10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act Of 1934

For the quarterly period ended June 30, 2020

[  ] Transition Report Under Section 13 or 15(d) of the Securities Exchange Act Of 1934

For the transition period from ______________ to ______________

Commission File Number: 000-56027

The GREATER CANNABIS COMPANY, INC.

(Exact name of registrant as specified in its charter)

Florida	30-0842570
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

15 Walker Avenue Suite 101

Baltimore, MD 21208

(Address of principal executive offices, including Zip Code)

(443)-738-4051

(Issuer’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address if changed since last report)

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

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

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

Large accelerated filer [  ]	Accelerated filer [  ]
Non-accelerated filer [  ]	Smaller reporting company [X]
Emerging growth company [X]

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

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

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 118,639,095 shares of common stock as of August 17, 2020.

TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION
Item 1	Financial Statements	F-1
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operation	4
Item 3	Quantitative and Qualitative Disclosures About Market Risk	9
Item 4	Controls and Procedures	9
PART II	OTHER INFORMATION
Item 1	Legal Proceedings	10
Item 1A	Risk Factors	10
Item 2	Unregistered Sales of equity Securities and Use of Proceeds	16
Item 3	Defaults Upon Senior Securities	16
Item 4	Mine Safety Disclosures	16
Item 5	Other Information	16
Item 6	Exhibits	17
Item 7	Signatures	18

2

Cautionary Note Regarding Forward Looking Statements

This quarterly report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “should,” “could,” “will,” “plan,” “future,” “continue, “and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. These forward-looking statements are based largely on our expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond our control. Therefore, actual results could differ materially from the forward-looking statements contained in this document, and readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A wide variety of factors could cause or contribute to such differences and could adversely impact revenues, profitability, cash flows and capital needs. There can be no assurance that the forward-looking statements contained in this document will, in fact, transpire or prove to be accurate. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors” that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by any forward-looking statements.

Important factors that may cause the actual results to differ from the forward-looking statements, projections or other expectations include, but are not limited to, the following:

● risk that we will not be able to remediate identified material weaknesses in our internal control over financial reporting and disclosure controls and procedures;

● risk that we fail to meet the requirements of the agreements under which we acquired our business interests, including any cash payments to the business operations, which could result in the loss of our right to continue to operate or develop the specific businesses described in the agreements;

● risk that we will be unable to secure additional financing in the near future in order to commence and sustain our planned development and growth plans;

● risk that we cannot attract, retain and motivate qualified personnel, particularly employees, consultants and contractors for our operations;

● risks and uncertainties relating to the various industries and operations we are currently engaged in;

● results of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future growth, development or expansion will not be consistent with our expectations;

● risks related to the inherent uncertainty of business operations including profit, cost of goods, production costs and cost estimates and the potential for unexpected costs and expenses;

● risks related to commodity price fluctuations;

● the uncertainty of profitability based upon our history of losses;

● risks related to failure to obtain adequate financing on a timely basis and on acceptable terms for our planned development projects;

● risks related to environmental regulation and liability;

● risks related to tax assessments;

● other risks and uncertainties related to our prospects, properties and business strategy.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this report. Except as required by law, we do not undertake to update or revise any of the forward-looking statements to conform these statements to actual results, whether as a result of new information, future events or otherwise.

As used in this quarterly report, “Greater Cannabis,” the “Company,” “we,” “us,” or “our” refer to The Greater Cannabis Company, Inc., unless otherwise indicated.

3

THE GREATER CANNABIS COMPANY, INC.

JUNE 30, 2020

FORM 10-Q

INDEX

	Page
PART I- FINANCIAL INFORMATION
ITEM 1. Financial Statements
Consolidated Balance Sheets as of June 30, 2020 (Unaudited) and December 31, 2019	F-2
Consolidated Statements of Operations for the six and three months ended June 30, 2020 and 2019 (Unaudited)	F-3
Consolidated Statements of Stockholders’ Deficiency for the six months ended June 30, 2020 and 2019 (Unaudited)	F-5
Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019 (Unaudited)	F-6
Notes to Consolidated Financial Statements (Unaudited)	F-7

F-1

THE GREATER CANNABIS COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

	June 30, 2020			December 31, 2019
		(Unaudited)
ASSETS
CURRENT ASSETS
Cash	$	228,518		$	24,662
Advance to supplier		-			28,000
Note receivable		23,575			-
Total current assets		252,093			52,662
OTHER ASSETS
Right of first refusal agreement cost (less accumulated amortization of $ 2,083 and $ 0)		22,917			-
Total assets	$	275,010		$	52,662
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
CURRENT LIABILITIES
Accounts payable	$	8,176		$	17,517
Accrued interest		24,688			20,619
Accrued salaries		115,000			98,000
Accrued royalties		50,000			50,000
Advance from customer		-			27,977
Loans payable to related parties		260,000			260,000
Notes payable to third parties (less debt discounts of 323,731 and $505,937 respectively)		316,589			399,318
Derivative liability		539,686			725,865
Total current liabilities and total liabilities		1,314,139			1,599,296
STOCKHOLDERS’ (DEFICIENCY)
Preferred stock; 19,000,000 shares authorized, $.001 par value: Series A Convertible Preferred-issued and outstanding 9,411,998 and 9,411,998 shares, respectively		9,412			9,412
Series B Convertible Preferred-issued and outstanding 0 and 0 shares, respectively		-			-
Common stock; 500,000,000 shares authorized, $.001 par value, as of June 30, 2020 and December 31, 2019, there are 88,349,536 and 39,301,323 shares outstanding, respectively		88,350			39,301
Additional paid-in capital		1,351,467			783,891
Accumulated deficit		(2,488,358	)		(2,379,238	)
Total stockholders’ (deficiency)		(1,039,129	)		(1,546,634	)
Total liabilities and stockholders’ (deficiency)	$	275,010		$	52,662

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

F-2

THE GREATER CANNABIS COMPANY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Six Months Ended June 30, 2020 and 2019 (Unaudited)

	June 30, 2020			June 30, 2019
		(Unaudited)			(Unaudited)
Revenue:
Sales	$	48,044		$	-
Total revenue		48,044			-
Cost of goods sold		48,090			-
Gross profit (loss)		(46	)		-
Operating Expenses:
Officers compensation		102,000			102,000
Amortization of Pharmedica Exclusive License Agreement cost		-			10,000
Amortization of Right of First Refusal Agreement cost		2,083			-
Other operating expenses (including stock-based consulting fees of $ 0 and $75,880, respectively)		65,871			140,154
Total operating expenses		169,954			252,154
Income (loss) from operations		(170,000	)		(252,154	)
Other income (expenses):
Income (expense) from derivative liability		695,845			170,516
Loss on conversions of notes payable		(361,787	)		(230,839	)
Gain from Surrender Agreement with Emet Capital Partners, LLC		472,170			-
Interest expense		(53,475	)		(10,620	)
Amortization of debt discounts		(691,873	)		(103,031	)
Total other income (expenses)		60,880			(173,974	)
Income (loss) before provision for income taxes		(109,120	)		(426,128	)
Provision for income taxes
Net income (loss)	$	(109,120	)	$	(426,128	)
Basic and diluted income (loss) per common share	$	(.00	)	$	(.01	)
Weighted average common shares outstanding-basic and diluted		59,937,084			33,979,890

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

F-3

THE GREATER CANNABIS COMPANY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended June 30, 2020 and 2019 (Unaudited)

	June 30, 2020			June 30, 2019
		(Unaudited)			(Unaudited)
Revenue:
Sales	$	48,044		$	-
Total revenue		48,044			-
Cost of goods sold		48,090			-
Gross profit (loss)		(46	)		-
Operating Expenses:
Officers compensation		51,000			51,000
Amortization of Pharmedica Exclusive License Agreement cost		-			5,000
Amortization of Right of First Refusal Agreement cost		1,250			-
Other operating expenses (including stock-based consulting fees of $ 0 and $75,880, respectively)		29,607			107,077
Total operating expenses		81,857			163,077
Income (loss) from operations		(81,903	)		(163,077	)
Other income (expenses):
Income (expense) from derivative liability		1,247,786			82,065
Loss on conversions of notes payable		(132,838	)		(131,537	)
Gain from Surrender Agreement with Emet Capital Partners, LLC		472,170			-
Interest expense		(7,966	)		(7,916	)
Amortization of debt discounts		(394,800	)		(67,314	)
Total other income (expenses)		1,184,352			(124,702	)
Income (loss) before provision for income taxes		1,102,449			(287,779	)
Provision for income taxes
Net income (loss)	$	1,102,449		$	(287,779	)
Basic and diluted income (loss) per common share	$	.01		$	(.01	)
Weighted average common shares outstanding-basic and diluted		75,447,161			34,677,377

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

F-4

THE GREATER CANNABIS COMPANY, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY

For the Six Months Ended June 30, 2020 and 2019

Unaudited

	Series A Preferred				Series B Preferred								Additional
	stock				stock				Common Stock				Paid in			Accumulated
		Shares		Amount		Shares		Amount		Shares		Amount		Capital			Deficit			Total
For the six months ended June 30, 2019:
Balances at December 31, 2018		9,411,998	$	9,412		-	$	-		31,880,969	$	31,881	$	233,991		$	(839,070	)	$	(563,786	)
Cumulative effect adjustment to reduce derivative liability of warrants with “down round” features effective January 1, 2019																	108,427			108,427
Conversion of note payable ($670) and accrued interest ($100) into 769,785 shares of common stock (Fair Value of $ 100,072) on January 4, 2019										769,785		770		99,302			-			100,072
Exercise of 1400 warrants into 695,129 shares of common stock in a cashless exercise transaction on January 4, 2019										695,129		695		(695	)					-
Exchange of 438,600 warrants into 9,000,000 shares of Class B Convertible Preferred Stock on February 14, 2019		-		-		9,000,000		9,000						(9,000	)					(
Net loss for the three months ended March 31, 2019																	(138,349	)		(138,349	)
Balances at March 31, 2019		9,411,998	$	9,412		9,000,000	$	9,000		33,345,883	$	33,346	$	323,598		$	(868,992	)	$	(493,636	)
Conversion of note payable ($40,500) and accrued interest ($7,961) into 1,384,600 shares of common stock (Fair Value of $ 179,998) on April 16, 2019										1,384,600		1,384		178,614						179,998
Issuance of 542,000 common shares for consulting services rendered										542,000		542		75,338						75,880
Net loss for the three months ended June 30, 2019																	(287,779	)		(287,779	)
Balances at June 30, 2019		9,411,998	$	9,412		9,000,000	$	9,000		35,272,483	$	35,272	$	577,550		$	(1,156,771	)	$	(525,537	)
For the six months ended June 30, 2020:
Balances at December 31, 2019		9,411,998	$	9,412		-	$	-		39,301,323	$	39,301	$	783,891		$	(2,379,238	)	$	(1,546,634	)
Conversions of notes payable ($165,350) and accrued interest ($11,793) into 21,484,688 shares of common stock (Fair Value of $ 406,093) for the three months ended March 31, 2020										21,484,688		21,485		384,608						406,093
Net loss for the three months ended March 31, 2020																	(1,211,569	)		(1,211,569	)
Balances at March 31, 2020		9,411,998	$	9,412		-	$	-		60,786,011	$	60,786	$	1,168,499		$	(3,590,807	)	$	(2,352,110	)
Conversions of notes payable ($67,082) and accrued interest ($10,613) into 27,563,525 shares of common stock (Fair Value of $ 210,532) for the three months ended June 30, 2020										27,563,525		27,564		182,968						210,532
Net income for the three months ended June 30, 2020																	1,102,449			1,102,449
Balances at June 30, 2020		9,411,998	$	9,412		-	$	-		88,349,536	$	88,350	$	1,351,467		$	(2,488,358	)	$	(1,039,129	)

The accompanying notes are an integral part of these financial statements.

F-5

THE GREATER CANNABIS COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended June 30, 2020 and 2019 (Unaudited)

	June 30, 2020			June 30, 2019
		(Unaudited)			(Unaudited)
OPERATING ACTIVITIES
Net income (loss)	$	(109,120	)	$	(426,128	)
Adjustments to reconcile net income (loss) to net cash provided (used) in operating activities:
Loss on conversions of notes payable and accrued interest to common stock		361,787			230,839
Gain from Surrender Agreement with Emet Capital Partners, LLC		(472,170	)		-
Stock-based consulting fees		-			75,880
(Income) expense from derivative liability		(695,845	)		(170,516	)
Amortization of Pharmedica Exclusive License Agreement cost		-			10,000
Amortization of Right of First Refusal Agreement cost		2,083			-
Amortization of debt discounts		691,873			103,031
Changes in operating assets and liabilities:
Prepaid salaries		-			(25,000	)
Advance to supplier		28,000			-
Note receivable		(23,575	)		-
Accounts payable		(9,341	)		(8,190	)
Accrued interest		26,473			10,230
Accrued salaries		17,000			(29,000	)
Advance from customer		(27,977	)		-
Net cash used in operating activities		(210,812	)		(228,854	)
INVESTING ACTIVITIES
Purchase of Right of First Refusal Agreement		(25,000	)		-
Net cash used in investing activities		(25,000	)		-
FINANCING ACTIVITIES
Amount paid in connection with Surrender Agreement with Emet Capital Partners, LLC		(70,000	)		-
Proceeds from notes payable to third parties		509,668			250,000
Net cash provided by financing activities		439,668			250,000
NET INCREASE (DECREASE) IN CASH		203,856			21,146
CASH BALANCE, BEGINNING OF PERIOD		24,662			59,891
CASH BALANCE, END OF PERIOD	$	228,518		$	81,037
Supplemental Disclosures of Cash Flow Information:
Interest paid	$	-		$	-
Income tax paid	$	-		$	-
Non-cash Investing and Financing Activities:
Conversion of note payable ($670) and accrued interest ($100) into 769,785 shares of common stock (Fair Value of $ 100,072) on January 4, 2019	$	-		$	100,072
Exercise of 1400 warrants into 695,129 shares of common stock in a cashless exercise transaction on January 4, 2019	$	-		$	695
Exchange of 438,600 warrants into 9,000,000 shares of Class B Convertible Preferred Stock on February 14, 2019	$	-		$	9,000
Initial derivative liability charged to debt discounts	$	509,667		$	250,000
Conversions of notes payable ($165,350) and accrued interest ($11,793) into 21,484,688 shares of common stock (Fair Value of $ 406,093) for the three months ended March 31, 2020	$	406,093		$	-
Conversions of notes payable ($ 40,500) and accrued interest ($7,961) into 1,384,600 shares of common stock (Fair Value of $ 179,998) on April 16, 2019	$	-		$	179,998
Conversions of notes payable ($ 67,082) and accrued interest ($10,613) into 27,563,525 shares of common stock (Fair Value of $ 210,532) for the three months ended June 30, 2020	$	210,532		$	-

The accompanying notes are an integral part of these consolidated financial statements

F-6

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE A – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

The Greater Cannabis Company, Inc. (the “Company”) was formed in March 2014 as a limited liability company under the name, The Greater Cannabis Company, LLC. The Company was a wholly owned subsidiary of Sylios Corp (“Sylios”) until March 10, 2017.

On July 31, 2018, the Company acquired 100% of the issued and outstanding shares of Class A common stock of Green C Corporation (“Green C”) in exchange for 9,411,998 newly issued shares of the Company’s Series A Convertible Preferred Stock (the “Exchange”). Each share of Series A Convertible Preferred Stock is convertible into 50 shares of common stock and is entitled to vote 50 votes per share on all matters as a class with holders of common stock. Since after the Exchange was consummated, the former shareholders of Green C and their designees owned approximately 94% of the issued and outstanding voting shares of the Company, Green C is the acquirer for accounting purposes. Prior to the Exchange, the Company had no assets and nominal business operations. Accordingly, the Exchange has been treated for accounting purposes as a recapitalization by the accounting acquirer, Green C, and the accompanying consolidated financial statements of the Company reflect the assets, liabilities and operations of Green C from its inception on December 21, 2017 to July 31, 2018 and combined with the Company thereafter.

Green C was incorporated on December 21, 2017 under the laws of the Province of Ontario Canada with its principal place of business in North York, Ontario.

Green C is the owner of an exclusive, worldwide license for an eluting transmucosal patch platform (“ETP”) for non-invasive drug delivery in the cannabis field as further described in the exclusive license agreement dated June 21, 2018 with Pharmedica Ltd. (see Note I).

The Company’s business plan is to (i) commercialize its ETP technology and (ii) concentrate on cannabis related investment and development opportunities through direct equity investments, joint ventures, licensing agreements or acquisitions.

Principles of Consolidation

The consolidated financial statements include the accounts of The Greater Cannabis Company, Inc., and its wholly owned subsidiaries Green C Corporation and Biocanrx Inc.

F-7

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE A – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Interim Financial Statements

The interim financial statements as of June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 are unaudited and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. These statements reflect all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the information contained herein. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 2020.

Certain information and finance disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission’s rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes for the year ended December 31, 2019 as included in our report on Form 10-K.

Cash and Cash Equivalents

Investments having an original maturity of 90 days or less that are readily convertible into cash are considered to be cash equivalents. For the periods presented, the Company had no cash equivalents.

Income Taxes

In accordance with Accounting Standards Codification (ASC) 740 - Income Taxes, the provision for income taxes is computed using the asset and liability method. The asset and liability method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized.

We expect to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount to be recognized in the financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. As of June 30, 2020, we had no uncertain tax positions. We recognize interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently have no foreign federal or state tax examinations nor have we had any foreign federal or state examinations since our inception. To date, we have not incurred any interest or tax penalties.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

Financial Instruments and Fair Value of Financial Instruments

We follow ASC Topic 820, Fair Value Measurements and Disclosures, for assets and liabilities measured at fair value on a recurring basis. ASC Topic 820 establishes a common definition for fair value to be applied to existing US GAAP that requires the use of fair value measurements that establishes a framework for measuring fair value and expands disclosure about such fair value measurements.

F-8

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE A – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Topic 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

Level 1:	Observable inputs such as quoted market prices in active markets for identical assets or liabilities
Level 2:	Observable market-based inputs or unobservable inputs that are corroborated by market data
Level 3:	Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. Except for derivative liabilities, we had no financial assets or liabilities carried and measured on a recurring or nonrecurring basis during the reporting periods.

Derivative Liabilities

We evaluate convertible notes payable, stock options, stock warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, Derivative Instruments and Hedging: Contracts in Entity’s Own Equity.

The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date.

Long-lived Assets

Long-lived assets such as property and equipment and intangible assets are periodically reviewed for impairment. We test for impairment losses on long-lived assets used in operations whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial positions. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

F-9

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE A – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Equity Instruments Issued to Non-Employees for Acquiring Goods or Services

Issuances of our common stock or warrants for acquiring goods or services are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The measurement date for the fair value of the equity instruments issued to consultants or vendors is determined at the earlier of (i) the date at which a commitment for performance to earn the equity instruments is reached (a “performance commitment” which would include a penalty considered to be of a magnitude that is a sufficiently large disincentive for nonperformance) or (ii) the date at which performance is complete.

Although situations may arise in which counter performance may be required over a period of time, the equity award granted to the party performing the service may be fully vested and non-forfeitable on the date of the agreement. As a result, in this situation in which vesting periods do not exist if the instruments are fully vested on the date of agreement, we determine such date to be the measurement date and will record the estimated fair market value of the instruments granted as a prepaid expense and amortize such amount to expense over the contract period. When it is appropriate for us to recognize the cost of a transaction during financial reporting periods prior to the measurement date, for purposes of recognition of costs during those periods, the equity instrument is measured at the then-current fair values.

Related Parties

A party is considered to be related to us if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include our principal owners, our management, members of the immediate families of our principal owners and our management and other parties with which we may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties, or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party.

F-10

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE A – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Revenue Recognition

Revenue from product sales will be recognized when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) the price is fixed or determinable, (3) collectability is reasonably assured, and (4) delivery has occurred.

Advertising Costs

Advertising costs are expensed as incurred. For the periods presented, we had no advertising costs.

Loss per Share

We compute net loss per share in accordance with FASB ASC 260. The ASC specifies the computation, presentation and disclosure requirements for loss per share for entities with publicly held common stock.

Basic loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed on the basis of the weighted average number of common shares and dilutive securities (such as stock options, warrants and convertible securities) outstanding. Dilutive securities having an anti-dilutive effect on diluted net loss per share are excluded from the calculation. For the periods presented, the Company excluded 470,599,900 shares relating to the Series A Convertible Preferred Stock (see Note G), shares relating to convertible notes payable to third parties (Please see NOTE E - NOTES PAYABLE TO THIRD PARTIES for further information) and shares relating to outstanding warrants (Please see NOTE G - CAPITAL STOCK AND WARRANTS for further information) from the calculation of diluted shares outstanding as the effect of their inclusion would be anti-dilutive.

Recently Enacted Accounting Standards

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, which supersedes nearly all prior revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under prior U.S. GAAP. As amended by the FASB in July 2015, the standard became effective for annual periods beginning after December 15, 2017, and interim periods therein. ASU 2014-09 has had no impact on our Financial statements for the periods presented.

F-11

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE A – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, to clarify the implementation guidance on principal versus agent considerations and address how an entity should assess whether it is the principal or the agent in contracts that include three or more parties. The effective date and transition requirements for these amendments are the same as the effective date and transition requirements of ASU 2014-09 (discussed above). ASU 2016-08 has had no impact on our Financial statements for the periods presentd.

In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, to clarify the following two aspects of Topic 606: 1) identifying performance obligations, and 2) the licensing implementation guidance. The effective date and transition requirements for these amendments are the same as the effective date and transition requirements of ASU 2014-09 (discussed above). ASU 2016-10 has had no impact on our financial statements for the periods presented.

