0001493152-17-009642.txt : 20170821 0001493152-17-009642.hdr.sgml : 20170821 20170821133952 ACCESSION NUMBER: 0001493152-17-009642 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170821 DATE AS OF CHANGE: 20170821 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Stem Holdings, Inc. CENTRAL INDEX KEY: 0001697834 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 611794883 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55751 FILM NUMBER: 171042818 BUSINESS ADDRESS: STREET 1: 20283 STATE ROAD 7 CITY: BOCA RATON STATE: FL ZIP: 33498 BUSINESS PHONE: 561-237-2931 MAIL ADDRESS: STREET 1: 20283 STATE ROAD 7 CITY: BOCA RATON STATE: FL ZIP: 33498 10-Q 1 form10-q.htm

 

 

 

United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

FORM 10-Q

 

(Mark One)

 

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal quarter ended June 30, 2017

 

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

 

For the transition period from _________________ to _________________

 

STEM HOLDINGS, INC.

(Exact name of small business issuer as specified in its charter)

 

Nevada   000-55751   61-1794883

(State

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

20283 State Rd 7, Building 400, Suite 220,

Boca Raton, FL 33498

(Address of principal executive offices) (Zip code)

 

Issuer’s telephone number: (561) 237-2931

 

Securities registered under Section 12(g) of the Exchange Act:
Common Stock par value $0.0001

 

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

 

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

 

Large Accelerated Filer [  ]   Accelerated Filer [  ]
Non-accelerated Filer [  ] (Do not check if a smaller reporting company)   Smaller Reporting Company [X]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with 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]

 

There were 6,331,526 shares outstanding of registrant’s common stock, par value $0.001 per share, as of August 15, 2017.

 

Transitional Small Business Disclosure Format (check one): Yes [  ] No [X]

 

 

 

 

 

 

TABLE OF CONTENTS

 

    Page
  PART I  
Item 1. Financial Statements 3
     
  Condensed Balance Sheets as of June 30, 2017 (unaudited) and September 31, 2016 3
     
  Unaudited Condensed Statements of Operations for the three months and nine months ended June 30, 2017 and 2016. 4
     
  Unaudited Condensed Statements of Cash Flows for the nine months ended June 30, 2017 and 2016. 5
     
  Notes to Unaudited Condensed Consolidated Financial Statements 6
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation 16
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 20
     
Item 4. Controls and Procedures 20
     
PART II
Item 1. Legal Proceedings 21
     
Item 1A. Risk Factors 21
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21
     
Item 3. Defaults Upon Senior Securities 21
     
Item 4. Mine Safety Disclosures 21
     
Item 5. Other Information 21
     
Item 6. Exhibits 21
     
SIGNATURES 22

 

2

 

 

PART I

 

ITEM 1. FINANCIAL STATEMENTS

 

Stem Holdings, Inc.

Condensed Consolidated Statements of Financial Position

 

   June 30, 2017   September 30, 2016 
   Unaudited   * 
ASSETS        
Current Assets          
Cash and cash equivalents  $1,147,992   $798,198 
Prepaid expenses   195,147    7,000 
Note receivable-related party   75,000    - 
Subscriptions receivable   -    1,170,000 
Total current assets   1,418,139    1,975,198 
           
Property and equipment, net   2,704,631    - 
           
Other assets          
Due from related parties  $154,437   $20,412 
Project costs   18,711    41,250 
Deposits   174,308    14,000 
Software, net   49,242    - 
Total other assets   396,698    75,662 
           
Total Assets  $4,519,468   $2,050,860 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
           
Accounts payable and accrued expenses  $91,676   $19,059 
Due to related parties   16,500    34,750 
Notes payable   228,421    - 
Total Current Liabilities   336,597    53,809 
           
Shareholders’ Equity          
Preferred stock, Series A; $0.001 par value; 50,000,000 shares authorized, none outstanding as of June 30, 2017 and September 30, 2016 respectively   -    - 
           
Preferred stock, Series B; $0.001 par value; 50,000,000 shares authorized, none outstanding as of June 30, 2017 and September 30, 2016, respectively   -    - 
           
Common stock; $0.001 par value; 100,000,000 shares authorized; 6,174,610 and 4,734,163 shares issued, issuable and outstanding as of June 30, 2017 and September 30, 2016, respectively   6,174    4,734 
Additional paid-in capital   6,384,624    2,480,016 
Subscription receivable   -    (400,000)
Accumulated deficit   (2,207,927)   (87,699)
Total equity   4,182,871    1,997,051 
Total Liabilities and Shareholders’ Equity  $4,519,468   $2,050,860 

 

*Derived from audited information

The accompanying notes are an integral part of these financial statements

 

3

 

 

Stem Holdings, Inc.

