per annum and the Company issued warrants to investors of the 10% Notes.  The Company’s short-term financing from Infinity Capital, which carries an interest rate of 5%, was $365,000 at September 30, 2015.  We also received $86,171, net of expenses, in 2015 upon the exercise of warrants by Full Circle.  Cash flows provided by financing activities in 2014, included the issuance of convertible debt of $1,412,400.  The convertible debt carries an interest rate of 12% per annum, payable quarterly.  After December 1, 2015, this convertible debt will automatically convert to shares of our common stock.  In 2014, the Company also sold Series C Warrants to Full Circle for net proceeds of $400,000.  All warrants were exercised as of June 30, 2015.  


In April 2015, the Company’s common stock resumed quotation on the OTC Market’s OTCBB and was later uplisted to that Market’s OTCQB. In July 2015, the Company was selected by The Marijuana Index for inclusion in its MJIC US Reporting Index. The Marijuana Index is the leading equity-tracking index featuring public companies involved in the legalized marijuana and hemp sector. The Marijuana Index provides the most robust data set in the legal marijuana industry with a perpetually expanding assemblage of information available to brokers, analysts, investors and media.  The Company believes that these successes are a reflection of the Company’s strategic business and personnel acquisitions, improved operating cash flows, and effective branding and marketing.  We anticipate these successes and significant projected growth in the cannabis industry will continue to allow us to lower our cost of capital in future periods.




26



Non-GAAP Financial Measures


For the non-GAAP Adjusted EBITDA (Earnings (loss) Before Interest, Taxes, Depreciation and Amortization) per share-basic and diluted measures presented above, we have provided (1) the most directly comparable GAAP measure; (2) a reconciliation of the differences between the non-GAAP measure and the most directly comparable GAAP measure; (3) an explanation of why our management believes this non-GAAP measure provides useful information to investors; and (4) additional purposes for which we use this non-GAAP measure.


We believe that the disclosure of Adjusted EBITDA per share-basic and diluted provides investors with a better comparison of our period-to-period operating results. We exclude the effects of certain items from net loss per share-basic and diluted when we evaluate key measures of our performance internally, and in assessing the impact of known trends and uncertainties on our business. We also believe that excluding the effects of these items provides a more balanced view of the underlying dynamics of our business. Adjusted EBITDA per share-diluted excludes the impacts of interest expense, tax expense, depreciation and amortization, gain (loss) on its derivative liability, and share-based compensation. Weighted average number of common shares outstanding - basic and diluted (adjusted) excludes the impact of shares issued in connection with share-based compensation.


Tabular reconciliations of this supplemental non-GAAP financial information to our most comparable GAAP information are contained in this Quarterly Report on Form 10-Q. We present such non-GAAP supplemental financial information, as we believe such information provides additional meaningful methods of evaluating certain aspects of our operating performance from period-to-period on a basis that may not be otherwise apparent on a non-GAAP basis. This supplemental financial information should be considered in addition to, not in lieu of, our Condensed Consolidated Financial Statements.


 

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

 

2015

 

2014

 

2015

 

2014

Net loss

$

(1,698,235)

$

(1,746,660)

$

(6,875,950)

$

(3,175,389)

Adjustments:

 

 

 

 

 

 

 

 

Share-based expense

 

863,709

 

1,006,500

 

4,967,799

 

1,006,500

Depreciation and amortization

 

54,160

 

12,598

 

130,038

 

18,830

Inventory lower of cost or market adjustment

 

27,459

 

--

 

54,959

 

--

Amortization of debt discount and debt financing costs

 

285,090

 

237,561

 

661,915

 

671,414

Interest expense

 

166,306

 

66,215

 

314,011

 

178,353

Net (gain) loss on derivative liability

 

--

 

117,633

 

(210,634)

 

541,397

Total adjustments

 

1,396,724

 

1,440,507

 

5,918,088

 

2,416,494

Adjusted EBITDA

$

(301,511)

$

(306,153)

$

(957,862)

$

(758,895)

 

 

 

 

 

 

 

 

 

Per share – basic and diluted:

 

 

 

 

 

 

 

 

Net loss

 

(0.12)

 

(0.13)

 

(0.50)

 

(0.24)

Adjusted EBITDA

 

(0.02)

 

(0.02)

 

(0.07)

 

(0.06)

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

Net loss

 

14,399,029

 

13,545,738

 

13,847,561

 

13,476,962

Adjusted EBITDA

 

13,349,029

 

13,421,825

 

13,231,444

 

13,435,204


Critical Accounting Policies


Our condensed financial statements and accompanying notes have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates, judgments and assumptions that affect reported amounts of assets, liabilities, revenues and expenses. We continually evaluate the accounting policies and estimates used to prepare the condensed financial statements. The estimates are based on historical experience and assumptions believed to be reasonable under current facts and circumstances. Actual amounts and results could differ from these estimates made by management. Certain accounting policies that require significant management estimates and are deemed critical to our results of operations or financial position are discussed in our Annual Report on Form 10-K for the year ended December 31, 2014 and Note 1 to the Condensed Consolidated Financial Statements in this Form 10-Q.




27



Off-Balance Sheet Arrangements


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


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


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


ITEM 4.  CONTROLS AND PROCEDURES


Evaluation of Disclosure Controls and Procedures


We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to ensure that information required to be disclosed in our reports filed 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 such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.


We carried out an evaluation under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2015, the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level due to the material weaknesses discussed below.


Internal Control over Financial Reporting


Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, our principal executive officer and principal financial officer and effected by the Board, management, and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes those policies and procedures that:


·

Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;

·

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures of are being made only in accordance with authorizations of our management and directors; and

·

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.


Because of our inherent limitations, our internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.


Assessment of Internal Control over Financial Reporting


Our management assessed the effectiveness of our internal control over financial reporting as of September 30, 2015. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control - Integrated Framework (2013). Based on management’s assessment, management concluded that the above material weaknesses have not been remediated and, accordingly, our internal control over financial reporting is not effective as of September 30, 2015




28



Remediation of Material Weaknesses


While management believes that the Company’s financial statements previously filed in the Company’s Securities and Exchange Commission (“SEC”) reports have been properly recorded and disclosed in accordance with US GAAP, based on the control deficiencies identified above, we have designed and plan to implement, or in some cases have already implemented, the specific remediation initiatives described below:


·

We are in the process of further enhancing our internal finance and accounting organizational structure, which includes engaging and hiring additional resources, and employing emerging technologies.

·

We are in the process of further enhancing the supervisory procedures to include additional levels of analysis and quality control reviews within the accounting and financial reporting functions.

·

We are in the process of strengthening our internal policies and enhancing our processes for ensuring consistent treatment and recording of reserve estimates and that validation of our conclusions regarding significant accounting policies and their application to our business transactions are carried out by personnel with an appropriate level of accounting knowledge, experience and training.


Management understands that in order to remediate the material weaknesses, additional segregation of duties, changes in personnel, and technologies are necessary. We do not expect to have fully remediated these material weaknesses until management has tested those internal controls and found them to have been remediated.


Management has inspected the consolidated financial statements and underlying information included herein in detail and believes the procedures performed are adequate to fairly present our financial position, results of operations and cash flows for the periods presented in all material respects.


The Company’s Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to such attestation pursuant to rules of the SEC that permits us to provide only management’s report in the Company's Annual Report.


Changes in Internal Control over Financial Reporting


There have been no changes in our internal control over financial reporting identified in connection with our evaluation we conducted of the effectiveness of our internal control over financial reporting as of September 30, 2015, that occurred during our current fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.




29




PART II.  OTHER INFORMATION


ITEM 1.    LEGAL PROCEEDINGS


None.


ITEM 1A.  RISK FACTORS


As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required regarding market risk factors.


ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


On July 6, 2015, the Company issued 6,012 shares of its common stock upon the conversion of $30,060 of principal and interest due under its 12% Convertible Notes.


On August 1, 2015, the Company issued stock options to employees to purchase 242,500 shares of common stock at an exercise price of $1.03.  122,500 of the options vested immediately and 120,000 vest after six months of continued employment.


ITEM 3.    DEFAULTS UPON SENIOR SECURITIES


None.


ITEM 4.    MINE SAFETY DISCLOSURES


Not applicable.


ITEM 5.   OTHER INFORMATION


None.


ITME 6.  Exhibits


Exhibits

 

31.1

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101

The following financial information from the Quarterly Report on Form 10-Q of General Cannabis Corporation for the quarter ended September 30, 2015, formatted in XBRL (eXtensible Business Reporting Lanaguage): (i) Condensed Consolidated Balance Sheets (ii) Condensed Consolidated Statements of Operations; (iii) Condensed Consolidated Statements of Cash Flows, and (iv) Notes to the Condensed Consolidated Financial Statements.




30




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


 

GENERAL CANNABIS CORPORATION

 

 

 

Date: November 13, 2015

By:

/s/Robert Frichtel

 

 

Robert Frichtel, Principal Executive Officer

 

 

 

 

By:

/s/ Shelly Whitson

 

 

Shelly Whitson, Principal Financial and Accounting Officer




31


EX-31.1 2 exh31_1.htm Exhibit

Exhibit 31.1


CERTIFICATIONS


I, Robert Frichtel, certify that;


1.      I have reviewed this quarterly report on Form 10-Q of General Cannabis Corporatiion;


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 the 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 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.      The registrant’s other certifying officer(s) and I have disclosed, based on our 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):


a)      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


b)      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: November 13, 2015

By:

/s/ Robert Frichtel

 

 

Robert Frichtel, Principal Executive Officer


EX-31.2 3 exh31_2.htm Exhibit

Exhibit 31.2


CERTIFICATIONS


I, Shelly Whitson, certify that;


1.      I have reviewed this quarterly report on Form 10-Q of General Cannabis Corporatiion;


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 the 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 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.      The registrant’s other certifying officer(s) and I have disclosed, based on our 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):


a)      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


b)      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: November 13, 2015

By:

/s/ Shelly Whitson

 

 

Shelly Whitson, Principal Financial and Accounting Officer


EX-32.1 4 exh32_1.htm Exhibit

EXHIBIT 32.1


In connection with the quarterly report of General Cannabis Corporatiion, (the “Company”) on Form 10-Q for the quarter ended September 30, 2015 as filed with the Securities Exchange Commission on the date hereof (the “Report”), I, Robert Frichtel, the Principal Executive Officer of the Company, certify pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:


 

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of1934; and

 

 

 

 

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



Date: November 13, 2015

By:

/s/ Robert Frichtel

 

 

Robert Frichtel, Principal Executive Officer


EX-32.2 5 exh32_2.htm Exhibit

EXHIBIT 32.2


In connection with the quarterly report of General Cannabis Corporatiion, (the “Company”) on Form 10-Q for the quarter ended September 30, 2015 as filed with the Securities Exchange Commission on the date hereof (the “Report”), I, Shelly Whitson, the Principal Financial Officer of the Company, certify pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:


 

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

 

 

 

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



Date: November 13, 2015

By:

/s/ Shelly Whitson

 

 