On July 13, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2017-11. Among other things, ASU 2017-11 provides guidance that eliminates the requirement to consider “down round” features when determining whether certain financial instruments or embedded features are indexed to an entity’s stock and need to be classified as liabilities. ASU 2017-11 provides for entities to recognize the effect of a down round feature only when it is triggered and then as a dividend and a reduction to income available to common stockholders in basic earnings per share. The guidance became effective for annual periods beginning after December 15, 2018.

Accordingly, effective January 1, 2019, the Company reduced the derivative liability of warrants with “down round” features (and do not contain variable conversion features) of $108,427 at December 31, 2018 to $0 and recognized a $108,427 cumulative effect adjustment reduction of accumulated deficit.

F-12

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE B - GOING CONCERN

Under ASC 205-40, we have the responsibility to evaluate whether conditions and/or events raise substantial doubt about our ability to meet our future obligations as they become due within one year after the date the financial statements are issued. As required by this standard, our evaluation shall initially not take into consideration the potential mitigating effects of our plans that have not been fully implemented as of the date the financial statements are issued.

In performing the first step of this assessment, we concluded that the following conditions raise substantial doubt about our ability to meet our financial obligations as they become due. As of June 30 2020, the Company had cash of $228,518, total current liabilities of $1,314,139 and negative working capital of $1,062,046. For the six months ended June 30, 2020, we incurred a net loss of $109,120 and used $210,812 cash from operating activities. We expect to continue to incur negative cash flows until such time as our business generates sufficient cash inflows to finance our operations and debt service requirements.

In performing the second step of this assessment, we are required to evaluate whether our plans to mitigate the conditions above alleviate the substantial doubt about our ability to meet our obligations as they become due within one year after the date that the financial statements are issued. Our future plans include securing additional funding sources.

There is no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available through external sources. The lack of additional capital resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material effect on the business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company’s existing shareholders. We have therefore concluded there is substantial doubt about our ability to continue as a going concern through August 2021.

The accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of the uncertainty related to our ability to continue as a going concern.

NOTE C – RIGHT OF FIRST REFUSAL AGREEMENT

On January 30, 2020, the Company executed a Right of First Refusal Agreement with an entity engaged in the business of cosmetics, health, and well-being (“KTV”). The Agreement provided for the Company to pay KTV $25,000 on January 30, 2020 (which was paid January 30,2020) and to make other investments in opportunities to be pursued by KTV and/or payments to KTV to enable KTV to pursue and secure Cannabidiol (“CBD”) opportunities. The Agreement provides the Company an exclusive right of first refusal to participate in all CBD opportunities to be pursued by KTV for a term of five years. The $25,000 cost for this Agreement is being amortized over the five year term of the Agreement.

F-13

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE D - LOANS PAYABLE TO RELATED PARTIES

Loans payable to related parties consist of:

	June 30, 2020		December 31, 2019
Loans from Elisha Kalfa and Yonah Kalfa, holders of a total of 2,966,666 shares of Series A Convertible Preferred stock	$	180,000	$	180,000
Loan from Fernando Bisker and Sigalush, LLC, holders of a total of 2,966,666 shares of Series A Convertible Preferred stock		80,000		80,000
Total	$	260,000	$	260,000

Pursuant to loan and contribution agreements dated July 31, 2018, the above loans are non-interest bearing and are to be repaid after the Company raises from investors no less than $1,500,000 or generates sufficient revenue to make repayments (each, a “Replacement Event”). If the First Replacement Event does not occur within 18 months from July 31, 2018, the loans are to be repaid immediately. In the event there is insufficient capital to repay the loan, the lenders have the option to convert all or part of the loans into shares at the Company common stock at the average trading price of the 10 days prior to the date of the conversion request.

F-14

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE E - NOTES PAYABLE TO THIRD PARTIES

Notes payable to third parties consist of:

	June 30, 2020		December 31, 2019
Allonge to the Convertible Promissory Note dated September 14, 2017 payable to Emet Capital Partners, LLC (“EMET”), interest at 5%, due September 14, 2018	$	-	$	2,420
Allonge 2 to the Convertible Promissory Note dated September 14, 2017 payable to Emet Capital Partners, LLC (“EMET”), interest at 5%, due September 14, 2018		-		1,100
Promissory Note dated March 28, 2017 payable to John T. Root, Jr., interest at 4%, due September 28, 2017, convertible into shares of common stock at a conversion price of $.001 per share.		375		375
Convertible Promissory Note dated February 12, 2019 payable to Eagle Equities, LLC (“Eagle”), interest at 6%, due February 12, 2020-less unamortized debt discount of $ 0 and $ 33,396, respectively (i)		146,101		250,082
Convertible Promissory Note dated January 27, 2020 payable to Eagle Equities, LLC (“Eagle”), interest at 6%, due January 27, 2021-less unamortized debt discount of $ 95,828 and $ 0, respectively (i)		70,250		-
Convertible Promissory Note dated February 12, 2020 payable to Eagle Equities, LLC (“Eagle”), interest at 6%, due February 12, 2021-less unamortized debt discount of $ 58,253 and $ 0, respectively (i)		35,413
Convertible Promissory Note dated June 3, 2020 payable to Eagle Equities, LLC (“Eagle”), interest at 6%, due June 3, 2021-less unamortized debt discount of $ 42,151 and $ 0, respectively (i)		349		-
Convertible Warrant Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 2%, due October 18, 2020-less unamortized debt discount of $0 and $294,234, respectively (ii)		-		74,566
Convertible Warrant Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 2%, due October 18, 2020-less unamortized debt discount of $0 and $90,054, respectively (ii)		-		22,823
Convertible Warrant Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 2%, due October 18, 2020-less unamortized debt discount of $0 and $79,248, respectively (ii)		-		20,084
Convertible Warrant Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 2%, due October 18, 2020-less unamortized debt discount of $0 and $9,005 respectively (ii)		-		2,281
Convertible Promissory Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 6%, due February 12, 2020-less unamortized debt discount of $0 and $0, respectively (ii)		-		25,587
Convertible Promissory Note dated January 27, 2020 payable to GW Holdings Group, LLC (“GWH”), interest at 6%, due January 27, 2021-less unamortized debt discount of $ 87,110 and $ 0 respectively (iii)		63,990		-
Convertible Promissory Note dated June 1, 2020 payable to GW Holdings Group, LLC (“GWH”), interest at 6%, due June 1, 2021-less unamortized debt discount of $ 40,389 and $ 0 respectively (iv)		111		-
Total	$	316,589	$	399,318

F-15

(i) On February 12, 2019, (the “Issue Date”) the Company issued a 6% Convertible Redeemable Note to Eagle Equities, LLC (“Eagle”), having a principal amount of $1,200,000 of which $96,000 constituted an original issue discount (the “Eagle Note”). In connection with the Eagle Note, the Company and Eagle entered into a Securities Purchase Agreement. Eagle is to fund the $ 1,104,000 purchase price of the Eagle Note in tranches. The first tranche of $ 250,000 was received by the Company on February 13, 2019. The second tranche of $ 166,500 was received by the Company on January 17, 2020, the third tranche of $ 93,666 was received by the Company on February 12, 2020, and the fourth tranche of $ 42,500 was received by the Company on June 3, 2020. The loans are repayable one year from their respective funding dates and are convertible at the option of Eagle at a conversion price equal to 65% of the lowest closing price of the Company’s common stock for the preceding 15 trading days prior to the conversion date. Please see Note F-DERIVATIVE LIABILITY for further information.

(ii) On October 18, 2019, the Company entered into two Exchange Agreements with Emet Capital Partners, LLC (“Emet”). The first Exchange Agreement provided for the exchange of three outstanding convertible notes payable to Emet with a total remaining principal balance of $20,399 and a total accrued interest balance of $5,189 for three new convertible notes payable to Emet in the total amount of $25,587. The new notes bear interest at 6%, are due on February 12, 2020 and are convertible into common stock at a conversion price equal to 75% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. The second Exchange Agreement provided for the reversal of the February 14, 2019 exchange agreement pursuant to which certain warrants then held by Emet were exchanged for 9,000,000 shares of Series B Convertible Preferred Stock (see Note G) and the exchange of such warrants for four new convertible notes payable to Emet in the total amount of $675,000. These new note bear interest at 2%, are due on October 18, 2020 and are convertible into common stock at a conversion price equal to 75% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. Please see NOTE F - DERIVATIVE LIABILITY for further information.

(iii) On January 27, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to GW Holdings Group, LLC, a New York limited liability company and its authorized successors and permitted assigns (“Holder”), the aggregate principal face amount of $166,500. The note bears interest at 6%, is due on January 27, 2021 and is convertible into common stock at a conversion price equal to 55% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. Please see NOTE F - DERIVATIVE LIABILITY for further information.

(iv) On June 1, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to GW Holdings Group, LLC, a New York limited liability company and its authorized successors and permitted assigns (“Holder”), the aggregate principal face amount of $ 40,500. The note bears interest at 6%, is due on June 1, 2021 and is convertible into common stock at a conversion price equal to 55% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. Please see NOTE F - DERIVATIVE LIABILITY for further information.

On May 26, 2020, the Company entered into a Surrender Agreement with Emet Capital Partners, LLC (“Emet”) pursuant to which Emet agreed to surrender its interests in the following convertible notes free and clear of any liens, mortgages, adverse claims, charges, security interests, encumbrances, and any interest of any third party and waive any rights or claims it may have in respect of such notes in exchange for a payment of $70,000:

1.	Convertible Redeemable Note issued on 10/18/19 in the amount of $3,128.79
2.	Convertible Redeemable Note issued on 10/18/19 in the amount of $15,439.93
3.	Convertible Redeemable Note issued on 10/18/19 in the amount of $7,018.15
4.	Convertible Note issued on 10/18/19 in the amount of $451,504.95
5.	Convertible Note issued on 10/18/19 in the amount of $112,876.28
6.	Convertible Note issued on 10/18/19 in the amount of $99,331.13
7.	Convertible Note issued on 10/18/19 in the amount of $11,287.65

The $472,170 excess of the $ 542,170 remaining amount of debt satisfied over the $ 70,000 cash payment was recognized as a gain in the three months ended June 30, 2020.

F-16

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE F - DERIVATIVE LIABILITY

The derivative liability consists of:

		June 30, 2020		December 31, 2019
Convertible Promissory Note dated February 12, 2019 payable to Eagle Equities, LLC. Please see NOTE E – NOTES PAYABLE TO THIRD PARTIES for further information (i):
Due February 12, 2020	$	77,474	$	182,625
Due January 17, 2021		135,983		-
Due February 12, 2021		78,277		-
Due June 3, 2021		40,361
Convertible Promissory Note dated January 27, 2020 payable to GW Holdings Group, LLC. Please see NOTE E – NOTES PAYABLE TO THIRD PARTIES for further information (iii)
Due January 27, 2021		159,410		-
Due June 1, 2021		48,182		-
Convertible Promissory Notes dated October 18, 2019 payable to Emet. Please see NOTE E – NOTES PAYABLE TO THIRD PARTIES for further information (ii):
$451,505 note due October 18, 2021		-		328,953
$112,876 note due October 18, 2021		-		100,680
$ 99,331 note due October 18, 2021		-		88,599
$ 11,288 note due October 18, 2021		-		10,068
$ 25,587 note due October 18, 2021		-		14,940
Total derivative liability	$	539,686	$	725,865

F-17

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE F - DERIVATIVE LIABILITY (continued)

The Convertible Promissory Notes (the “Notes”) contain a variable conversion feature based on the future trading price of the Company’s common stock. Therefore, the number of shares of common stock issuable upon conversion of the Note is indeterminate.

The fair value of the derivative liability was measured at the respective issuance dates and quarterly thereafter using the Black Scholes option pricing model. Assumptions used for the calculation of the derivative liability of the Notes at June 30, 2020 were (1) stock price of $.0081 per share, (2) conversion prices ranging from $.0045 to $.0053 per share, (3) terms ranging from 0 days to 338 days, (4) expected volatility of 142.94%, and (5) risk free interest rates ranging from .13% to .18%.

Assumptions used for the calculations of the derivative liability of the Notes at December 31, 2019 were (1) stock price of $ .0330 per share, (2) conversion prices ranging from $ .01885 to $ .02175 per share, (3) terms ranging from 43 days to 293 days, (4) expected volatility of 142,94%, and (5) risk free interest rates ranging from 1.50% to 1.60%.

NOTE G - CAPITAL STOCK AND WARRANTS

Preferred Stock

On July 31, 2018, The Greater Cannabis Company, Inc. (the “Company”) acquired 100% of the issued and outstanding shares of Class A common stock of Green C Corporation (“Green C”) in exchange for 9,411,998 newly issued shares of the Company’s Series A Convertible Preferred Stock (the Exchange”). Each share of Series A Convertible Preferred Stock is convertible into 50 shares of common stock and is entitled to 50 votes on all matters as a class with the holders of common stock.

On February 14, 2019, the Company issued 9,000,000 shares of Series B Convertible Preferred Stock to Emet Capital Partners, LLC (“Emet”) in exchange for the surrender of all outstanding warrants held by Emet. Each share of Series B Convertible Preferred Stock was convertible into one share of Company common stock subject to adjustment in case, at the time of conversion, the market price per share of the Company common stock was less than $ 0.075 per share. On October 18, 2019, this exchange agreement was reversed.

On October 18, 2019, the Company entered into two Exchange Agreements with Emet Capital Partners, LLC (“Emet”). The first Exchange Agreement provided for the exchange of three outstanding convertible notes payable to Emet with a total remaining principal balance of $20,399 and a total accrued interest balance of $5,189 for three new convertible notes payable to Emet in the total amount of $25,587. The new notes bore interest at 6%, were due on February 12, 2020 and were convertible into common stock at a conversion price equal to 75% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. The second Exchange Agreement provided for the reversal of the February 14, 2019 exchange agreement pursuant to which certain warrants then held by Emet were exchanged for 9,000,000 shares of Series B Convertible Preferred Stock and the exchange of such warrants for four new convertible notes payable to Emet in the total amount of $675,000. These new notes bore interest at 2%, were due on October 18, 2020 and were convertible into common stock at a conversion price equal to 75% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. On May 26, 2020, the Company satisfied the 7 convertible notes payable to Emet in connection with a Surrender Agreement (see Note E).

Common Stock

Effective March 10, 2017, in connection with a partial spin-off of the Company from Sylios Corp, the Company issued a total of 26,905,969 shares of its common stock. 5,378,476 shares were issued to Sylios Corp (representing 19.99% of the issued and outstanding shares of Company common stock after the spin-off) and 21,527,493 shares were issued to the stockholders of record of Sylios Corp on February 3, 2017 on the basis of one share of Company common stock for each 500 shares of Sylios Corp common stock held (representing 80.01% of the issued and outstanding shares of Company common stock after the spin-off).

F-18

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE G - CAPITAL STOCK AND WARRANTS (continued)

On September 19, 2018, the Company issued 1,465,523 shares of its common stock pursuant to a conversion of $32,000 principal and $ 4,638 accrued interest of its convertible note dated May 25, 2017 by Emet Capital Partners, LLC. The $510,149 excess of the $ 546,787 fair value of the 1,465,523 shares over the $36,638 liability reduction was charged to Loss on Conversion of Debt.

On October 26, 2018, the Company issued 1,034,477 shares of its common stock pursuant to a conversion of $30,531 principal and $ 503 accrued interest of its convertible note dated May 25, 2017 by Emet Capital Partners, LLC. The $ 82,758 excess of the $ 113,792 fair value of the 1,034,479 shares over the $ 31,034 liability reduction was charged to Loss on Conversion of Debt.

On January 4, 2019, the Company issued 769,785 shares of its common stock pursuant to a conversion of $670 principal and $100 accrued interest of its convertible note dated May 25, 2018 by Emet Capital Partners, LLC (“Emet”). This conversion was based on a conversion price of $ 0.001 per share (rather than the Variable Conversion Price provided in the related note) submitted by Emet in its Conversion Notice. Emet asserted that the Company had committed a dilutive issuance, which triggered the “ratchet-down” provision of the related note which provides for a reduction of the conversion price. The Company has notified Emet that it disagrees with Emet’s assertion that a ratch-down dilutive issuance occurred. The $ 99,302 excess of the $100,072 fair value of the 769,785 shares over the $ 770 liability reduction was charged to Loss on Conversion of Debt in the three months ended June 30, 2020.

On January 4, 2019, the Company issued 695,129 shares of its common stock pursuant to an exercise of the equivalent of 1,400 warrants (of the 440,000 warrants issued to Emet Capital Partners, LLC on May 25, 2017) in a cashless exercise transaction based on a ratchet-down exercise price of $ 0.001 per share.

On April 16, 2019, the Company issued 1,384,600 shares of its common stock pursuant to conversions of $ 40,500 principal and $ 7,961 accrued interest of two convertible notes issued to by Emet Capital Partners, LLC (“Emet”). The $131,537 excess of the $179,998 fair value of the 1,384,600 shares over the $47,961 liability reduction was charged to Loss on Conversion of Debt in the three months ended June 30, 2019.

On May 29, 2019, the Company issued a total of 542,000 shares of its common stock to two consulting firm entities for certain specified investor relations and advisory services. The $75,880 fair value of the 542,000 shares was charged to Other Operating Expenses in the three months ended June 30, 2019.

On August 15, 2019, the Company issued 175,000 shares of its common stock to an entity consultant for accounting services rendered. The $12,250 fair value of the 175,000 shares was charged to Other Operating Expenses.

F-19

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE G - CAPITAL STOCK AND WARRANTS (continued)

On November 11, 2019, the Company issued 1,748,363 shares of its common stock pursuant to a conversion of $53,705 principal and $2,680 accrued interest and fees of its convertible note dated October 18, 2019 by Emet.

On December 20, 2019, the Company issued 1,468,204 shares of its common stock pursuant to a conversion of $29,000 principal and $4,015 accrued interest and fees of its convertible note dated October 18, 2019 by Emet.

On December 24, 2019, the Company issued 637,273 shares of its common stock pursuant to a conversion of $10,000 principal and $515 accrued interest and fees of its convertible note dated October 18, 2019 by Emet.

During the three months ended March 31, 2020, the Company issued a total of 21,484,688 shares of common stock pursuant to conversions of an aggregate of $165,350 in principal and $11,793 in interest under our outstanding convertible notes. The $228,949 excess of the $406,093 fair value of the 21,484,688 shares of common stock at the respective dates of issuance over the $177,143 liability reduction was charged to Loss on Conversions of Notes Payable.

During the three months ended June 30, 2020, the Company issued a total of 27,563,525 shares of common stock pursuant to conversions of an aggregate of $67,082 in principal and $10,613 in interest under our outstanding convertible notes. The $132,838 excess of the $210,532 fair value of the 27,563,525 shares of common stock at the respective dates of issuance over the $77,695 liability reduction was charged to Loss on Conversions of Notes Payable.

Warrants

On February 14, 2019, the Company entered into an exchange agreement with Emet Capital Partners, LLC (“Emet”) pursuant to which the Company issued Emet 9,000,000 shares of its Series B Convertible Preferred Stock (the “Series B Preferred Shares”) in exchange for the surrender of all outstanding warrants held by Emet. Each Series B Preferred Share was convertible into one share of the Company’s common stock subject to adjustment in case, at the time of conversion, the market price per share of the Company’s common stock was less than $0.075. In such case, Emet was to receive an additional number of shares of common stock equal to the number of shares being converted divided by the applicable market price. On October 18, 2019, this exchange agreement was reversed and the warrants were exchanged for four new convertible notes payable to Emet in the total amount of $ 675,000. See Preferred Stock above.

F-20

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE G - CAPITAL STOCK AND WARRANTS (continued)

At the date hereof, the Company has no outstanding warrants.

NOTE H - INCOME TAXES

The Company and its United States subsidiaries expect to file consolidated Federal income tax returns. Green C Corporation, its Ontario Canada subsidiary, will file Canada and Ontario income tax returns.

At June 30, 2020 the Company has available for federal income tax purposes a net operating loss carry forward that may be used to offset future taxable income. The Company has provided a valuation reserve against the full amount of the net operating loss benefit, since in the opinion of management based upon the earnings history of the Company; it is not more likely than not that the benefits will be realized. Due to significant changes in the Company’s ownership, the future use of its existing net operating losses will be limited.

All tax years of the Company and its United States subsidiaries remain subject to examination by the Internal Revenue Service.

NOTE I – NOTE RECEIVABLE

On June 10, 2020, in anticipation of developing a CBD business with Koltuv Ventures, LLC (the “Borrower”) (see Note C), the Company agreed to lend the Borrower USD $50,000 to be repaid either (a) out of available cash as soon as practicable, including from sales of Bob Ross cosmetic products, or (b) on the date that is 18 months from the date thereof, whichever is earlier (the “Maturity Date”). The Loan shall not bear interest except to the extent that any part of the Loan remains outstanding as at the Maturity Date, in which case the following sentence applies. From the date after the Maturity Date and onward, the outstanding principal amount of the Loan shall bear interest at a rate of 2% per annum. Any payment of cash to be made by Borrower to Lender shall be applied first to outstanding principal and second to any accrued, but unpaid, interest. As of June 30, 2020, the balance of the note was $ 23,575.

NOTE J - COMMITMENTS AND CONTINGENCIES

Pharmedica Exclusive License Agreement

On June 21, 2018, Green C executed an Exclusive License Agreement with Pharmedica, Ltd. (“Pharmedica”), an Israeli company, to exploit certain Pharmedica intellectual property for the development and distribution of a certain Licensed Product involved in the transmucosal delivery of medicinal or recreational cannabis. The agreement provides for Green C payments to Pharmedica of a $100,000 license fee (which was paid by 2591028 Ontario Limited, an entity affiliated with Green C’s Chief Executive Officer, on June 26, 2018) and annual royalties at a rate of 5% of the Net Sales of the Licensed Product subject to a Minimum Annual Royalty of $50,000. The agreement also provides for certain milestones to be accomplished by Green C in order for Green C to retain the license. Green C and Pharmedica each may terminate the agreement upon the occurrence of a material breach by the other party of its obligations under the agreement and such other party’s failure to remedy such breach to the reasonable satisfaction of the other party within thirty (30) days after being requested in writing to do so.