Condensed Consolidated Statement of Operations

(Unaudited)

 

   Three
months
ended		   Period
from
Inception
June 7, 2016 through		   Nine
months
ended		   Period from Inception
June 7, 2016 through		 
   June 30, 2017   June 30, 2016   June 30, 2017   June 30, 2016 
                 
Revenues  $-    -   $-    - 
                     
Consulting Fee’s   (40,000)   -    (89,500)   - 
Professional Fee’s   (83,826)   -    (254,182)   - 
General and administration   (316,594)   -    (528,578)   - 
Impairment of advance - related party   -    -    (93,143)   - 
Stock based compensation   (797,991)   -    (1,159,977)   - 
Total expenses   (1,238,411)        (2,125,380)     
                     
Operating loss  $(1,238,411)   -   $(2,125,380)   - 
                     
Other income                    
Interest income   97    -    5,152    - 
Total other income   97    -    5,152    - 
                     
Net loss before income taxes   (1,238,314)   -    (2,120,228)   - 
Provision for income taxes   -         -      
Net loss for the period  $(1,238,314)   -   $(2,120.228)   - 
                     
Basic and diluted loss per common share  $(0.21)  $0.00   $(0.39)  $0.00 
Basic and diluted weighted average common shares outstanding   5,993,800    2,750,000    5,474,458    2,750,000 

 

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

 

4

 

 

Stem Holdings, Inc.

Condensed Consolidated Statement of Cash Flows

(Unaudited)

 

       For the period from 
   For the Nine   Inception on
June 7, 2016		 
   Months Ended
June 30, 2017		   through
June 30, 2016		 
         
Cash Flows from Operating Activities:          
Net loss for the period  $(2,120,228)  $- 
Adjustments to reconcile net loss to cash used in operations          
Stock-based compensation   1,159,977    - 
impairment of advance – related party   93,143    - 
Depreciation and amortization   96,585    - 
(Increase) decrease in operating assets:          
Prepaid expenses   24,936    - 
Increase (decrease) in operating liabilities:          
Accounts payable and accrued expenses   89,117    - 
Note payable          
Net Cash Flows Used In Operating Activities   (656,470)   - 
           
Cash Flows from Investing Activities:          
Fixed asset purchases   (2,454,030)   - 
Intangible property expenditures   (50,915)   - 
Project cost expenditures   (18,711)   - 
Advances to related entities   (336,918)   - 
Deposits for leasehold improvements   (160,308)   - 
Net Cash Flows used in Investing Activities   (3,020,882)   - 
           
Financing Activities:          
Proceeds from issuance of common shares   4,316,071    9,000 
Principle payments on notes payable   (288,925)   - 
Net Cash Flows Provided By Financing Activities   4,027,146    9,000 
           
Net increase in cash and cash equivalents   349,794    9,000 
Cash and cash equivalents at beginning of period   798,198    - 
Cash and cash equivalents at end of period  $1,147,992   $9,000 
           
Supplemental cash flow information          
Cash paid for interest  $-   $- 
Cash paid for taxes  $-   $- 
Non-Cash Supplemental information          
Purchase of real estate with seller financing  $304,263   $- 
Financed insurance  $213,083   $- 
Project costs paid by shareholders on behalf of the Company  $41,250   $- 

 

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

 

5

 

 

Stem Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

 

1. Incorporation and operations and going concern

 

Stem Holdings, Inc. (the “Company”) is a Nevada corporation incorporated on June 7, 2016. The Company intends to purchase, improve, and lease properties for use in the cannabis production, distribution and sales industry beginning in the state of Oregon. In September and October 2016, the Company subleased its first production facility and acquired its first commercial location, respectively. In February 2017 and May 2017, the Company acquired its second commercial location and acquired its second production facility, respectively. The Company intends to enter into 4 leases for these properties (see Note 11).