Shelly Whitson, Principal Financial
and Accounting Officer


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Focus Statement of Financial Position [Abstract] ASSETS Current Assets Cash and cash equivalents Accounts receivable Prepaid expenses and other current assets Inventory, net Total current assets Property and equipment, net Intangible assets, net Goodwill Deferred financing costs, net Total Assets LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIENCY) Current Liabilities Accounts payable and accrued expenses Interest payable Line of credit - related party Notes payable (net of discount), current portion Deferred rental revenue Accrued stock payable, current portion Warrant derivative liability Total current liabilities Notes payable (net of debt discount), less current portion Accrued stock payable, less current portion Tenant deposits Total liabilities Commitments and Contingencies Stockholders' Equity (Deficiency) Preferred stock, no par value; 5,000,000 share authorized; no shares issued and outstanding at September 30, 2015 and December 31, 2014 Common Stock, $0.001 par value; 100,000,000 shares authorized; 14,399,421 shares and 12,499,933 shares issued and outstanding on September 30, 2015 and December 31, 2014, respectively Additional paid-in capital Accumulated deficit Total Stockholders' Equity (Deficit) Total Liabilities & Stockholders' Equity (Deficit) Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Revenues [Abstract] Services Tenant Wholesale Revenues COSTS AND EXPENSES Cost of service revenues Cost of Goods Sold Selling, general and administrative Share-based Compensation Professional Fees Depreciation and amortization Total Costs and Expenses OPERATING LOSS Other Expenses [Abstract] Amortization of debt discount and deferred financing costs Interest expense Net gain (loss) on derivative liability Total other income (expense), net NET LOSS PER SHARE DATA Net loss per share – basic and diluted Weighted average number of common shares outstanding - basic and diluted Statement of Cash Flows [Abstract] CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES Net Loss Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Amortization of Debt Discount Amortization of deferred financing costs (Gain) loss on derivative liability, net Depreciation and amortization expense Equity-based payments - issued Equity-based payments – payable Changes in operating assets and liabilities (net of amounts acquired) Accounts receivable Prepaid expenses and other assets Inventory Accounts payable and accrued liabilities Net cash used in operating activities: CASH FLOWS USED IN INVESTING ACTIVITIES Purchase of property and equipment Increase in other capitalized assets Net cash used in investing activities Proceeds from sale of warrants, net Proceeds from issuance of notes payable, net of cash expenses Increase in line of credit -- related party Payments on notes payable Proceeds from sale of warrants, net Proceeds from exercise of warrants for shares of common stock, net Deferred financing costs Net cash provided by financing activities NET (DECREASE) INCREASE IN CASH CASH, BEGINNING OF PERIOD CASH, END OF PERIOD Supplemental Cash Flow Information [Abstract] Cash paid for interest NON-CASH TRANSACTIONS Acquisition of IPG with common stock payable, net of cash received Acquisition of Chiefton with common stock payable Warrants issued recorded as deferred financing costs Convertible notes payable settled in common stock Interest on convertible notes payable settled in common stock Warrants issued in connection with debt recorded as debt discount Beneficial conversion feature and warrants Issuance of common stock upon cashless conversion of warrants by Full Circle Issuance of common stock from accrued stock payable NATURE OF OPERATIONS, HISTORY AND PRESENTATION [Abstract] NATURE OF OPERATIONS, HISTORY AND PRESENTATION Business Combinations [Abstract] BUSINESS ACQUISITION Goodwill and Intangible Assets Disclosure [Abstract] INTANGIBLE ASSETS AND GOODWILL Debt Disclosure [Abstract] DEBT Notes to Financial Statements ACCRUED STOCK PAYABLE Derivative Instruments and Hedging Activities Disclosure [Abstract] DERIVATIVE WARRANT LIABILITY Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENCIES Equity [Abstract] STOCKHOLDERS’ EQUITY Noncontrolling Interest [Abstract] NOTE 9.NET LOSS PER SHARE Accounting Policies [Abstract] SEGMENT INFORMATION Subsequent Events [Abstract] SUBSEQUENT EVENTS Nature of Operations Basis of Presentation Going Concern Business Combinations Policy [Policy Text Block] Concentration of Cash Balances Intangible Assets and Goodwill Policy [Policy Text Block] Property, Plant and Equipment, Impairment [Policy Text Block] Debt, Policy Revenue Recognition, Policy [Policy Text Block] Inventory, Policy [Policy Text Block] Segment Reporting, Policy New Accounting Pronouncements, Policy Schedule of Business Acquisitions, by Acquisition [Table Text Block] Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] Acquisition Preliminary purchase price allocation Schedule of Finite-Lived Intangible Assets [Table Text Block] Schedule of Long-term Debt Instruments [Table Text Block] Schedule of Maturities of Long-term Debt [Table Text Block] Changes in accrued common stock payable Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] Schedule of Share-based Compensation, Activity [Table Text Block] Derivative Instruments, Gain (Loss) [Table Text Block] Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] Schedule of Assumptions Used [Table Text Block] Schedule of Stock Options Roll Forward [Table Text Block] Reconciliation of the denominators used in the computation Dilutive effect on earnings per share Segment Reporting [Abstract] Schedule of Segment Reporting Information, by Segment [Table Text Block] Schedule of Real Estate Properties [Table] Real Estate Properties [Line Items] Number of Real Estate Properties Area of Real Estate Property Number Of Wholly Owned Subsidiary Amounts insured by the Federal Deposit Insurance Corporation Losses on inventory Schedule of Business Acquisitions, by Acquisition [Table] Business Acquisition [Line Items] Business Combination, Consideration Transferred, Equity Interests Issued and Issuable Business Combination, Consideration Transferred, Equity Interests Issued and Issuable Class of Warrant or Right, Exercise Price of Warrants or Rights Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period Finite-lived Intangible Assets Acquired Goodwill, Acquired During Period Target Revenue For Incentive Share Based Payment Incentive Warrants Fair Value Shares acquired Accrued stock payable Cash Common stock Aggregate consideration Inventory Intangible assets – intellectual property Inventory Gross Statement [Table] Statement [Line Items] Finite-lived Intangible Assets [Roll Forward] Finite-Lived Intangible Assets, Gross Finite-Lived Intangible Assets, Accumulated Amortization Finite-Lived Intangible Assets, Net Finite-Lived Intangible Assets, Net [Abstract] Finite-Lived Intangible Asset, Useful Life Amortization of Intangible Assets Schedule of Long-term Debt Instruments [Table] Debt Instrument [Line Items] Long-term Debt, Gross Debt Instrument, Unamortized Discount Long-term Debt Long-term Debt, Current Maturities Long-term Debt, Excluding Current Maturities 2015 2016 2017 2018 Total Short-term Debt, Type [Axis] Convertible Debt Debt Instrument Individual Principal Amount Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate Debt Instrument, Convertible, Conversion Price DebtDiscount Unamortized debt discount Debt issuance cost Class of Warrant or Right, Outstanding [custom:AdditionalDebtDiscount] Issuance of Stock and Warrants for Services or Claims Amortization of Debt Discount (Premium) Debt Conversion, Original Debt, Amount Debt Conversion, Converted Instrument, Shares Issued [custom:DebtConversionAccruedInterestConvertedAmount1] December 31, 2014 Stock issued for services, accrued in 2014 IPG acquisition Chiefton acquisition Infinity Capital NBC employment agreements Management consulting services September 30, 2015 Common stock with a vesting Initial fair value Closing price per share Fair value of Shares Schedule of Operating Leased Assets [Table] Operating Leased Assets [Line Items] Debt Instrument, Unused Borrowing Capacity, Amount Borrowing Covenant Proceeds Used For Acquiring Real Estate Minimum Debt Instrument, Term Debt Instrument, Interest Rate, Stated Percentage Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger Proceeds from Issuance of Warrants Operating Leases, Rent Expense, Net Lessee Leasing Arrangements, Operating Leases, Term of Contract Operating Leases, Future Minimum Payments, Remainder of Fiscal Year Operating Leases, Future Minimum Payments, Due in Two Years Operating Leases, Future Minimum Payments, Due in Three Years Current stock price Exercise price of warrant Fair Value Assumptions, Risk Free Interest Rate Expected dividend yield Expected term (in years) Expected volatility Early exercise factor Balance beginning Fair value of warrants issued Increase in derivative liability resulting from anti-dilution provision in agreement with Full Circle Balance ending Balance of September Increase in the fair value of warrant liability Reclassification to APIC for shares issued for Full Circle as a result of warrant exercises, net of cash received Gain on settlement of derivative Balance of September Derivative, Gain (Loss) on Derivative, Net [Abstract] Beginning balance at beginning of period Fair value of warrants issued Increase (decrease) in fair value of warrant liability Gain on settlement of derivative Balance at end of period Derivative, Gain (Loss) on Derivative, Net Net gain in the settlement of the warrant liability December 31, 2014 Issued for services Issued to Infinity Capital upon uplisting of the Company’s stock Issued to Full Circle via cashless exercises Issued to Full Circle for cash consideration Issued in settlement of converted 12% Convertible Notes and accrued interest September 30, 2015 Issued for services Issued to Infinity Capital upon uplisting of the Company’s stock Issued to Full Circle via cashless exercises Issued to Full Circle for cash consideration Issued in settlement of converted 12% Convertible Notes and accrued interest Outstanding at December 31, 2014 Granted Cancelled Outstanding at September 30, 2015 Exercisable at September 30, 2015 Weighted-average Exercise Price per Share Outstanding at December 31, 2014 Granted Cancelled Outstanding at September 30, 2015 Exercisable at September 30, 2015 Weighted-average Remaining Contractual Term (in years) Outstanding at December 31, 2014 Granted Cancelled Outstanding at September 30, 2015 Exercisable at September 30, 2015 Aggregate Intrinsic Value Outstanding at December 31, 2014 Granted Cancelled Outstanding at September 30, 2015 Exercisable at September 30, 2015 Class of Warrant or Right [Table] Class of Warrant or Right [Line Items] Class of Warrant or Right, Date from which Warrants or Rights Exercisable Stock price Risk-free interest rate Expected dividend yield Expected term (in years) Expected volatility Warrants issued Warrants outstanding Expense for Employee Awards Unrecognized compensation expense Consulting Expense Warrants to purchase Exercise price Net loss Weighted average outstanding shares of common stock Dilutive effect of stock options and warrants Common stock and equivalents Net loss per share – Basic and diluted Common stock upon conversion of debt Stock options Warrants Stock payable Stock option net Subsequent Event [Table] Subsequent Event [Line Items] Shares Issued, Price Per Share Equity interest in the membership interests Outstanding unpaid principal and interest Revenues, net Costs and expenses Other expense Total Corporate expenses Net Loss Total Assets 10.0% private placement, due May 1, 2016 [Member] 10% Notes [Member] ACS Wholesale [Member] Additional Capacity [Member] Borrowing Covenant Proceeds Used For Acquiring Real Estate Minimum Building and Equipment [Member] Canceled [Member] Cash Payment [Member] Castro [Member] Consulting [Member] Corporate Office 2013 [Member] Customer 1 [Member] Customer 2 [Member] Customer 3 [Member] Customer A [Member] Debt Instrument Individual Principal Amount Document And Entity Information Evans Lendco [Member] This category includes information about finance and real estate. Full Circle [Member] IPG $4.50 Warrants [Member] IPG $5.00 Warrants [Member] IPG Incentive Warrants [Member] IPG Warrants [Member] Incentive Warrants Fair Value Infinity Capital LLC [Member] Iron Protection Group [Member] McGarvey [Member] NATURE OF OPERATIONS, HISTORY AND PRESENTATION [Abstract] Northpark Corporate Office [Member] Number of wholly owned subsidiary. PLR [Member] Pueblo West Property [Member] Retained By Full Circle [Member] Security [Member] Singer [Member] Spector Group [Member] Target Revenue For Incentive Share Based Payment The Greenhouse [Member] CommonStockOneMember Assets, Current Assets Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Revenues Costs and Expenses Operating Income (Loss) Amortization of Financing Costs and Discounts Interest Expense Increase (Decrease) in Accounts Receivable Increase (Decrease) in Interest Payable, Net Net Cash Provided by (Used in) Operating Activities Repayments of Notes Payable Proceeds from Warrant Exercises Net Cash Provided by (Used in) Financing Activities Cash [Default Label] Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Inventory, Finished Goods, Gross Finite-Lived Intangible Assets, Accumulated Amortization Long-term Debt, Current Maturities Convertible Notes Payable Derivative Liability DerivativeWarranLiabilityTwo FairValueOfWarrantsIssued1 Derivative, Loss on Derivative Common Stock, Other Shares, Outstanding IssuedToInfinityCapitalUponUplistingOfCompanysStockValue IssuedToFullCircleViaCashlessExercisesValue IssuedToFullCircleForCashConsiderationValue IssuedInSettlementOfConverted12ConvertibleNotesAndAccruedInterestValue ShareBasedCompensationArrangementByShareBasedPaymentAwardOptioShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumbernsOutstandingNumber Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm3 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm1 Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value Share Price Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate TotalRevenues EX-101.PRE 11 cann-20150930_pre.xml XML 12 R39.htm IDEA: XBRL DOCUMENT v3.3.0.814
DERIVATIVE WARRANT LIABILITY (Details 1) - USD ($)
9 Months Ended 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Increase in the fair value of warrant liability $ 14,010 $ 14,010  
Reclassification to APIC for shares issued for Full Circle as a result of warrant exercises, net of cash received (3,683,270)  
Gain on settlement of derivative $ (224,644) $ (224,644)  
Balance of September $ 3,183,270  
Liability [Member]      
Balance beginning $ 3,893,904    
Fair value of warrants issued     $ 1,368,908
Increase in derivative liability resulting from anti-dilution provision in agreement with Full Circle     153,994
Balance ending     3,893,904
Cumulative expense [Member]      
Balance beginning $ 3,393,904    
Fair value of warrants issued     868,908
Increase in derivative liability resulting from anti-dilution provision in agreement with Full Circle     153,994
Balance ending     $ 3,393,904
XML 13 R48.htm IDEA: XBRL DOCUMENT v3.3.0.814
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
9 Months Ended
Nov. 04, 2015
Sep. 30, 2015
Subsequent Event [Line Items]    
Shares Issued, Price Per Share $ 1.00  
Outstanding unpaid principal and interest $ 600,001 $ 600,000
Infinity Capital LLC [Member] | Subsequent Event [Member]    
Subsequent Event [Line Items]    
Equity interest in the membership interests   50.00%
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NET LOSS PER SHARE (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Noncontrolling Interest [Abstract]        
Net loss $ (1,698,235) $ (1,746,660) $ (6,875,950) $ (3,175,389)
Weighted average outstanding shares of common stock 14,399,029 13,545,738 13,847,561 13,476,962
Dilutive effect of stock options and warrants
Common stock and equivalents 14,399,029 13,545,738 13,847,561 13,476,962
Net loss per share – Basic and diluted $ (0.12) $ (0.13) $ (0.5) $ (0.24)
XML 16 R33.htm IDEA: XBRL DOCUMENT v3.3.0.814
DEBT (Details 2)
Sep. 30, 2015
USD ($)
Debt Disclosure [Abstract]  
2015 $ 1,635
2016 1,265,910
2017 7,507
2018 1,473,891
Total $ 2,748,943
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SEGMENT INFORMATION (Tables)
9 Months Ended
Sep. 30, 2015
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]

Three months ended September 30

 

                     
2015   Finance and Real Estate   Wholesale Supply   Security   Consulting   Total
Revenues, net $ 29,365 $ 9,494 $ 503,703 $ 50,755 $ 593,317
Costs and expenses   (3,599)   (30,667)   (472,617)   (11,980)   (518,863)
Other expense   (41,361)   --   --   --   (41,361)
  $ (15,595) $ (21,173) $ 31,086 $ 38,775   33,093
Corporate expenses                   (1,731,328)
                Net loss $ (1,698,235)

 

 

                     
2014   Finance and Real Estate   Wholesale Supply   Security   Consulting   Total
Revenues, net $ 28,764 $ 39,263 $ -- $ (13,600) $ 54,427
Costs and expenses   (10,561)   (27,203)   --   --   (37,764)
Other expense   (3,548)   --   --   --   (3,548)
  $ 14,655 $ 12,060 $ -- $ (13,600)   13,115
Corporate expenses                   (1,759,775)
                Net loss $ (1,746,660)

 

Nine months ended September 30

 

                     
2015   Finance and Real Estate   Wholesale Supply   Security   Consulting   Total
Revenues, net $ 93,954 $ 34,861 $ 897,806 $ 50,755 $ 1,077,376
Costs and expenses   (43,939)   (80,352)   (818,950)   (11,980)   (955,221)
Other expense   (191,394)   --   --   --   (191,394)
  $ (141,379) $ (45,491) $ 78,856 $ 38,775   (69,239)
Corporate expenses                   (6,806,711)
                Net loss $ (6,875,950)

 

                     
2014   Finance and Real Estate   Wholesale Supply   Security   Consulting   Total
Revenues, net $ 86,294 $ 57,021 $ -- $ 40,000 $ 183,315
Costs and expenses   (13,927)   (45,858)   --   (30)   (59,815)
Other expense   (9,535)   --   --   --   (9,535)
  $ 62,832 $ 11,163 $ -- $ 39,970   113,965
Corporate expenses                   (3,289,354)
                Net loss $ (3,175,389)

 

         
Total assets  

September 30,

2015

 

December 31,

2014

Finance and Real Estate $ 1,755,188 $ 1,720,067
Wholesale Supply   114,466   70,341
Security   2,019,070   --
Consulting   --   --
Corporate   45,934   276,656
  $ 3,934,658 $ 2,067,064
XML 19 R50.htm IDEA: XBRL DOCUMENT v3.3.0.814
SEGMENT INFORMATION (Details 1) - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Total Assets $ 3,934,658 $ 2,067,064
Finance And Real Estate [Member]    
Total Assets 1,755,188 1,720,067
Wholesale Supply [Member]    
Total Assets 114,466 $ 70,341
Security [Member]    
Total Assets $ 2,019,070
Consulting [Member]    
Total Assets
Corporate [Member]    
Total Assets $ 45,934 $ 276,656
XML 20 R42.htm IDEA: XBRL DOCUMENT v3.3.0.814
STOCKHOLDERS’ EQUITY (Details)
9 Months Ended
Sep. 30, 2015
USD ($)
shares
Equity [Abstract]  
December 31, 2014 12,499,933
Issued for services 50,000
Issued to Infinity Capital upon uplisting of the Company’s stock 1,000,000
Issued to Full Circle via cashless exercises 760,263
Issued to Full Circle for cash consideration 25,000
Issued in settlement of converted 12% Convertible Notes and accrued interest 64,225
September 30, 2015 14,399,421
Issued for services | $ $ 114,693
Issued to Infinity Capital upon uplisting of the Company’s stock 2,966,500
Issued to Full Circle via cashless exercises | $ $ 3,683,270
Issued to Full Circle for cash consideration | $ 86,171
Issued in settlement of converted 12% Convertible Notes and accrued interest | $ $ 321,123
XML 21 R37.htm IDEA: XBRL DOCUMENT v3.3.0.814
COMMITMENTS AND CONTINGENCIES (Details Narrative)
3 Months Ended 9 Months Ended
Sep. 30, 2015
USD ($)
a
$ / shares
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
a
$ / shares
Sep. 30, 2014
USD ($)
Jun. 30, 2015
USD ($)
Operating Leased Assets [Line Items]          
Borrowing Covenant Proceeds Used For Acquiring Real Estate Minimum     95.00%    
Proceeds from Issuance of Warrants     $ 86,171  
Operating Leases, Rent Expense, Net $ 3,200 $ 10,197 $ 6,400 $ 13,197  
Lessee Leasing Arrangements, Operating Leases, Term of Contract     3 years    
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year 6,500   $ 6,500    
Operating Leases, Future Minimum Payments, Due in Two Years 13,200   13,200    
Operating Leases, Future Minimum Payments, Due in Three Years $ 4,500   $ 4,500    
The Greenhouse [Member]          
Operating Leased Assets [Line Items]          
Area of Real Estate Property | a 16,056   16,056    
ACS Wholesale [Member]          
Operating Leased Assets [Line Items]          
Area of Real Estate Property | a 1,800   1,800    
Pueblo West Property [Member]          
Operating Leased Assets [Line Items]          
Area of Real Estate Property | a 5,000   5,000    
Additional Capacity [Member]          
Operating Leased Assets [Line Items]          
Debt Instrument, Unused Borrowing Capacity, Amount         $ 22,500,000
Canceled [Member] | Northpark Corporate Office [Member]          
Operating Leased Assets [Line Items]          
Lessee Leasing Arrangements, Operating Leases, Term of Contract       3 years  
Canceled [Member] | Corporate Office 2013 [Member]          
Operating Leased Assets [Line Items]          
Operating Leases, Rent Expense, Net       $ 12,000  
Full Circle [Member]          
Operating Leased Assets [Line Items]          
Debt Instrument, Unused Borrowing Capacity, Amount $ 7,500,000   $ 7,500,000    
Debt Instrument, Term     6 years    
Debt Instrument, Interest Rate, Stated Percentage 12.00%   12.00%    
Debt Instrument, Convertible, Conversion Price | $ / shares $ 5.00   $ 5.00    
Long-term Debt, Gross $ 0   $ 0    
Proceeds from Issuance of Warrants       $ 500,000  
Full Circle [Member] | Additional Capacity [Member]          
Operating Leased Assets [Line Items]          
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger     110.00%    
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NET LOSS PER SHARE (Details 1) - USD ($)
Sep. 30, 2015
Sep. 30, 2014
Noncontrolling Interest [Abstract]    
Common stock upon conversion of debt 297,989 362,929
Stock options 1,017,500
Warrants 2,285,200 1,015,700
Stock payable $ 1,080,000 $ 500,000
Stock option net 4,680,689 1,878,629
XML 24 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814
DEBT
9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
DEBT

NOTE 4.    DEBT

 

Line of Credit – Related Party

 

In February 2015, the Company issued a senior secured note to Infinity Capital, LLC (“Infinity Capital”), as amended in April 2015, bearing interest at 5% payable monthly in arrears commencing June 30, 2015, until the maturity date of August 31, 2015 (the “Infinity Note”).   Infinity Capital, an investment management company, was founded and is controlled by the Company’s chairman of the board, a related party.  On July 1, 2015, the outstanding principal and interest of $309,000 was settled by the Company issuing a 10% private placement note.  During the quarter ended September 30, 2015, the Company borrowed an additional $365,000 under the Infinity Note.