The Company has generated only minimal revenues from this asset to date and has not paid the Year 1 Minimum Annual Royalty of $50,000 due Pharmedica. Accordingly, we recorded an impairment charge of $69,749 at December 31, 2019 and reduced the $69,749 remaining carrying value of this intangible asset to $0.

F-21

THE GREATER CANNABIS COMPANY, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2020 and 2019

(Unaudited)

NOTE J - COMMITMENTS AND CONTINGENCIES (continued)

Sub-License Agreement with Symtomax Unipessoal Lda

On July 15, 2019, the Company executed a Sub-License Agreement with Symtomax Unipessoal Lda (“Symtomax”).

The agreement provides for the Company’s grant to Symtomax of a non-exclusive right and sub-license to use certain Company technology and intellectual property to develop and commercialize products for sale in Europe, the Middle East, and Africa. The agreement provides for Symtomax payments of royalties to the Company (payable monthly) ranging from 10% to 17% of Symtomax sales of eluting patches developed from Company technology.

On May 27, 2020, the Company executed an amended and restated sub-license agreement with Symtomax (the “Amended License Agreement”). The term of the Amended License Agreement ends the earlier of (i) August 31, 2021 and (ii) the date that Symtomax is no longer commercializing any of the products. The term is extended for an additional year on each anniversary of the agreement for any country where the royalty payment in respect of such country was equal to or greater than $1,000,000 for the previous year.

To date, Symtomax has not made any sales requiring the payment of royalties to the Company.

Service Agreements

On July 31, 2018, the Company executed Services Agreements with its newly appointed Chief Executive Officer (the “CEO”) and its newly appointed Chief Legal Officer (the “CLO”), for terms of five years. The Agreements provide for a monthly base salary of $10,000 for the CEO and a monthly base salary of $7,000 for the CLO. For the three months ended June 30, 2020 and 2019, the Company expensed a total of $30,000 and $21,000, respectively, as officer compensation pursuant to these agreements.

Sales Concentration

One customer accounted for 100% of sales in the three and six months ended June 30, 2020.

NOTE K – SUBSEQUENT EVENTS

From July 1, 2020 to August 12, 2020, the Company issued a total of 30,289,559 shares of its common stock to 2 lenders pursuant to conversions totaling $ 85,853 principal and $ 1,830 accrued interest. The $ 102,678 excess of the $ 190,361 fair value of the 30,289,559 shares of our common stock at the respective dates of issuance over the $ 87,683 debt satisfied will be recognized as a loss in the three months ended September 30, 2020.

F-22

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

Current Business

The Greater Cannabis Company, Inc. (the “Company”) was formed in March 2014 as a limited liability company under the name, The Greater Cannabis Company, LLC. The Company remained a wholly owned subsidiary of Sylios Corp (“Sylios”) until March 2017.

On July 31, 2018, the Company entered into and consummated a voluntary share exchange transaction with Green C Corporation, a company incorporated under the laws of the Province of Ontario (“Green C”) and the shareholders of Green C (the “Selling Shareholders”) pursuant to a Share Exchange Agreement by and among the Company, Green C and the Selling Shareholders (the “Exchange Agreement”).

In accordance with the terms of the Exchange Agreement, the Company issued 9,411,998 shares of its preferred stock, par value $0.001 (the “Shares”) to the Selling Shareholders and certain individuals named below (collectively, the “Shareholder Group”) in exchange for 100% of the issued and outstanding capital stock of Green C (the “Exchange Transaction”). As a result of the Exchange Transaction, the Selling Shareholders acquired 94.12% of the Company’s authorized shares of preferred stock, Green C became the Company’s wholly-owned subsidiary and the Company acquired 100% of the business and operations of Green C.

Green C is the owner of an exclusive, worldwide license for an eluting transmucosal patch platform (“ETP”) for non-invasive drug delivery in the cannabis field for medical treatment as further described in the exclusive license agreement dated September 21, 2018 with Pharmedica Ltd. A copy of the License Agreement is incorporated by reference to this report as Exhibit [ ] (the “License Agreement”).

The Company’s business plan is to (i) commercialize its ETP technology and (ii) concentrate on cannabis related investment and development opportunities through direct equity investments, joint ventures, licensing agreements or acquisitions.

Market Conditions

The cannabis industry continues to exceed other industries’ growth rates and retain the title of the “fastest-growing industry in the U.S.” as the Huffington Post reported in 2015.

According to Forbes Magazine (https://www.forbes.com/sites/thomaspellechia/2018/06/26/in-2017-beyond-u-s-enjoys-the-highest-legal-cannabis-market-share-worldwide/#14d7b2102d20), marijuana sales in North America reached $9.3 billion in 2017, reflecting 34% growth over 2015 ($5.04 billion), according to ArcView Market Research/BDS Analytics. The research firm projects sales to jump to $21.6 billion by 2021, representing a 26% compound annual growth rate (CAGR).

While the industry is growing rapidly, the cannabis industry faces four major obstacles that challenge its growth and profitability. First, the cultivation of cannabis is a very capital-intensive enterprise. Many cannabis entrepreneurs do not have access to the capital required to build the infrastructure required to meet growing demand and sales projections. Traditional sources of financing, such as banks, are not available currently to cannabis producers and retailers. Second, there is a significant shortage of knowledge related to virtually all areas of the cannabis business. When new states are added to the list of regulated cannabis markets, there will be a scarcity of experience and expertise to serve the needs of growers and retailers in these states. Third, the majority of states do not allow access to medical cannabis for its patients. This presents an obstacle to the medical cannabis industry and requires financial resources and dedicated advocacy to change regulations on the state level. Fourth, as explained below, marijuana is illegal under federal law.

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Government Regulations

Cannabis is currently a Schedule I controlled substance under the Controlled Substances Act (“CSA”) and is, therefore, illegal under federal law. Even in those states in which the use of cannabis has been legalized pursuant to state law, its use, possession or cultivation remains a violation of federal law. A Schedule I controlled substance is defined as one that has no currently accepted medical use in the United States, a lack of safety for use under medical supervision and a high potential for abuse. The U.S. Department of Justice (the “DOJ”) defines Schedule I controlled substances as “the most dangerous drugs of all the drug schedules with potentially severe psychological or physical dependence.” If the federal government decides to enforce the CSA in Colorado with respect to cannabis, persons that are charged with distributing, possessing with intent to distribute or growing cannabis could be subject to fines and/or terms of imprisonment, the maximum being life imprisonment and a $50 million fine.

Notwithstanding the CSA, as of the date of this filing, 33 U.S. states, the District of Columbia and the U.S. territories of Guam and Puerto Rico allow their residents to use medical cannabis and 11 states have legalized recreational marijuana. Such state and territorial laws are in conflict with the federal CSA, which makes cannabis use and possession illegal at the federal level.

In light of such conflict between federal laws and state laws regarding cannabis, the previous administration under President Obama had effectively stated that it was not an efficient use of resources to direct federal law enforcement agencies to prosecute those lawfully abiding by state-designated laws allowing the use and distribution of medical cannabis. For example, the prior DOJ Deputy Attorney General of the Obama administration, James M. Cole, issued a memorandum (the “Cole Memo”) to all United States Attorneys providing updated guidance to federal prosecutors concerning cannabis enforcement under the CSA (see “-The Cole Memo”). In addition, the Financial Crimes Enforcement Network (“FinCEN”) provided guidelines (the “FinCEN Guidelines”) on February 14, 2014, regarding how financial institutions can provide services to cannabis-related businesses consistent with their Bank Secrecy Act (“BSA”) obligations (see “-FinCEN”).

Additional existing and pending legislation provides, or seeks to provide, protection to persons acting in violation of federal law but in compliance with state laws regarding cannabis. The Rohrabacher-Farr Amendment to the Commerce, Justice, Science and Related Agencies Appropriations Bill, which funds the DOJ, prohibits the DOJ from using funds to prevent states with medical cannabis laws from implementing such laws. The Rohrabacher-Farr Amendment is effective through April 28, 2017, but as an amendment to an appropriations bill, it must be renewed annually. The Compassionate Access Compassionate Access, Research Expansion, and Respect States Act (the “CARERS Act”) has been introduced in the U.S. Senate, which proposes to reclassify cannabis under the CSA to Schedule II, thereby changing the plant from a federally criminalized substance to one that has recognized medical uses. More recently, the Respect State Marijuana Laws Act of 2017 has been introduced in the U.S. House of Representatives, which proposes to exclude persons who produce, possess, distribute, dispense, administer or deliver marijuana in compliance with state laws from the regulatory controls and administrative, civil and criminal penalties of the CSA.

However, as of the date of this filing, neither the CARERS Act nor the Respect State Marijuana Laws Act of 2017 has been enacted, the Rohrabacher-Blumenauer (formerly known as the Rohrabacher-Farr Amendment) has been renewed through September, 2018, and the new administration under President Trump has not yet indicated whether it will change the previously stated policy of low-priority enforcement of federal laws related to cannabis set forth in the Cole Memo or the FinCEN Guidelines. The Trump administration could change this policy and decide to strongly enforce the federal laws applicable to cannabis. Any such change in the federal government’s enforcement of current federal laws could cause significant financial damage to us. While we do not currently harvest, distribute or sell cannabis, we may be irreparably harmed by a change in enforcement policies of the federal government. However, as of the date of this filing, we have provided products and services to state-approved cannabis cultivators and dispensary facilities. As a result of our providing ancillary products and services to state-approved cannabis cultivators and dispensary facilities, we could be deemed to be aiding and abetting illegal activities, a violation of federal law.

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Absent any future changes in cannabis-related policies under the Trump administration, we intend to remain within the guidelines outlined in the Cole Memo (see “-The Cole Memo”) and the FinCEN Guidelines (see “-FinCEN”), where applicable; however, we cannot provide assurance that we are in full compliance with the Cole Memo, the FinCEN Guidelines or any applicable federal laws or regulations.

Cole Memo

Because of the discrepancy between the laws in some states, which permit the distribution and sale of medical and recreational cannabis, from federal law that prohibits any such activities, DOJ Deputy Attorney General James M. Cole issued the Cole Memo concerning cannabis enforcement under the CSA. The Cole Memo guidance applies to all of the DOJ’s federal enforcement activity, including civil enforcement and criminal investigations and prosecutions, concerning cannabis in all states.

The Cole Memo reiterates Congress’s determination that cannabis is a dangerous drug and that the illegal distribution and sale of cannabis is a serious crime that provides a significant source of revenue to large-scale criminal enterprises, gangs, and cartels. The Cole Memo notes that the DOJ is committed to enforcement of the CSA consistent with those determinations. It also notes that the DOJ is committed to using its investigative and prosecutorial resources to address the most significant threats in the most effective, consistent, and rational way. In furtherance of those objectives, the Cole Memo provides guidance to DOJ attorneys and law enforcement to focus their enforcement resources on persons or organizations whose conduct interferes with any one or more of the following important priorities (the “Enforcement Priorities”) in preventing:

● the distribution of cannabis to minors;

● revenue from the sale of cannabis from going to criminal enterprises, gangs, and cartels;

● the diversion of cannabis from states where it is legal under state law in some form to other states;

● state-authorized cannabis activity from being used as a cover or pretext for the trafficking of other illegal drugs or other illegal activity;

● violence and the use of firearms in the cultivation and distribution of cannabis;

● drugged driving and the exacerbation of other adverse public health consequences associated with cannabis use;

● the growing of cannabis on public lands and the attendant public safety and environmental dangers posed by cannabis production on public lands; and

● cannabis possession or use on federal property.

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We intend to conduct rigorous due diligence to verify the legality of all activities that we engage in and ensure that our activities do not interfere with any of the Enforcement Priorities set forth in the Cole Memo.

The Cole Memo is meant only as a guide for United States Attorneys and does not alter in any way the Department of Justice’s authority to enforce Federal law, including Federal laws relating to cannabis, regardless of state law.

Rohrabacher Farr Amendment

On December 16, 2014, H.R. 83 - Consolidated and Further Continuing Appropriations Act, 2015 was enacted and included a provision known as the “Rohrabacher Farr Amendment” which states:

None of the funds made available in this Act to the Department of Justice may be used, with respect to the States of Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Hawaii, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, Oregon, Rhode Island, South Carolina, Tennessee, Utah, Vermont, Washington, and Wisconsin, to prevent such States from implementing their own State laws that authorize the use, distribution, possession, or cultivation of medical marijuana.

The Rohrabacher Farr Amendment represents one of the first times in recent history that Congress has taken action indicating support of medical cannabis. The Rohrabacher Farr Amendment was renewed by Congress in 2015, but expired in September 2018. It is again up for renewal, although there is no assurance that it will be renewed.

The Rohrabacher Farr Amendment would appear to protect the right of the states to determine their own laws on medical cannabis use; however, the actual effects of the amendment are still unclear. The Rohrabacher Farr Amendment did not remove the federal ban on medical cannabis and cannabis remains regulated as a Schedule I controlled substance. Further, the United States Department of Justice has interpreted the Rohrabacher Farr Amendment as only preventing federal action that prevents states from creating and implementing cannabis laws - not against the individuals or businesses that actually carry out cannabis laws - and has continued to sporadically commence enforcement actions against individuals or businesses participating in the cannabis industry despite such participation being legal under state law. Whether this interpretation is appropriate is still being litigated, and, while an initial district court decision has not supported the Department of Justice’s interpretation, such decision is currently under appellate review. In addition, no matter what interpretation is adopted by the courts, there is no question that the Rohrabacher Farr Amendment does not protect any party not in full compliance with state medicinal cannabis laws.

Potential Changes to Federal Laws and Enforcement Priorities

Although the Department of Justice has stated in the Cole Memo that it is not an efficient use of limited resources to direct federal law enforcement agencies to prosecute those lawfully abiding by state laws allowing the use and distribution of medical cannabis, there is no guarantee that the Department of Justice’s position will not change regarding the low-priority enforcement of federal laws. Further, the United States has a new administration in 2017, which could introduce a less favorable cannabis enforcement policy. There can be no assurances that any future administration would not change the current enforcement policy and decide to strongly enforce the federal laws.

In light of the 2005 U.S. Supreme Court ruling in Gonzales v. Raich, under the commerce clause of the constitution, Congress may pass laws to criminalize the production and use of home-grown cannabis even where states have approved its use for medicinal purposes, which leads to the conclusion that the Controlled Substances Act may preempt state laws relating to any cannabis-related activity. Any such change in the federal enforcement program of current federal laws could cause significant financial damage to our business. While we do not directly harvest, distribute, or distribute cannabis today, we still may be deemed to be violating federal law and may be irreparably harmed by a change in enforcement by the federal or state governments.

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Agriculture Improvement Act of 2018

On December 20, 2018, the United States federal government passed The Agriculture Improvement Act of 2018, which amends the Controlled Substances Act of 1970 concerning cannabis for the first time. Specifically, it refers to a new definition of “hemp” as being any C. Sativa plant that has Tetrahydrocannabinol (“THC”) below 0.3% on a dry weight basis. The effect of this act is to legalize hemp or, in other words, strains of cannabis with low THC.

Legalizing strains that are low in THC is important for the nascent cannabis industry. Hemp is a great source of cannabidiol (“CBD”). As at the date hereof, CBD has been legalized in some form or another in all but 3 states – Idaho, Nebraska and South Dakota. So legalizing its production, even with significant oversight, opens the door for legal cannabis growing in the United States in a way that has not been available to farms, companies, and consumers since the at the Controlled Substances Act of 1970.

Results of operations

For the six months ended June 30, 2020, the Company generated $48,044 sales compared to $0 in the same period of 2019.

For the six months ended June 30, 2020, our cost of sales was $48,090 compared to $0 in the same period of 2019.

Our operating expenses in the six months ended June 30, 2020 amounted to $169,954 as compared to $252,154 for the same period of 2019.

Our net loss in the six months ended June 30, 2020, was $109,120 as compared to the net loss of $426,128 during the same period of 2019.

For the three months ended June 30, 2020, the Company generated $48,044 sales compared to $0 in the same period of 2019.

Our operating expenses in the three months ended June 30, 2020 amounted to $81,857 as compared to $163,077 for the three months ended June 30, 2019.

Our net income in the three months ended June 30, 2020, was $1,102,449 as compared to the net loss of $287,779 during the same period of 2019.

The amounts presented in the financial statements do not provide for the effect of inflation on our operations or our financial position. Amounts shown for costs and expenses reflect historical cost and do not necessarily represent replacement cost. The net operating losses shown would be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.

Liquidity and Capital Resources

We had $228,518 cash at June 30, 2020, compared to $24,662 at December 31, 2019.

At June 30, 2020, we had $316,589 in principal amount of outstanding notes to third parties (net of $323,731 debt discounts), compared to $399,318 (net of $505,937 debt discounts) at December 31, 2019.

The proceeds from loans and convertible debentures as well as cash on hand is being used to fund the operations of our current operations.

The following table provides detailed information about our net cash flows for the six months ended June 30, 2020 and 2019.

	June 30, 2020			June 30, 2019
Net cash used in operating activities	$	(210,812	)	$	(228,854	)
Net cash used in investing activities		(25,000	)		-
Net cash provided by financing activities		439,668			250,000
Net increase in cash	$	203,856			21,146

Critical Accounting Policies and Estimates

The SEC issued Financial Reporting Release No. 60, “Cautionary Advice Regarding Disclosure About Critical Accounting Policies” suggesting that companies provide additional disclosure and commentary on their most critical accounting policies. In Financial Reporting Release No. 60, the SEC has defined the most critical accounting policies as the ones that are most important to the portrayal of a company’s financial condition and operating results and require management to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, we have identified the following significant policies as critical to the understanding of our financial statements. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make a variety of estimates and assumptions that affect (i) the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and (ii) the reported amounts of revenues and expenses during the reporting periods covered by the financial statements. Our management expects to make judgments and estimates about the effect of matters that are inherently uncertain. As the number of variables and assumptions affecting the future resolution of the uncertainties increase, these judgments become even more subjective and complex. Although we believe that our estimates and assumptions are reasonable, actual results may differ significantly from these estimates. Changes in estimates and assumptions based upon actual results may have a material impact on our results.

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Off-Balance Sheet Arrangements

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

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a smaller reporting company, we are not required to provide this information.

ITEM 4. CONTROLS AND PROCEDURES

The Company has adopted and maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the reports filed under the Exchange Act, such as this Form 10-Q, is collected, recorded, processed, summarized and reported within the time periods specified in the rules of the Securities and Exchange Commission. The Company’s disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to management to allow timely decisions regarding required disclosure. As required under Exchange Act Rule 13a-15, the Company’s management, including the Principal Executive Officer and Principal Financial Officer, has conducted an evaluation of the effectiveness of disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, the Company’s President concluded that the Company’s disclosure controls and procedures are not effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s President, as appropriate, to allow timely decisions regarding required disclosure.

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Changes in Internal Controls

During the quarter ended June 30, 2020, there was no change in internal control over financial reporting that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

PART II- OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We know of no pending proceedings to which any director, member of senior management, or affiliate is either a party adverse to us or has a material interest adverse to us.

● None of our executive officers or directors have (i) been involved in any bankruptcy proceedings within the last five years, (ii) been convicted in or has pending any criminal proceedings (other than traffic violations and other minor offenses), (iii) been subject to any order, judgment or decree enjoining, barring, suspending or otherwise limiting involvement in any type of business, securities or banking activity or (iv) been found to have violated any Federal, state or provincial securities or commodities law and such finding has not been reversed, suspended or vacated.

ITEM 1A. RISK FACTORS

Risks Associated to Our Business and Industry

Coronavirus has slowed down our business growth

There continues to be a significant and growing volatility and uncertainty in the global economy due to the Coronavirus pandemic affecting all business sectors and industries. To-date, the fulfillment of our first order of eluting patches has been delayed due to the Coronavirus shutdown in the United States. It is not clear if and when business activity will resume to the point where we will be able to re-start work on our first order. If business activity does not resume in a timely manner, then our first order may be cancelled and subsequent orders may not be forthcoming. Further or future downturns may adversely affect business development and commercial activity and could materially and adversely affect our results of operations, financial position and growth strategy.

Our proposed business is dependent on laws pertaining to the marijuana industry.

Continued development of the marijuana industry is dependent upon continued legislative authorization and/or voter approved referenda of marijuana at the state level. Any number of factors could slow or halt progress in this area. Further, progress for the industry, while encouraging, is not assured. While there may be ample public support for legislative action, numerous factors impact the legislative process. Any one of these factors could slow or halt use of marijuana, which would negatively impact our proposed business.

As of the date hereof, 33 states and the District of Columbia allow its citizens to use medical marijuana and 11 states have legalized recreational marijuana. The state laws are in conflict with the federal Controlled Substances Act, which makes marijuana use, cultivation and/or possession illegal on a national level. As discussed in the “Cole Memo” the former Obama administration has effectively stated that it is not an efficient use of resources to direct law federal law enforcement agencies to prosecute those lawfully abiding by state-designated laws allowing the use and distribution of medical marijuana. Any change in the federal government’s enforcement of current federal laws could cause significant financial damage to us and our shareholders.

All strains of cannabis other than hemp remain illegal under Federal law.

Despite the development of a legal cannabis industry under the laws of certain states and the legalization of hemp under the Agriculture Improvement Act of 2018, the state laws legalizing medical and adult cannabis use are in conflict with the Federal Controlled Substances Act, which classifies cannabis as a “Schedule-I” controlled substance and makes cannabis use and possession illegal on a national level. The United States Supreme Court has ruled that the Federal government has the right to regulate and criminalize cannabis, even for medical purposes, and thus Federal law criminalizing the use of cannabis preempts state laws that legalize its use. However, the Obama Administration determined that it is not an efficient use of resources to direct Federal law enforcement agencies to prosecute those lawfully abiding by state laws allowing the use and distribution of medical and recreational cannabis. There is no guarantee that the Trump Administration will not change the Federal government’s stated policy regarding the low-priority enforcement of Federal laws in states where cannabis has been legalized. Any such change in the Federal government’s enforcement of Federal laws could cause significant financial damage to us and our shareholders.