 

As shown in the accompanying consolidated financial statements, the Company has experienced recurring losses, and has accumulated a deficit of approximately $2.2 million as of June 30, 2017. For the nine months ended June 30, 2017 we had a net loss of approximately $2.1 million. The Company believes that its purchase of the farm property in Mulino, Oregon to be probable (see Note 9), and will require the Company to invest $1.7 million in its purchase in the coming months. In addition, in July 2017, the Company has entered into 4 leases with tenants that are related to the Company and its officers and directors, in which it has committed the Company to build out its properties at an estimated cost of $4.7 million (see Note 11). Given the current cash balance of approximately $1.15 million, with the unknown amount of how much the leases noted above will generate over the coming months, these factors raise substantial doubt about the ability of the Company to continue to operate as a going concern for a period of at least one year after the date of the issuance of our audited financial statements for the upcoming period ended September 30, 2017.

 

Realization of a major portion of our assets as of June 30, 2017, is dependent upon our continued operations. The Company is dependent on generating additional revenue or obtaining adequate capital to fund operating losses until it becomes profitable. As noted above, the Company has entered into leases commencing in July 2017 covering 4 of its properties. In addition, the Company is evaluating various forms of financing which may be available to it, i.e., debt and/or equity financing while carefully evaluating the impact on share dilution. There can be no assurance that the Company will secure additional financing for working capital, increase revenues and achieve the desired result of net income and positive cash flow from operations in future years. These financial statements do not give any effect to any adjustments that would be necessary should the Company be unable to report on a going concern basis.

 

2. Summary of significant accounting policies

 

Basis of preparation

 

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements included herein are unaudited. Such financial statements, in the opinion of management, contain all adjustments necessary to present fairly the financial position and results of operations as of and for the periods indicated. All such adjustments are of a normal recurring nature. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2017 or for any other period. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, and because of this, for further information, readers should refer to the financial statements and footnotes included in its Form 10 for the fiscal year ended September 30, 2016 filed on June 21, 2017. The Company believes that the disclosures are adequate to make the interim information presented not misleading.

 

Principals of Consolidation

 

The accompanying consolidated financial statements include the accounts of Stem Holdings, Inc. and its wholly-owned subsidiary, Patch International, Inc. All material intercompany accounts, transactions, and profits have been eliminated in consolidation.

 

6

 

 

Stem Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

 

Use of estimates

 

The preparation of these financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and judgments used are based on management’s experience and the assumptions used are believed to be reasonable given the circumstances that exist at the time the financial statements are prepared. The significant estimates included in these financial statements are those associated with the assumptions used to value options issued to consultants. Actual results may differ from these estimates.

 

Cash and cash equivalents

 

Cash and cash equivalents include short-term investments with original maturities of three months or less and are recorded at cost, which approximates fair market value given the short-term nature.

 

Concentrations of Credit Risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of June 30, 2017, the Company had deposits in a major financial institution that are held in a depository accounts and thus not covered by FDIC insurance.

 

Carrying value, recoverability and impairment of long-lived assets

 

The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC’) 360 to evaluate its long-lived assets. The Company’s long-lived assets, which include property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

 

The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long- lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated and amortized over the newly determined remaining estimated useful lives.

 

The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes. The Company evaluates assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events.

 

Through June 30, 2017 the Company has not experienced impairment losses on its long-lived assets.

 

Capitalization of Project Costs

 

The Company’s policy is to capitalize all costs that are directly identifiable with a specific property, would be capitalized if the Company had already acquired the property, and when the property, or an option to acquire the property, is being actively sought after, and either funds are available or will likely become available. All amounts shown capitalized prior to acquisition of a property are included under the caption of Project Costs in the balance sheet.

 

Income Taxes

 

Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of currently due plus deferred taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting carrying amounts and the respective tax bases of assets and liabilities, and are measured using tax rates and laws that are expected to be in effect when the differences are expected to be recovered or settled. Valuation allowances are provided against deferred tax assets if it is more likely than not that the deferred tax assets will not be realized.