 

Notes Payable

 

         
   

September 30,

2015

 

December 31,

2014

10.0% private placement notes $ 659,000 $ --
14.0% mortgage note payable (The Greenhouse)   600,000   600,000
12.0% convertible notes - December 2013   380,000   530,000
12.0% convertible notes - January 2014   950,000   1,120,000
8.5% convertible note payable (Pueblo West Property)   159,943   164,644
    2,748,943   2,414,644
Unamortized debt discount   (1,069,750)   (1,352,510)
    1,679,193   1,062,134
Less: Current portion   470,879   6,337
Long-term portion $ 1,208,314 $ 1,055,797

 

10% Private Placement Notes

 

In May, 2015, the Company initiated a private placement pursuant to a Promissory Note and Warrant Purchase Agreement (the “10% Agreement”) with certain accredited investors, bearing interest at 10% payable quarterly, with a maturity date of May 1, 2016.  Under the 10% Agreement, the Company can issue up to $2,000,000 of notes to investors, bearing interest at 10%, with a minimum denomination of $25,000 (each such note, a “10% Note,” and collectively, the “10% Notes”).  Subject to the terms and conditions of the 10% Agreement, each investor is granted fully-vested warrants equal to their note principal divided by two (the “10% Warrants”) (with standard dilution clauses).  The 10% Warrants are exercisable for a period of eighteen months after grant date and have an exercise price of $1.08 per share.  The debt is treated as conventional debt.  The 10% Notes are collateralized by a security interest in substantially all of the Company’s assets.

 

$309,000 of the 10% Notes are due to a related party, Infinity Capital, at September 30, 2015.

 

14% Mortgage Note Payable (The Greenhouse)

 

In October 2014, the Company executed a mortgage on The Greenhouse in the amount of $600,000, bearing 14.0% interest payable quarterly, with a maturity date of October 21, 2016 (the “Greenhouse Mortgage”).  The debt is treated as conventional debt.

 

In addition, the Company granted warrants to Evans Street Lendco LLC (“Evans Lendco”), the note holder of the Greenhouse Mortgage, which expire on October 21, 2016.  The warrants vested immediately and allowed for Evans Lendco to purchase 600,000 shares of the Company’s common stock at a price of $4.40 per share, (with standard dilution clauses).  Due to the drop in the Company’s stock price, on July 29, 2015, Evans Lendco and the Company agreed to replace the warrants previously issued to Evans Lendco with warrants to purchase 225,000 shares of the Company’s stock at $1.20 per share with a term of two years.  The estimated fair value of the replacement warrants is less than the fair value of the original warrants on their date of grant.  Accordingly, the Company will continue to amortize the remaining fair value of the original warrants over the remaining life of the underlying debt.

 

12% Convertible Notes

 

December 2013 Issuance

 

In December 2013, the Company entered into convertible promissory notes with various third parties totaling $530,000 (the “December 2013 Issuance”). The principal amounts of these notes range between $10,000 and $150,000. The notes mature on October 31, 2018, bear interest at 12.0% payable quarterly, and are convertible into shares of the Company’s common stock at a conversion rate of $5.00 per share, with standard dilution clauses. The notes are secured by a first lien on all of the Company’s assets, which the Company acquired or may acquire with the proceeds from these notes.

 

Derivative treatment is not required, as the conversion feature meets the scope exception. The conversion feature is not beneficial, because the conversion price was higher than the stock price on the commitment date.  Accordingly, the Company is treating the December 2013 Issuance as conventional debt.

 

January 2014 Issuance

 

In January 2014, the Company entered into various convertible promissory notes with various third parties totaling $1,605,000 (the “January 2014 Issuance”). The principal amounts of these notes range between $10,000 and $200,000. Under the terms of these notes, they mature on October 31, 2018, bear interest at 12.0% payable quarterly, and are convertible into shares of the Company’s common stock at a conversion rate of $5.00 per share, with standard dilution clauses (i.e. dividends, stock splits, etc.). These notes are convertible at the election of the noteholder at any time on or before maturity date. These notes are secured by a first lien on all of the Company’s assets, which the Company acquired or may acquire with the proceeds from these notes.

 

Derivative treatment is not required, as the conversion feature met the scope exception.  Since the initial conversion price was less than the market value of the common stock at the time of issuance, it was determined that a beneficial conversion feature existed. The intrinsic value of the beneficial conversion feature and the combined value of the debt discount resulted in a value greater than the value of the debt and, as such, the total discount was limited to the value of the debt balance of $1,605,000.

 

Conversion of 12% Convertible Notes

 

After December 1, 2015, the remaining convertible notes in the December 2013 Issuance and the January 2014 Issuance (collectively, the “12% Convertible Notes”) will automatically convert to shares of the Company’s stock if the trading stock price has exceeded $10 for twenty consecutive trading days and the daily volume for those twenty consecutive trading days exceeds 25,000 shares.  As of April 24, 2014, these parameters were met and the Company expects that the 12% Convertible Notes will automatically convert to shares of the Company’s stock on December 2, 2015.

 

8 ½% Convertible Note Payable (Pueblo West Property)

 

In December 2013, the Company executed a mortgage on its Pueblo West Property in the amount of $170,000, bearing 8 ½% interest with monthly principal and interest payments totaling $1,674, with the balance due on December 31, 2018 (the “Pueblo Mortgage”). This note is convertible at any time at $5.00 per share.

 

Derivative treatment is not required, as the conversion feature meets the scope exception. The conversion feature is not beneficial, because the conversion price was higher than the stock price on the commitment date.  Accordingly, the Company is treating the Pueblo Mortgage as conventional debt.

 

Annual maturities of long-term debt (excluding unamortized discount) for the next four years, consist of:

 

     
Year ending December 31,    
2015 $ 1,635
2016   1,265,910
2017   7,507
2018   1,473,891
  $ 2,748,943
XML 25 R43.htm IDEA: XBRL DOCUMENT v3.3.0.814
STOCKHOLDERS’ EQUITY (Details 1)
9 Months Ended
Sep. 30, 2015
USD ($)
$ / shares
shares
Outstanding at December 31, 2014 | shares 150,000
Granted | shares 65,000
Outstanding at September 30, 2015 | shares 2,150,000
Exercisable at September 30, 2015 | shares 150,000
Weighted-average Exercise Price per Share  
Outstanding at December 31, 2014 $ 4.40
Granted 3.03
Outstanding at September 30, 2015 3.99
Exercisable at September 30, 2015 $ 4.40
Weighted-average Remaining Contractual Term (in years)  
Outstanding at December 31, 2014 1 year 2 months 12 days
Granted 2 years
Outstanding at September 30, 2015 1 year 6 months
Exercisable at September 30, 2015 1 year 2 months 12 days
Aggregate Intrinsic Value  
Outstanding at December 31, 2014 | $
Granted
Outstanding at September 30, 2015 | $
Warrants with Debt  
Granted | shares (600,000)
Cancelled | shares 554,500
Outstanding at September 30, 2015 | shares 554,500
Exercisable at September 30, 2015 | shares 554,500
Weighted-average Exercise Price per Share  
Granted $ 4.40
Cancelled 1.13
Outstanding at September 30, 2015 4.40
Exercisable at September 30, 2015 $ 1.13
Weighted-average Remaining Contractual Term (in years)  
Outstanding at December 31, 2014 1 year 1 month 6 days
Granted 1 year 1 month 6 days
Cancelled 1 year 2 months 12 days
Outstanding at September 30, 2015 1 year 2 months 12 days
Exercisable at September 30, 2015 1 year 2 months 12 days
Employee Awards  
Granted | shares 1,017,500
Outstanding at September 30, 2015 | shares 1,017,500
Exercisable at September 30, 2015 | shares 397,500
Weighted-average Exercise Price per Share  
Granted $ 2.99
Outstanding at September 30, 2015 2.99
Exercisable at September 30, 2015 $ 3.02
Weighted-average Remaining Contractual Term (in years)  
Granted 2 years 11 months 27 days
Outstanding at September 30, 2015 2 years 11 months 27 days
Exercisable at September 30, 2015 3 years 7 days
Aggregate Intrinsic Value  
Granted
Outstanding at September 30, 2015 | $
XML 26 R29.htm IDEA: XBRL DOCUMENT v3.3.0.814
INTANGIBLE ASSETS AND GOODWILL (Details)
Sep. 30, 2015
USD ($)
Finite-lived Intangible Assets [Roll Forward]  
Finite-Lived Intangible Assets, Gross $ 1,469,400
Finite-Lived Intangible Assets, Accumulated Amortization 113,315
Finite-Lived Intangible Assets, Net 1,356,085
Noncompete Agreements [Member]  
Finite-lived Intangible Assets [Roll Forward]  
Finite-Lived Intangible Assets, Gross 200,000
Finite-Lived Intangible Assets, Accumulated Amortization 51,507
Finite-Lived Intangible Assets, Net 148,493
Marketing-Related Intangible Assets [Member]  
Finite-lived Intangible Assets [Roll Forward]  
Finite-Lived Intangible Assets, Gross 200,000
Finite-Lived Intangible Assets, Accumulated Amortization 10,301
Finite-Lived Intangible Assets, Net 189,699
Customer-Related Intangible Assets [Member]  
Finite-lived Intangible Assets [Roll Forward]  
Finite-Lived Intangible Assets, Gross 1,000,000
Finite-Lived Intangible Assets, Accumulated Amortization 51,507
Finite-Lived Intangible Assets, Net 948,493
Intellectual Propertys [Member]  
Finite-lived Intangible Assets [Roll Forward]  
Finite-Lived Intangible Assets, Gross 69,400
Finite-Lived Intangible Assets, Net $ 69,400
XML 27 R28.htm IDEA: XBRL DOCUMENT v3.3.0.814
BUSINESS ACQUISITION (Details 1)
Sep. 30, 2015
USD ($)
Business Combinations [Abstract]  
Cash $ 12,249
Common stock 69,400
Aggregate consideration 81,649
Inventory 12,249
Intangible assets – intellectual property 69,400
Inventory Gross $ 81,649
XML 28 R44.htm IDEA: XBRL DOCUMENT v3.3.0.814
STOCKHOLDERS' EQUITY (Details 3)
9 Months Ended
Sep. 30, 2015
$ / shares
Class of Warrant or Right [Line Items]  
Expected dividend yield 0.60%
Expected term (in years) 3 years
Expected volatility 154.00%
Warrants with Debt  
Class of Warrant or Right [Line Items]  
Expected dividend yield
Expected term (in years) 1 year 6 months
IPG $4.50 Warrants [Member]  
Class of Warrant or Right [Line Items]  
Expected dividend yield 0.10%
Expected term (in years) 3 years
Expected volatility 134.00%
Maximum [Member] | Employee Awards  
Class of Warrant or Right [Line Items]  
Stock price $ 3.75
Expected dividend yield 1.10%
Expected term (in years) 10 years
Expected volatility 133.00%
Maximum [Member] | Grant Date [Member]  
Class of Warrant or Right [Line Items]  
Expected dividend yield 1.10%
Expected term (in years) 3 years
Expected volatility 170.00%
Maximum [Member] | Warrants with Debt  
Class of Warrant or Right [Line Items]  
Expected dividend yield 0.50%
Expected volatility 132.00%
Minimum [Member] | Employee Awards  
Class of Warrant or Right [Line Items]  
Stock price $ 3.70
Expected dividend yield 0.10%
Expected term (in years) 3 years
Expected volatility 126.00%
Minimum [Member] | Grant Date [Member]  
Class of Warrant or Right [Line Items]  
Expected dividend yield 0.50%
Expected term (in years) 2 years
Expected volatility 127.00%
Minimum [Member] | Warrants with Debt  
Class of Warrant or Right [Line Items]  
Expected dividend yield 0.40%
Expected volatility 127.00%
XML 29 R30.htm IDEA: XBRL DOCUMENT v3.3.0.814
INTANGIBLE ASSETS AND GOODWILL (Details 1)
9 Months Ended
Sep. 30, 2015
Customer-Related Intangible Assets [Member]  
Finite-Lived Intangible Assets, Net [Abstract]  
Finite-Lived Intangible Asset, Useful Life 10 years
Marketing-Related Intangible Assets [Member]  
Finite-Lived Intangible Assets, Net [Abstract]  
Finite-Lived Intangible Asset, Useful Life 10 years
Noncompete Agreements [Member]  
Finite-Lived Intangible Assets, Net [Abstract]  
Finite-Lived Intangible Asset, Useful Life 2 years
Intellectual Propertys [Member]  
Finite-Lived Intangible Assets, Net [Abstract]  
Finite-Lived Intangible Asset, Useful Life 5 years
XML 30 R31.htm IDEA: XBRL DOCUMENT v3.3.0.814
INTANGIBLE ASSETS AND GOODWILL (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2015
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization of Intangible Assets $ 55,453 $ 113,315  
Goodwill $ 487,000 $ 487,000 $ 0
XML 31 R8.htm IDEA: XBRL DOCUMENT v3.3.0.814
INTANGIBLE ASSETS AND GOODWILL
9 Months Ended
Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 4.    DEBT

 

Line of Credit – Related Party

 

In February 2015, the Company issued a senior secured note to Infinity Capital, LLC (“Infinity Capital”), as amended in April 2015, bearing interest at 5% payable monthly in arrears commencing June 30, 2015, until the maturity date of August 31, 2015 (the “Infinity Note”).   Infinity Capital, an investment management company, was founded and is controlled by the Company’s chairman of the board, a related party.  On July 1, 2015, the outstanding principal and interest of $309,000 was settled by the Company issuing a 10% private placement note.  During the quarter ended September 30, 2015, the Company borrowed an additional $365,000 under the Infinity Note.

 

 

Notes Payable

 

         
   

September 30,

2015

 

December 31,

2014

10.0% private placement notes $ 659,000 $ --
14.0% mortgage note payable (The Greenhouse)   600,000   600,000
12.0% convertible notes - December 2013   380,000   530,000
12.0% convertible notes - January 2014   950,000   1,120,000
8.5% convertible note payable (Pueblo West Property)   159,943   164,644
    2,748,943   2,414,644
Unamortized debt discount   (1,069,750)   (1,352,510)
    1,679,193   1,062,134
Less: Current portion   665,765   6,337
Long-term portion $ 1,013,428 $ 1,055,797


10% Private Placement Notes

 

In May, 2015, the Company initiated a private placement pursuant to a Promissory Note and Warrant Purchase Agreement (the “10% Agreement”) with certain accredited investors, bearing interest at 10% payable quarterly, with a maturity date of May 1, 2016.  Under the 10% Agreement, the Company can issue up to $2,000,000 of notes to investors, bearing interest at 10%, with a minimum denomination of $25,000 (each such note, a “10% Note,” and collectively, the “10% Notes”).  Subject to the terms and conditions of the 10% Agreement, each investor is granted fully-vested warrants equal to their note principal divided by two (the “10% Warrants”) (with standard dilution clause for dividends, stock splits, etc.).  The 10% Warrants are exercisable for a period of eighteen months after grant date and have an exercise price of $1.08 per share.  The debt is treated as conventional debt.  The 10% Notes are collateralized by a security interest in substantially all of the Company’s assets.

 

$309,000 of the 10% Notes are due to a related party, Infinity Capital, at September 30, 2015.

 

14% Mortgage Note Payable (The Greenhouse)

 

In October 2014, the Company executed a mortgage on The Greenhouse in the amount of $600,000, bearing 14.0% interest payable quarterly, with a maturity date of October 21, 2016 (the “Greenhouse Mortgage”).  The debt is treated as conventional debt.

 

In addition, the Company granted 600,000 warrants to Evans Street Lendco LLC (“Evans Ledco”), the note holder of the Greenhouse Mortgage, which expire on October 21, 2016.  The warrants vest immediately and allow for Evans Lendco to purchase 600,000 shares of the Company’s common stock at a price of $4.40 per share, (with standard dilution clause for dividends, stock splits, etc.).  Due to the drop in the Company’s stock price, on July 29, 2015, Evans Lendco and the Company agreed to replace the 600,000 warrants previously issued to Evans Lendco with warrants to purchase 225,000 shares of the Company’s stock at $1.20 per share with a term of two years.  The estimated fair value of the replacement warrants is less than the fair value of the original warrants on their date of grant.  Accordingly, the Company will continue to amortize the remaining fair value of the original warrants over the remaining life of the underlying debt.

 

12% Convertible Notes

 

December 2013 Issuance

 

In December 2013, the Company entered into convertible promissory notes with various third parties totaling $530,000 (the “December 2013 Issuance”). The principal amounts of these notes range between $10,000 and $150,000. Under the terms of these notes, they mature on October 31, 2018, bear interest at 12.0% payable quarterly, and are convertible into shares of the Company’s common stock at a conversion rate of $5.00 per share, with standard dilution clauses (i.e. dividends, stock splits, etc.). These notes are secured by a first lien on all of the Company’s assets, which the Company acquired or may acquire with the proceeds from these notes.