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Laws and regulations affecting the medical marijuana industry are constantly changing, which could detrimentally affect our proposed operations.

Local, state and federal medical marijuana laws and regulations are broad in scope and subject to evolving interpretations, which could require us to incur substantial costs associated with compliance or alter our business plan. In addition, violations of these laws, or allegations of such violations, could disrupt our business and result in a material adverse effect on our operations. In addition, it is possible that regulations may be enacted in the future that will be directly applicable to our proposed business. We cannot predict the nature of any future laws, regulations, interpretations or applications, nor can we determine what effect additional governmental regulations or administrative policies and procedures, when and if promulgated, could have on our business.

As the possession and use of strains of cannabis that are not hemp is illegal under the Federal Controlled Substances Act, we may be deemed to be aiding and abetting illegal activities through the services that we provide to users and advertisers. As a result, we may be subject to enforcement actions by law enforcement authorities, which would materially and adversely affect our business.

Under Federal law, and more specifically the Federal Controlled Substances Act, the possession, use, cultivation, and transfer of non-hemp cannabis is illegal. Our business provides services to customers that are engaged in the business of possession, use, cultivation, and/or transfer of cannabis. As a result, law enforcement authorities, in their attempt to regulate the illegal use of cannabis, may seek to bring an action or actions against us, including, but not limited, to a claim of aiding and abetting another’s criminal activities. The Federal aiding and abetting statute provides that anyone who “commits an offense against the United States or aids, abets, counsels, commands, induces or procures its commission, is punishable as a principal.” 18 U.S.C. §2(a). As a result of such an action, we may be forced to cease operations and our investors could lose their entire investment. Such an action would have a material negative effect on our business and operations.

Our potential customers, clients and companies which we may elect to invest directly with may have difficulty accessing the service of banks, which may make it difficult for them to operate.

On February 14, 2014, the U.S. government issued rules allowing banks to legally provide financial services to state-licensed cannabis businesses. A memorandum issued by the Justice Department to federal prosecutors reiterated guidance previously given, this time to the financial industry that banks can do business with legal marijuana businesses and “may not” be prosecuted. FinCEN issued guidelines to banks noting that it is possible to provide financial services to state-licensed cannabis businesses and still be in compliance with federal anti-money laundering laws. The guidance, however, falls short of the explicit legal authorization that banking industry officials had requested the government provide, and, to date, it is not clear if any banks have relied on the guidance to take on legal cannabis companies as clients. The aforementioned policy can be changed, including in connection with a change in presidential administration, and any policy reversal and or retraction could result in legal cannabis businesses losing access to the banking industry.

Because the use, sale and distribution of cannabis remains illegal under federal law, many banks will not accept deposits from or provide other bank services to businesses involved with cannabis. The inability to open bank accounts may make it difficult for our existing and potential customers, clients and tenants to operate and may make it difficult for them to contract with us.

We are highly dependent on the services of key executives, the loss of whom could materially harm our business and our strategic direction. If we lose key management or significant personnel, cannot recruit qualified employees, directors, officers, or other personnel or experience increases in our compensation costs, our business may materially suffer.

We are highly dependent on our management team, specifically Aitan Zacharin. If we lose key employees, our business may suffer. Furthermore, our future success will also depend in part on the continued service of our management personnel and our ability to identify, hire, and retain additional key personnel. We do not carry “key-man” life insurance on the lives of any of our executives, employees or advisors. We experience intense competition for qualified personnel and may be unable to attract and retain the personnel necessary for the development of our business. Because of this competition, our compensation costs may increase significantly.

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We will need to raise additional capital to continue operations over the coming year.

We anticipate the need to raise approximately $1,500,000 in capital to fund our operations through December 31, 2020. We expect to use these cash proceeds primarily for business development, testing, licensing and operations. We cannot guarantee that we will be able to raise these required funds or generate sufficient revenue to remain operational.

Government actions or digital distribution platform restrictions could result in our products and services being unavailable in certain geographic regions, harming future growth.

Due to our connections to the cannabis industry, governments and government agencies could ban or cause our ETP technology to become unavailable in certain regions and jurisdictions. This could greatly impair or prevent us from entering the market and commercializing our technology.

Failure to generate interest in our ETP technology could greatly harm our business model.

Our business model is reliant on its ability to attract and retain players in the cannabis market to use our ETP technology. If we are unable to convince such players to utilize our ETP technology, our business will not grow and we will not generate any revenues.

We may not be able to compete successfully with other established companies offering the same or similar services and, as a result, we may not achieve our projected revenue and user targets.

If we are unable to compete successfully with other businesses in our existing market, we may not achieve our projected revenue and/or customer targets. We compete with both start-up and established retail and technology companies. Compared to our business, some of our competitors may have greater financial and other resources, have been in business longer, have greater name recognition and be better established in the technological or cannabis markets.

Our lack of adequate D&O insurance may also make it difficult for us to retain and attract talented and skilled directors and officers.

We may in the future be subject to additional litigation, including potential class action and stockholder derivative actions. Risks associated with legal liability are difficult to assess and quantify, and their existence and magnitude can remain unknown for significant periods of time. To date, we have not obtained directors and officers liability (“D&O”) insurance. While neither Florida law nor our Articles of Incorporation or bylaws require us to indemnify or advance expenses to our officers and directors involved in such a legal action, we have entered into an indemnification agreement with our President and intend to enter into similar agreements with other officers and directors in the future. Without adequate D&O insurance, the amounts we would pay to indemnify our officers and directors should they be subject to legal action based on their service to the Company could have a material adverse effect on our financial condition, results of operations and liquidity. Furthermore, our lack of adequate D&O insurance may make it difficult for us to retain and attract talented and skilled directors and officers, which could adversely affect our business.

We expect to incur substantial expenses to meet our reporting obligations as a public company. In addition, failure to maintain adequate financial and management processes and controls could lead to errors in our financial reporting and could harm our ability to manage our expenses.

We estimate that it will cost approximately $50,000 annually to maintain the proper management and financial controls for our filings required as a public reporting company. In addition, if we do not maintain adequate financial and management personnel, processes and controls, we may not be able to accurately report our financial performance on a timely basis, which could cause a decline in our stock price and adversely affect our ability to raise capital.

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Our ETP Technology may require FDA approval.

The use of our ETP technology may be subject to FDA, or equivalent regulatory body approval. If so, obtaining such approval will require a substantial investment of funds and may take years. There is no assurance that we will be able to obtain regulatory approval as may be required prior to entering certain markets.

Due to our involvement in the cannabis industry, we may have a difficult time obtaining the various insurances that are desired to operate our business, which may expose us to additional risk and financial liabilities.

Insurance that is otherwise readily available, such as workers’ compensation, general liability, and directors and officer’s insurance, is more difficult for us to find and more expensive, because we are a service provider to companies in the cannabis industry. There are no guarantees that we will be able to find such insurances in the future, or that the cost will be affordable to us. If we are forced to go without such insurances, it may prevent us from entering into certain business sectors, may inhibit our growth, and may expose us to additional risk and financial liabilities. In 2020, The Greater Cannabis Company, Inc. carries general liability insurance. We do not currently hold any other forms of insurance, including directors’ and officers’ insurance. Because we do not have any other types of insurance, if we are made a party of a legal action, we may not have sufficient funds to defend the litigation. If that occurs a judgment could be rendered against us that could cause us to cease operations.

Participants in the cannabis industry may have difficulty accessing the service of banks, which may make it difficult for us to operate.

Despite recent rules issued by the United States Department of the Treasury mitigating the risk to banks who do business with cannabis companies operating in compliance with applicable state laws, as well as recent guidance from the United States Department of Justice, banks remain wary of accepting funds from businesses in the cannabis industry. Since the use of cannabis remains illegal under Federal law, there remains a compelling argument that banks may be in violation of Federal law when accepting for deposit funds derived from the sale or distribution of cannabis and/or related products. Consequently, businesses involved in the cannabis industry continue to have trouble establishing banking relationships. Our inability to open a bank account may make it difficult (and potentially impossible) for us, or some of our advertisers, to do business with us.

Risks Relating to our Common Stock

There is currently limited liquidity of shares of our common stock.

Our common stock was first quoted for trading in the quarter that ended September 30, 2018.

Failure to develop or maintain a trading market could negatively affect its value and make it difficult or impossible for you to sell your shares. Even if a market for common stock does develop, the market price of common stock may be highly volatile. In addition to the uncertainties relating to future operating performance and the profitability of operations, factors such as variations in interim financial results or various, as yet unpredictable, factors, many of which are beyond our control, may have a negative effect on the market price of our common stock.

If we fail to remain current on our reporting requirements, we could be removed from the OTC Bulletin Board which would limit the ability of broker-dealers to sell our securities in the secondary market.

Companies trading on the Over the Counter Bulletin Board must be reporting issuers under Section 12 of the Securities Exchange Act of 1934, as amended, and must be current in their reports under Section 13, in order to maintain price quotation privileges on the OTC Bulletin Board. As a result, the market liquidity for our securities could be severely adversely affected by limiting the ability of broker-dealers to sell our securities and the ability of stockholders to sell their securities in the secondary market. In addition, we may be unable to get relisted on the OTC Bulletin Board, which may have an adverse material effect on the Company.

13

We do not expect to pay dividends in the future; any return on investment may be limited to the value of our common stock.

We do not currently anticipate paying cash dividends in the foreseeable future. The payment of dividends on our common stock will depend on earnings, financial condition and other business and economic factors affecting it at such time as the board of directors may consider relevant. Our current intention is to apply net earnings, if any, in the foreseeable future to increasing our capital base and development and marketing efforts. There can be no assurance that the Company will ever have sufficient earnings to declare and pay dividends to the holders of our common stock, and in any event, a decision to declare and pay dividends is at the sole discretion of our board of directors. If we do not pay dividends, our common stock may be less valuable because a return on your investment will only occur if its stock price appreciates.

Authorization of preferred stock.

Our Certificate of Incorporation authorizes the issuance of up to 10,000,000 shares of preferred stock with designations, rights and preferences determined from time to time by its Board of Directors. Accordingly, our Board of Directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting, or other rights which could adversely affect the voting power or other rights of the holders of the common stock.

Our Certificate of Incorporation also authorizes the issuance from time to time of shares of its stock of any class, whether now or hererafter authorized, or securities convertible into shares of its stock of any class, whether now or hereafter authorized, for such consideration as the Board of Director(s) may deem advisable, subject to such restrictions or limitation, if any, as may be set forth in the bylaws of the Corporation. This authority would allow us to issue shares of preferred stock in excess of the 10,000,000 initially authorized. In fact, as at the date of this report, we have issued 9,411,988 shares of Series A Convertible Preferred Stock.

The market price for our common stock may be particularly volatile given our status as a relatively unknown company, with a limited operating history and lack of profits which could lead to wide fluctuations in our share price. You may be unable to sell your common stock at or above your purchase price, which may result in substantial losses to you.

Our stock price may be particularly volatile when compared to the shares of larger, more established companies that trade on a national securities exchange and have large public floats. The volatility in our share price will be attributable to a number of factors. First, our common stock will be compared to the shares of such larger, more established companies, sporadically and thinly traded. As a consequence of this limited liquidity, the trading of relatively small quantities of shares by our shareholders may disproportionately influence the price of those shares in either direction. The price for our shares could decline precipitously in the event that a large number of shares of our common stock are sold on the market without commensurate demand. Second, we are a speculative or “risky” investment due to our limited operating history and lack of profits to date, and uncertainty of future market acceptance for our potential products. As a consequence of this enhanced risk, more risk-averse investors may, under the fear of losing all or most of their investment in the event of negative news or lack of progress, be more inclined to sell their shares on the market more quickly and at greater discounts than would be the case with the stock of a larger, more established company that trades on a national securities exchange and has a large public float. Many of these factors are beyond our control and may decrease the market price of our common stock, regardless of our operating performance. We cannot make any predictions or projections as to what the prevailing market price for our common stock will be at any time. Moreover, the OTC Bulletin Board is not a liquid market in contrast to the major stock exchanges. We cannot assure you as to the liquidity or the future market prices of our common stock if a market does develop. If an active market for our common stock does not develop, the fair market value of our common stock could be materially adversely affected.

14

Our shares are subject to the U.S. “Penny Stock” Rules and investors who purchase our shares may have difficulty re-selling their shares as the liquidity of the market for our shares may be adversely affected by the impact of the “Penny Stock” Rules.

Our stock is subject to U.S. “Penny Stock” rules, which may make the stock more difficult to trade on the open market. A “penny stock” is generally defined by regulations of the U.S. Securities and Exchange Commission (“SEC”) as an equity security with a market price of less than US$5.00 per share. However, an equity security with a market price under US $5.00 will not be considered a penny stock if it fits within any of the following exceptions:

(i)	the equity security is listed on NASDAQ or a national securities exchange;
(ii)	the issuer of the equity security has been in continuous operation for less than three years, and either has (a) net tangible assets of at least US $5,000,000, or (b) average annual revenue of at least US $6,000,000; or
(iii)	the issuer of the equity security has been in continuous operation for more than three years and has net tangible assets of at least US $2,000,000.

Our common stock does not currently fit into any of the above exceptions.

If an investor buys or sells a penny stock, SEC regulations require that the investor receive, prior to the transaction, a disclosure explaining the penny stock market and associated risks. Furthermore, trading in our common stock will be subject to Rule 15g-9 of the Exchange Act, which relates to non-NASDAQ and non-exchange listed securities. Under this rule, broker/dealers who recommend our securities to persons other than established customers and accredited investors must make a special written suitability determination for the purchaser and receive the purchaser’s written agreement to a transaction prior to sale. Securities are exempt from this rule if their market price is at least $5.00 per share. Since our common stock is currently deemed penny stock regulations, it may tend to reduce market liquidity of our common stock, because they limit the broker/dealers’ ability to trade, and a purchaser’s ability to sell, the stock in the secondary market.

The low price of our common stock has a negative effect on the amount and percentage of transaction costs paid by individual shareholders. The low price of our common stock also limits our ability to raise additional capital by issuing additional shares. There are several reasons for these effects. First, the internal policies of certain institutional investors prohibit the purchase of low-priced stocks. Second, many brokerage houses do not permit low-priced stocks to be used as collateral for margin accounts or to be purchased on margin. Third, some brokerage house policies and practices tend to discourage individual brokers from dealing in low-priced stocks. Finally, broker’s commissions on low-priced stocks usually represent a higher percentage of the stock price than commissions on higher priced stocks. As a result, the Company’s shareholders may pay transaction costs that are a higher percentage of their total share value than if our share price were substantially higher.

Because we can issue additional shares of common stock, purchasers of our common stock may incur immediate dilution and experience further dilution.

We are authorized to issue up to 500,000,000 shares of common stock, of which [] shares of common stock are issued and outstanding as of the date hereof. Our Board of Directors has the authority to cause us to issue additional shares of common stock and to determine the rights, preferences and privileges of such shares, without consent of any of our stockholders. Consequently, the stockholders may experience more dilution in their ownership of our stock in the future.

Dilution from Convertible Note Financing

On February 12, 2019, we issued a convertible note to Eagle Equities, LLC and on January 27, 2020 we issued a convertible note to GW Holdings Group, LLC the terms and conditions of which are incorporated by reference in this report as Exhibit 10.1 to our current report on Form 8-K dated February 15, 2019 and Exhibit 10.1 to our current report on form 8-K dated February 3, 2020. The notes are convertible into shares of our common stock at (depending on certain factors) a 35-45% discount to the market price at the time of conversion. We filed a registration statement on Form S-1 to cover the resale of the shares into which the notes are convertible. As a result of these transactions, shareholders of the Company may experience substantial dilution.

15

A reverse stock split may decrease the liquidity of the shares of our common stock.

The liquidity of the shares of our common stock may be affected adversely by a reverse stock split given the reduced number of shares that will be outstanding following a reverse stock split, especially if the market price of our common stock does not increase as a result of the reverse stock split.

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

There were no unregistered securities to report which were sold or issued by the Company without the registration of these securities under the Securities Act of 1933 or in reliance on exemptions from such registration requirements, within the period covered by this report, which have not been previously included in a Current Report on Form 8-K. Please see NOTE G - ISSUANCES OF CAPITAL STOCK for further information.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Management Changes

Not applicable.

Acquisitions.

Not applicable.

16

ITEM 6. EXHIBITS

The following exhibits are filed as part of this report:

No.	Description
2.1	Share Exchange Agreement by and among the Company, Green C and the Selling Shareholders dated July 31, 2018 (previously filed on Form 8-K on August 3, 2018)
3.1	Articles of Organization (previously filed with Form S-1 on June 20, 2017)
3.2	Notice of Conversion (previously filed with Form S-1 on June 20, 2017)
3.3	Articles of Incorporation (previously filed with Form S-1 on June 20, 2017)
3.4	Bylaws (previously filed with Form S-1 on June 20, 2017)
3.5	The Greater Cannabis Company, LLC Reinstatement State of Florida dated January 12, 2017 (previously filed with Form S-1 on June 20, 2017)
3.6	Articles of Organization GCC Investment Holdings, LLC dated July 20, 2017 (previously filed on Amendment No. 2 to Form S-1 on August 8, 2017)
4.1	Specimen certificate of common stock (previously filed with Form S-1 on June 20, 2017)
10.6	Resale Certificate (previously filed with Form S-1 on June 20, 2017)
10.7	Promissory Note between Sylios Corp and The Greater Cannabis Company, Inc. dated as of August 12, 2014 (previously filed with Form S-1 on June 20, 2017)
10.30	Aitan Zacharin Service Agreement dated July 31, 2018 (previously filed on Form 8-K on August 3, 2018)
10.31	Mark Radom Service Agreement dated July 31, 2018 (previously filed on Form 8-K on August 3, 2018)
10.32	Wayne Anderson Release and Debt Forgiveness Agreement dated July 31, 2018 (previously filed on Form 8-K on August 3, 2018)
10.33	Aitan Zacharin Indemnification Agreement dated July 31, 2018 (previously filed on Form 8-K on August 3, 2018)
10.34	Mark Radom Indemnification Agreement dated July 31, 2018 (previously filed on Form 8-K on August 3, 2018)
10.35	Wayne Anderson Consulting Agreement dated July 31, 2018 (previously filed on Form 8-K on August 3, 2018)
10.36	License Agreement with Pharmedica Ltd. dated September 21, 2018 (previously filed on Form 8-K on August 3, 2018)
14.1	Code of Business Conduct and Ethics (previously filed with Form S-1 on June 20, 2017)
23.1	Consent of John T. Root, Jr. (Please see Exhibit 5.1 Legal Opinion of John T. Root, Jr.) (previously filed with Amendment No. 3 to Form S-1 on August 25, 2017)
Graphic	Corporate logo- GCC (previously filed with Form S-1 on June 20, 2017)
31.1	Certification of Chief Executive Officer pursuant to Rule 13(a)-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended (filed herewith).
31.2	Certification of Chief Financial Officer pursuant to Rule 13(a)-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended (filed herewith).
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

17

ITEM 7. 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 hereunto duly authorized.

Signatures	Title	Date
/s/ Aitan Zacharin	President (Principal Executive Officer), Acting Chief Financial Officer	August 17, 2020
	(Principal Accounting Officer) and Chairman of the Board of Directors

18

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Aitain Zacharin, Chief Executive Officer of The Greater Cannabis Company, Inc., certify that:

1.	I have reviewed this Form 10-Q for the quarter ended June 30, 2020 of The Greater Cannabis Company, Inc.;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

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

(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.

August 17, 2020	/s/ Aitan Zacharin
	Chief Executive Officer
	The Greater Cannabis Company, Inc.

EX-31.2

Exhibit 31.2

Certification of Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934

I, Aitan Zacharin, Principal Financial Officer of The Greater Cannabis Company, Inc., certify that:

1.	I have reviewed this quarterly report on Form 10-Q of The Greater Cannabis Company, Inc. for the quarterly period ended June 30, 2020;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of 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: August 17, 2020

By:	/s/ Aitan Zacharin
	Principal Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Greater Cannabis Company, Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Aitan Zacharin, Chief Executive Officer of The Greater Cannabis Company, Inc., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The 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 result of operations of the Company.

