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Going Concern
12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

Note 2 – Going Concern

 

The consolidated financial statements have been prepared on a “going concern” basis, which contemplates the realization of assets and liquidation of liabilities in a normal course of business. As of December 31, 2023, the Company had cash and cash equivalents of $34,006 and negative working capital of $5,747,103. For the years ended December 31, 2023 and 2022, the Company had incurred losses of $9,737,464 and $14,924,175, respectively. These factors raise substantial doubt as to the Company’s ability to continue as a going concern.

 

After careful consideration and analysis of the economics, supply chain, processing logistics, and management of manpower the Company decided to consolidate operations in its CO operations in Mead and Ft. Morgan. The Company has very limited processing ability via 3rd party vendors to process its owned biomass into isolate.

 

As a result of the consolidation of the Florida and Tennessee operations into Fort Morgan, Colorado and the subsequent Article 9 auction sale of the primary hemp division assets, the Colorado operation has limited ability to process any materials other than through third party operations.

 

The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.