 

Derivative treatment is not required, as the conversion feature met the scope exception. The conversion feature is not beneficial, because the conversion price was higher than the stock price on the commitment date.  Accordingly, the Company is treating the December 2013 Issuance as conventional debt.

  

January 2014 Issuance

 

In January 2014, the Company entered into various convertible promissory notes with various third parties totaling $1,605,000 (the “January 2014 Issuance”). The principal amounts of these notes range between $10,000 and $200,000. Under the terms of these notes, they mature on October 31, 2018, bear interest at 12.0% payable quarterly, and are convertible into shares of the Company’s common stock at a conversion rate of $5.00 per share, with standard dilution clauses (i.e. dividends, stock splits, etc.). These notes are convertible at the election of the noteholder at any time on or before maturity date. These notes are secured by a first lien on all of the Company’s assets, which the Company acquired or may acquire with the proceeds from these notes.

 

Derivative treatment is not required, as the conversion feature met the scope exception.  Since the initial conversion price was less than the market value of the common stock at the time of issuance, it was determined that a beneficial conversion feature existed. The intrinsic value of the beneficial conversion feature and the combined value of the debt discount resulted in a value greater than the value of the debt and, as such, the total discount was limited to the value of the debt balance of $1,605,000.

 

Conversion of 12% Convertible Notes

 

After December 1, 2015, the remaining convertible notes in the December 2013 Issuance and the January 2014 Issuance (collectively, the “12% Convertible Notes”) will automatically convert to shares of the Company’s stock if the trading stock price has exceeded $10 for twenty consecutive trading days and the daily volume for those twenty consecutive trading days exceeds 25,000 shares.  As of April 24, 2014, these parameters were met and the Company expects that the Convertible Notes will automatically convert to shares of the Company’s stock on December 2, 2015.

 

8 ½% Convertible Note Payable (Pueblo West Property)

 

In December 2013, the Company executed a mortgage on its Pueblo West Property in the amount of $170,000, bearing 8 ½% interest with monthly principal and interest payments totaling $1,674 through December 31, 2018 (the “Pueblo Mortgage”). This note is convertible at any time at $5.00 per share.

 

Derivative treatment is not required, as the conversion feature met the scope exception. The conversion feature is not beneficial, because the conversion price was higher than the stock price on the commitment date.  Accordingly, the Company is treating the Pueblo Mortgage as conventional debt.

 

Annual maturities of long-term debt (excluding unamortized discount) for the next four years, consist of:

 

     
Year ending December 31,    
2015 $ 1,635
2016   1,265,910
2017   7,507
2018   1,473,891
  $ 2,748,943
XML 32 R32.htm IDEA: XBRL DOCUMENT v3.3.0.814
DEBT (Details) - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Jan. 10, 2014
Debt Instrument [Line Items]      
Debt Instrument, Unamortized Discount $ (1,069,750) $ (1,352,510)  
Long-term Debt 1,679,193 1,062,134  
Long-term Debt, Current Maturities 470,879 6,337  
Long-term Debt, Excluding Current Maturities 1,208,314 1,055,797  
Unsecured Convertible Notes [Member]      
Debt Instrument [Line Items]      
Long-term Debt, Gross 380,000 530,000  
Debt Instrument, Unamortized Discount 46,000 67,000  
Convertible Notes Payable [Member]      
Debt Instrument [Line Items]      
Long-term Debt, Gross 159,943 164,644  
10.0% private placement, due May 1, 2016 [Member]      
Debt Instrument [Line Items]      
Long-term Debt, Gross 659,000 0  
Mortgages [Member]      
Debt Instrument [Line Items]      
Long-term Debt, Gross 600,000 600,000  
Unsecured Debt [Member]      
Debt Instrument [Line Items]      
Long-term Debt, Gross 950,000 1,120,000  
Debt Instrument, Unamortized Discount $ 687,000 $ 903,000 $ 1,605,000
XML 33 R40.htm IDEA: XBRL DOCUMENT v3.3.0.814
DERIVATIVE WARRANT LIABILITY (Details 2) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Derivative, Gain (Loss) on Derivative, Net [Abstract]        
Fair value of warrants issued $ 868,908
Increase (decrease) in fair value of warrant liability $ (327,511) $ 14,010 $ 117,633
Gain on settlement of derivative (224,644)
Balance at end of period $ 541,397 $ (210,634) $ 117,633
XML 34 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Current Assets    
Cash and cash equivalents $ 100,959 $ 165,536
Accounts receivable 90,583 18,319
Prepaid expenses and other current assets 111,807 22,402
Inventory, net 42,577 70,341
Total current assets 345,926 276,598
Property and equipment, net 1,745,647 1,707,410
Intangible assets, net 1,356,085  
Goodwill $ 487,000 0
Deferred financing costs, net 83,056
Total Assets $ 3,934,658 2,067,064
Current Liabilities    
Accounts payable and accrued expenses 250,720 83,185
Interest payable 157,977 $ 16,470
Line of credit - related party 365,000
Notes payable (net of discount), current portion 470,879 $ 6,337
Deferred rental revenue 36,884
Accrued stock payable, current portion $ 2,353,417 $ 385,917
Warrant derivative liability 3,893,904
Total current liabilities $ 3,634,877 4,385,813
Notes payable (net of debt discount), less current portion $ 1,208,314 1,055,797
Accrued stock payable, less current portion 138,125
Tenant deposits $ 9,204 8,854
Total liabilities 4,852,395 $ 5,588,589
Commitments and Contingencies  
Stockholders' Equity (Deficiency)    
Preferred stock, no par value; 5,000,000 share authorized; no shares issued and outstanding at September 30, 2015 and December 31, 2014 0 $ 0
Common Stock, $0.001 par value; 100,000,000 shares authorized; 14,399,421 shares and 12,499,933 shares issued and outstanding on September 30, 2015 and December 31, 2014, respectively 14,399 12,500
Additional paid-in capital 13,584,915 4,107,076
Accumulated deficit (14,517,051) (7,641,101)
Total Stockholders' Equity (Deficit) (917,737) (3,521,525)
Total Liabilities & Stockholders' Equity (Deficit) $ 3,934,658 $ 2,067,064
XML 35 R45.htm IDEA: XBRL DOCUMENT v3.3.0.814
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Jul. 02, 2015
Apr. 27, 2015
Apr. 24, 2015
Sep. 30, 2015
Sep. 30, 2015
Expense for Employee Awards       $ 591,856 $ 1,161,197
Unrecognized compensation expense       997,307 997,307
Consulting Awards [Member]          
Consulting Expense       $ (1,395) $ 16,059
Warrants to purchase 25,000 20,000 20,000    
Exercise price $ .88 $ 3.75 $ 3.75    
XML 36 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
NATURE OF OPERATIONS, HISOTRY AND PRESENTATION
9 Months Ended
Sep. 30, 2015
NATURE OF OPERATIONS, HISTORY AND PRESENTATION [Abstract]  
NATURE OF OPERATIONS, HISTORY AND PRESENTATION

NOTE 1.   NATURE OF OPERATIONS, HISTORY AND PRESENTATION

 

Nature of Operations

 

General Cannabis Corporation (the “Company,” “we,” “us” or “GCC”) (formerly, Advanced Cannabis Solutions, Inc.), was incorporated on June 3, 2013 (Inception) and provides products and services to the regulated cannabis industry.  The Company’s primary operations include real estate leasing, shared office space, networking and event services, security and cash management services, industry finance, wholesale supply, and consulting and advisory.

 

Finance and Real Estate

 

The Company’s real estate leasing business primarily includes the acquisition and leasing of cultivation space and related facilities to licensed marijuana growers and dispensary owners for their operations.  As of the date of this report, the Company owns one cultivation property that is located in a suburb of Pueblo, Colorado (the “Pueblo West Property”). The property consists of approximately three acres of land, which includes a 5,000 square foot steel building, and parking lot. The property is zoned for cultivating cannabis and is leased to a medical cannabis grower until December 31, 2022.

 

The Company leases cultivation equipment and facilities to customers in the cannabis industry. The Company may enter into sale lease-back transactions of grow lights, tenant improvements and other grow equipment. The Company’s finance strategy will include providing customized finance, direct term loans and revolving lines of credit to businesses involved in the cultivation and sale of cannabis and related products.

 

In October 2014, the Company purchased a former retail bank located at 6565 East Evans Avenue, Denver, Colorado 80224, which has been branded as The Greenhouse (“The Greenhouse”).  The building is a 16,056 square-foot facility, which will be converted to serve as a leading shared workspace for entrepreneurs, professionals and others serving the cannabis industry.  Clients will be able to lease space to use as offices, meeting rooms, lecture, educational and networking facilities, and individual workstations.

 

Wholesale Supply

 

The Company’s wholesale supply business, GC Supply, is a reseller of supplies to the cannabis market. GC Supply works with industry leaders and innovators to deliver high-quality products that are compliant with applicable regulations and with a focus on products that are manufactured in the United States. GC Supply operates out of a leased, 1,800 square-foot warehouse located in Colorado Springs, Colorado.

 

In September 2015, GCC acquired substantially all of the assets of Chiefton Supply Co. (“CSC”), and established a dba within GCC of Chiefton Supply Co. (“Chiefton”).  Chiefton designs, manufactures, distributes and sells apparel featuring graphic designs.

 

Security

 

In March 2015, the Company’s wholly owned subsidiary, GC Security, LLC (“GCS”), acquired substantially all of the assets of Iron Protection Group, LLC, a Colorado limited liability company.  GCS, which will continue to do business as “Iron Protection Group,” provides advanced security, including on-site professionals and video surveillance, to licensed cannabis cultivators and retail shops.

 

Consulting

 

The Company delivers comprehensive consulting services that includes design and construction to approved and licensed cannabis operators, as well as assistance with licensure and related applications for potential cannabis operators. The Company’s business plan is based on the future growth of the regulated cannabis market in the United States. The Company provides general advisory services for business development, facilities design and construction, cultivation and retail operations, marketing and the improvement and expansion of existing operations.

 

Corporate

 

While the Company does not grow, harvest, distribute or sell cannabis or any substances that violate United States law or the Controlled Substances Act, the Company may be irreparably harmed by a change in enforcement by federal or state governments.

 

On April 28, 2015, the Company’s stock was uplisted and resumed quotation on the OTC Market’s OTCQB.

 

Basis of Presentation

 

The accompanying (a) condensed consolidated balance sheet at December 31, 2014 has been derived from audited statements and (b) the condensed consolidated unaudited financial statements as of September 30, 2015 and 2014, have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements, and should be read in conjunction with the audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Annual Report”), filed with the Securities and Exchange Commission (the “SEC”) on April 15, 2015.  It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments), have been made which are necessary for a fair financial statements presentation. The financial statements include all material adjustments (consisting of normal recurring accruals) necessary to make the financial statements not misleading as required by Regulation S-X, Rule 10-01. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results of operations expected for the year ending December 31, 2015.

 

The condensed consolidated financial statements include the results of GCC, and its five wholly-owned subsidiary companies: (a) ACS Colorado Corp., a Colorado corporation formed in 2013; (b) Advanced Cannabis Solutions Corporation, a Colorado corporation formed in 2013; (c) 6565 E. Evans Avenue LLC (“6565 Evans”), a Colorado limited liability company formed in 2014; (d)  General Cannabis Capital Corporation (“GCCC”), a Colorado corporation formed in 2015; and (e) GCS, a Colorado limited liability company formed in 2015. Advanced Cannabis Solutions Corporation has one wholly-owned subsidiary company, ACS Corp., which was formed in the State of Colorado on June 6, 2013.

 

Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. The reclassifications had no effect on net loss, total assets, or total stockholders’ equity (deficit).

 

Going Concern

 

The financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management believes that actions presently being taken to further implement its business plan and generate additional revenues provide opportunity for the Company to continue as a going concern.  While the Company believes in the viability of its strategy to generate additional revenues and its ability to raise additional funds, there can be no assurances to that effect.

 

The Company had an accumulated deficit of $14,517,051 and $7,641,101, respectively, at September 30, 2015 and December 31, 2014, and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

Significant Accounting Policies

 

Business Combinations

 

Amounts paid for acquisitions are allocated to the assets acquired and liabilities assumed based on their estimated fair value at the date of acquisition.  The fair value of identifiable intangible assets is based on detailed valuations that use information and assumptions provided by management, including expected future cash flows. The Company allocates any excess purchase price over the fair value of the net assets and liabilities acquired to goodwill.  Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related costs, including advisory, legal, accounting, valuation and other costs, are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date.

 

Concentration of Cash Balances

 

We maintain our cash balances in financial institutions that from time to time exceed amounts insured by the Federal Deposit Insurance Corporation (up to $250,000 per financial institution as of September 30, 2015).  At September 30, 2015 and December 31, 2014, our deposits did not exceed insured amounts. We have not experienced any losses in such accounts.

 

Inventory

 

Inventory consisting of wholesale finished goods is stated at the lower-of-cost (first-in, first-out (“FIFO”)) or market value. During the three and nine months ended September 30, 2015, the Company incurred losses of $27,459 and $54,959, respectively, for inventory that had a market value below carrying value, included in cost of goods sold in the condensed consolidated statements of operations.

 

Intangible Assets and Goodwill

 

Intangible assets consist primarily of customer relationships, non-compete agreements with key employees, and marketing-related intangibles. The Company’s intangible assets are being amortized on a straight-line basis over a period of two to ten years. The life assigned to customer relationships acquired is based on management’s estimate of expected customer attrition rate. The attrition rate is estimated based on historical contract longevity and management’s operating experience.

 

Management evaluates the remaining useful life of intangible assets on a periodic basis to determine whether events and circumstances warrant a revision to the remaining useful life. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying value of the intangible asset is amortized prospectively over the revised remaining useful life Any potential impairment is evaluated based on anticipated undiscounted future cash flows and actual customer attrition.

 

Management monitors the recoverability of goodwill recorded in connection with acquisitions, by reporting unit, annually, or more often if events or changes in circumstances indicate that the carrying amount may not be recoverable.

 

If it is determined that sufficient indicators of potential impairment exists to require an interim goodwill impairment analysis for a reporting unit, the Company compares the reporting unit’s carrying value to its estimated fair value and, accordingly, performs a second phase of the goodwill impairment test (“Step 2”). Under Step 2, the fair value of the reporting unit’s assets and liabilities are estimated, including tangible assets and intangible assets for the purpose of deriving an estimate of the implied fair value of goodwill. The implied fair value of the goodwill is then compared to the carrying value of the goodwill to determine the amount of the impairment, if any.  There were no impairments to goodwill recorded during the nine months ended September 30, 2015.

 

Debt

 

We issue debt that may have separate warrants, conversion features, or no equity-linked attributes.

 

Debt with warrants – When we issue debt with warrants, we treat the warrants as a debt discount, record as a contra-liability against the debt, and amortize the balance over the life of the underlying debt as amortization of debt discount expense in the condensed consolidated statement of operations.  The offset to the contra-liability is recorded as additional paid in capital in our condensed consolidated balance sheet.  We determine the value of the warrants using the Black-Scholes Option Pricing Model (“Black-Scholes”) using the stock price on the date of issuance, the risk free interest rate associated with the life of the debt, and the volatility of our stock.  If the debt is retired early, the associated debt discount is then recognized immediately as amortization of debt discount expense in the condensed consolidated statement of operations.  The debt is treated as conventional debt.

 

Convertible debtderivative treatment – When we issue debt with a  conversion feature, we must first assess whether the conversion feature meets the requirements to be treated as a derivative, as follows:  a) one or more underlyings, typically the price of the company’s stock; b) one or more notional amounts or payment provisions or both, generally the number of shares upon conversion; c) no initial net investment, which typically excludes the amount borrowed; and d) net settlement provisions, which in the case of convertible debt generally means the stock received upon conversion can be readily sold for cash. An embedded equity-linked component that meets the definition of a derivative does not have to be separated from the host instrument if the component qualifies for the scope exception for certain contracts involving an issuer’s own equity.  The scope exception applies if the contract is both a) indexed to its own stock; and b) classified in stockholders’ equity in its statement of financial position.

 

If the conversion feature within convertible debt meets the requirements to be treated as a derivative, we estimate the fair value of the convertible debt derivative using Black-Scholes upon the date of issuance.  If the fair value of the convertible debt derivative is higher than the face value of the convertible debt, the excess is immediately recognized as interest expense.  Otherwise, the fair value of the convertible debt derivative is recorded as a liability with an offsetting amount recorded as a debt discount, which offsets the carrying amount of the debt.  The convertible debt derivative is revalued at the end of each reporting period and any change in fair value is recorded as a gain or loss in the condensed consolidated statement of operations.  The debt discount is amortized through interest expense over the life of the debt.