/s/ Aitan Zacharin

Chief Executive Officer

August 17, 2020

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 17, 2020
Cover [Abstract]
Entity Registrant Name	Greater Cannabis Company, Inc.
Entity Central Index Key	0001695473
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		118,639,095
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

XML

Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash	$ 228,518	$ 24,662
Advance to supplier		28,000
Note receivable	23,575
Total current assets	252,093	52,662
OTHER ASSETS
Right of first refusal agreement cost (less accumulated amortization of $ 2,083 and $ 0)	22,917
Total assets	275,010	52,662
CURRENT LIABILITIES
Accounts payable	8,176	17,517
Accrued interest	24,688	20,619
Accrued salaries	115,000	98,000
Accrued royalties	50,000	50,000
Advance from customer		27,977
Loans payable to related parties	260,000	260,000
Notes payable to third parties (less debt discounts of 323,731 and $505,937 respectively)	316,589	399,318
Derivative liability	539,686	725,865
Total current liabilities and total liabilities	1,314,139	1,599,296
STOCKHOLDERS' (DEFICIENCY)
Common stock; 500,000,000 shares authorized, $.001 par value, as of June 30, 2020 and December 31, 2019, there are 88,349,536 and 39,301,323 shares outstanding, respectively	88,350	39,301
Additional paid-in capital	1,351,467	783,891
Accumulated deficit	(2,488,358)	(2,379,238)
Total stockholders' (deficiency)	(1,039,129)	(1,546,634)
Total liabilities and stockholders' (deficiency)	275,010	52,662
Series A Convertible Preferred Stock [Member]
STOCKHOLDERS' (DEFICIENCY)
Preferred stock; 19,000,000 shares authorized, $.001 par value:	9,412	9,412
Series B Convertible Preferred Stock [Member]
STOCKHOLDERS' (DEFICIENCY)
Preferred stock; 19,000,000 shares authorized, $.001 par value:

XML

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Right of first refusal agreement	$ 2,083	$ 0
Debt discount	$ 323,731	$ 505,937
Preferred stock, shares authorized	19,000,000	19,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares outstanding	88,349,536	39,301,323
Series A Convertible Preferred Stock [Member]
Preferred stock, shares issued	9,411,998	9,411,998
Preferred stock, shares outstanding	9,411,998	9,411,998
Series B Convertible Preferred Stock [Member]
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue:
Sales	$ 48,044		$ 48,044
Total revenue	48,044		48,044
Cost of goods sold	48,090		48,090
Gross profit (loss)	(46)		(46)
Operating Expenses:
Officers compensation	51,000	51,000	102,000	102,000
Amortization of Pharmedica Exclusive License Agreement cost		5,000		10,000
Amortization of Right of First Refusal Agreement cost	1,250		2,083
Other operating expenses (including stock-based consulting fees of $ 0 and $75,880, respectively)	29,607	107,077	65,871	140,154
Total operating expenses	81,857	163,077	169,954	252,154
Income (loss) from operations	(81,903)	(163,077)	(170,000)	(252,154)
Other income (expenses):
Income (expense) from derivative liability	1,247,786	82,065	695,845	170,516
Loss on conversions of notes payable	(132,838)	(131,537)	(361,787)	(230,839)
Gain from Surrender Agreement with Emet Capital Partners, LLC	472,170		472,170
Interest expense	(7,966)	(7,916)	(53,475)	(10,620)
Amortization of debt discounts	(394,800)	(67,314)	(691,873)	(103,031)
Total other income (expenses)	1,184,352	(124,702)	60,880	(173,974)
Income (loss) before provision for income taxes	1,102,449	(287,779)	(109,120)	(426,128)
Provision for income taxes
Net income (loss)	$ 1,102,449	$ (287,779)	$ (109,120)	$ (426,128)
Basic and diluted income (loss) per common share	$ 0.01	$ (.01)	$ (.00)	$ (.01)
Weighted average common shares outstanding-basic and diluted	75,447,161	34,677,377	59,937,084	33,979,890

XML

Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Stock-based consulting fees	$ 0	$ 75,880	$ 0	$ 75,880

XML

Consolidated Statements of Stockholders' Deficiency (Unaudited) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Series A Preferred Stock [Member]
Beginning Balance	$ 9,412	$ 9,412	$ 9,412	$ 9,412	$ 9,412	$ 9,412
Beginning Balance, shares	9,411,998	9,411,998	9,411,998	9,411,998	9,411,998	9,411,998
Cumulative effect adjustment to reduce derivative liability of warrants with "down round" features effective January 1, 2019
Conversions of note payable and accrued interest into shares of common stock
Conversions of note payable and accrued interest into shares of common stock, shares
Exercise of 1400 warrants into 695,129 shares of common stock in a cashless exercise transaction on January 4, 2019
Exercise of 1400 warrants into 695,129 shares of common stock in a cashless exercise transaction on January 4, 2019, shares
Exchange of 438,600 warrants into 9,000,000 shares of Class B Convertible Preferred Stock on February 14, 2019
Exchange of 438,600 warrants into 9,000,000 shares of Class B Convertible Preferred Stock on February 14, 2019, shares
Issuance of 542,000 common shares for consulting services rendered
Issuance of 542,000 common shares for consulting services rendered, shares
Net loss
Ending Balance	$ 9,412	$ 9,412	$ 9,412	$ 9,412	$ 9,412	$ 9,412
Ending Balance, shares	9,411,998	9,411,998	9,411,998	9,411,998	9,411,998	9,411,998
Series B Preferred Stock [Member]
Beginning Balance			$ 9,000
Beginning Balance, shares			9,000,000
Cumulative effect adjustment to reduce derivative liability of warrants with "down round" features effective January 1, 2019
Conversions of note payable and accrued interest into shares of common stock
Conversions of note payable and accrued interest into shares of common stock, shares
Exercise of 1400 warrants into 695,129 shares of common stock in a cashless exercise transaction on January 4, 2019
Exercise of 1400 warrants into 695,129 shares of common stock in a cashless exercise transaction on January 4, 2019, shares
Exchange of 438,600 warrants into 9,000,000 shares of Class B Convertible Preferred Stock on February 14, 2019				$ 9,000
Exchange of 438,600 warrants into 9,000,000 shares of Class B Convertible Preferred Stock on February 14, 2019, shares				9,000,000
Issuance of 542,000 common shares for consulting services rendered
Issuance of 542,000 common shares for consulting services rendered, shares
Net loss
Ending Balance			$ 9,000	$ 9,000		$ 9,000
Ending Balance, shares			9,000,000	9,000,000		9,000,000
Common Stock [Member]
Beginning Balance	$ 60,786	$ 39,301	$ 33,346	$ 31,881	$ 39,301	$ 31,881
Beginning Balance, shares	60,786,011	39,301,323	33,345,883	31,880,969	39,301,323	31,880,969
Cumulative effect adjustment to reduce derivative liability of warrants with "down round" features effective January 1, 2019
Conversions of note payable and accrued interest into shares of common stock	$ 27,564	$ 21,485	$ 1,384	$ 770
Conversions of note payable and accrued interest into shares of common stock, shares	27,563,525	21,484,688	1,384,600	769,785
Exercise of 1400 warrants into 695,129 shares of common stock in a cashless exercise transaction on January 4, 2019				$ 695
Exercise of 1400 warrants into 695,129 shares of common stock in a cashless exercise transaction on January 4, 2019, shares				695,129
Exchange of 438,600 warrants into 9,000,000 shares of Class B Convertible Preferred Stock on February 14, 2019
Issuance of 542,000 common shares for consulting services rendered			$ 542
Issuance of 542,000 common shares for consulting services rendered, shares			542,000
Net loss
Ending Balance	$ 88,350	$ 60,786	$ 35,272	$ 33,346	$ 88,350	$ 35,272
Ending Balance, shares	88,349,536	60,786,011	35,272,483	33,345,883	88,349,536	35,272,483
Additional Paid in Capital [Member]
Beginning Balance	$ 1,168,499	$ 783,891	$ 323,598	$ 233,991	$ 783,891	$ 233,991
Cumulative effect adjustment to reduce derivative liability of warrants with "down round" features effective January 1, 2019
Conversions of note payable and accrued interest into shares of common stock	182,968	384,608	178,614	99,302
Exercise of 1400 warrants into 695,129 shares of common stock in a cashless exercise transaction on January 4, 2019				(695)
Exchange of 438,600 warrants into 9,000,000 shares of Class B Convertible Preferred Stock on February 14, 2019				(9,000)
Issuance of 542,000 common shares for consulting services rendered			75,338
Net loss
Ending Balance	1,351,467	1,168,499	577,550	323,598	1,351,467	577,550
Accumulated Deficit [Member]
Beginning Balance	(3,590,807)	(2,379,238)	(868,992)	(839,070)	(2,379,238)	(839,070)
Cumulative effect adjustment to reduce derivative liability of warrants with "down round" features effective January 1, 2019				108,427
Conversions of note payable and accrued interest into shares of common stock
Exercise of 1400 warrants into 695,129 shares of common stock in a cashless exercise transaction on January 4, 2019
Exchange of 438,600 warrants into 9,000,000 shares of Class B Convertible Preferred Stock on February 14, 2019
Issuance of 542,000 common shares for consulting services rendered
Net loss	1,102,449	(1,211,569)	(287,779)	(138,349)
Ending Balance	(2,488,358)	(3,590,807)	(1,156,771)	(868,992)	(2,488,358)	(1,156,771)
Beginning Balance	(2,352,110)	(1,546,634)	(493,636)	(563,786)	(1,546,634)	(563,786)
Cumulative effect adjustment to reduce derivative liability of warrants with "down round" features effective January 1, 2019				108,427
Conversions of note payable and accrued interest into shares of common stock	210,532	406,093	179,998	100,072
Exercise of 1400 warrants into 695,129 shares of common stock in a cashless exercise transaction on January 4, 2019
Exchange of 438,600 warrants into 9,000,000 shares of Class B Convertible Preferred Stock on February 14, 2019
Issuance of 542,000 common shares for consulting services rendered			75,880
Net loss	1,102,449	(1,211,569)	(287,779)	(138,349)	(109,120)	(426,128)
Ending Balance	$ (1,039,129)	$ (2,352,110)	$ (525,537)	$ (493,636)	$ (1,039,129)	$ (525,537)

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Consolidated Statements of Stockholders' Deficiency (Unaudited) (Parenthetical) - USD ($)								3 Months Ended			6 Months Ended
	Dec. 24, 2019	Dec. 20, 2019	Nov. 11, 2019	Apr. 16, 2019	Feb. 14, 2019	Jan. 04, 2019	Mar. 10, 2017	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020
Conversion of note payable				$ 40,500		$ 670		$ 67,082	$ 165,350		$ 67,082
Accrued interest	$ 515	$ 4,015	$ 2,680	$ 7,961		$ 100		$ 10,613	$ 11,793		$ 10,613
Debt conversion converted shares issued	637,273	1,468,204	1,748,363	1,384,600		769,785		27,563,525	21,484,688		27,563,525
Debt conversion of shares, value	$ 10,000	$ 29,000	$ 53,705	$ 179,998		$ 100,072		$ 210,532	$ 406,093		$ 210,532
Exercise of warrants						1,400
Issuance of common stock in cashless exercise transaction, shares						695,129	26,905,969			542,000
Exchange of warrants					438,600
Class B Convertible Preferred Stock [Member]
Conversion of convertible preferred stock					9,000,000

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
OPERATING ACTIVITIES
Net income (loss)	$ 1,102,449	$ (287,779)	$ (109,120)	$ (426,128)
Adjustments to reconcile net income (loss) to net cash provided (used) in operating activities:
Loss on conversions of notes payable and accrued interest to common stock			361,787	230,839
Gain from Surrender Agreement with Emet Capital Partners, LLC	(472,170)		(472,170)
Stock-based consulting fees	0	75,880	0	75,880
(Income) expense from derivative liability	(1,247,786)	(82,065)	(695,845)	(170,516)
Amortization of Pharmedica Exclusive License Agreement cost		5,000		10,000
Amortization of Right of First Refusal Agreement cost	1,250		2,083
Amortization of debt discounts	394,800	67,314	691,873	103,031
Changes in operating assets and liabilities:
Prepaid salaries				(25,000)
Advance to supplier			28,000
Note receivable			(23,575)
Accounts payable			(9,341)	(8,190)
Accrued interest			26,473	10,230
Accrued salaries			17,000	(29,000)
Advance from customer			(27,977)
Net cash used in operating activities			(210,812)	(228,854)
INVESTING ACTIVITIES
Purchase of Right of First Refusal Agreement			(25,000)
Net cash used in investing activities			(25,000)
FINANCING ACTIVITIES
Amount paid in connection with Surrender Agreement with Emet Capital Partners, LLC			(70,000)
Proceeds from notes payable to third parties			509,668	250,000
Net cash provided by financing activities			439,668	250,000
NET INCREASE (DECREASE) IN CASH			203,856	21,146
CASH BALANCE, BEGINNING OF PERIOD			24,662	59,891
CASH BALANCE, END OF PERIOD	$ 228,518	$ 81,037	228,518	81,037
Supplemental Disclosures of Cash Flow Information:
Interest paid
Income tax paid
Non-cash Investing and Financing Activities:
Conversion of note payable ($670) and accrued interest ($100) into 769,785 shares of common stock (Fair Value of $ 100,072) on January 4, 2019				100,072
Exercise of 1400 warrants into 695,129 shares of common stock in a cashless exercise transaction on January 4, 2019				695
Exchange of 438,600 warrants into 9,000,000 shares of Class B Convertible Preferred Stock on February 14, 2019				9,000
Initial derivative liability charged to debt discounts			509,667	250,000
Conversions of notes payable ($165,350) and accrued interest ($11,793) into 21,484,688 shares of common stock (Fair Value of $ 406,093) for the three months ended March 31, 2020			406,093
Conversions of notes payable ($ 40,500) and accrued interest ($7,961) into 1,384,600 shares of common stock (Fair Value of $ 179,998) on April 16, 2019				179,998
Conversions of notes payable ($ 67,082) and accrued interest ($10,613) into 27,563,525 shares of common stock (Fair Value of $ 210,532) for the three months ended June 30, 2020			$ 210,532

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Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)								3 Months Ended			6 Months Ended
	Dec. 24, 2019	Dec. 20, 2019	Nov. 11, 2019	Apr. 16, 2019	Feb. 14, 2019	Jan. 04, 2019	Mar. 10, 2017	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020
Conversion of note payable				$ 40,500		$ 670		$ 67,082	$ 165,350		$ 67,082
Accrued interest	$ 515	$ 4,015	$ 2,680	$ 7,961		$ 100		$ 10,613	$ 11,793		$ 10,613
Debt conversion converted shares issued	637,273	1,468,204	1,748,363	1,384,600		769,785		27,563,525	21,484,688		27,563,525
Debt conversion of shares, value	$ 10,000	$ 29,000	$ 53,705	$ 179,998		$ 100,072		$ 210,532	$ 406,093		$ 210,532
Exercise of warrants						1,400
Issuance of common stock in cashless exercise transaction, shares						695,129	26,905,969			542,000
Exchange of warrants					438,600
Class B Convertible Preferred Stock [Member]
Conversion of convertible preferred stock					9,000,000

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Nature of Operations and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Nature of Operations and Summary of Significant Accounting Policies

NOTE A – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

The Greater Cannabis Company, Inc. (the “Company”) was formed in March 2014 as a limited liability company under the name, The Greater Cannabis Company, LLC. The Company was a wholly owned subsidiary of Sylios Corp (“Sylios”) until March 10, 2017.

On July 31, 2018, the Company acquired 100% of the issued and outstanding shares of Class A common stock of Green C Corporation (“Green C”) in exchange for 9,411,998 newly issued shares of the Company’s Series A Convertible Preferred Stock (the “Exchange”). Each share of Series A Convertible Preferred Stock is convertible into 50 shares of common stock and is entitled to vote 50 votes per share on all matters as a class with holders of common stock. Since after the Exchange was consummated, the former shareholders of Green C and their designees owned approximately 94% of the issued and outstanding voting shares of the Company, Green C is the acquirer for accounting purposes. Prior to the Exchange, the Company had no assets and nominal business operations. Accordingly, the Exchange has been treated for accounting purposes as a recapitalization by the accounting acquirer, Green C, and the accompanying consolidated financial statements of the Company reflect the assets, liabilities and operations of Green C from its inception on December 21, 2017 to July 31, 2018 and combined with the Company thereafter.

Green C was incorporated on December 21, 2017 under the laws of the Province of Ontario Canada with its principal place of business in North York, Ontario.

Green C is the owner of an exclusive, worldwide license for an eluting transmucosal patch platform (“ETP”) for non-invasive drug delivery in the cannabis field as further described in the exclusive license agreement dated June 21, 2018 with Pharmedica Ltd. (see Note I).

The Company’s business plan is to (i) commercialize its ETP technology and (ii) concentrate on cannabis related investment and development opportunities through direct equity investments, joint ventures, licensing agreements or acquisitions.

Principles of Consolidation

The consolidated financial statements include the accounts of The Greater Cannabis Company, Inc., and its wholly owned subsidiaries Green C Corporation and Biocanrx Inc.

Interim Financial Statements

The interim financial statements as of June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 are unaudited and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. These statements reflect all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the information contained herein. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 2020.

Certain information and finance disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission’s rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes for the year ended December 31, 2019 as included in our report on Form 10-K.

Cash and Cash Equivalents

Investments having an original maturity of 90 days or less that are readily convertible into cash are considered to be cash equivalents. For the periods presented, the Company had no cash equivalents.

Income Taxes

In accordance with Accounting Standards Codification (ASC) 740 - Income Taxes, the provision for income taxes is computed using the asset and liability method. The asset and liability method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized.

We expect to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount to be recognized in the financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. As of June 30, 2020, we had no uncertain tax positions. We recognize interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently have no foreign federal or state tax examinations nor have we had any foreign federal or state examinations since our inception. To date, we have not incurred any interest or tax penalties.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

Financial Instruments and Fair Value of Financial Instruments

We follow ASC Topic 820, Fair Value Measurements and Disclosures, for assets and liabilities measured at fair value on a recurring basis. ASC Topic 820 establishes a common definition for fair value to be applied to existing US GAAP that requires the use of fair value measurements that establishes a framework for measuring fair value and expands disclosure about such fair value measurements.

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Topic 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

Level 1:	Observable inputs such as quoted market prices in active markets for identical assets or liabilities
Level 2:	Observable market-based inputs or unobservable inputs that are corroborated by market data
Level 3:	Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. Except for derivative liabilities, we had no financial assets or liabilities carried and measured on a recurring or nonrecurring basis during the reporting periods.

Derivative Liabilities

We evaluate convertible notes payable, stock options, stock warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, Derivative Instruments and Hedging: Contracts in Entity’s Own Equity.

The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date.

Long-lived Assets

Long-lived assets such as property and equipment and intangible assets are periodically reviewed for impairment. We test for impairment losses on long-lived assets used in operations whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial positions. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

Equity Instruments Issued to Non-Employees for Acquiring Goods or Services

Issuances of our common stock or warrants for acquiring goods or services are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The measurement date for the fair value of the equity instruments issued to consultants or vendors is determined at the earlier of (i) the date at which a commitment for performance to earn the equity instruments is reached (a “performance commitment” which would include a penalty considered to be of a magnitude that is a sufficiently large disincentive for nonperformance) or (ii) the date at which performance is complete.

Although situations may arise in which counter performance may be required over a period of time, the equity award granted to the party performing the service may be fully vested and non-forfeitable on the date of the agreement. As a result, in this situation in which vesting periods do not exist if the instruments are fully vested on the date of agreement, we determine such date to be the measurement date and will record the estimated fair market value of the instruments granted as a prepaid expense and amortize such amount to expense over the contract period. When it is appropriate for us to recognize the cost of a transaction during financial reporting periods prior to the measurement date, for purposes of recognition of costs during those periods, the equity instrument is measured at the then-current fair values.

Related Parties

A party is considered to be related to us if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include our principal owners, our management, members of the immediate families of our principal owners and our management and other parties with which we may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties, or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party.

Revenue Recognition

Revenue from product sales will be recognized when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) the price is fixed or determinable, (3) collectability is reasonably assured, and (4) delivery has occurred.

Advertising Costs

Advertising costs are expensed as incurred. For the periods presented, we had no advertising costs.

Loss per Share

We compute net loss per share in accordance with FASB ASC 260. The ASC specifies the computation, presentation and disclosure requirements for loss per share for entities with publicly held common stock.

Basic loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed on the basis of the weighted average number of common shares and dilutive securities (such as stock options, warrants and convertible securities) outstanding. Dilutive securities having an anti-dilutive effect on diluted net loss per share are excluded from the calculation. For the periods presented, the Company excluded 470,599,900 shares relating to the Series A Convertible Preferred Stock (see Note G), shares relating to convertible notes payable to third parties (Please see NOTE E - NOTES PAYABLE TO THIRD PARTIES for further information) and shares relating to outstanding warrants (Please see NOTE G - CAPITAL STOCK AND WARRANTS for further information) from the calculation of diluted shares outstanding as the effect of their inclusion would be anti-dilutive.

Recently Enacted Accounting Standards

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, which supersedes nearly all prior revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under prior U.S. GAAP. As amended by the FASB in July 2015, the standard became effective for annual periods beginning after December 15, 2017, and interim periods therein. ASU 2014-09 has had no impact on our Financial statements for the periods presented.

In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, to clarify the implementation guidance on principal versus agent considerations and address how an entity should assess whether it is the principal or the agent in contracts that include three or more parties. The effective date and transition requirements for these amendments are the same as the effective date and transition requirements of ASU 2014-09 (discussed above). ASU 2016-08 has had no impact on our Financial statements for the periods presentd.

In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, to clarify the following two aspects of Topic 606: 1) identifying performance obligations, and 2) the licensing implementation guidance. The effective date and transition requirements for these amendments are the same as the effective date and transition requirements of ASU 2014-09 (discussed above). ASU 2016-10 has had no impact on our financial statements for the periods presented.

On July 13, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2017-11. Among other things, ASU 2017-11 provides guidance that eliminates the requirement to consider “down round” features when determining whether certain financial instruments or embedded features are indexed to an entity’s stock and need to be classified as liabilities. ASU 2017-11 provides for entities to recognize the effect of a down round feature only when it is triggered and then as a dividend and a reduction to income available to common stockholders in basic earnings per share. The guidance became effective for annual periods beginning after December 15, 2018.

Accordingly, effective January 1, 2019, the Company reduced the derivative liability of warrants with “down round” features (and do not contain variable conversion features) of $108,427 at December 31, 2018 to $0 and recognized a $108,427 cumulative effect adjustment reduction of accumulated deficit. 

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Going Concern

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern

NOTE B - GOING CONCERN

Under ASC 205-40, we have the responsibility to evaluate whether conditions and/or events raise substantial doubt about our ability to meet our future obligations as they become due within one year after the date the financial statements are issued. As required by this standard, our evaluation shall initially not take into consideration the potential mitigating effects of our plans that have not been fully implemented as of the date the financial statements are issued.

In performing the first step of this assessment, we concluded that the following conditions raise substantial doubt about our ability to meet our financial obligations as they become due. As of June 30 2020, the Company had cash of $228,518, total current liabilities of $1,314,139 and negative working capital of $1,062,046. For the six months ended June 30, 2020, we incurred a net loss of $109,120 and used $210,812 cash from operating activities. We expect to continue to incur negative cash flows until such time as our business generates sufficient cash inflows to finance our operations and debt service requirements.