 

7

 

 

Stem Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

 

The Company follows the guidance of FASB ASC 740-10 which relates to the Accounting for Uncertainty in Income Taxes, which seeks to reduce the diversity in practice associated with the accounting and reporting for uncertainty in income tax positions. This interpretation prescribes a comprehensive model for financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns.

 

Fair value of financial instruments

 

As defined in the authoritative guidance, fair value is 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.

 

To estimate fair value, the Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable.

 

The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1” measurements) and the lowest priority to unobservable inputs (“Level 3” measurements). The three levels of the fair value hierarchy are as follows:

 

Level 1 — Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities.

 

Level 2 — Other inputs that are observable, directly or indirectly, such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

 

Level 3 — Unobservable inputs for which there is little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities.

 

In instances in which multiple levels of inputs are used to measure fair value, hierarchy classification is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

 

Earnings per share

 

The Company presents basic and diluted per share amounts (“EPS”) data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss per share is calculated based on the weighted-average number of outstanding common shares plus the effect of dilutive potential common shares, using the treasury stock method. The Company’s calculation of diluted net loss per share excludes potential common shares as of June 30, 2017 as the effect would be anti-dilutive (i.e. would reduce the loss per share). As of June 30, 2017, the Company had issued 650,000 options exercisable into the common stock of the Company outstanding (see Note 6).

 

Emerging Growth Company

 

The Company has elected to be an emerging growth company as defined under the Jumpstart Our Business Startups Act of 2012 (“Jobs Act”). Included with this election, the Company has also elected to use the provisions within the Jobs Act that allow companies that go public to continue to use the private company adoption date rules for new accounting policies. Should the Company obtain revenues in excess of $1 billion on an annual basis, have its non-affiliated market capitalization increase to over $700 million as of the last day of its second quarter, or raise in excess of $1 billion in public offerings of its equity or instruments directly convertible into its equity, it will forfeit its status under the Jobs Act as an emerging growth company.

 

8

 

 

Stem Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

 

Property and Equipment

 

Property and equipment is stated at cost less accumulated depreciation and is depreciated using the straight-line method over the assets’ estimated useful life as follows:

 

Buildings 20 years
Leasehold improvements Shorter of term of lease or economic life of improvement
Furniture and equipment 5 years
Signage 5 years

 

Normal maintenance and repairs for equipment are charged to expense as incurred, while significant improvements are capitalized.

 

3.Note Receivable

 

On October 28, 2016, the Company loaned $100,000 to certain officers and shareholders of the Company, under a promissory note (the “Note”) due March 30, 2017 which bears interest at rate of 12% per annum. The Note provides for monthly interest payments in the amount of $1,000 commencing December 1, 2016 until the Note is fully paid. On March 15, 2017, an extension was granted through July 1st, 2017 by which the indebtedness in the amount of $100,000 is to be liquidated by four equal monthly installments of $25,000 of which the Company has received the first $25,000 payment under the updated terms as of the date of this filing. As of June 30, 2017, the parties agreed that rather than the Payors repaying the Company the remaining balance on the note, the Payors, party to this agreement, will directly pay for certain agreed improvements on the properties to the extent of the remaining balance of the note. In exchange for this undertaking by the Payors party to this agreement, the Company agrees it shall cancel the indebtedness represented by the note, together with any interest accrued or to be accrued thereon. No payments were made by the debtors for improvements on behalf of the Company as of June 30, 2017. The Note is secured by a pledge of 50,000 shares of Company common stock owned by the debtors.

 

4.Property, Plant & Equipment

 

At June 30, 2017 property and equipment consisted of the following:

 

Signage  $19,118 
Furniture and equipment   90,612 
Leasehold improvements   471,321 
Architectural and Design   75,313 
Buildings   1,578,627 
Construction in progress(1)   564,552 
Subtotal   2,799,543 
Accumulated depreciation   (94,912)
Property, plant and equipment, net   2,704,631 

 

(1) Because the Company believes it is probable that it will close on the Mulino property (see Note 9), the Company has treated the costs to improve the property as construction in progress and not as project costs as of June 30, 2017.
   