 

Convertible debt – beneficial conversion feature – If the conversion feature is not treated as a derivative, the Company assesses whether it is a beneficial conversion feature (“BCF’).  A BCF exists if the conversion price of the convertible debt instrument is less than the stock price on the commitment date.  This typically occurs when the conversion price is less than the fair value of the stock on the date the instrument was issued.  The value of a BCF is equal to the intrinsic value of the feature, the difference between the conversion price and the common stock into which it is convertible, and is recorded as additional paid in capital and as a debt discount in the condensed consolidated balance sheet.  We amortize the balance over the life of the underlying debt as amortization of debt discount expense in the condensed consolidated statement of operations.  If the debt is retired early, the associated debt discount is then recognized immediately as amortization of debt discount expense in the condensed consolidated statement of operations.

 

If the conversion feature does not qualify for either the derivative treatment or as a BCF, the convertible debt is treated as traditional debt.

 

Revenue Recognition

 

Revenue is recognized on an accrual basis as earned under contract terms. Specifically, revenue from tenant rentals is recognized on a straight-line basis over the reasonably assured lease term, and when collectability is reasonably assured. Consulting revenue is recognized based upon the payment terms within the contracts; and when collectability is reasonably assured. Revenue relating to our wholesale business is recognized at the time goods are sold.  Security services revenue is recognized as earned and billed to customers on terms agreed upon with the individual customer, usually weekly or bi-monthly.  We reduce revenue for estimated bad debts.

 

Reporting Segments

 

Our reporting segments consist of:  a) Finance and Real Estate; b) Wholesale Supply; c) Security; and d) Consulting.  Our Chief Executive Officer has been identified as the chief decision maker.  As of the date of this filing, the Company’s operations are conducted primarily within the state of Colorado.

 

Recently Issued Accounting Standards

 

Consolidation Reporting

 

In February 2015, the FASB issued ASU 2015-02, “Consolidation: Amendments to the Consolidation Analysis” (“ASU 2015-02”). This standard update is intended to improve targeted areas of consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. This ASU simplifies consolidation accounting by reducing the number of consolidation models and improves current U.S. GAAP by (1) placing more emphasis on risk of loss when determining a controlling financial interest; (2) reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity; and (3) changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or variable interest entities. The amendments in ASU 2015-02 are effective for reporting periods beginning after December 15, 2015, with early adoption permitted. Entities can transition to the standard either retrospectively or as a cumulative effect adjustment as of the date of adoption. The adoption of ASU 2015-02 is not expected to have an impact on the Company’s consolidated financial statements.

XML 37 R35.htm IDEA: XBRL DOCUMENT v3.3.0.814
ACCRUED STOCK PAYABLE (Details)
9 Months Ended
Sep. 30, 2015
USD ($)
Notes to Financial Statements  
December 31, 2014 $ 524,042
Stock issued for services, accrued in 2014 114,693
IPG acquisition 1,054,000
Chiefton acquisition 69,400
Infinity Capital 640,294
NBC employment agreements 158,158
Management consulting services 22,216
September 30, 2015 $ 2,353,417
XML 38 R22.htm IDEA: XBRL DOCUMENT v3.3.0.814
DERIVATIVE WARRANT LIABILITY (Tables)
9 Months Ended
Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The underlying assumptions used in the binomial model to determine the fair value of the derivative warrant liability were:

 

         
    May 1, 2015   May 4, 2015
Current stock price $ 3.75 $ 3.50
Exercise price of warrant   4.00   4.00
Risk-free interest rate   0.60 %   0.60 %
Expected dividend yield   -- %   -- %
Expected term (in years)   1.8   1.8
Expected volatility   133 %   133 %
Early exercise factor   1.33   1.33
Schedule of Share-based Compensation, Activity [Table Text Block]

Changes in the derivative warrant liability and cumulative expense since inception are as follows:

 

         
    Liability  

Cumulative

Expense

(Gain)

January 1, 2014 $ -- $ --
Fair value of warrants issued   1,368,908   868,908
Increase in derivative liability resulting from anti-dilution provision in agreement, with Full Circle   153,994   153,994
Increase in the fair value of warrant liability   2,371,002   2,371,002
December 31, 2014   3,893,904   3,393,904
Increase in the fair value of warrant liability   14,010   14,010
Reclassification to APIC for shares issued for Full Circle as a result of warrant exercises, net of cash received   (3,683,270)   --
Gain on settlement of derivative   (224,644)   (224,644)
Balance after all warrants were exercised $ -- $ 3,183,270
Derivative Instruments, Gain (Loss) [Table Text Block]

The components of the net (gain) loss on derivative liability are as follows:

 

                 
   

Three months ended

September 30,

 

Nine months ended

September 30,

    2015   2014   2015   2014
Fair value of warrants issued $ -- $ -- $ -- $ 868,908
Increase (decrease) in fair value of warrant liability   --   117,633   14,010   (327,511)
Gain on settlement of derivative   --   --   (224,644)   --
  $ -- $ 117,633 $ (210,634) $ 541,397
XML 39 R36.htm IDEA: XBRL DOCUMENT v3.3.0.814
ACCRUED STOCK PAYABLE (Details Narrative) - USD ($)
9 Months Ended
Jul. 15, 2015
Sep. 30, 2015
May. 13, 2015
Common stock with a vesting 50,000    
Initial fair value     $ 311,000
Closing price per share     $ 3.11
Fair value of Shares     $ 264,350
Jan 01 2016      
Common stock with a vesting   100,000  
XML 40 R24.htm IDEA: XBRL DOCUMENT v3.3.0.814
NET LOSS PER SHARE (Tables)
9 Months Ended
Sep. 30, 2015
Noncontrolling Interest [Abstract]  
Reconciliation of the denominators used in the computation

The following table presents a reconciliation of the denominators used in the computation of net loss per share – basic and diluted:

 

                 
   

Three months ended

September 30,

 

Nine months ended

September 30,

    2015   2014   2015   2014
Net loss $ (1,698,235) $ (1,746,660) $ (6,875,950) $ (3,175,389)
Weighted average outstanding shares of common stock   14,399,029   13,545,738   13,847,561   13,476,962
Dilutive effect of stock options and warrants   --   --   --   --
Common stock and equivalents   14,399,029   13,545,738   13,847,561   13,476,962
Net loss per share – Basic and diluted $ (0.12) $ (0.13) $ (0.50) $ (0.24)

 

Dilutive effect on earnings per share

The following summarizes equity instruments that may, in the future, have a dilutive effect on earnings per share:

 

     
  September 30,
  2015 2014
Common stock upon conversion of debt 297,989 362,929
Stock options 1,017,500 --
Warrants 2,285,200 1,015,700
Stock payable 1,080,000 500,000
  4,680,689 1,878,629
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BUSINESS ACQUISITION
9 Months Ended
Sep. 30, 2015
Business Combinations [Abstract]  
BUSINESS ACQUISITION

NOTE 2.   BUSINESS ACQUISITIONS

 

IPG Acquisition

 

On March 26, 2015, GCS, a wholly-owned subsidiary of the Company, entered into an Asset Purchase Agreement (the “IPG APA”) by and among the Company, GCS and Iron Protection Group, LLC, a Colorado limited liability company (“IPG” or the “Seller”), whereby GCS agreed to acquire substantially all of the assets of Seller (the “IPG Acquisition”). Pursuant to the terms of the IPG APA, the Company will deliver to Seller 500,000 restricted shares of the Company’s common stock, which will vest over a one-year period (100,000 shares vest on October 1, 2015; 200,000 shares vest on January 1, 2016; and 200,000 shares vest on April 1, 2016).

 

In addition, the Company delivered to Seller three-year warrants (the “IPG Warrants”) to purchase an aggregate of 500,000 shares of the Company’s common stock at an exercise price of: (i) $4.50 for warrants to purchase 250,000 shares of the Company’s common stock, and (ii) $5.00 for warrants to purchase another 250,000 shares of the Company’s common stock. The IPG APA contains certain provisions that require Seller to forfeit a portion of the stock consideration in the event that Seller violates its obligations under the IPG APA relating to non-competition and non-disclosure. The closing date of the IPG Acquisition was March 26, 2015 and the Company has initially calculated the purchase price of the IPG Acquisition to be approximately $1,887,000. At the acquisition date and pursuant to the IPG APA, the Company did not assume any of the Seller’s liabilities and there were no tangible assets of significance.

 

The aggregate consideration was as follows:

 

     
Common stock payable $ 1,054,000
Warrants issued with $4.50 exercise price   421,000
Warrants issued with $5.00 exercise price   412,000
  $ 1,887,000

 

The 500,000 shares of common stock were valued based on the closing price per share on March 26, 2015, or $2.48, reduced by a discount of 15% due to restrictions in the ability to trade the Company’s shares.  The $1,054,000 value of stock consideration is included in accrued stock payable on the condensed consolidated balance sheet as of September 30, 2015.  See Note 8 for a discussion of the warrants.

 

The preliminary purchase price allocation is as follows:

 

     
Intangible assets:    
Customer relationship intangible $ 1,000,000
Marketing-related intangibles   200,000
Non-compete agreements   200,000
Goodwill   487,000
  $ 1,887,000

 

The purchase price allocation is preliminary as of September 30, 2015 as the Company finalizes its evaluation of the value of the customer relationships and marketing-related intangibles.  Management anticipates completing the Company’s purchase price allocation as soon as reasonably possible, not to exceed one year from the acquisition date. 

 

In connection with the Company’s acquisition of IPG, the Company will issue to the sole shareholder of the Seller 100,000 fully vested warrants to purchase shares of the Company’s stock if revenues of the Security segment exceed $3,000,000 for the year ended December 31, 2015.  If the warrants are issued, they will have an exercise price of $2.48, which was the Company’s closing share price on March 26, 2015.  Should the sole shareholder of the Seller cease employment with the Company, the right to receive these warrants will be forfeited.  At March 26, 2015, the fair value of the warrants was calculated to be approximately $188,000.  This has not been included in the purchase price or accrued as contingent compensation at September 30, 2015.

 

Chiefton Acquisition

 

On September 25, 2015, the Company closed an asset purchase agreement for the purchase of substantially all the assets of Chiefton Supply Co., a Colorado corporation, and established a dba within GCC of Chiefton.

 

The Company acquired the Chiefton assests for consideration of 80,000 shares of the Company’s common stock. The shares shall remain in escrow for six months for the exclusive purpose of being available to indemnify the Company for any claims that may be made by any person or governmental entity related to or arising from Chiefton’s intellectual property during the six month period after closing. After such period, the shares will be released if no claims have been made, provided that if any claims have been made the shares will remain in escrow until the claim is resolved, at which time the shares will be released less the value of any and all settlement amounts, penalties, damages or other liabilities arising from the claim.

 

The aggregate consideration was as follows:

 

     
Cash $ 12,249
Common stock   69,400
  Aggregate consideration $ 81,649

 

 

 

10

 

The value of the common stock consideration was estimated based on the Company’s closing stock price on September 25, 2015, or $1.02 per share, reduced by a discount of 15% due to restrictions in the ability to trade the Company’s shares.  The $69,400 value of stock consideration is included in accrued stock payable on the condensed consolidated balance sheet as of September 30, 2015.

 

The preliminary purchase price allocation is as follows:

 

     
Inventory $ 12,249
Intangible assets – intellectual property   69,400
  $ 81,649

 

The purchase price allocation is preliminary as of September 30, 2015 as the Company finalizes its evaluation of the nature and value of the acquired intangibles.  Management anticipates completing the Company’s purchase price allocation as soon as reasonably possible, not to exceed one year from the acquisition date.

XML 43 R3.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0 $ 0
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 14,399,421 12,499,933
Common stock, shares outstanding 14,399,421 12,499,933
XML 44 R17.htm IDEA: XBRL DOCUMENT v3.3.0.814
NATURE OF OPERATIONS, HISTORY AND PRESENTATION(Policies)
9 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
Nature of Operations

Nature of Operations

 

General Cannabis Corporation (the “Company,” “we,” “us” or “GCC”) (formerly, Advanced Cannabis Solutions, Inc.), was incorporated on June 3, 2013 (Inception) and provides products and services to the regulated cannabis industry.  The Company’s primary operations include real estate leasing, shared office space, networking and event services, security and cash management services, industry finance, wholesale supply, and consulting and advisory.

 

Finance and Real Estate

 

The Company’s real estate leasing business primarily includes the acquisition and leasing of cultivation space and related facilities to licensed marijuana growers and dispensary owners for their operations.  As of the date of this report, the Company owns one cultivation property that is located in a suburb of Pueblo, Colorado (the “Pueblo West Property”). The property consists of approximately three acres of land, which includes a 5,000 square foot steel building, and parking lot. The property is zoned for cultivating cannabis and is leased to a medical cannabis grower until December 31, 2022.

 

The Company leases cultivation equipment and facilities to customers in the cannabis industry. The Company may enter into sale lease-back transactions of grow lights, tenant improvements and other grow equipment. The Company’s finance strategy will include providing customized finance, direct term loans and revolving lines of credit to businesses involved in the cultivation and sale of cannabis and related products.

 

In October 2014, the Company purchased a former retail bank located at 6565 East Evans Avenue, Denver, Colorado 80224, which has been branded as The Greenhouse (“The Greenhouse”).  The building is a 16,056 square-foot facility, which will be converted to serve as a leading shared workspace for entrepreneurs, professionals and others serving the cannabis industry.  Clients will be able to lease space to use as offices, meeting rooms, lecture, educational and networking facilities, and individual workstations.

 

Wholesale Supply

 

The Company’s wholesale supply business, GC Supply, is a reseller of supplies to the cannabis market. GC Supply works with industry leaders and innovators to deliver high-quality products that are compliant with applicable regulations and with a focus on products that are manufactured in the United States. GC Supply operates out of a leased, 1,800 square-foot warehouse located in Colorado Springs, Colorado.

 

In September 2015, GCC acquired substantially all of the assets of Chiefton Supply Co. (“CSC”), and established a dba within GCC of Chiefton Supply Co. (“Chiefton”).  Chiefton designs, manufactures, distributes and sells apparel featuring graphic designs.

 

Security

 

In March 2015, the Company’s wholly owned subsidiary, GC Security, LLC (“GCS”), acquired substantially all of the assets of Iron Protection Group, LLC, a Colorado limited liability company.  GCS, which will continue to do business as “Iron Protection Group,” provides advanced security, including on-site professionals and video surveillance, to licensed cannabis cultivators and retail shops.

 

Consulting

 

The Company delivers comprehensive consulting services that includes design and construction to approved and licensed cannabis operators, as well as assistance with licensure and related applications for potential cannabis operators. The Company’s business plan is based on the future growth of the regulated cannabis market in the United States. The Company provides general advisory services for business development, facilities design and construction, cultivation and retail operations, marketing and the improvement and expansion of existing operations.

 

Corporate

 

While the Company does not grow, harvest, distribute or sell cannabis or any substances that violate United States law or the Controlled Substances Act, the Company may be irreparably harmed by a change in enforcement by federal or state governments.

  

On April 28, 2015, the Company’s stock was uplisted and resumed quotation on the OTC Market’s OTCQB

Basis of Presentation

Basis of Presentation

 

The accompanying (a) condensed consolidated balance sheet at December 31, 2014 has been derived from audited statements and (b) the condensed consolidated unaudited financial statements as of September 30, 2015 and 2014, have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements, and should be read in conjunction with the audited consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Annual Report”), filed with the Securities and Exchange Commission (the “SEC”) on April 15, 2015.  It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments), have been made which are necessary for a fair financial statements presentation. The financial statements include all material adjustments (consisting of normal recurring accruals) necessary to make the financial statements not misleading as required by Regulation S-X, Rule 10-01. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results of operations expected for the year ending December 31, 2015.

 

The condensed consolidated financial statements include the results of GCC, and its five wholly-owned subsidiary companies: (a) ACS Colorado Corp., a Colorado corporation formed in 2013; (b) Advanced Cannabis Solutions Corporation, a Colorado corporation formed in 2013; (c) 6565 E. Evans Avenue LLC (“6565 Evans”), a Colorado limited liability company formed in 2014; (d)  General Cannabis Capital Corporation (“GCCC”), a Colorado corporation formed in 2015; and (e) GCS, a Colorado limited liability company formed in 2015. Advanced Cannabis Solutions Corporation has one wholly-owned subsidiary company, ACS Corp., which was formed in the State of Colorado on June 6, 2013.

 

Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. The reclassifications had no effect on net loss, total assets, or total stockholders’ equity (deficit).