In performing the second step of this assessment, we are required to evaluate whether our plans to mitigate the conditions above alleviate the substantial doubt about our ability to meet our obligations as they become due within one year after the date that the financial statements are issued. Our future plans include securing additional funding sources.

There is no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available through external sources. The lack of additional capital resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material effect on the business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company’s existing shareholders. We have therefore concluded there is substantial doubt about our ability to continue as a going concern through August 2021.

The accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of the uncertainty related to our ability to continue as a going concern.

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Right of First Refusal Agreement

6 Months Ended

Jun. 30, 2020

Right Of First Refusal Agreement

Right of First Refusal Agreement

NOTE C – RIGHT OF FIRST REFUSAL AGREEMENT

On January 30, 2020, the Company executed a Right of First Refusal Agreement with an entity engaged in the business of cosmetics, health, and well-being (“KTV”). The Agreement provided for the Company to pay KTV $25,000 on January 30, 2020 (which was paid January 30,2020) and to make other investments in opportunities to be pursued by KTV and/or payments to KTV to enable KTV to pursue and secure Cannabidiol (“CBD”) opportunities. The Agreement provides the Company an exclusive right of first refusal to participate in all CBD opportunities to be pursued by KTV for a term of five years. The $25,000 cost for this Agreement is being amortized over the five year term of the Agreement.

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Loans Payable to Related Parties

6 Months Ended

Jun. 30, 2020

Related Party Transactions [Abstract]

Loans Payable to Related Parties

NOTE D - LOANS PAYABLE TO RELATED PARTIES

Loans payable to related parties consist of:

	June 30, 2020		December 31, 2019
Loans from Elisha Kalfa and Yonah Kalfa, holders of a total of 2,966,666 shares of Series A Convertible Preferred stock	$	180,000	$	180,000
Loan from Fernando Bisker and Sigalush, LLC, holders of a total of 2,966,666 shares of Series A Convertible Preferred stock		80,000		80,000
Total	$	260,000	$	260,000

Pursuant to loan and contribution agreements dated July 31, 2018, the above loans are non-interest bearing and are to be repaid after the Company raises from investors no less than $1,500,000 or generates sufficient revenue to make repayments (each, a “Replacement Event”). If the First Replacement Event does not occur within 18 months from July 31, 2018, the loans are to be repaid immediately. In the event there is insufficient capital to repay the loan, the lenders have the option to convert all or part of the loans into shares at the Company common stock at the average trading price of the 10 days prior to the date of the conversion request.

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Notes Payable to Third Parties

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Notes Payable to Third Parties

NOTE E - NOTES PAYABLE TO THIRD PARTIES

Notes payable to third parties consist of:

	June 30, 2020		December 31, 2019
Allonge to the Convertible Promissory Note dated September 14, 2017 payable to Emet Capital Partners, LLC (“EMET”), interest at 5%, due September 14, 2018	$	-	$	2,420
Allonge 2 to the Convertible Promissory Note dated September 14, 2017 payable to Emet Capital Partners, LLC (“EMET”), interest at 5%, due September 14, 2018		-		1,100
Promissory Note dated March 28, 2017 payable to John T. Root, Jr., interest at 4%, due September 28, 2017, convertible into shares of common stock at a conversion price of $.001 per share.		375		375
Convertible Promissory Note dated February 12, 2019 payable to Eagle Equities, LLC (“Eagle”), interest at 6%, due February 12, 2020-less unamortized debt discount of $ 0 and $ 33,396, respectively (i)		146,101		250,082
Convertible Promissory Note dated January 27, 2020 payable to Eagle Equities, LLC (“Eagle”), interest at 6%, due January 27, 2021-less unamortized debt discount of $ 95,828 and $ 0, respectively (i)		70,250		-
Convertible Promissory Note dated February 12, 2020 payable to Eagle Equities, LLC (“Eagle”), interest at 6%, due February 12, 2021-less unamortized debt discount of $ 58,253 and $ 0, respectively (i)		35,413
Convertible Promissory Note dated June 3, 2020 payable to Eagle Equities, LLC (“Eagle”), interest at 6%, due June 3, 2021-less unamortized debt discount of $ 42,151 and $ 0, respectively (i)		349		-
Convertible Warrant Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 2%, due October 18, 2020-less unamortized debt discount of $0 and $294,234, respectively (ii)		-		74,566
Convertible Warrant Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 2%, due October 18, 2020-less unamortized debt discount of $0 and $90,054, respectively (ii)		-		22,823
Convertible Warrant Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 2%, due October 18, 2020-less unamortized debt discount of $0 and $79,248, respectively (ii)		-		20,084
Convertible Warrant Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 2%, due October 18, 2020-less unamortized debt discount of $0 and $9,005 respectively (ii)		-		2,281
Convertible Promissory Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 6%, due February 12, 2020-less unamortized debt discount of $0 and $0, respectively (ii)		-		25,587
Convertible Promissory Note dated January 27, 2020 payable to GW Holdings Group, LLC (“GWH”), interest at 6%, due January 27, 2021-less unamortized debt discount of $ 87,110 and $ 0 respectively (iii)		63,990		-
Convertible Promissory Note dated June 1, 2020 payable to GW Holdings Group, LLC (“GWH”), interest at 6%, due June 1, 2021-less unamortized debt discount of $ 40,389 and $ 0 respectively (iv)		111		-
Total	$	316,589	$	399,318

(i) On February 12, 2019, (the “Issue Date”) the Company issued a 6% Convertible Redeemable Note to Eagle Equities, LLC (“Eagle”), having a principal amount of $1,200,000 of which $96,000 constituted an original issue discount (the “Eagle Note”). In connection with the Eagle Note, the Company and Eagle entered into a Securities Purchase Agreement. Eagle is to fund the $ 1,104,000 purchase price of the Eagle Note in tranches. The first tranche of $ 250,000 was received by the Company on February 13, 2019. The second tranche of $ 166,500 was received by the Company on January 17, 2020, the third tranche of $ 93,666 was received by the Company on February 12, 2020, and the fourth tranche of $ 42,500 was received by the Company on June 3, 2020. The loans are repayable one year from their respective funding dates and are convertible at the option of Eagle at a conversion price equal to 65% of the lowest closing price of the Company’s common stock for the preceding 15 trading days prior to the conversion date. Please see Note F-DERIVATIVE LIABILITY for further information.

(ii) On October 18, 2019, the Company entered into two Exchange Agreements with Emet Capital Partners, LLC (“Emet”). The first Exchange Agreement provided for the exchange of three outstanding convertible notes payable to Emet with a total remaining principal balance of $20,399 and a total accrued interest balance of $5,189 for three new convertible notes payable to Emet in the total amount of $25,587. The new notes bear interest at 6%, are due on February 12, 2020 and are convertible into common stock at a conversion price equal to 75% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. The second Exchange Agreement provided for the reversal of the February 14, 2019 exchange agreement pursuant to which certain warrants then held by Emet were exchanged for 9,000,000 shares of Series B Convertible Preferred Stock (see Note G) and the exchange of such warrants for four new convertible notes payable to Emet in the total amount of $675,000. These new note bear interest at 2%, are due on October 18, 2020 and are convertible into common stock at a conversion price equal to 75% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. Please see NOTE F - DERIVATIVE LIABILITY for further information.

(iii) On January 27, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to GW Holdings Group, LLC, a New York limited liability company and its authorized successors and permitted assigns (“Holder”), the aggregate principal face amount of $166,500. The note bears interest at 6%, is due on January 27, 2021 and is convertible into common stock at a conversion price equal to 55% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. Please see NOTE F - DERIVATIVE LIABILITY for further information.

(iv) On June 1, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to GW Holdings Group, LLC, a New York limited liability company and its authorized successors and permitted assigns (“Holder”), the aggregate principal face amount of $ 40,500. The note bears interest at 6%, is due on June 1, 2021 and is convertible into common stock at a conversion price equal to 55% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. Please see NOTE F - DERIVATIVE LIABILITY for further information.

On May 26, 2020, the Company entered into a Surrender Agreement with Emet Capital Partners, LLC (“Emet”) pursuant to which Emet agreed to surrender its interests in the following convertible notes free and clear of any liens, mortgages, adverse claims, charges, security interests, encumbrances, and any interest of any third party and waive any rights or claims it may have in respect of such notes in exchange for a payment of $70,000:

1.	Convertible Redeemable Note issued on 10/18/19 in the amount of $3,128.79
2.	Convertible Redeemable Note issued on 10/18/19 in the amount of $15,439.93
3.	Convertible Redeemable Note issued on 10/18/19 in the amount of $7,018.15
4.	Convertible Note issued on 10/18/19 in the amount of $451,504.95
5.	Convertible Note issued on 10/18/19 in the amount of $112,876.28
6.	Convertible Note issued on 10/18/19 in the amount of $99,331.13
7.	Convertible Note issued on 10/18/19 in the amount of $11,287.65

The $472,170 excess of the $ 542,170 remaining amount of debt satisfied over the $ 70,000 cash payment was recognized as a gain in the three months ended June 30, 2020.

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Derivative Liability

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Liability

NOTE F - DERIVATIVE LIABILITY

The derivative liability consists of:

		June 30, 2020		December 31, 2019
Convertible Promissory Note dated February 12, 2019 payable to Eagle Equities, LLC. Please see NOTE E – NOTES PAYABLE TO THIRD PARTIES for further information (i):
Due February 12, 2020	$	77,474	$	182,625
Due January 17, 2021		135,983		-
Due February 12, 2021		78,277		-
Due June 3, 2021		40,361
Convertible Promissory Note dated January 27, 2020 payable to GW Holdings Group, LLC. Please see NOTE E – NOTES PAYABLE TO THIRD PARTIES for further information (iii)
Due January 27, 2021		159,410		-
Due June 1, 2021		48,182		-
Convertible Promissory Notes dated October 18, 2019 payable to Emet. Please see NOTE E – NOTES PAYABLE TO THIRD PARTIES for further information (ii):
$451,505 note due October 18, 2021		-		328,953
$112,876 note due October 18, 2021		-		100,680
$ 99,331 note due October 18, 2021		-		88,599
$ 11,288 note due October 18, 2021		-		10,068
$ 25,587 note due October 18, 2021		-		14,940
Total derivative liability	$	539,686	$	725,865

The Convertible Promissory Notes (the “Notes”) contain a variable conversion feature based on the future trading price of the Company’s common stock. Therefore, the number of shares of common stock issuable upon conversion of the Note is indeterminate.

The fair value of the derivative liability was measured at the respective issuance dates and quarterly thereafter using the Black Scholes option pricing model. Assumptions used for the calculation of the derivative liability of the Notes at June 30, 2020 were (1) stock price of $.0081 per share, (2) conversion prices ranging from $.0045 to $.0053 per share, (3) terms ranging from 0 days to 338 days, (4) expected volatility of 142.94%, and (5) risk free interest rates ranging from .13% to .18%.

Assumptions used for the calculations of the derivative liability of the Notes at December 31, 2019 were (1) stock price of $ .0330 per share, (2) conversion prices ranging from $ .01885 to $ .02175 per share, (3) terms ranging from 43 days to 293 days, (4) expected volatility of 142,94%, and (5) risk free interest rates ranging from 1.50% to 1.60%.

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Capital Stock and Warrants

6 Months Ended

Jun. 30, 2020

Capital Stock And Warrants

Capital Stock and Warrants

NOTE G - CAPITAL STOCK AND WARRANTS

Preferred Stock

On July 31, 2018, The Greater Cannabis Company, Inc. (the “Company”) acquired 100% of the issued and outstanding shares of Class A common stock of Green C Corporation (“Green C”) in exchange for 9,411,998 newly issued shares of the Company’s Series A Convertible Preferred Stock (the Exchange”). Each share of Series A Convertible Preferred Stock is convertible into 50 shares of common stock and is entitled to 50 votes on all matters as a class with the holders of common stock.

On February 14, 2019, the Company issued 9,000,000 shares of Series B Convertible Preferred Stock to Emet Capital Partners, LLC (“Emet”) in exchange for the surrender of all outstanding warrants held by Emet. Each share of Series B Convertible Preferred Stock was convertible into one share of Company common stock subject to adjustment in case, at the time of conversion, the market price per share of the Company common stock was less than $ 0.075 per share. On October 18, 2019, this exchange agreement was reversed.

On October 18, 2019, the Company entered into two Exchange Agreements with Emet Capital Partners, LLC (“Emet”). The first Exchange Agreement provided for the exchange of three outstanding convertible notes payable to Emet with a total remaining principal balance of $20,399 and a total accrued interest balance of $5,189 for three new convertible notes payable to Emet in the total amount of $25,587. The new notes bore interest at 6%, were due on February 12, 2020 and were convertible into common stock at a conversion price equal to 75% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. The second Exchange Agreement provided for the reversal of the February 14, 2019 exchange agreement pursuant to which certain warrants then held by Emet were exchanged for 9,000,000 shares of Series B Convertible Preferred Stock and the exchange of such warrants for four new convertible notes payable to Emet in the total amount of $675,000. These new notes bore interest at 2%, were due on October 18, 2020 and were convertible into common stock at a conversion price equal to 75% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. On May 26, 2020, the Company satisfied the 7 convertible notes payable to Emet in connection with a Surrender Agreement (see Note E).

Common Stock

Effective March 10, 2017, in connection with a partial spin-off of the Company from Sylios Corp, the Company issued a total of 26,905,969 shares of its common stock. 5,378,476 shares were issued to Sylios Corp (representing 19.99% of the issued and outstanding shares of Company common stock after the spin-off) and 21,527,493 shares were issued to the stockholders of record of Sylios Corp on February 3, 2017 on the basis of one share of Company common stock for each 500 shares of Sylios Corp common stock held (representing 80.01% of the issued and outstanding shares of Company common stock after the spin-off).

On September 19, 2018, the Company issued 1,465,523 shares of its common stock pursuant to a conversion of $32,000 principal and $ 4,638 accrued interest of its convertible note dated May 25, 2017 by Emet Capital Partners, LLC. The $510,149 excess of the $ 546,787 fair value of the 1,465,523 shares over the $36,638 liability reduction was charged to Loss on Conversion of Debt.

On October 26, 2018, the Company issued 1,034,477 shares of its common stock pursuant to a conversion of $30,531 principal and $ 503 accrued interest of its convertible note dated May 25, 2017 by Emet Capital Partners, LLC. The $ 82,758 excess of the $ 113,792 fair value of the 1,034,479 shares over the $ 31,034 liability reduction was charged to Loss on Conversion of Debt.

On January 4, 2019, the Company issued 769,785 shares of its common stock pursuant to a conversion of $670 principal and $100 accrued interest of its convertible note dated May 25, 2018 by Emet Capital Partners, LLC (“Emet”). This conversion was based on a conversion price of $ 0.001 per share (rather than the Variable Conversion Price provided in the related note) submitted by Emet in its Conversion Notice. Emet asserted that the Company had committed a dilutive issuance, which triggered the “ratchet-down” provision of the related note which provides for a reduction of the conversion price. The Company has notified Emet that it disagrees with Emet’s assertion that a ratch-down dilutive issuance occurred. The $ 99,302 excess of the $100,072 fair value of the 769,785 shares over the $ 770 liability reduction was charged to Loss on Conversion of Debt in the three months ended June 30, 2020.

On January 4, 2019, the Company issued 695,129 shares of its common stock pursuant to an exercise of the equivalent of 1,400 warrants (of the 440,000 warrants issued to Emet Capital Partners, LLC on May 25, 2017) in a cashless exercise transaction based on a ratchet-down exercise price of $ 0.001 per share.

On April 16, 2019, the Company issued 1,384,600 shares of its common stock pursuant to conversions of $ 40,500 principal and $ 7,961 accrued interest of two convertible notes issued to by Emet Capital Partners, LLC (“Emet”). The $131,537 excess of the $179,998 fair value of the 1,384,600 shares over the $47,961 liability reduction was charged to Loss on Conversion of Debt in the three months ended June 30, 2019.

On May 29, 2019, the Company issued a total of 542,000 shares of its common stock to two consulting firm entities for certain specified investor relations and advisory services. The $75,880 fair value of the 542,000 shares was charged to Other Operating Expenses in the three months ended June 30, 2019.

On August 15, 2019, the Company issued 175,000 shares of its common stock to an entity consultant for accounting services rendered. The $12,250 fair value of the 175,000 shares was charged to Other Operating Expenses.

On November 11, 2019, the Company issued 1,748,363 shares of its common stock pursuant to a conversion of $53,705 principal and $2,680 accrued interest and fees of its convertible note dated October 18, 2019 by Emet.

On December 20, 2019, the Company issued 1,468,204 shares of its common stock pursuant to a conversion of $29,000 principal and $4,015 accrued interest and fees of its convertible note dated October 18, 2019 by Emet.

On December 24, 2019, the Company issued 637,273 shares of its common stock pursuant to a conversion of $10,000 principal and $515 accrued interest and fees of its convertible note dated October 18, 2019 by Emet.

During the three months ended March 31, 2020, the Company issued a total of 21,484,688 shares of common stock pursuant to conversions of an aggregate of $165,350 in principal and $11,793 in interest under our outstanding convertible notes. The $228,949 excess of the $406,093 fair value of the 21,484,688 shares of common stock at the respective dates of issuance over the $177,143 liability reduction was charged to Loss on Conversions of Notes Payable.

During the three months ended June 30, 2020, the Company issued a total of 27,563,525 shares of common stock pursuant to conversions of an aggregate of $67,082 in principal and $10,613 in interest under our outstanding convertible notes. The $132,838 excess of the $210,532 fair value of the 27,563,525 shares of common stock at the respective dates of issuance over the $77,695 liability reduction was charged to Loss on Conversions of Notes Payable.

Warrants

On February 14, 2019, the Company entered into an exchange agreement with Emet Capital Partners, LLC (“Emet”) pursuant to which the Company issued Emet 9,000,000 shares of its Series B Convertible Preferred Stock (the “Series B Preferred Shares”) in exchange for the surrender of all outstanding warrants held by Emet. Each Series B Preferred Share was convertible into one share of the Company’s common stock subject to adjustment in case, at the time of conversion, the market price per share of the Company’s common stock was less than $0.075. In such case, Emet was to receive an additional number of shares of common stock equal to the number of shares being converted divided by the applicable market price. On October 18, 2019, this exchange agreement was reversed and the warrants were exchanged for four new convertible notes payable to Emet in the total amount of $ 675,000. See Preferred Stock above.

At the date hereof, the Company has no outstanding warrants.

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Income Taxes

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

NOTE H - INCOME TAXES

The Company and its United States subsidiaries expect to file consolidated Federal income tax returns. Green C Corporation, its Ontario Canada subsidiary, will file Canada and Ontario income tax returns.

At June 30, 2020 the Company has available for federal income tax purposes a net operating loss carry forward that may be used to offset future taxable income. The Company has provided a valuation reserve against the full amount of the net operating loss benefit, since in the opinion of management based upon the earnings history of the Company; it is not more likely than not that the benefits will be realized. Due to significant changes in the Company’s ownership, the future use of its existing net operating losses will be limited.

All tax years of the Company and its United States subsidiaries remain subject to examination by the Internal Revenue Service.

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Note Receivable

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Note Receivable

NOTE I – NOTE RECEIVABLE

On June 10, 2020, in anticipation of developing a CBD business with Koltuv Ventures, LLC (the “Borrower”) (see Note C), the Company agreed to lend the Borrower USD $50,000 to be repaid either (a) out of available cash as soon as practicable, including from sales of Bob Ross cosmetic products, or (b) on the date that is 18 months from the date thereof, whichever is earlier (the “Maturity Date”). The Loan shall not bear interest except to the extent that any part of the Loan remains outstanding as at the Maturity Date, in which case the following sentence applies. From the date after the Maturity Date and onward, the outstanding principal amount of the Loan shall bear interest at a rate of 2% per annum. Any payment of cash to be made by Borrower to Lender shall be applied first to outstanding principal and second to any accrued, but unpaid, interest. As of June 30, 2020, the balance of the note was $ 23,575.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE J - COMMITMENTS AND CONTINGENCIES

Pharmedica Exclusive License Agreement

On June 21, 2018, Green C executed an Exclusive License Agreement with Pharmedica, Ltd. (“Pharmedica”), an Israeli company, to exploit certain Pharmedica intellectual property for the development and distribution of a certain Licensed Product involved in the transmucosal delivery of medicinal or recreational cannabis. The agreement provides for Green C payments to Pharmedica of a $100,000 license fee (which was paid by 2591028 Ontario Limited, an entity affiliated with Green C’s Chief Executive Officer, on June 26, 2018) and annual royalties at a rate of 5% of the Net Sales of the Licensed Product subject to a Minimum Annual Royalty of $50,000. The agreement also provides for certain milestones to be accomplished by Green C in order for Green C to retain the license. Green C and Pharmedica each may terminate the agreement upon the occurrence of a material breach by the other party of its obligations under the agreement and such other party’s failure to remedy such breach to the reasonable satisfaction of the other party within thirty (30) days after being requested in writing to do so.

The Company has generated only minimal revenues from this asset to date and has not paid the Year 1 Minimum Annual Royalty of $50,000 due Pharmedica. Accordingly, we recorded an impairment charge of $69,749 at December 31, 2019 and reduced the $69,749 remaining carrying value of this intangible asset to $0.

Sub-License Agreement with Symtomax Unipessoal Lda

On July 15, 2019, the Company executed a Sub-License Agreement with Symtomax Unipessoal Lda (“Symtomax”).

The agreement provides for the Company’s grant to Symtomax of a non-exclusive right and sub-license to use certain Company technology and intellectual property to develop and commercialize products for sale in Europe, the Middle East, and Africa. The agreement provides for Symtomax payments of royalties to the Company (payable monthly) ranging from 10% to 17% of Symtomax sales of eluting patches developed from Company technology.

