Cannabis U.S. Companies

[JohnCM]

Medical Marijuana (MJNA)

And here I bring you the 2017 financial report.

Clear as a bell. This is why I would run for the hills. No financial restraint. They need to clean house, then this company would run to $2.00 or $3.00. But, unfortunately, you would need at least a 1 for 10 reverse split.


ISSUANCE HISTORY For the year ended December 31, 2017 the Company issued 145,469,621 shares of common stock as follows: (i) 138,819,621 shares for the conversion of $7,176,000 face value of convertible notes, plus interest accrued thereon, (ii) 500,000 shares for payment of $85,000 of services rendered, (iii) 3,900,000 shares for payment of $342,000 of compensation, and (iv) 2,250,000 shares in exchange for $22,500 of secured promissory notes.

Company Officers The Company’s officers are as follows: Stuart W. Titus, PhD Chief Executive Officer President Acting Chief Financial Officer Blake N. Schroeder Executive Vice President Chief Operating Officer Michael L. Corrigan Secretary

Columbia & Beech Corporation 550 West C Street, Suite 2040 Poway, CA 92064 454,047,389 13.88%
General Hemp, LLC (4) 550 West C Street, Suite 2040 San Diego, CA 92101 755,788,203 23.11%
(1) Does not include any shares held by General Hemp, LLC ("GH") of which Mr. Titus is a 9.43% owner and member of a three-person Executive Committee that manages the affairs of GH (GH has a two-member Special Committee having sole voting and dispositive authority over GH's investments in the Company. Dr. Titus is not a member of the Special Committee). (2) Does not include any shares held by Columbia & Beech Corporation (formerly known as Hemp Deposit and Distribution Corporation), of which Ms. Sides claims a 50% ownership interest.

ASSET - Business Investments - Equity Securities $215,359,454
CONVERTIBLE NOTES - Convertible Notes $13,431,980
Total Income $26,522,546
Total COGS $8,113,510
Gross Profit $18,409,036
Expense Advertising and Promotion $1,605,544
General and Administrative $8,110,208
Commissions $5,960,261
Depreciation Expense 494,268
Professional Fees $6,592,579

General and administrative/Commissions/Professional fees $20,500,000 that's twenty million five hundred thousand

Goodwill Impairment 130,841,396
Rent Expense 382,201
Total Expense $153,986,457
Net Ordinary Income (Loss) ($135,577,421)
Other Income/Expense Interest Income 771,525

Interest Expense ($6,418,797) Interest expense Six million four hundred thousand

Interest Expense - Original Issue Discount (600,000)
Bad Debt Expense (288,774)
Litigation Settlement Expense (85,000)
Total Other Income or Expense $ (6,621,046)
Net Income Continued Operations $ (142,198,467)
Loss from Discontinued Operations $ (5,906,443)
Total Loss from Discontinued Operations $ (5,906,443)

Net Income $(148,104,910)

INVESTING ACTIVITIES Business Investments $ 170,166,994 Goodwill (45,366,733) Fixed Assets 494,268 Net cash provided (used) by Investing Activities $ 125,294,529

Common Stock The Company has 5,000,000,000 authorized shares of common stock and 3,270,657,002 shares outstanding as of December 31, 2017.

At December 31, 2017 long term convertible notes payable totaling $13,431,980 consists of; (i) three convertible notes issued to a third party lender having an aggregate balance of $13,047,183 including interest accrued thereon. Each of the notes is unsecured, pays interest of 8% per annum, and are convertible at holder’s option at any time at a conversion price equal to 70% of the closing bid price. $0.07 or 186,385,000 shares.

The Company has a demand note receivable from General Hemp, LLC in the amount $1,142,970 which accrues interest at the rate of 3% per annum.
Notes and loans receivable totaling $7,109,464 consist of the following; (i) demand notes totaling $1,649,905, including interest accrued thereon, payable by Axim Biotechnologies.

Other Income/Expense In the period ending December 31, 2017 the Company recorded a net loss of $6,621,046 under Other Income/Expense. All expense items set forth in Other Income/Expense are non-cash items that have been or are intended to be satisfied by the issuance of shares of the Company's common stock.

Goodwill Impairment The fair market value of the Company's investments in its subsidiaries that is in excess of the Company's consolidated tangible assets is recorded as goodwill and the Company determined that such goodwill asset required an impairment charge of $130,841,396 for the period ending December 31, 2017. This impairment charge is a non-cash item and consists almost entirely in relation to the Company's HempMeds Brazil division, which was acquired by the Company in December of 2015 through the issuance of restricted shares of common stock valued at $16,337,210 based upon the closing price of the Company's common stock as of the closing date of the transaction (441,546,203 shares at $0.037 per share = $16,337,210). The Company recorded the transaction at the estimated fair market value of the HempMeds Brazil asset at the time of the transaction of $140,100,000. Of the Company's $45,366,733 goodwill asset as of December 31, 2017, $9,566,069 is attributable to HempMeds Brazil.

Loss from Discontinued Operations The Company took a non-cash charge of $5,906,443 in the fourth quarter of 2017 as a result of discontinuing non-core, non-essential operations.

The Unrealized Comprehensive Income for the period ended December 31, 2017 totaled $12,645,428. The income was comprised of unrealized gain in the Company's holdings of stock in Axim Notes to Financial Statements (December 31, 2017) The Company holds 22,669,100 shares of AXIM as of December 31, 2017.