Going Concern

Going Concern

 

The financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and, or, obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management believes that actions presently being taken to further implement its business plan and generate additional revenues provide the opportunity for the Company to continue as a going concern.  While the Company believes in the viability of its strategy to generate additional revenues and its ability to raise additional funds, there can be no assurances to that effect.

 

The Company had an accumulated deficit of $14,517,051 and $7,641,101, respectively, at September 30, 2015 and December 31, 2014, and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Business Combinations Policy [Policy Text Block]

Business Combinations

 

Amounts paid for acquisitions are allocated to the assets acquired and liabilities assumed based on their estimated fair value at the date of acquisition.  The fair value of identifiable intangible assets is based on detailed valuations that use information and assumptions provided by management, including expected future cash flows. The Company allocates any excess purchase price over the fair value of the net assets and liabilities acquired to goodwill.  Identifiable intangible assets with finite lives are amortized over their useful lives. Acquisition-related costs, including advisory, legal, accounting, valuation and other costs, are expensed in the periods in which the costs are incurred. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date.

Concentration of Cash Balances

Concentration of Cash Balances

 

We maintain our cash balances in financial institutions that from time to time exceed amounts insured by the Federal Deposit Insurance Corporation (up to $250,000, per financial institution as of September 30, 2015).  At September 30, 2015 and December 31, 2014, our deposits did not exceed insured amounts. We have not experienced any losses in such accounts.

Intangible Assets and Goodwill Policy [Policy Text Block]

Intangible Assets and Goodwill

 

Intangible assets consist primarily of customer relationships, non-compete agreements with key employees, and marketing-related intangibles. The Company’s intangible assets are being amortized on a straight-line basis over a period of two to ten years. The life assigned to customer relationships acquired is based on management’s estimate of expected customer attrition rate. The attrition rate is estimated based on historical contract longevity and management’s operating experience.

 

Management evaluates the remaining useful life of intangible assets on a periodic basis to determine whether events and circumstances warrant a revision to the remaining useful life. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying value of the intangible asset is amortized prospectively over the revised remaining useful life Any potential impairment is evaluated based on anticipated undiscounted future cash flows and actual customer attrition.

 

Management monitors the recoverability of goodwill recorded in connection with acquisitions, by reporting unit, annually, or more often if events or changes in circumstances indicate that the carrying amount may not be recoverable.

 

If it is determined that sufficient indicators of potential impairment exists to require an interim goodwill impairment analysis for a reporting unit, the Company compares the reporting unit’s carrying value to its estimated fair value and, accordingly, performs a second phase of the goodwill impairment test (“Step 2”). Under Step 2, the fair value of the reporting unit’s assets and liabilities are estimated, including tangible assets and intangible assets for the purpose of deriving an estimate of the implied fair value of goodwill. The implied fair v

Debt, Policy

Debt

 

We issue debt that may have separate warrants, conversion features, or no equity-linked attributes.

 

Debt with warrants – When we issue debt with warrants, we treat the warrants as a debt discount, record as a contra-liability against the debt, and amortize the balance over the life of the underlying debt as amortization of debt discount expense in the condensed consolidated statement of operations.  The offset to the contra-liability is recorded as additional paid in capital in our condensed consolidated balance sheet.  We determine the value of the warrants using the Black-Scholes Option Pricing Model (“Black-Scholes”) using the stock price on the date of issuance, the risk free interest rate associated with the life of the debt, and the volatility of our stock.  If the debt is retired early, the associated debt discount is then recognized immediately as amortization of debt discount expense in the condensed consolidated statement of operations.  The debt is treated as conventional debt.

 

Convertible debtderivative treatment – When we issue debt with a  conversion feature, we must first assess whether the conversion feature meets the requirements to be treated as a derivative, as follows:  a) one or more underlyings, typically the price of the company’s stock; b) one or more notional amounts or payment provisions or both, generally the number of shares upon conversion; c) no initial net investment, which typically excludes the amount borrowed; and d) net settlement provisions, which in the case of convertible debt generally means the stock received upon conversion can be readily sold for cash. An embedded equity-linked component that meets the definition of a derivative does not have to be separated from the host instrument if the component qualifies for the scope exception for certain contracts involving an issuer’s own equity.  The scope exception applies if the contract is both a) indexed to its own stock; and b) classified in stockholders’ equity in its statement of financial position.

 

If the conversion feature within convertible debt meets the requirements to be treated as a derivative, we estimate the fair value of the convertible debt derivative using Black-Scholes upon the date of issuance.  If the fair value of the convertible debt derivative is higher than the face value of the convertible debt, the excess is immediately recognized as interest expense.  Otherwise, the fair value of the convertible debt derivative is recorded as a liability with an offsetting amount recorded as a debt discount, which offsets the carrying amount of the debt.  The convertible debt derivative is revalued at the end of each reporting period and any change in fair value is recorded as a gain or loss in the condensed consolidated statement of operations.  The debt discount is amortized through interest expense over the life of the debt.

 

Convertible debt – beneficial conversion feature – If the conversion feature is not treated as a derivative, the Company assesses whether it is a beneficial conversion feature (“BCF’).  A BCF exists if the conversion price of the convertible debt instrument is less than the stock price on the commitment date.  This typically occurs when the conversion price is less than the fair value of the stock on the date the instrument was issued.  The value of a BCF is equal to the intrinsic value of the feature, the difference between the conversion price and the common stock into which it is convertible, and is recorded as additional paid in capital and as a debt discount in the condensed consolidated balance sheet.  We amortize the balance over the life of the underlying debt as amortization of debt discount expense in the condensed consolidated statement of operations.  If the debt is retired early, the associated debt discount is then recognized immediately as amortization of debt discount expense in the condensed consolidated statement of operations.

 

If the conversion feature does not qualify for either the derivative treatment or as a BCF, the convertible debt is treated as traditional debt.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

 

Revenue is recognized on an accrual basis as earned under contract terms. Specifically, revenue from tenant rentals is recognized on a straight-line basis over the reasonably assured lease term, and when collectability is reasonably assured. Consulting revenue is recognized based upon the payment terms within the contracts; and when collectability is reasonably assured. Revenue relating to our wholesale business is recognized at the time goods are sold.  Security services revenue is recognized as earned and billed to customers on terms agreed upon with the individual customer, usually weekly or bi-monthly.  We reduce revenue for estimated bad debts.

Inventory, Policy [Policy Text Block]

Inventory

 

Inventory consisting of wholesale finished goods is stated at the lower-of-cost (first-in, first-out (“FIFO”)) or market value. During the three and nine months ended September 30, 2015, the Company incurred losses of $27,459 and $54,959, respectively for inventory that had a market value below carrying value, included in cost of goods sold in the condensed consolidated statements of operations.

Segment Reporting, Policy

Reporting Segments

 

Our reporting segments consist of:  a) Finance and Real Estate; b) Wholesale Supply; c) Security; and d) Consulting.  Our Chief Executive Officer has been identified as the chief decision maker.  As of the date of this filing, the Company’s operations are conducted primarily within the state of Colorado.

New Accounting Pronouncements, Policy

Recently Issued Accounting Standards

 

Consolidation Reporting

 

In February 2015, the FASB issued ASU 2015-02, “Consolidation: Amendments to the Consolidation Analysis” (“ASU 2015-02”). This standard update is intended to improve targeted areas of consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. This ASU simplifies consolidation accounting by reducing the number of consolidation models and improves current U.S. GAAP by (1) placing more emphasis on risk of loss when determining a controlling financial interest; (2) reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity; and (3) changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or variable interest entities. The amendments in ASU 2015-02 are effective for reporting periods beginning after December 15, 2015, with early adoption permitted. Entities can transition to the standard either retrospectively or as a cumulative effect adjustment as of the date of adoption. The adoption of ASU 2015-02 is not expected to have an impact on the Company’s consolidated financial statements.

 

Debt Issuance Costs

 

In April 2015, the FASB issued ASU 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. This standard update requires an entity to present debt issuance costs on the balance sheet as a direct deduction from the related debt liability as opposed to an asset. Amortization of the costs will continue to be reported as interest expense. The update is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued, and the new guidance would be applied retrospectively to all prior periods presented. The adoption of this standard update is not expected to have a material impact on the Company’s consolidated financial statements.

XML 45 R1.htm IDEA: XBRL DOCUMENT v3.3.0.814
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2015
Nov. 10, 2015
Document And Entity Information    
Entity Registrant Name General Cannabis Corporation  
Entity Central Index Key 0001477009  
Document Type 10-Q  
Document Period End Date Sep. 30, 2015  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   14,399,421
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2015  
XML 46 R18.htm IDEA: XBRL DOCUMENT v3.3.0.814
BUSINESS ACQUISITION (Tables)
9 Months Ended
Sep. 30, 2015
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The aggregate consideration was as follows:

 

     
Common stock payable $ 1,054,000
Warrants issued with $4.50 exercise price   421,000
Warrants issued with $5.00 exercise price   412,000
  $ 1,887,000
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The preliminary purchase price allocation is as follows:

 

     
Intangible assets:    
Customer relationship intangible $ 1,000,000
Marketing-related intangibles   200,000
Non-compete agreements   200,000
Goodwill   487,000
  $ 1,887,000
Acquisition

The aggregate consideration was as follows:

 

     
Cash $ 12,249
Common stock   69,400
  Aggregate consideration $ 81,649
Preliminary purchase price allocation

The preliminary purchase price allocation is as follows:

 

     
Inventory $ 12,249
Intangible assets – intellectual property   69,400
  $ 81,649
XML 47 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues [Abstract]        
Services $ 554,458 $ (13,600) $ 948,561 $ 40,000
Tenant 29,365 28,764 93,954 86,294
Wholesale 9,494 39,263 34,861 57,021
Revenues 593,317 $ 54,427 1,077,376 $ 183,315
COSTS AND EXPENSES        
Cost of service revenues 416,838 673,926
Cost of Goods Sold 28,144 $ 25,085 67,786 $ 42,408
Selling, general and administrative 406,711 192,258 1,027,394 555,511
Share-based Compensation 863,709 1,006,500 4,967,799 1,006,500
Professional Fees 70,594 143,237 321,091 344,291
Depreciation and amortization 54,160 12,598 130,038 18,830
Total Costs and Expenses 1,840,156 1,379,678 7,188,034 1,967,540
OPERATING LOSS (1,246,839) (1,325,251) (6,110,658) (1,784,225)
Other Expenses [Abstract]        
Amortization of debt discount and deferred financing costs (285,090) (237,561) (661,915) (671,414)
Interest expense $ (166,306) (66,215) (314,011) (178,353)
Net gain (loss) on derivative liability (117,633) 210,634 (541,397)
Total other income (expense), net $ (451,396) (421,409) (765,292) (1,391,164)
NET LOSS $ (1,698,235) $ (1,746,660) $ (6,875,950) $ (3,175,389)
PER SHARE DATA        
Net loss per share – basic and diluted $ (0.12) $ (0.13) $ (0.5) $ (0.24)
Weighted average number of common shares outstanding - basic and diluted 14,399,029 13,545,738 13,847,561 13,476,962
XML 48 R12.htm IDEA: XBRL DOCUMENT v3.3.0.814
COMMITMENTS AND CONTINGENCIES
9 Months Ended
Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 7.   COMMITMENTS AND CONTINGENCIES

 

Long-Term Financing Commitment

 

On January 21, 2014, the Company signed the SPA with Full Circle.  The SPA provides that Full Circle will initially provide $7.5 million to the Company in the form of Senior Secured Convertible Notes, subject to certain named conditions.  The Company can borrow an additional $22.5 million with the mutual agreement of Full Circle and the Company.

 

At least 95% of any loan proceeds will be used to acquire properties, which the Company will lease to licensed cannabis cultivators.

 

Full Circle will provide the Company with the initial $7.5 million when:

 

·

Full Circle agrees on the location of property to be purchased;

·

The specified property’s appraised value is satisfactory to Full Circle;

·

A Phase I environmental inspection is completed to the satisfaction of Full Circle; and

·

The Company is able to provide a first priority lien on the property in favor of Full Circle.

 

The six-year loan(s) will be secured by real estate acquired with the loan proceeds and will require interest-only payments at a rate of 12% a year, payable monthly. The funding of the loan(s) is subject to the execution of additional documents between the parties. The initial loan can, at any time, be converted into shares of the Company’s common stock at a conversion price of $5.00 per common share. It is contemplated that further advances will be convertible at 110% of the market price of the Company’s stock on the day of any advance, or the ten-day volume-weighted average price prior to the day of advance, whichever is lower. As of September 30, 2015, no amounts have been funded to the Company pursuant to the SPA. In connection with the SPA, Full Circle purchased warrants from the Company for $500,000 (see Note 6).

 

Operating Leases

 

The Company rents office space for its corporate needs. The Company entered into a month-to-month lease agreement in July 2013 to lease 2,000 square feet for an annual rate of $12,000, paid monthly. This lease was terminated effective April 1, 2014. On April 2, 2014, the Company entered into a three-year lease agreement to lease 3,000 square feet for its corporate offices. The Company’s lease for office space at 4445 Northpark Avenue, Colorado Springs, Colorado, 80907 was canceled without penalty, effective November 1, 2014.  The Company entered into a three-year agreement effective April 21, 2014 for a warehouse supply and distribution facility. The facility leased is 1,800 square feet and expires April 30, 2017.

 

Lease expense was approximately $3,192 and $9,150 for the three months ended September 30, 2015 and 2014, respectively, and $6,342 and $16,250 for the nine months ended September 30, 2015 and 2014. The future obligations under this lease amount to approximately $3,310 for the remainder of 2015, $13,200 for 2016, and $4,500 for 2017.

 

Legal

 

To the best of the Company’s knowledge and belief, no legal proceedings of merit are currently pending or threatened against the Company.

 

XML 49 R11.htm IDEA: XBRL DOCUMENT v3.3.0.814
DERIVATIVE WARRANT LIABILITY
9 Months Ended
Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE WARRANT LIABILITY

NOTE 6.   DERIVATIVE WARRANT LIABILITY

 

On January 21, 2014, in connection with a Securities Purchase Agreement (the “SPA”) the Company entered into with Full Circle Capital Corporation (“Full Circle”) (see Note 7), for $500,000 the Company issued to Full Circle, fully-vested warrants (“Series C Warrants”), which allow Full Circle to purchase up to 1,000,000 shares of the Company’s common stock at any time on or prior to January 21, 2017 at a price of $5.50 per share. As part of the $500,000 proceeds from the issuance of the Series C Warrants, $100,000 was retained by Full Circle to cover legal and deal related expenses of future financing transactions, which was recorded as deferred financing costs.  On September 24, 2014, the Company and Full Circle entered into Amendment No. 1 to the SPA, which changed the exercise price of the warrants issuable to $4.00 per share of the Company’s common stock, and increased the amount of warrants issuable to 1,400,000 warrants to purchase shares of the Company’s common stock.

The Series C Warrants have non-standard anti-dilution protection provisions and, under certain conditions, grant the right to the holder to require the Company to adjust the warrant’s exercise price to a lower price. Accordingly, these warrants were accounted for as derivative liabilities.

 

The Company used the binomial pricing model and assumptions that consider, among other factors, the fair value of the underlying stock, risk-free interest rate, volatility, expected life and dividend rates in estimating fair value for the warrants considered to be derivative instruments. The Company’s common stock has been thinly traded since being delisted in the first quarter of 2014, and all conversions of debt from the January 2014 Issuance during 2014 were converted using a stock price of $5.00 per share. Using the binomial pricing model and a stock price of $5.00 per share, management utilized initial scenario stock prices of $3.00, $4.00, $6.00, and $7.00.  Initially assuming a three-year expected term, management assessed the probabilities of the stock prices for each year, with probabilities more heavily weighted toward lower stock prices, in light of the Company’s delisted status, changes in leadership, and the Company’s current inability to execute its initial financing with Full Circle.

 

On January 21, 2014, the value of the initial warrant derivative liability was calculated to be $1,368,908. The Company received $500,000 in cash, resulting in an initial loss on the fair value of the derivative liability of $868,908 on the grant date. The price of $5.00 per share of the Series A and Series B Warrants granted in connection with the December 2013 Issuance and the January 2014 Issuance resulted in the revaluation of the Series C Warrants granted to Full Circle and an increase to the derivative liability of $153,994.

 

On January 21, 2015, Full Circle executed a cashless exercise of 1,215,000 warrants in exchange for 660,263 common shares of the Company’s stock.  At the time of the cashless exercise, the fair value of the common shares was determined to be $3,314,520 based on the Company’s closing share price of $5.02 on January 21, 2015. Accordingly, the Company decreased the derivative liability by $3,314,520 and increased common stock by $660 and additional paid in capital by $3,313,860.