On May 27, 2020, the Company executed an amended and restated sub-license agreement with Symtomax (the “Amended License Agreement”). The term of the Amended License Agreement ends the earlier of (i) August 31, 2021 and (ii) the date that Symtomax is no longer commercializing any of the products. The term is extended for an additional year on each anniversary of the agreement for any country where the royalty payment in respect of such country was equal to or greater than $1,000,000 for the previous year.

To date, Symtomax has not made any sales requiring the payment of royalties to the Company.

Service Agreements

On July 31, 2018, the Company executed Services Agreements with its newly appointed Chief Executive Officer (the “CEO”) and its newly appointed Chief Legal Officer (the “CLO”), for terms of five years. The Agreements provide for a monthly base salary of $10,000 for the CEO and a monthly base salary of $7,000 for the CLO. For the three months ended June 30, 2020 and 2019, the Company expensed a total of $30,000 and $21,000, respectively, as officer compensation pursuant to these agreements.

Sales Concentration

One customer accounted for 100% of sales in the three and six months ended June 30, 2020.

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Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

NOTE K – SUBSEQUENT EVENTS

From July 1, 2020 to August 12, 2020, the Company issued a total of 30,289,559 shares of its common stock to 2 lenders pursuant to conversions totaling $ 85,853 principal and $ 1,830 accrued interest. The $ 102,678 excess of the $ 190,361 fair value of the 30,289,559 shares of our common stock at the respective dates of issuance over the $ 87,683 debt satisfied will be recognized as a loss in the three months ended September 30, 2020.

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Nature of Operations and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Nature of Operations

Nature of Operations

The Greater Cannabis Company, Inc. (the “Company”) was formed in March 2014 as a limited liability company under the name, The Greater Cannabis Company, LLC. The Company was a wholly owned subsidiary of Sylios Corp (“Sylios”) until March 10, 2017.

On July 31, 2018, the Company acquired 100% of the issued and outstanding shares of Class A common stock of Green C Corporation (“Green C”) in exchange for 9,411,998 newly issued shares of the Company’s Series A Convertible Preferred Stock (the “Exchange”). Each share of Series A Convertible Preferred Stock is convertible into 50 shares of common stock and is entitled to vote 50 votes per share on all matters as a class with holders of common stock. Since after the Exchange was consummated, the former shareholders of Green C and their designees owned approximately 94% of the issued and outstanding voting shares of the Company, Green C is the acquirer for accounting purposes. Prior to the Exchange, the Company had no assets and nominal business operations. Accordingly, the Exchange has been treated for accounting purposes as a recapitalization by the accounting acquirer, Green C, and the accompanying consolidated financial statements of the Company reflect the assets, liabilities and operations of Green C from its inception on December 21, 2017 to July 31, 2018 and combined with the Company thereafter.

Green C was incorporated on December 21, 2017 under the laws of the Province of Ontario Canada with its principal place of business in North York, Ontario.

Green C is the owner of an exclusive, worldwide license for an eluting transmucosal patch platform (“ETP”) for non-invasive drug delivery in the cannabis field as further described in the exclusive license agreement dated June 21, 2018 with Pharmedica Ltd. (see Note I).

The Company’s business plan is to (i) commercialize its ETP technology and (ii) concentrate on cannabis related investment and development opportunities through direct equity investments, joint ventures, licensing agreements or acquisitions.

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of The Greater Cannabis Company, Inc., and its wholly owned subsidiaries Green C Corporation and Biocanrx Inc.

Interim Financial Statements

Interim Financial Statements

The interim financial statements as of June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 are unaudited and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. These statements reflect all normal and recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the information contained herein. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of results that may be expected for the year ending December 31, 2020.

Certain information and finance disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission’s rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes for the year ended December 31, 2019 as included in our report on Form 10-K.

Cash and Cash Equivalents

Cash and Cash Equivalents

Investments having an original maturity of 90 days or less that are readily convertible into cash are considered to be cash equivalents. For the periods presented, the Company had no cash equivalents.

Income Taxes

Income Taxes

In accordance with Accounting Standards Codification (ASC) 740 - Income Taxes, the provision for income taxes is computed using the asset and liability method. The asset and liability method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized.

We expect to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount to be recognized in the financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. As of June 30, 2020, we had no uncertain tax positions. We recognize interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently have no foreign federal or state tax examinations nor have we had any foreign federal or state examinations since our inception. To date, we have not incurred any interest or tax penalties.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

Financial Instruments and Fair Value of Financial Instruments

Financial Instruments and Fair Value of Financial Instruments

We follow ASC Topic 820, Fair Value Measurements and Disclosures, for assets and liabilities measured at fair value on a recurring basis. ASC Topic 820 establishes a common definition for fair value to be applied to existing US GAAP that requires the use of fair value measurements that establishes a framework for measuring fair value and expands disclosure about such fair value measurements.

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Topic 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

Level 1:	Observable inputs such as quoted market prices in active markets for identical assets or liabilities
Level 2:	Observable market-based inputs or unobservable inputs that are corroborated by market data
Level 3:	Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. Except for derivative liabilities, we had no financial assets or liabilities carried and measured on a recurring or nonrecurring basis during the reporting periods.

Derivative Liabilities

Derivative Liabilities

We evaluate convertible notes payable, stock options, stock warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, Derivative Instruments and Hedging: Contracts in Entity’s Own Equity.

The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date.

Long-lived Assets

Long-lived Assets

Long-lived assets such as property and equipment and intangible assets are periodically reviewed for impairment. We test for impairment losses on long-lived assets used in operations whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial positions. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

Equity Instruments Issued to Non-employees for Acquiring Goods or Services

Equity Instruments Issued to Non-Employees for Acquiring Goods or Services

Issuances of our common stock or warrants for acquiring goods or services are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The measurement date for the fair value of the equity instruments issued to consultants or vendors is determined at the earlier of (i) the date at which a commitment for performance to earn the equity instruments is reached (a “performance commitment” which would include a penalty considered to be of a magnitude that is a sufficiently large disincentive for nonperformance) or (ii) the date at which performance is complete.

Although situations may arise in which counter performance may be required over a period of time, the equity award granted to the party performing the service may be fully vested and non-forfeitable on the date of the agreement. As a result, in this situation in which vesting periods do not exist if the instruments are fully vested on the date of agreement, we determine such date to be the measurement date and will record the estimated fair market value of the instruments granted as a prepaid expense and amortize such amount to expense over the contract period. When it is appropriate for us to recognize the cost of a transaction during financial reporting periods prior to the measurement date, for purposes of recognition of costs during those periods, the equity instrument is measured at the then-current fair values.

Related Parties

Related Parties

A party is considered to be related to us if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include our principal owners, our management, members of the immediate families of our principal owners and our management and other parties with which we may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties, or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party.

Revenue Recognition

Revenue Recognition

Revenue from product sales will be recognized when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) the price is fixed or determinable, (3) collectability is reasonably assured, and (4) delivery has occurred.

Advertising Costs

Advertising Costs

Advertising costs are expensed as incurred. For the periods presented, we had no advertising costs.

Loss Per Share

Loss per Share

We compute net loss per share in accordance with FASB ASC 260. The ASC specifies the computation, presentation and disclosure requirements for loss per share for entities with publicly held common stock.

Basic loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed on the basis of the weighted average number of common shares and dilutive securities (such as stock options, warrants and convertible securities) outstanding. Dilutive securities having an anti-dilutive effect on diluted net loss per share are excluded from the calculation. For the periods presented, the Company excluded 470,599,900 shares relating to the Series A Convertible Preferred Stock (see Note G), shares relating to convertible notes payable to third parties (Please see NOTE E - NOTES PAYABLE TO THIRD PARTIES for further information) and shares relating to outstanding warrants (Please see NOTE G - CAPITAL STOCK AND WARRANTS for further information) from the calculation of diluted shares outstanding as the effect of their inclusion would be anti-dilutive.

Recently Enacted Accounting Standards

Recently Enacted Accounting Standards

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, which supersedes nearly all prior revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under prior U.S. GAAP. As amended by the FASB in July 2015, the standard became effective for annual periods beginning after December 15, 2017, and interim periods therein. ASU 2014-09 has had no impact on our Financial statements for the periods presented.

In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, to clarify the implementation guidance on principal versus agent considerations and address how an entity should assess whether it is the principal or the agent in contracts that include three or more parties. The effective date and transition requirements for these amendments are the same as the effective date and transition requirements of ASU 2014-09 (discussed above). ASU 2016-08 has had no impact on our Financial statements for the periods presentd.

In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, to clarify the following two aspects of Topic 606: 1) identifying performance obligations, and 2) the licensing implementation guidance. The effective date and transition requirements for these amendments are the same as the effective date and transition requirements of ASU 2014-09 (discussed above). ASU 2016-10 has had no impact on our financial statements for the periods presented.

On July 13, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2017-11. Among other things, ASU 2017-11 provides guidance that eliminates the requirement to consider “down round” features when determining whether certain financial instruments or embedded features are indexed to an entity’s stock and need to be classified as liabilities. ASU 2017-11 provides for entities to recognize the effect of a down round feature only when it is triggered and then as a dividend and a reduction to income available to common stockholders in basic earnings per share. The guidance became effective for annual periods beginning after December 15, 2018.

Accordingly, effective January 1, 2019, the Company reduced the derivative liability of warrants with “down round” features (and do not contain variable conversion features) of $108,427 at December 31, 2018 to $0 and recognized a $108,427 cumulative effect adjustment reduction of accumulated deficit. 

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Loans Payable to Related Parties (Tables)

6 Months Ended

Jun. 30, 2020

Related Party Transactions [Abstract]

Schedule of Loans Payable to Related Parties

Loans payable to related parties consist of:

	June 30, 2020		December 31, 2019
Loans from Elisha Kalfa and Yonah Kalfa, holders of a total of 2,966,666 shares of Series A Convertible Preferred stock	$	180,000	$	180,000
Loan from Fernando Bisker and Sigalush, LLC, holders of a total of 2,966,666 shares of Series A Convertible Preferred stock		80,000		80,000
Total	$	260,000	$	260,000

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Notes Payable to Third Parties (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Notes Payable to Third Parties

Notes payable to third parties consist of:

	June 30, 2020		December 31, 2019
Allonge to the Convertible Promissory Note dated September 14, 2017 payable to Emet Capital Partners, LLC (“EMET”), interest at 5%, due September 14, 2018	$	-	$	2,420
Allonge 2 to the Convertible Promissory Note dated September 14, 2017 payable to Emet Capital Partners, LLC (“EMET”), interest at 5%, due September 14, 2018		-		1,100
Promissory Note dated March 28, 2017 payable to John T. Root, Jr., interest at 4%, due September 28, 2017, convertible into shares of common stock at a conversion price of $.001 per share.		375		375
Convertible Promissory Note dated February 12, 2019 payable to Eagle Equities, LLC (“Eagle”), interest at 6%, due February 12, 2020-less unamortized debt discount of $ 0 and $ 33,396, respectively (i)		146,101		250,082
Convertible Promissory Note dated January 27, 2020 payable to Eagle Equities, LLC (“Eagle”), interest at 6%, due January 27, 2021-less unamortized debt discount of $ 95,828 and $ 0, respectively (i)		70,250		-
Convertible Promissory Note dated February 12, 2020 payable to Eagle Equities, LLC (“Eagle”), interest at 6%, due February 12, 2021-less unamortized debt discount of $ 58,253 and $ 0, respectively (i)		35,413
Convertible Promissory Note dated June 3, 2020 payable to Eagle Equities, LLC (“Eagle”), interest at 6%, due June 3, 2021-less unamortized debt discount of $ 42,151 and $ 0, respectively (i)		349		-
Convertible Warrant Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 2%, due October 18, 2020-less unamortized debt discount of $0 and $294,234, respectively (ii)		-		74,566
Convertible Warrant Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 2%, due October 18, 2020-less unamortized debt discount of $0 and $90,054, respectively (ii)		-		22,823
Convertible Warrant Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 2%, due October 18, 2020-less unamortized debt discount of $0 and $79,248, respectively (ii)		-		20,084
Convertible Warrant Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 2%, due October 18, 2020-less unamortized debt discount of $0 and $9,005 respectively (ii)		-		2,281
Convertible Promissory Note dated October 18, 2019 payable to Emet Capital Partners, LLC (“EMET”), interest at 6%, due February 12, 2020-less unamortized debt discount of $0 and $0, respectively (ii)		-		25,587
Convertible Promissory Note dated January 27, 2020 payable to GW Holdings Group, LLC (“GWH”), interest at 6%, due January 27, 2021-less unamortized debt discount of $ 87,110 and $ 0 respectively (iii)		63,990		-
Convertible Promissory Note dated June 1, 2020 payable to GW Holdings Group, LLC (“GWH”), interest at 6%, due June 1, 2021-less unamortized debt discount of $ 40,389 and $ 0 respectively (iv)		111		-
Total	$	316,589	$	399,318

(i) On February 12, 2019, (the “Issue Date”) the Company issued a 6% Convertible Redeemable Note to Eagle Equities, LLC (“Eagle”), having a principal amount of $1,200,000 of which $96,000 constituted an original issue discount (the “Eagle Note”). In connection with the Eagle Note, the Company and Eagle entered into a Securities Purchase Agreement. Eagle is to fund the $ 1,104,000 purchase price of the Eagle Note in tranches. The first tranche of $ 250,000 was received by the Company on February 13, 2019. The second tranche of $ 166,500 was received by the Company on January 17, 2020, the third tranche of $ 93,666 was received by the Company on February 12, 2020, and the fourth tranche of $ 42,500 was received by the Company on June 3, 2020. The loans are repayable one year from their respective funding dates and are convertible at the option of Eagle at a conversion price equal to 65% of the lowest closing price of the Company’s common stock for the preceding 15 trading days prior to the conversion date. Please see Note F-DERIVATIVE LIABILITY for further information.

(ii) On October 18, 2019, the Company entered into two Exchange Agreements with Emet Capital Partners, LLC (“Emet”). The first Exchange Agreement provided for the exchange of three outstanding convertible notes payable to Emet with a total remaining principal balance of $20,399 and a total accrued interest balance of $5,189 for three new convertible notes payable to Emet in the total amount of $25,587. The new notes bear interest at 6%, are due on February 12, 2020 and are convertible into common stock at a conversion price equal to 75% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. The second Exchange Agreement provided for the reversal of the February 14, 2019 exchange agreement pursuant to which certain warrants then held by Emet were exchanged for 9,000,000 shares of Series B Convertible Preferred Stock (see Note G) and the exchange of such warrants for four new convertible notes payable to Emet in the total amount of $675,000. These new note bear interest at 2%, are due on October 18, 2020 and are convertible into common stock at a conversion price equal to 75% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. Please see NOTE F - DERIVATIVE LIABILITY for further information.

(iii) On January 27, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to GW Holdings Group, LLC, a New York limited liability company and its authorized successors and permitted assigns (“Holder”), the aggregate principal face amount of $166,500. The note bears interest at 6%, is due on January 27, 2021 and is convertible into common stock at a conversion price equal to 55% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. Please see NOTE F - DERIVATIVE LIABILITY for further information.

(iv) On June 1, 2020, the Company executed a Convertible Note (the “Convertible Note”) payable to GW Holdings Group, LLC, a New York limited liability company and its authorized successors and permitted assigns (“Holder”), the aggregate principal face amount of $ 40,500. The note bears interest at 6%, is due on June 1, 2021 and is convertible into common stock at a conversion price equal to 55% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. Please see NOTE F - DERIVATIVE LIABILITY for further information.

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Derivative Liability (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Liability

The derivative liability consists of:

		June 30, 2020		December 31, 2019
Convertible Promissory Note dated February 12, 2019 payable to Eagle Equities, LLC. Please see NOTE E – NOTES PAYABLE TO THIRD PARTIES for further information (i):
Due February 12, 2020	$	77,474	$	182,625
Due January 17, 2021		135,983		-
Due February 12, 2021		78,277		-
Due June 3, 2021		40,361
Convertible Promissory Note dated January 27, 2020 payable to GW Holdings Group, LLC. Please see NOTE E – NOTES PAYABLE TO THIRD PARTIES for further information (iii)
Due January 27, 2021		159,410		-
Due June 1, 2021		48,182		-
Convertible Promissory Notes dated October 18, 2019 payable to Emet. Please see NOTE E – NOTES PAYABLE TO THIRD PARTIES for further information (ii):
$451,505 note due October 18, 2021		-		328,953
$112,876 note due October 18, 2021		-		100,680
$ 99,331 note due October 18, 2021		-		88,599
$ 11,288 note due October 18, 2021		-		10,068
$ 25,587 note due October 18, 2021		-		14,940
Total derivative liability	$	539,686	$	725,865

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Nature of Operations and Summary of Significant Accounting Policies (Details Narrative) - USD ($)				3 Months Ended	6 Months Ended
	Jan. 04, 2019	Jul. 31, 2018	Mar. 10, 2017	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jan. 02, 2019	Dec. 31, 2018
Number of shares issued	695,129		26,905,969	542,000
Advertising costs
Derivative liability					$ 539,686		$ 725,865	$ 0	$ 108,427
Cumulative effect of accumulated deficit								$ 108,427
Series A Convertible Preferred Stock [Member]
Anti-dilutive shares excluded from computation						470,599,900
Green C Corporation [Member] | Former Share Holders [Member]
Percentage of issued and outstanding shares acquired		94.00%
Series A Convertible Preferred Stock [Member] | Green C Corporation [Member]
Number of shares issued		9,411,998
Conversion of convertible preferred stock		50
Common stock, voting rights		Each share of Series A Convertible Preferred Stock is convertible into 50 shares of common stock and is entitled to 50 votes on all matters as a class with the holders of common stock.
Green C Corporation [Member] | Class A Common Stock [Member]
Percentage of issued and outstanding shares acquired		100.00%
Common stock, voting rights		Each share of Series A Convertible Preferred Stock is convertible into 50 shares of common stock and is entitled to vote 50 votes per share on all matters as a class with holders of common stock.

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Going Concern (Details Narrative) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash	$ 228,518				$ 228,518		$ 24,662
Current liabilities	1,314,139				1,314,139
Working capital deficit	1,062,046				1,062,046
Net loss	$ 1,102,449	$ (1,211,569)	$ (287,779)	$ (138,349)	(109,120)	$ (426,128)
Net cash provided in operating activities					$ (210,812)	$ (228,854)

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Right of First Refusal Agreement (Details Narrative) - Right of First Refusal Agreement [Member] - KTV [Member]	Jan. 30, 2020 USD ($)
Paid to related party	$ 25,000
CBD [Member]
CBD opportunities term	5 years

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Loans Payable to Related Parties (Details Narrative)	Jul. 31, 2018 USD ($)
Loan and Contribution Agreements [Member] | Maximum [Member]
Repayment of related party debt	$ 1,500,000

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Loans Payable to Related Parties - Schedule of Loans Payable to Related Parties (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Total	$ 260,000	$ 260,000
Elisha Kalfa and Yonah Kalfa [Member]
Total	180,000	180,000
Fernando Bisker and Sigalush, LLC [Member]
Total	$ 80,000	$ 80,000

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Loans Payable to Related Parties - Schedule of Loans Payable to Related Parties (Details) (Parenthetical) - Series A Convertible Preferred Stock [Member] - shares	Jun. 30, 2020	Dec. 31, 2019
Elisha Kalfa and Yonah Kalfa [Member]
Number of shares held by holders of preferred stock	2,966,666	2,966,666
Fernando Bisker and Sigalush, LLC [Member]
Number of shares held by holders of preferred stock	2,966,666	2,966,666

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Notes Payable to Third Parties (Details Narrative) - USD ($)		3 Months Ended
	May 26, 2020	Jun. 30, 2020	Mar. 31, 2020	Oct. 18, 2019	Apr. 16, 2019	Jan. 04, 2019
Payments for notes payable		$ 70,000
Notes payable		67,082	$ 165,350		$ 40,500	$ 670
Notes payable excess amount		472,170
Remaining debt satisfied		$ 542,170
Surrender Agreement [Member] | Emet Capital Partners, LLC [Member]
Payments for notes payable	$ 70,000
Surrender Agreement [Member] | Emet Capital Partners, LLC [Member] | Convertible Redeemable One [Member]
Notes payable				$ 3,129
Surrender Agreement [Member] | Emet Capital Partners, LLC [Member] | Convertible Redeemable Two [Member]
Notes payable				15,440
Surrender Agreement [Member] | Emet Capital Partners, LLC [Member] | Convertible Redeemable [Member]
Notes payable				7,018
Surrender Agreement [Member] | Emet Capital Partners, LLC [Member] | Convertible Note [Member]
Notes payable				451,505
Surrender Agreement [Member] | Emet Capital Partners, LLC [Member] | Convertible Note One [Member]
Notes payable				112,876
Surrender Agreement [Member] | Emet Capital Partners, LLC [Member] | Convertible Note Two [Member]
Notes payable				99,331
Surrender Agreement [Member] | Emet Capital Partners, LLC [Member] | Convertible Note Three [Member]
Notes payable				$ 11,288

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Notes Payable to Third Parties - Schedule of Notes Payable to Third Parties (Details) - USD ($)		Jun. 30, 2020	Dec. 31, 2019
Notes payable to third parties, total		$ 316,589	$ 399,318
Convertible Promissory Note One [Member]
Notes payable to third parties, total			2,420
Convertible Promissory Note Two [Member]
Notes payable to third parties, total			1,100
Promissory Note [Member]
Notes payable to third parties, total		375	375
Convertible Promissory Note Three [Member]
Notes payable to third parties, total	[1]	146,101	250,082
Convertible Promissory Note Four [Member]
Notes payable to third parties, total	[1]	70,250
Convertible Promissory Note Five [Member]
Notes payable to third parties, total	[1]	35,413
Convertible Promissory Note Six [Member]
Notes payable to third parties, total	[1]	349
Convertible Warrant Note One [Member]
Notes payable to third parties, total	[2]		74,566
Convertible Warrant Notes Two [Member]
Notes payable to third parties, total	[2]		22,823
Convertible Warrant Notes Three [Member]
Notes payable to third parties, total	[2]		20,084
Convertible Warrant Notes Four [Member]
Notes payable to third parties, total	[2]		2,281
Convertible Promissory Note Seven [Member]
Notes payable to third parties, total	[2]		25,587
Convertible Promissory Note Eight [Member]
Notes payable to third parties, total	[3]	63,990
Convertible Promissory Note Nine [Member]
Notes payable to third parties, total	[4]	$ 111

[1] On February 12, 2019, (the "Issue Date") the Company issued a 6% Convertible Redeemable Note to Eagle Equities, LLC ("Eagle"), having a principal amount of $1,200,000 of which $96,000 constituted an original issue discount (the "Eagle Note"). In connection with the Eagle Note, the Company and Eagle entered into a Securities Purchase Agreement. Eagle is to fund the $ 1,104,000 purchase price of the Eagle Note in tranches. The first tranche of $ 250,000 was received by the Company on February 13, 2019. The second tranche of $ 166,500 was received by the Company on January 17, 2020, the third tranche of $ 93,666 was received by the Company on February 12, 2020, and the fourth tranche of $ 42,500 was received by the Company on June 3, 2020. The loans are repayable one year from their respective funding dates and are convertible at the option of Eagle at a conversion price equal to 65% of the lowest closing price of the Company's common stock for the preceding 15 trading days prior to the conversion date. Please see Note F-DERIVATIVE LIABILITY for further information.