  On November 1, 2016, the Company acquired certain real property located at 1027 Willamette Street, Eugene, OR 97401 (the “Property”) for a total cash purchase price plus closing costs of approximately $918,000.
   
  On February 6, 2017, the Company acquired certain real property located at 7827 SE Powell Blvd, Portland, OR 97206 (the “Property”) for a total purchase price plus closing costs of approximately $656,498. As part of the consideration for closing on the property, the Company issued a short term note payable to the seller in the Amount of approximately $304,000.

 

9

 

 

Stem Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

 

The note is non-interest bearing requires four monthly payments of $75,000 plus a final payment for the remaining amount due immediately thereafter. Due to the short-term nature of the note, the Company has not imputed any interest as it would be immaterial to the results for the period. As of June 30, 2017, the balance owed on the note was $79,263.

 

Depreciation expense was $94,912 for the period ended June 30, 2017

 

5.Acquisition of Patch International, Inc.

 

In November 2016, the Company entered into an agreement to acquire 100% of the issued and outstanding shares of Patch International, Inc. (“Patch”). In order to close the transaction, Patch is required to submit for approval to certain Canadian government courts, hold a general meeting of its shareholders and have the shareholders vote to approve the merger, and certain other customary requirements. As of the time of the agreement, Patch did not have any operations, and is considered a dormant entity. The Company will issue shares of its common stock based on a price of $2.40 per common share, with the number of shares to be issued based on the amount of cash held at the time of closing of the transaction, converted from Canadian dollars into US dollars. In addition, the Company has agreed to issue to Patch shareholders additional shares at the same $2.40 per share in the event that the Company collects on a fully reserved receivable in the amount of $500,000 owed to Patch by a related party. As of the date of the acquisition and of these financial statements, the Company considers the receivable uncollectible (as did Patch, which reserved 100% of the outstanding receivable in its audited financial statements) and does not anticipate issuing additional shares for its collection.

 

On January 20, 2017, the Patch Shareholders held their general meeting and they voted to be acquired by the Company. On January 23, 2017, the Company issued 1,048,762 of its shares to acquire 100% of the issued and outstanding shares of Patch for consideration in the amount of $2,452,058. The Company has been informed that two shareholders, representing less than 2% of Patch shares outstanding have chosen to not vote for the merger. Under Canadian law, the Company committed to purchase these shares for cash consideration in the amount $53,534.53 US dollars. The Company has treated the payment to acquire the dissenter shares as a reduction in the cash acquired.

 

The Company has not accounted for the acquisition of Patch as a business combination. Because Patch was a dormant entity with its only asset being cash, the acquisition was treated essentially as an acquisition of cash.

 

6.Stock Purchase Options

 

During the nine months ended June 30, 2017, the Company entered into three separate consulting agreements, the first in November 2016, the second in January 2017 & February 2017, and the third in June 2017, and as part of those agreements agreed to issue a total of 500,000 options to purchase the common stock of the Company, with an exercise price of $2.40 per share and a term of 4 years. Pursuant to the first agreement to issue options to acquire a total of 200,000 of the Company’s common stock, options to acquire 100,000 shares vested immediately, options to acquire 50,000 shares that vest 6 months upon a registration statement being declared effective in which the underlying shares to the options are registered and the final option to acquire 50,000 shares vests 1 year after a registration statement is declared effective in which the underlying shares to the option are registered connection with the execution of a consulting agreement. Pursuant to the second consulting agreement, 100,000 options vested immediately and pursuant to the third consulting agreement, one third of option to acquire the 100,000 options vests immediately and the remaining two thirds vest monthly for the next 30 months which equals 2,222 a month. In June 2017, the Company agreed to issue options for a total of 200,000 shares of stock of the Company to three separate entities and individuals for consulting and professional services. All of the June 1, 2017 options had an exercise price of $2.40 per share, have a term of 4 years and the Company believes that the fair value of the underlying common on the date of issuance was $2.40 per share. The first 100,000 share issuance vested entirely at issuance, while the following two 50,000 share issuances vested quarterly over 1 year from issuance.