 

On May 1, 2015, the Company and Full Circle entered into Amendment No. 2 to the Series C Warrants, pursuant to which Full Circle executed a cashless exercised of 160,000 warrants and received 100,000 shares of the Company’s common stock. On May 4, 2015, Full Circle exercised its remaining warrants under the Series C Warrants to purchase 25,000 shares of the Company’s common stock for $4.00 per share. Immediately preceding Full Circle’s exercises the fair value of the Series C Warrants was determined to be $593,394. The fair value of the 125,000 common shares issued to Full Circle was determined to be approximately $468,750, based on closing prices per share of $3.75 on May 1, 2015. Accordingly, the Company decreased the derivative liability by $601,617 and increased common stock by $125 and additional paid in capital by $454,796, and $86,171 in cash received from Full Circle, net of $13,829 of settlement expenses paid. The Company recorded a net gain in the settlement of the warrant liability of $232,867 and $210,634 for the three and six months ended June 30, 2015. Following these transactions, there are no more Series C Warrants outstanding.

  

The underlying assumptions used in the binomial model to determine the fair value of the derivative warrant liability were:

 

         
    May 1, 2015   May 4, 2015
Current stock price $ 3.75 $ 3.50
Exercise price of warrant   4.00   4.00
Risk-free interest rate   0.60 %   0.60 %
Expected dividend yield   -- %   -- %
Expected term (in years)   1.8   1.8
Expected volatility   133 %   133 %
Early exercise factor   1.33   1.33

 

Changes in fair value of the derivative financial instruments are recognized in the Company’s condensed consolidated statements of operations as a derivative gain or loss and are included in other income (expense).  The primary underlying risk exposure pertaining to the warrants was the change in fair value of the underlying common stock for each reporting period.

 

Changes in the derivative warrant liability and cumulative expense since inception are as follows:

 

         
    Liability  

Cumulative

Expense

(Gain)

January 1, 2014 $ -- $ --
Fair value of warrants issued   1,368,908   868,908
Increase in derivative liability resulting from anti-dilution provision in agreement, with Full Circle   153,994   153,994
Increase in the fair value of warrant liability   2,371,002   2,371,002
December 31, 2014   3,893,904   3,393,904
Increase in the fair value of warrant liability   14,010   14,010
Reclassification to APIC for shares issued for Full Circle as a result of warrant exercises, net of cash received   (3,683,270)   --
Gain on settlement of derivative   (224,644)   (224,644)
Balance after all warrants were exercised $ -- $ 3,183,270

 

The components of the net (gain) loss on derivative liability are as follows:

 

                 
   

Three months ended

September 30,

 

Nine months ended

September 30,

    2015   2014   2015   2014
Fair value of warrants issued $ -- $ -- $ -- $ 868,908
Increase (decrease) in fair value of warrant liability   --   117,633   14,010   (327,511)
Gain on settlement of derivative   --   --   (224,644)   --
  $ -- $ 117,633 $ (210,634) $ 541,397
XML 50 R23.htm IDEA: XBRL DOCUMENT v3.3.0.814
STOCKHOLDERS' EQUITY (Tables)
9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

The following tables summarize the changes in outstanding shares of the Company’s common stock during the nine months ended September 30, 2015:

 

         
   

Transaction

Value

  Number of Shares
December 31, 2014       12,499,933
Issued for services $ 114,693   50,000
Issued to Infinity Capital upon uplisting of the Company’s stock   2,966,500   1,000,000
Issued to Full Circle via cashless exercises   3,683,270   760,263
Issued to Full Circle for cash consideration   86,171   25,000
Issued in settlement of converted 12% Convertible Notes and accrued interest   321,123   64,225
September 30, 2015       14,399,421
Schedule of Assumptions Used [Table Text Block]

 

   
Exercise price $ 2.10 – 3.75
Stock price on date of grant $ 3.70 -- 3.75
Volatility 126 – 133 %
Risk-free interest rate 1.0 – 1.1 %
Expected option life (years) 3.0 – 10.0
Dividend yield --

 

 

The fair value of each warrant grant is estimated using Black-Scholes.  We use historical data to estimate the expected price volatility.  The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the option.  The following summarizes the Black-Scholes assumptions used for Consulting Awards granted during the nine months ended September 30, 2015:

 

     
  Grant Date September 30, 2015
Volatility 125 – 170 % 154 %
Risk-free interest rate 0.5 – 1.1 % 0.6 %
Expected option life (years) 2.0 – 3.0 2.0 – 3.0
Dividend yield -- --

 

 

 

 

The following summarizes the Black-Scholes assumptions used for IPG Warrants:

 

   
Volatility 134 %
Risk-free interest rate 1.0 %
Expected option life (years) 3.0
Dividend yield --

 

Warrants with Debt

 

The fair value of each warrant grant is estimated using Black-Scholes.  We use historical data to estimate the expected price volatility.  The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the option.  The following summarizes the Black-Scholes assumptions used for warrants granted for debt during the nine months ended September 30, 2015:

 

   
Volatility 127 – 132 %
Risk-free interest rate 0.4 – 0.5 %
Expected option life (years) 1.5
Dividend yield --

 


Schedule of Stock Options Roll Forward [Table Text Block]

Common Stock

 

The following summarizes Employee Awards activity:

 

         
  Number of Shares Weighted-average Exercise Price per Share Weighted-average Remaining Contractual Term (in years) Aggregate Intrinsic Value
Outstanding at December 31, 2014 --      
Granted 1,017,500 $  2.99 3.8  
Outstanding at September 30, 2015 1,017,500 $  2.99 3.8 $ --
Exercisable at September 30, 2015 397,500 $  3.02 3.7 $ --

 s activity:

 

         
  Number of Shares Weighted-average Exercise Price per Share Weighted-average Remaining Contractual Term (in years) Aggregate Intrinsic Value
Outstanding at December 31, 2014 150,000 $  4.40 1.2 $  --
Granted 65,000 $  3.03 2.0  
Outstanding at September 30, 2015 215,000 $  3.99 1.5 $  --
Exercisable at September 30, 2015 150,000 $  4.40 1.2 $  --

 

 

The following summarizes warrants issued with debt activity:

 

         
  Number of Shares Weighted-average Exercise Price per Share Weighted-average Remaining Contractual Term (in years) Aggregate Intrinsic Value
Outstanding at December 31, 2014 600,000 $  4.40 1.1  
Cancelled (600,000) $  4.40 1.1  
Granted 554,500 $  1.13 1.2  
Outstanding at September 30, 2015 554,500 $  1.13 1.2 $  16,475
Exercisable at September 30, 2015 554,500 $  1.13 1.2 $  16,475

 

 

 

18

 


XML 51 R19.htm IDEA: XBRL DOCUMENT v3.3.0.814
INTANGIBLE ASSETS AND GOODWILL (Tables)
9 Months Ended
Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets [Table Text Block]

Intangible assets consisted of the following as of September 30, 2015:

 

                 
    Gross   Accumulated Amortization   Net  

Estimated

Life

(in years)

Customer relationship intangible $ 1,000,000 $ 51,507 $ 948,493   10
Marketing-related intangibles   200,000   10,301   189,699   10
Non-compete agreements   200,000   51,507   148,493   2
Intellectual property   69,400   --   69,400   5
  Intangible assets, net $ 1,469,400 $ 113,315 $ 1,356,085    
XML 52 R15.htm IDEA: XBRL DOCUMENT v3.3.0.814
SEGMENT INFORMATION
9 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
SEGMENT INFORMATION

NOTE 11.   SEGMENT INFORMATION

 

The Company’s operations are organized into four segments: Finance and Real Estate; Wholesale Supply; Security; and Consulting.  All revenue originates in the United States.  The Company has revised its disclosure to correspond to the information provided to the chief operating decision maker.

 

Three months ended September 30

 

                     
2015   Finance and Real Estate   Wholesale Supply   Security   Consulting   Total
Revenues, net $ 29,365 $ 9,494 $ 503,703 $ 50,755 $ 593,317
Costs and expenses   (3,599)   (30,667)   (472,617)   (11,980)   (518,863)
Other expense   (41,361)   --   --   --   (41,361)
  $ (15,595) $ (21,173) $ 31,086 $ 38,775   33,093
Corporate expenses                   (1,731,328)
                Net loss $ (1,698,235)

 

 

                     
2014   Finance and Real Estate   Wholesale Supply   Security   Consulting   Total
Revenues, net $ 28,764 $ 39,263 $ -- $ (13,600) $ 54,427
Costs and expenses   (10,561)   (27,203)   --   --   (37,764)
Other expense   (3,548)   --   --   --   (3,548)
  $ 14,655 $ 12,060 $ -- $ (13,600)   13,115
Corporate expenses                   (1,759,775)
                Net loss $ (1,746,660)

 

Nine months ended September 30

 

                     
2015   Finance and Real Estate   Wholesale Supply   Security   Consulting   Total
Revenues, net $ 93,954 $ 34,861 $ 897,806 $ 50,755 $ 1,077,376
Costs and expenses   (43,939)   (80,352)   (818,950)   (11,980)   (955,221)
Other expense   (191,394)   --   --   --   (191,394)
  $ (141,379) $ (45,491) $ 78,856 $ 38,775   (69,239)
Corporate expenses                   (6,806,711)
                Net loss $ (6,875,950)

 

                     
2014   Finance and Real Estate   Wholesale Supply   Security   Consulting   Total
Revenues, net $ 86,294 $ 57,021 $ -- $ 40,000 $ 183,315
Costs and expenses   (13,927)   (45,858)   --   (30)   (59,815)
Other expense   (9,535)   --   --   --   (9,535)
  $ 62,832 $ 11,163 $ -- $ 39,970   113,965
Corporate expenses                   (3,289,354)
                Net loss $ (3,175,389)

 

         
Total assets  

September 30,

2015

 

December 31,

2014

Finance and Real Estate $ 1,755,188 $ 1,720,067
Wholesale Supply   114,466   70,341
Security   2,019,070   --
Consulting   --   --
Corporate   45,934   276,656
  $ 3,934,658 $ 2,067,064

 

All assets are located in the United States.

XML 53 R13.htm IDEA: XBRL DOCUMENT v3.3.0.814
STOCKHOLDERS’ EQUITY
9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 8.   STOCKHOLDERS’ EQUITY

 

Common Stock

 

The following tables summarize the changes in outstanding shares of the Company’s common stock during the nine months ended September 30, 2015:

 

         
   

Transaction

Value

  Number of Shares
December 31, 2014       12,499,933
Issued for services $ 114,693   50,000
Issued to Infinity Capital upon uplisting of the Company’s stock   2,966,500   1,000,000
Issued to Full Circle via cashless exercises   3,683,270   760,263
Issued to Full Circle for cash consideration   86,171   25,000
Issued in settlement of converted 12% Convertible Notes and accrued interest   321,123   64,225
September 30, 2015       14,399,421

 

Employee Stock Options

 

On October 29, 2014, the Board authorized the adoption of the Company’s 2014 Equity Incentive Plan (the “Incentive Plan”), which is designed to provide an additional incentive to executives, employees, directors and key consultants, aligning the long term interests of participants in the Incentive Plan with those of the Company and the Company’s stockholders. The Incentive Plan provides that up to 10 million shares of the Company’s common stock may be issued under the Plan.  On June 26, 2015, the Company’s stockholders ratified the Incentive Plan.

 

Share-based compensation costs for award grants to employees and directors (“Employee Awards”) are recognized on a straight-line basis over the service period for the entire award, with the amount of compensation cost recognized at any date equaling at least the portion of the award that is vested.    The Company recognized expense for Employee Awards of $591,856 and $1,161,197, respectively, for the three and nine months ended September 30, 2015.  No Employee Awards were granted prior to 2015.

 

 

The fair value of each option grant is estimated on the date of grant using Black-Scholes.  We use historical data to estimate the expected price volatility.  We estimate forfeiture rates based on expected turnover of employees by category.  The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the option.  The following summarizes the Black-Scholes assumptions used for Employee Awards granted during the nine months ended September 30, 2015:

 

   
Exercise price $ 2.10 – 3.75
Stock price on date of grant $ 3.70 -- 3.75
Volatility 126 – 133 %
Risk-free interest rate 1.0 – 1.1 %
Expected option life (years) 3.0 – 10.0
Dividend yield --

 

The following summarizes Employee Awards activity:

 

         
  Number of Shares Weighted-average Exercise Price per Share Weighted-average Remaining Contractual Term (in years) Aggregate Intrinsic Value
Outstanding at December 31, 2014 --      
Granted 1,017,500 $  2.99 3.8  
Outstanding at September 30, 2015 1,017,500 $  2.99 3.8 $ --
Exercisable at September 30, 2015 397,500 $  3.02 3.7 $ --

 

As of September 30, 2015, there was approximately $997,307 of total unrecognized compensation expense related to unvested Employee Awards, which is expected to be recognized over a weighted-average period of 0.9 years.

 

Warrants for Consulting Services

 

As needed, the Company may issue warrants to third parties in exchange for consulting services.  Stock-based compensation costs for award grants to third parties for consulting services (“Consulting Awards”) are recognized on a straight-line basis over the service period for the entire award, with the amount of compensation cost recognized at any date equaling at least the portion of the award that is vested.  Service Awards are revalued at each reporting date until fully vested, which may generate an expense or benefit.  The Company recognized expense (benefit) for Consulting Awards of $(1,395) and $16,059, respectively, for the three and nine months ended September 30, 2015.  No Consulting Awards were granted prior to 2015.

 

On April 24, 2015, the Company entered into a one-year contract with an individual to provide consulting services to raise capital. The Company granted to this individual warrants to purchase 20,000 shares of the Company’s common stock at an exercise price of $3.75 per share with a term of two years.

 

On April 27, 2015, the Company entered into a one-year contract with a company to provide investor relations services. The Company granted to this company warrants to purchase 20,000 shares of the Company’s common stock at an exercise price of $3.49 per share with a term of two years.

 

On July 1, 2015, the Company entered into a one-year contract with an individual to provide management consulting services.  The Company granted warrants to purchase 25,000 shares of the Company’s common stock at an exercise price of $.88 per share with a term of three years.

 

The fair value of each warrant grant is estimated using Black-Scholes. We use historical data to estimate the expected price volatility. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the option. The following summarizes the Black-Scholes assumptions used for Consulting Awards granted during the nine months ended September 30, 2015:

 

     
  Grant Date September 30, 2015
Volatility 125 – 170 % 154 %
Risk-free interest rate 0.5 – 1.1 % 0.6 %
Expected option life (years) 2.0 – 3.0 2.0 – 3.0
Dividend yield -- --

 

 

The following summarizes Consulting Awards activity:

 

         
  Number of Shares Weighted-average Exercise Price per Share Weighted-average Remaining Contractual Term (in years) Aggregate Intrinsic Value
Outstanding at December 31, 2014 150,000 $  4.40 1.2 $  --
Granted 65,000 $  3.03 2.0  
Outstanding at September 30, 2015 215,000 $  3.99 1.5 $  --
Exercisable at September 30, 2015 150,000 $  4.40 1.2 $  --

 

As of September 30, 2015, there was approximately $30,349 of total unrecognized expense related to unvested Consulting Awards, which is expected to be recognized over a weighted-average period of 4.2 years.

 

IPG Acquisition Warrants

 

In connection with the IPG APA, the Company issued to IPG 500,000 fully-vested warrants to purchase a) 250,000 shares of the Company’s common stock at $4.50 per share, (the “IPG $4.50 Warrants”), and b) 250,000 shares of the Company’s common stock at $5.00 per share (the “IPG $5.00 Warrants”) (collectively, the “IPG Warrants”). The IPG Warrants are subject to customary adjustments in the event of reclassification of the Company, consolidation of the Company, merger, subdivision of shares of the Company’s common stock, combination of shares of the Company’s common stock or payment of dividends in the form of the Company’s common stock. The IPG Warrants expire three years after their initial issuance date.  On the date of grant, the IPG $4.50 Warrants and the IPG $5.00 Warrants had fair values of approximately $421,000 and $412,000, respectively, based on the Black-Scholes, which was included in the purchase price of IPG.