[2] On October 18, 2019, the Company entered into two Exchange Agreements with Emet Capital Partners, LLC ("Emet"). The first Exchange Agreement provided for the exchange of three outstanding convertible notes payable to Emet with a total remaining principal balance of $20,399 and a total accrued interest balance of $5,189 for three new convertible notes payable to Emet in the total amount of $25,587. The new notes bear interest at 6%, are due on February 12, 2020 and are convertible into common stock at a conversion price equal to 75% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. The second Exchange Agreement provided for the reversal of the February 14, 2019 exchange agreement pursuant to which certain warrants then held by Emet were exchanged for 9,000,000 shares of Series B Convertible Preferred Stock (see Note G) and the exchange of such warrants for four new convertible notes payable to Emet in the total amount of $675,000. These new note bear interest at 2%, are due on October 18, 2020 and are convertible into common stock at a conversion price equal to 75% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. Please see NOTE F - DERIVATIVE LIABILITY for further information.

[3] On January 27, 2020, the Company executed a Convertible Note (the "Convertible Note") payable to GW Holdings Group, LLC, a New York limited liability company and its authorized successors and permitted assigns ("Holder"), the aggregate principal face amount of $166,500. The note bears interest at 6%, is due on January 27, 2021 and is convertible into common stock at a conversion price equal to 55% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. Please see NOTE F - DERIVATIVE LIABILITY for further information.

[4] On June 1, 2020, the Company executed a Convertible Note (the "Convertible Note") payable to GW Holdings Group, LLC, a New York limited liability company and its authorized successors and permitted assigns ("Holder"), the aggregate principal face amount of $ 40,500. The note bears interest at 6%, is due on June 1, 2021 and is convertible into common stock at a conversion price equal to 55% of the lowest Trading Price during the 15 Trading Day Period prior to the Conversion Date. Please see NOTE F - DERIVATIVE LIABILITY for further information.

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Notes Payable to Third Parties - Schedule of Notes Payable to Third Parties (Details) (Parenthetical)																	3 Months Ended		6 Months Ended
	Jun. 03, 2020 USD ($)	Jun. 01, 2020 USD ($) Integer	Feb. 12, 2020 USD ($)	Jan. 27, 2020 USD ($) Integer	Jan. 17, 2020 USD ($)	Dec. 24, 2019 USD ($) shares	Dec. 20, 2019 USD ($) shares	Nov. 11, 2019 USD ($) shares	Oct. 18, 2019 USD ($) Integer	Apr. 16, 2019 USD ($) shares	Feb. 14, 2019 shares	Feb. 13, 2019 USD ($)	Feb. 12, 2019 USD ($)	Jan. 04, 2019 USD ($) shares	Sep. 14, 2017	Mar. 28, 2017 $ / shares	Jun. 30, 2020 USD ($) shares	Mar. 31, 2020 USD ($) shares	Jun. 30, 2020 USD ($) Integer shares	Dec. 31, 2019 USD ($)
Debt instrument, principal amount																	$ 67,082	$ 165,350	$ 67,082
Accrued interest						$ 515	$ 4,015	$ 2,680		$ 7,961				$ 100			$ 10,613	$ 11,793	$ 10,613
Debt conversion converted shares issued | shares						637,273	1,468,204	1,748,363		1,384,600				769,785			27,563,525	21,484,688	27,563,525
Allonge [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, interest rate															5.00%
Debt instrument, maturity date															Sep. 14, 2018
Allonge 2 [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, interest rate															5.00%
Debt instrument, maturity date															Sep. 14, 2018
Promissory Note [Member] | John T. Root [Member]
Debt instrument, interest rate																4.00%
Debt instrument, maturity date																Sep. 28, 2017
Conversion price | $ / shares																$ 0.001
Convertible Promissory Note One [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, interest rate													6.00%
Debt instrument, maturity date									Oct. 18, 2021
Debt instrument, principal amount													$ 1,200,000
Convertible Promissory Note One [Member] | Eagle Equities, LLC [Member]
Debt instrument, maturity date													Feb. 12, 2020
Unamortized debt discount																	$ 0		$ 0	$ 33,396
Debt conversion, original issue discount													$ 96,000
Funding value of issuance of note													$ 1,104,000
Trading days percentage																			65.00%
Trading days period | Integer																			15
Debt instrument, term																			1 year
Convertible Promissory Note One [Member] | Eagle Equities, LLC [Member] | First Tranche [Member]
Proceeds from issuance of convertible debt												$ 250,000
Convertible Promissory Note One [Member] | Eagle Equities, LLC [Member] | Second Tranche [Member]
Proceeds from issuance of convertible debt					$ 166,500
Convertible Promissory Note One [Member] | Eagle Equities, LLC [Member] | Third Tranche [Member]
Proceeds from issuance of convertible debt			$ 93,666
Convertible Promissory Note One [Member] | Eagle Equities, LLC [Member] | Four Tranche [Member]
Proceeds from issuance of convertible debt	$ 42,500
Convertible Promissory Note One [Member] | GW Holdings Group, LLC [Member]
Debt instrument, maturity date				Jan. 27, 2021
Convertible Promissory Note Two [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, maturity date									Oct. 18, 2021
Convertible Promissory Note Two [Member] | Eagle Equities, LLC [Member]
Debt instrument, interest rate				6.00%
Debt instrument, maturity date				Jan. 27, 2021									Jan. 17, 2021
Unamortized debt discount																	95,828		$ 95,828	0
Convertible Promissory Note Two [Member] | GW Holdings Group, LLC [Member]
Debt instrument, maturity date				Jun. 01, 2021
Convertible Promissory Note Three [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, maturity date									Oct. 18, 2021
Convertible Promissory Note Three [Member] | Eagle Equities, LLC [Member]
Debt instrument, interest rate			6.00%
Debt instrument, maturity date			Feb. 12, 2020										Feb. 12, 2021
Unamortized debt discount																	58,253		58,253	0
Convertible Promissory Note Six [Member] | Eagle Equities, LLC [Member]
Debt instrument, interest rate	6.00%
Debt instrument, maturity date	Jun. 03, 2021
Unamortized debt discount																	42,151		42,151	0
Convertible Warrant Note One [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, interest rate									2.00%
Debt instrument, maturity date									Oct. 18, 2020
Unamortized debt discount																	0		0	294,234
Debt conversion converted shares issued | shares											9,000,000
Convertible Warrant Note One [Member] | Emet Capital Partners, LLC [Member] | First Exchange Agreement [Member]
Debt instrument, interest rate									6.00%
Debt instrument, maturity date									Feb. 12, 2020
Debt instrument, principal amount									$ 20,399
Trading days percentage									75.00%
Trading days period | Integer									15
Accrued interest									$ 5,189
Debt instrument, periodic payment									$ 25,587
Four New Convertible Warrant Notes [Member] | Emet Capital Partners, LLC [Member] | Second Exchange Agreement [Member]
Debt instrument, interest rate									2.00%
Debt instrument, maturity date									Oct. 18, 2020
Trading days percentage									75.00%
Trading days period | Integer									15
Debt instrument, periodic payment									$ 675,000
Convertible Warrant Notes Two [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, interest rate									2.00%
Debt instrument, maturity date									Oct. 18, 2020
Unamortized debt discount																	0		0	90,054
Convertible Warrant Notes Three [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, interest rate									2.00%
Debt instrument, maturity date									Oct. 18, 2020
Unamortized debt discount																	0		0	79,248
Convertible Warrant Notes Four [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, interest rate									2.00%
Debt instrument, maturity date									Oct. 18, 2020
Unamortized debt discount																	0		0	9,005
Convertible Promissory Note Four [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, interest rate									6.00%
Debt instrument, maturity date									Feb. 12, 2020
Unamortized debt discount																	0		0	0
Convertible Promissory Note Four [Member] | Eagle Equities, LLC [Member]
Debt instrument, maturity date													Jun. 03, 2021
Convertible Promissory Note Five [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, maturity date									Oct. 18, 2021
Unamortized debt discount																	128,721		128,721	0
Convertible Promissory Note Five [Member] | GW Holdings Group, LLC [Member]
Debt instrument, interest rate				6.00%
Debt instrument, maturity date				Jan. 27, 2021
Debt instrument, principal amount				$ 166,500
Trading days percentage				55.00%
Trading days period | Integer				15
Convertible Promissory Note Seven [Member] | GW Holdings Group, LLC [Member]
Debt instrument, interest rate		6.00%
Debt instrument, maturity date		Jun. 01, 2021
Unamortized debt discount																	40,389		40,389	0
Debt instrument, principal amount		$ 40,500
Trading days percentage		55.00%
Trading days period | Integer		15
Convertible Promissory Note Eight [Member] | GW Holdings Group, LLC [Member]
Debt instrument, interest rate				6.00%
Debt instrument, maturity date				Jan. 27, 2021
Unamortized debt discount																	87,110		87,110	0
Convertible Promissory Note Nine [Member] | GW Holdings Group, LLC [Member]
Debt instrument, interest rate		6.00%
Debt instrument, maturity date		Jun. 01, 2021
Unamortized debt discount																	$ 40,389		$ 40,389	$ 0

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Derivative Liability (Details Narrative) - Convertible Promissory Notes [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2020 $ / shares	Dec. 31, 2019 $ / shares
Fair value of assumption stock price	$ 0.0081	$ .0330
Measurement Input, Exercise Price [Member] | Minimum [Member]
Derivative liability measurement input	.0045	0.01885
Measurement Input, Exercise Price [Member] | Maximum [Member]
Derivative liability measurement input	.0053	0.02175
Measurement Input, Expected Term [Member] | Minimum [Member]
Fair value of assumption term	338 days	293 days
Measurement Input, Expected Term [Member] | Maximum [Member]
Fair value of assumption term	0 days	43 days
Measurement Input, Price Volatility [Member]
Derivative liability measurement input	142.94	142.94
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]
Derivative liability measurement input	0.13	1.50
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]
Derivative liability measurement input	0.18	1.60

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Derivative Liability - Schedule of Derivative Liability (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Jan. 02, 2019	Dec. 31, 2018
Total derivative liability	$ 539,686	$ 725,865	$ 0	$ 108,427
Convertible Promissory Notes One [Member]
Total derivative liability	77,474	182,625
Convertible Promissory Notes Two [Member]
Total derivative liability	135,983
Convertible Promissory Notes Three [Member]
Total derivative liability	78,277
Convertible Promissory Notes Four [Member]
Total derivative liability	40,361
Convertible Promissory Notes Five [Member]
Total derivative liability	159,410
Convertible Promissory Notes Six [Member]
Total derivative liability	48,182
Convertible Promissory Note Seven [Member]
Total derivative liability		328,953
Convertible Promissory Note Eight [Member]
Total derivative liability		100,680
Convertible Promissory Note Nine [Member]
Total derivative liability		88,599
Convertible Promissory Note Ten [Member]
Total derivative liability		10,068
Convertible Promissory Note Eleven [Member]
Total derivative liability		$ 14,940

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Derivative Liability - Schedule of Derivative Liability (Details) (Parenthetical) - USD ($)	Feb. 12, 2020	Jan. 27, 2020	Oct. 18, 2019	Feb. 12, 2019
Convertible Promissory Note One [Member] | Eagle Equities, LLC [Member]
Debt instrument, maturity date				Feb. 12, 2020
Convertible Promissory Note One [Member] | GW Holdings Group, LLC [Member]
Debt instrument, maturity date		Jan. 27, 2021
Convertible Promissory Note One [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, maturity date			Oct. 18, 2021
Notes payable to related parties			$ 451,505
Convertible Promissory Note Two [Member] | Eagle Equities, LLC [Member]
Debt instrument, maturity date		Jan. 27, 2021		Jan. 17, 2021
Convertible Promissory Note Two [Member] | GW Holdings Group, LLC [Member]
Debt instrument, maturity date		Jun. 01, 2021
Convertible Promissory Note Two [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, maturity date			Oct. 18, 2021
Notes payable to related parties			$ 112,876
Convertible Promissory Note Three [Member] | Eagle Equities, LLC [Member]
Debt instrument, maturity date	Feb. 12, 2020			Feb. 12, 2021
Convertible Promissory Note Three [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, maturity date			Oct. 18, 2021
Notes payable to related parties			$ 99,331
Convertible Promissory Note Four [Member] | Eagle Equities, LLC [Member]
Debt instrument, maturity date				Jun. 03, 2021
Convertible Promissory Note Four [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, maturity date			Feb. 12, 2020
Notes payable to related parties			$ 11,288
Convertible Promissory Note Five [Member] | GW Holdings Group, LLC [Member]
Debt instrument, maturity date		Jan. 27, 2021
Convertible Promissory Note Five [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, maturity date			Oct. 18, 2021
Notes payable to related parties			$ 25,587

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Capital Stock and Warrants (Details Narrative)																3 Months Ended			6 Months Ended
	Dec. 24, 2019 USD ($) shares	Dec. 20, 2019 USD ($) shares	Nov. 11, 2019 USD ($) shares	Oct. 18, 2019 USD ($) Integer	Aug. 15, 2019 USD ($) shares	May 29, 2019 shares	Apr. 16, 2019 USD ($) shares	Feb. 14, 2019 $ / shares shares	Jan. 04, 2019 USD ($) $ / shares shares	Jan. 04, 2019 USD ($) $ / shares shares	Oct. 26, 2018 USD ($) shares	Sep. 19, 2018 USD ($) shares	Jul. 31, 2018 shares	Mar. 10, 2017 shares	Feb. 03, 2017 shares	Jun. 30, 2020 USD ($) shares	Mar. 31, 2020 USD ($) shares	Jun. 30, 2019 USD ($) shares	Jun. 30, 2020 USD ($) shares	Jun. 30, 2019 USD ($) shares	May 25, 2017 shares
Number of shares issued during the period, shares | shares									695,129					26,905,969				542,000
Debt instrument, principal amount | $																$ 67,082	$ 165,350		$ 67,082
Accrued interest | $	$ 515	$ 4,015	$ 2,680				$ 7,961		$ 100	$ 100						$ 10,613	$ 11,793		$ 10,613
Debt conversion converted shares issued | shares	637,273	1,468,204	1,748,363				1,384,600		769,785							27,563,525	21,484,688		27,563,525
Number of stock value issued for debt conversion | $	$ 10,000	$ 29,000	$ 53,705				$ 179,998		$ 100,072							$ 210,532	$ 406,093		$ 210,532
Loss on conversion of debt | $																(132,838)		$ (131,537)	(361,787)	$ (230,839)
Value of shares issued for services | $																		$ 75,880
Excess of fair value | $																	228,949		132,838
Liability reduction | $																$ 77,695	$ 177,143		$ 77,695
Warrants to purchase common stock | shares									1,400	1,400
Common Stock [Member]
Number of shares issued for services | shares																		542,000
Two Consulting Firm Entities [Member]
Number of shares issued for services | shares						542,000
Convertible Warrant Note One [Member] | Emet Capital Partners, LLC [Member]
Debt instrument, interest rate				2.00%
Debt instrument, maturity date				Oct. 18, 2020
Debt conversion converted shares issued | shares								9,000,000
Convertible Warrant Note One [Member] | Emet Capital Partners, LLC [Member] | First Exchange Agreement [Member]
Debt instrument, principal amount | $				$ 20,399
Accrued interest | $				5,189
Debt instrument, periodic payment | $				$ 25,587
Debt instrument, interest rate				6.00%
Debt instrument, maturity date				Feb. 12, 2020
Trading days percentage				75.00%
Trading days period | Integer				15
Four New Convertible Warrant Notes [Member] | Emet Capital Partners, LLC [Member] | Second Exchange Agreement [Member]
Debt instrument, periodic payment | $				$ 675,000
Debt instrument, interest rate				2.00%
Debt instrument, maturity date				Oct. 18, 2020
Trading days percentage				75.00%
Trading days period | Integer				15
Four New Convertible Warrant Notes [Member] | Emet Capital Partners, LLC [Member] | Exchange Agreement [Member]
Debt instrument, periodic payment | $				$ 675,000
Emet Capital Partners, LLC [Member]
Number of shares issued during the period, shares | shares							1,384,600			695,129
Conversion price | $ / shares									$ 0.001	$ 0.001
Debt instrument, principal amount | $							$ 40,500		$ 670	$ 670
Accrued interest | $							$ 7,961		$ 100	$ 100	$ 503	$ 4,638
Debt conversion converted shares issued | shares										769,785	1,034,477	1,465,523								769,785
Number of stock value issued for debt conversion | $											$ 30,531	$ 32,000
Excess of common stock value | $											82,758	510,149						$ 131,537		$ 99,302
Fair value of common stock | $					$ 12,250						$ 113,792	$ 546,787						$ 179,998		$ 100,072
Excess of common stock, shares | shares											1,034,479	1,465,523						1,384,600		1,384,600
Loss on conversion of debt | $											$ 31,034	$ 36,638						$ 47,961		$ 770
Warrant exercise price | $ / shares								$ 0.075	$ 0.001	$ 0.001
Number of warrant issued | shares									1,400	1,400											440,000
Number of shares issued for services | shares					175,000
Warrants to purchase common stock | shares								9,000,000
Number of warrant outstanding | shares
Sylios Corp [Member]
Ownership percentage														19.99%	80.01%
Number of shares issued during the period, shares | shares														5,378,476	21,527,493
Common stock, shares held | shares															500
Series A Convertible Preferred Stock [Member] | Green C Corporation [Member]
Number of shares issued during the period, shares | shares													9,411,998
Number of common stock converted | shares													50
Common stock, voting rights													Each share of Series A Convertible Preferred Stock is convertible into 50 shares of common stock and is entitled to 50 votes on all matters as a class with the holders of common stock.
Series B Convertible Preferred Stock [Member] | Emet Capital Partners, LLC [Member]
Number of shares issued during the period, shares | shares								9,000,000
Conversion price | $ / shares								$ 0.075
Preferred stock conversion basis, description								Each share of Series B Convertible Preferred Stock was convertible into one share of Company common stock subject to adjustment in case, at the time of conversion, the market price per share of the Company common stock was less than $ 0.075 per share.
Green C Corporation [Member] | Class A Common Stock [Member]
Ownership percentage													100.00%
Common stock, voting rights													Each share of Series A Convertible Preferred Stock is convertible into 50 shares of common stock and is entitled to vote 50 votes per share on all matters as a class with holders of common stock.

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Note Receivable (Details Narrative) - USD ($)	Jun. 10, 2020	Jun. 30, 2020	Dec. 31, 2019
Notes receivable		$ 23,575
Koltuv Ventures, LLC [Member]
Repayment of notes receivable	$ 50,000
Interest rate	2.00%

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Commitments and Contingencies (Details Narrative) - USD ($)					3 Months Ended		6 Months Ended
	Jul. 15, 2019	Jul. 31, 2018	Jun. 26, 2018	Jun. 21, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Officers compensation					$ 51,000	$ 51,000	$ 102,000	$ 102,000
Pharmedica, Ltd. [Member]
Minimum annual royalty amount							50,000
Impairment charge							69,749
Reduction of carrying value of assets									$ 69,749
Intangible assets									$ 0
Exclusive License Agreement [Member] | Green C's Corporation [Member]
License fee				$ 100,000
Annual royalties rate			5.00%
Minimum annual royalty amount			$ 50,000
Sub-License Agreement [Member] | Symtomax Unipessoal Lda [Member] | Minimum [Member]
Annual royalties rate	10.00%
Sub-License Agreement [Member] | Symtomax Unipessoal Lda [Member] | Maximum [Member]
Annual royalties rate	17.00%
Royalty payment	$ 1,000,000
Services Agreements [Member]
Officers compensation							$ 30,000	$ 21,000
Services Agreements [Member] | Chief Executive Officer [Member]
Agreement terms		5 years
Officers compensation		$ 10,000
Services Agreements [Member] | Chief Legal Officer [Member]
Officers compensation		$ 7,000

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Subsequent Events (Details Narrative) - USD ($)						1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 24, 2019	Dec. 20, 2019	Nov. 11, 2019	Apr. 16, 2019	Jan. 04, 2019	Aug. 12, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020
Debt conversion converted shares issued	637,273	1,468,204	1,748,363	1,384,600	769,785		27,563,525	21,484,688	27,563,525
Debt principal amount							$ 67,082	$ 165,350	$ 67,082
Convertible Notes [Member] | Subsequent Event [Member]
Fair value of debt						$ 102,678
Excess of debt fair value						190,361
Loss on debt satisfied amount						$ 87,683
Convertible Notes [Member] | 2 Lenders [Member] | Subsequent Event [Member]
Debt conversion converted shares issued						30,289,559
Debt principal amount						$ 85,853
Accrued interest						$ 1,830