 

10

 

 

Stem Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

 

In total, the Company recorded stock based compensation expense to the consultants of approximately $582,000 as a result of these options in the nine months ended June 30, 2017. In addition, due to the vesting provisions, the Company revalued the unvested options issued in the first and second fiscal quarter as June 30, 2017 and determined that the value of the options issued in the first quarter had reduced in value from the original valuation recorded by $0.97 per option share and the second quarter issuances had reduced in value by $0.79 per option share. This resulted in a reduction of consulting costs for the option based compensation of approximately $107,000 in the period ended June 30, 2017.

 

During the period ended June 30, 2017, the Company entered into two separate employment agreements, both dated June 1, 2017, and as part of those agreements agreed to issue a total of 150,000 options to purchase the common stock of the Company, with an exercise price of $2.40 per share and a term of 3 years. Pursuant to these agreements, 150,000 shares vested immediately month. In total, the Company recorded stock based compensation expense to the officers of $205,500 as a result of these options in the nine months ended June 30, 2017.

 

A summary of the change in stock purchase options outstanding for the period ended June 30, 2017 is as follows:

 

           Remaining 
           Contractual 
   Options   Exercise   Life 
   Outstanding   Price   (Years) 
Balance – September 30, 2016   -    -    - 
Options issued   650,000   $2.40    4 
Options expired   -    -    - 
Options exercised   -    -    - 
Balance – June 30, 2017   650,000   $2.40    4 

 

The Company valued the options issued using a Black Scholes Merton option pricing model using the following assumptions:

 

Stock price on date of grant  $2.40 
Risk free rate of interest   5.0%
Expected life of warrant – in months   48 
Dividend rate   0 
Historic volatility*   160-224%

 

* the Company has used the historic volatility of 6 companies engaged in providing ancillary type services to the cannabis industry as an approximation of its expected volatility.

 

11

 

 

Stem Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

 

7.Shareholders’ Equity

 

Preferred shares

 

The Company has no preferred shares issued and outstanding as of June 30, 2017.

 

Common shares

 

The holders of common shares are not entitled to receive dividends, however, are entitled to one vote per share at meetings of the Company.

 

A summary of stock-based compensation for the nine months ended June 30, 2017 is as follows:

 

Stock Grants:      Stock Based 
   Shares   Compensation Expense 
Officers (common stock)   150,000   $360,000 
Non-Employments Consultants (common stock)   50,000   $120,000 
           
Total   200,000   $480,000 

 

For both the employee and non-employee common stock grants noted above were valued at $2.40 per share in the quarter ended June 30, 2017.

 

The Company received subscriptions in a private placement offering and received amounts for its acquisition completed for the following shares during the nine months ended June 30, 2017:

 

  ● During October 1, 2016 through June 30, 2017, 225,000 common shares at $2.40 per share to unaffiliated investors for $540,000.
     
  ●  During October 1, 2016 through June 30, 2017, 50,000 common shares at $0.15 per share to unaffiliated investor for $7,500.
     
  ● In February 2017, 1,048,782 common shares to acquire the stock of Patch International, Inc. and receipt of $2,398,523.

 

Subscription receivable

 

During the nine months ended June 30, 2017, the Company collected in full its subscription receivable of $1,170,000 for the issuance of 487,500 common shares that was outstanding as of September 30, 2016. This is included in the total above.

 

On August 30, 2016, the Company received a subscription for $800,000 for the issuance of 333,333 shares and issued 166,666 shares of common stock, to be held in escrow, pending the receipt of $400,000. According to the securities purchase agreement with the shareholder, the payment was received and the common shares are to be released from escrow on or before April 15, 2017. On April 7, 2017, the Company and Investor amended the original agreement to reduce the subscription entered from its original total of $800,000, of which $400,000 was a receivable to $600,000 comprising an aggregate of 250,000 shares of the Company’s common stock. The remaining balance of the then updated subscription receivable of $200,000 was satisfied and received in April 2017.

 

These amounts are not included in the subscription totals for the nine months ended June 30, 2017 noted above.

 

12

 

 

Stem Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

 

8.Related party transactions

 

Prior to the formation of the Company, one of its shareholders entered into an agreement to acquire a commercial property located in Eugene Oregon, as more fully described in Note 4, which sale agreement was later transferred to the Company (see Note 9) after its formation. That shareholder and two other shareholders also advanced funds that were applied as escrow deposits upon closing in the amount of $34,750 which has been included as an asset as part of project costs and in current liabilities section of these financial statements as Due to Shareholders. As of June 2017, $29,250 was repaid to one of the shareholders.