 

The following summarizes the Black-Scholes assumptions used for IPG Warrants:

 

   
Volatility 134 %
Risk-free interest rate 1.0 %
Expected option life (years) 3.0
Dividend yield --

 

Warrants with Debt

 

The fair value of each warrant grant is estimated using Black-Scholes.  We use historical data to estimate the expected price volatility.  The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant for the estimated life of the option.  The following summarizes the Black-Scholes assumptions used for warrants granted for debt during the nine months ended September 30, 2015:

 

   
Volatility 127 – 132 %
Risk-free interest rate 0.4 – 0.5 %
Expected option life (years) 1.5
Dividend yield --

 

The following summarizes warrants issued with debt activity:

 

         
  Number of Shares Weighted-average Exercise Price per Share Weighted-average Remaining Contractual Term (in years) Aggregate Intrinsic Value
Outstanding at December 31, 2014 600,000 $  4.40 1.1  
Cancelled (600,000) $  4.40 1.1  
Granted 554,500 $  1.13 1.2  
Outstanding at September 30, 2015 554,500 $  1.13 1.2 $  16,475
Exercisable at September 30, 2015 554,500 $  1.13 1.2 $  16,475

 

XML 54 R14.htm IDEA: XBRL DOCUMENT v3.3.0.814
NET LOSS PER SHARE
9 Months Ended
Sep. 30, 2015
Noncontrolling Interest [Abstract]  
NOTE 9.NET LOSS PER SHARE

NOTE 9.  NET LOSS PER SHARE

 

Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the reporting period.  Diluted net loss per share is computed similarly to basic loss per share, except that it includes the potential dilution that could occur if dilutive securities are exercised.

 

The following table presents a reconciliation of the denominators used in the computation of net loss per share – basic and diluted:

 

                 
   

Three months ended

September 30,

 

Nine months ended

September 30,

    2015   2014   2015   2014
Net loss $ (1,698,235) $ (1,746,660) $ (6,875,950) $ (3,175,389)
Weighted average outstanding shares of common stock   14,399,029   13,545,738   13,847,561   13,476,962
Dilutive effect of stock options and warrants   --   --   --   --
Common stock and equivalents   14,399,029   13,545,738   13,847,561   13,476,962
Net loss per share – Basic and diluted $ (0.12) $ (0.13) $ (0.50) $ (0.24)

 

Outstanding stock options and common stock warrants are considered anti-dilutive because we are in a net loss position.  The following summarizes equity instruments that may, in the future, have a dilutive effect on earnings per share:

 

     
  September 30,
  2015 2014
Common stock upon conversion of debt 297,989 362,929
Stock options 1,017,500 --
Warrants 2,285,200 1,015,700
Stock payable 1,080,000 500,000
  4,680,689 1,878,629
XML 55 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814
SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 10.   SUBSEQUENT EVENTS

 

On November 4, 2015, the Company entered into an agreement (the “DB Option Agreement”) with Infinity Capital, a related party. Pursuant to the DB Option Agreement, Infinity Capital granted the Company a six month option to purchase all of its interest in DB Products Arizona, LLC (“DB”) at Infinity Capital’s actual cost, plus $1.00, or $600,001. The interests for which the option has been granted are Infinity Capital’s 50% equity interest in the membership interests of DB and any outstanding unpaid principal and interest owed on promissory note(s) issued by DB in favor of Infinity Capital for up to $600,000. The Company has no obligation to exercise the option.

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DEBT (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended 9 Months Ended 18 Months Ended
Sep. 30, 2015
Mar. 31, 2015
Sep. 30, 2014
Jun. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Jun. 30, 2015
Dec. 31, 2014
Jan. 21, 2014
Jan. 10, 2014
Dec. 31, 2013
Debt Instrument [Line Items]                      
DebtDiscount   $ 66,000                  
Unamortized debt discount $ (1,069,750)       $ (1,069,750)     $ (1,352,510)      
Debt issuance cost   160,500                  
[custom:AdditionalDebtDiscount]               84,000      
Amortization of Debt Discount (Premium)         580,691 $ 645,858          
Unsecured Convertible Notes [Member]                      
Debt Instrument [Line Items]                      
Convertible Debt $ 380,000       $ 380,000     530,000     $ 530,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate 12.00%       12.00%            
Debt Instrument, Convertible, Conversion Price $ 5.00       $ 5.00            
Unamortized debt discount $ 46,000       $ 46,000     67,000      
Amortization of Debt Discount (Premium) 4,000   $ 3,000 $ 6,000 21,000            
Debt Conversion, Original Debt, Amount             $ 150,000        
Debt Conversion, Converted Instrument, Shares Issued             30,000        
Unsecured Convertible Notes [Member] | Minimum [Member]                      
Debt Instrument [Line Items]                      
Debt Instrument Individual Principal Amount             $ 10,000        
Unsecured Convertible Notes [Member] | Maximum [Member]                      
Debt Instrument [Line Items]                      
Debt Instrument Individual Principal Amount             150,000        
Unsecured Debt [Member]                      
Debt Instrument [Line Items]                      
Convertible Debt $ 980,000       $ 980,000     1,120,000 $ 1,605,000    
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate 12.00%       12.00%            
Debt Instrument, Convertible, Conversion Price $ 5.00       $ 5.00            
DebtDiscount   $ 32,100                  
Unamortized debt discount $ 687,000       $ 687,000     $ 903,000   $ 1,605,000  
Amortization of Debt Discount (Premium) $ 52,000   $ 110,000 412,000 $ 216,000            
Debt Conversion, Original Debt, Amount             $ 625,000        
Debt Conversion, Converted Instrument, Shares Issued             125,946        
[custom:DebtConversionAccruedInterestConvertedAmount1]             $ 4,700        
Unsecured Debt [Member] | Minimum [Member]                      
Debt Instrument [Line Items]                      
Debt Instrument Individual Principal Amount             10,000        
Unsecured Debt [Member] | Maximum [Member]                      
Debt Instrument [Line Items]                      
Debt Instrument Individual Principal Amount             $ 200,000        
Series B Warrants                      
Debt Instrument [Line Items]                      
Issuance of Stock and Warrants for Services or Claims       $ 20,000              
Series B Warrants | Unsecured Convertible Notes [Member]                      
Debt Instrument [Line Items]                      
Class of Warrant or Right, Outstanding             10,600        
Class of Warrant or Right, Exercise Price of Warrants or Rights             $ 5.00        
Series B Warrants | Unsecured Debt [Member]                      
Debt Instrument [Line Items]                      
Class of Warrant or Right, Outstanding             32,100        
Class of Warrant or Right, Exercise Price of Warrants or Rights             $ 5.00        
XML 57 R21.htm IDEA: XBRL DOCUMENT v3.3.0.814
ACCRUED STOCK PAYABLE (Tables)
9 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
Changes in accrued common stock payable

The following tables summarize the changes in accrued common stock payable during the nine months ended September 30, 2015:

 

     
December 31, 2014 $ 524,042
Stock issued for services, accrued in 2014   (114,693)
IPG acquisition   1,054,000
Chiefton acquisition   69,400
Infinity Capital   640,294
NBC employment agreements   158,158
Management consulting services   22,216
September 30, 2015 $ 2,353,417
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NATURE OF OPERATIONS, HISTORY AND PRESENTATION (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2015
USD ($)
a
Sep. 30, 2015
USD ($)
a
Dec. 31, 2014
USD ($)
Real Estate Properties [Line Items]      
Number Of Wholly Owned Subsidiary   5  
Accumulated deficit | $ $ (14,517,051) $ (14,517,051) $ (7,641,101)
Amounts insured by the Federal Deposit Insurance Corporation | $ 250,000 250,000  
Losses on inventory | $ $ 27,459 $ 54,959  
ACS Wholesale [Member]      
Real Estate Properties [Line Items]      
Area of Real Estate Property 1,800 1,800  
The Greenhouse [Member]      
Real Estate Properties [Line Items]      
Area of Real Estate Property 16,056 16,056  
Pueblo West Property [Member]      
Real Estate Properties [Line Items]      
Area of Real Estate Property 5,000 5,000  
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SEGMENT INFORMATION (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues, net $ 593,317 $ 54,427 $ 1,077,376 $ 183,315
Costs and expenses (518,863) (37,764) (955,221) (59,815)
Other expense (41,361) (3,548) (191,394) (9,535)
Total 33,093 13,115 (69,239) 113,965
Corporate expenses (1,731,328) (1,759,775) (6,806,711) (3,289,354)
Net Loss (1,698,235) (1,746,660) (6,875,950) (3,175,389)
Finance and Real Estate [Member]        
Revenues, net 29,365 28,764 93,954 86,294
Costs and expenses (3,599) (10,561) (43,939) (13,927)
Other expense (41,361) (3,548) (191,394) (9,535)
Total (15,595) 14,655 (141,379) $ 62,832
Wholesale Supply [Member]        
Revenues, net 9,494 39,263 34,861
Costs and expenses $ (30,667) $ (27,203) $ (80,352)
Other expense
Total $ (21,173) $ 12,060 $ (45,491)
Security [Member]        
Revenues, net 503,703 897,806 $ 57,021
Costs and expenses $ (472,617) $ (818,950) $ (45,858)
Other expense
Total $ 31,086 $ 78,856 $ 11,163
Consulting [Member]        
Revenues, net 50,755   50,755 40,000
Costs and expenses $ (11,980)   $ (11,980) $ (30)
Other expense  
Total $ 38,775   $ 38,775 $ 39,970
ConsultingServices [Member]        
Revenues, net   $ (13,600)    
Costs and expenses      
Other expense      
Total   $ (13,600)    
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DERIVATIVE WARRANT LIABILITY (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended 9 Months Ended
Jun. 30, 2015
Jun. 30, 2015
Sep. 30, 2015
Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Derivative, Gain (Loss) on Derivative, Net     $ (210,634) $ 423,764
Net gain in the settlement of the warrant liability $ 232,367 $ 210,634    
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES    
Net Loss $ (6,875,950) $ (3,175,389)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Amortization of Debt Discount 580,691 645,858
Amortization of deferred financing costs 83,056 25,556
(Gain) loss on derivative liability, net (210,634) 541,397
Depreciation and amortization expense 130,038 18,830
Equity-based payments - issued 4,143,550 887,669
Equity-based payments – payable 820,668 122,500
Changes in operating assets and liabilities (net of amounts acquired)    
Accounts receivable (72,264) (33,598)
Prepaid expenses and other assets (89,405) (12,664)
Inventory 40,013 (62,805)
Accounts payable and accrued liabilities 335,150 33,075
Net cash used in operating activities: (1,115,087) (1,009,571)
CASH FLOWS USED IN INVESTING ACTIVITIES    
Purchase of property and equipment $ (54,960) (53,251)
Increase in other capitalized assets (38,200)
Net cash used in investing activities $ (54,960) (91,451)
Proceeds from sale of warrants, net    
Proceeds from issuance of notes payable, net of cash expenses 659,000 $ 1,412,400
Increase in line of credit -- related party 365,000
Payments on notes payable $ (4,701) $ (3,178)
Proceeds from sale of warrants, net $ 400,000
Proceeds from exercise of warrants for shares of common stock, net $ 86,171
Deferred financing costs $ (15,000)
Net cash provided by financing activities $ 1,105,470 1,794,222
NET (DECREASE) INCREASE IN CASH (149,165) 1,073,153
CASH, BEGINNING OF PERIOD (149,165) 1,073,153
CASH, END OF PERIOD 165,536  
Supplemental Cash Flow Information [Abstract]    
Cash paid for interest 173,627 $ 201,111
NON-CASH TRANSACTIONS    
Acquisition of IPG with common stock payable, net of cash received 1,887,000
Acquisition of Chiefton with common stock payable $ 69,400
Warrants issued recorded as deferred financing costs $ 100,000
Convertible notes payable settled in common stock $ 320,000 485,000
Interest on convertible notes payable settled in common stock 1,123 3,669
Warrants issued in connection with debt recorded as debt discount $ 297,931 92,600
Beneficial conversion feature and warrants $ 1,412,400
Issuance of common stock upon cashless conversion of warrants by Full Circle $ 3,683,270
Issuance of common stock from accrued stock payable $ 114,693
XML 62 R10.htm IDEA: XBRL DOCUMENT v3.3.0.814
ACCRUED STOCK PAYABLE
9 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
ACCRUED STOCK PAYABLE

NOTE 5.  ACCRUED STOCK PAYABLE

 

The following tables summarize the changes in accrued common stock payable during the nine months ended September 30, 2015:

 

     
December 31, 2014 $ 524,042
Stock issued for services, accrued in 2014   (114,693)
IPG acquisition   1,054,000
Chiefton acquisition   69,400
Infinity Capital   640,294
NBC employment agreements   158,158
Management consulting services   22,216
September 30, 2015 $ 2,353,417

 

 

On May 13, 2015, the Company hired two individuals from the Next Big Crop (“NBC”), an unaffiliated entity serving the cannabis industry to service the Company’s new and existing clients. The Company did not purchase any existing client base from NBC and upon execution of employment agreements, granted these persons a total of 100,000 shares of the Company’s common stock with a vesting date of January 1, 2016. On the date of grant, the 100,000 shares had an initial fair value of $311,000, based on a closing price per share of the Company of $3.11 on May 13, 2015. Due to restrictions in the ability to trade the Company’s shares, a discount of fifteen percent (15%) was applied to the fair value of the shares. After taking into consideration the illiquidity of the shares, the fair value was determined to be $264,350.

 

On July 15, 2015, the Company entered into an agreement with an individual to provide management consulting services in exchange for 50,000 shares of common stock to be delivered on December 31, 2015.  The fair value of the common stock is determined at the end of each reporting period and the pro rata amount earned is recognized as accrued stock payable over the term of the agreement.

XML 63 R27.htm IDEA: XBRL DOCUMENT v3.3.0.814
BUSINESS ACQUISITION (Details) - USD ($)
9 Months Ended
Mar. 26, 2015
Sep. 30, 2015
Business Acquisition [Line Items]    
Shares acquired   80,000
Accrued stock payable   $ 69,400
IPG $5.00 Warrants [Member]    
Business Acquisition [Line Items]    
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable 250,000  
IPG Incentive Warrants [Member]    
Business Acquisition [Line Items]    
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable   100,000
Incentive Warrants Fair Value   $ 188,000
Common Stock [Member]    
Business Acquisition [Line Items]    
Class of Warrant or Right, Exercise Price of Warrants or Rights   $ 1.02
Iron Protection Group [Member]    
Business Acquisition [Line Items]    
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable $ 1,887,000  
Finite-lived Intangible Assets Acquired 1,887,000  
Goodwill, Acquired During Period 487,000  
Target Revenue For Incentive Share Based Payment   $ 3,000,000
Iron Protection Group [Member] | Common Stock [Member]    
Business Acquisition [Line Items]    
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable $ 1,054,000  
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable 500,000  
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 1 year  
Iron Protection Group [Member] | Marketing-Related Intangible Assets [Member]    
Business Acquisition [Line Items]    
Finite-lived Intangible Assets Acquired $ 200,000  
Iron Protection Group [Member] | Customer Relationships [Member]    
Business Acquisition [Line Items]    
Finite-lived Intangible Assets Acquired 1,000,000  
Iron Protection Group [Member] | Noncompete Agreements [Member]    
Business Acquisition [Line Items]    
Finite-lived Intangible Assets Acquired 200,000  
Iron Protection Group [Member] | IPG $5.00 Warrants [Member]    
Business Acquisition [Line Items]    
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable 412,000  
Iron Protection Group [Member] | IPG $4.50 Warrants [Member]    
Business Acquisition [Line Items]    
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable $ 421,000  
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable 250,000  
Iron Protection Group [Member] | IPG Warrants [Member]    
Business Acquisition [Line Items]    
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable 500,000  
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Label Element Value
Warrants with Debt  
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DERIVATIVE WARRANT LIABILITY (Details) - $ / shares
3 Months Ended 4 Months Ended 9 Months Ended
Sep. 30, 2015
May. 04, 2015
May. 01, 2015
Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Current stock price   $ 3.75 $ 3.7  
Exercise price of warrant   $ 4 $ 4  
Fair Value Assumptions, Risk Free Interest Rate 0.60% 0.60% 0.60% 0.60%
Expected dividend yield 0.00% 0.00% 0.00% 0.00%
Expected term (in years)   1 year 9 months 18 days 1 year 9 months 18 days  
Expected volatility 133.00% 133.00% 133.00% 133.00%
Early exercise factor   $ 1.33 $ 1.33  
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DEBT (Tables)
9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]

Notes Payable

 

         
   

September 30,

2015

 

December 31,

2014

10.0% private placement notes $ 659,000 $ --
14.0% mortgage note payable (The Greenhouse)   600,000   600,000
12.0% convertible notes - December 2013   380,000   530,000
12.0% convertible notes - January 2014   950,000   1,120,000
8.5% convertible note payable (Pueblo West Property)   159,943   164,644
    2,748,943   2,414,644
Unamortized debt discount   (1,069,750)   (1,352,510)
    1,679,193   1,062,134
Less: Current portion   470,879   6,337
Long-term portion $ 1,208,314 $ 1,055,797
Schedule of Maturities of Long-term Debt [Table Text Block]

Annual maturities of long-term debt (excluding unamortized discount) for the next four years, consist of:

 

     
Year ending December 31,    
2015 $ 1,635
2016   1,265,910
2017   7,507
2018   1,473,891
  $ 2,748,943