 

During the period ended September 30, 2016, the Company advanced $20,412 in payment of legal fees to entities being formed by certain shareholders of the Company, which is shown as a long term related party receivable in these financial statements. In December 2016, the Company advanced, on behalf of the related entities, an additional $45,000 in payment of legal fees and a payment of $4,750 for licensing fees, on behalf of related entities, to the Oregon Liquor Control Commission, the entity that regulates cannabis production and distribution in Oregon.

 

In the quarter ended March 31, 2017, the Company determined that it could no longer continue capitalizing the amounts advanced and impaired approximately $93,000 (the amounts advanced during that quarter). In the quarter ended June 30, 2017, the Company believed it could capitalize the advances made during the quarter ended June 30, 2017 because in July 2017, as part of the lease agreements entered into with the related parties (see Note 11), the leases contained agreements to repay those amounts advanced to date. As of June 30, 2017, the Company has recorded as receivable from the related parties $154,437. Should collection occur in future periods of the amounts previously impaired, the Company will record those as income at the time of collection.

 

9.Commitments and contingencies

 

In July 2016, the Company entered into a 10-year lease for a commercial building from an unrelated third party in Springfield, Oregon. At the time the original lease was entered into, the Company had expected to close on significant subscriptions from its private placement. However, when those did not immediately materialize, the Company entered into an agreement with the landlord to cancel the lease and in addition, paid the landlord $15,000 not to rent out the property until such time the Company could enter into a new lease. In September 2016, the Company entered into a new 10-year lease with the landlord that commenced in November 2016. The lease requires the Company to pay a base rental fee of $7,033 plus an additional estimated $315 per month in real estate taxes in which the base rental fee escalates each year by approximately 2%. All taxes (including reconciling real estate taxes), maintenance and utilities are included at the end of each year as a one-time payment. In addition, the Company also remitted $14,000 for a security deposit to the landlord. The Company expects to sublease out this space in the near future.

 

In August 2016, the Company and certain shareholders of the Company entered into a “Multi Party” Agreement, in which the Company became obligated to lease or acquire three separate real estate assets, and separately, if certain events occur (see below), additional real estate assets held by entities related to those shareholders. In September 2016, the Company entered into the lease as more fully described above, and in November 2016, acquired a property after the shareholder that owned the purchase agreement transferred that purchase agreement to the Company, in accordance with the Multi Party agreement (see Note 4). As of the date of these financial statements, the Company has entered into negotiations for the acquisition of the third property in Mulino, Oregon, but as of yet has not exchanged final closing documents (see below). Should the Company obtain in excess of $10,000,000 through a combination of its private placements and its merger with Patch Holdings, Inc. (see Note 5), it is required to purchase certain real estate properties owned by entities affiliated with certain of its shareholders.

 

In addition, certain shareholders of the Company have begun organizing entities that will operate directly in the cannabis industry, and the Company leases its properties to these entities. The Multi Party Agreement also requires that in the event that the US Government amends Title 21 of the United States Code, otherwise known as the Controlled Substances Act, to remove cannabis as a Schedule I drug, and the Company raises more than $10 million in equity and merger funding, the Company is required to enter into agreements to acquire those related entities and issue such equity that the shareholders of the related entities obtain 75% of the then issued and outstanding equity of the Company, regardless of the profitability or financial condition of the related entities at the time of their acquisition.

 

13

 

 

Stem Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

 

In February 2017, the Company entered into a 1-year lease for the occupancy of the Company’s corporate office located in Boca Raton, Florida. The lease requires the Company to pay a base rental fee of $785.00 per month. All taxes, maintenance and utilities are included. In addition, the Company also remitted $785 for a security deposit to the landlord.

 

In February 2017, the Company entered into an advisory agreement with an unrelated third party with a term of 12 months. As part of that agreement, the third party agreed to provide assistance for the Company with respect to eligibility for becoming quoted on the OTCQB/OTCQX and advising and assisting the Company in complying with its ongoing OTCQB/OTCQX disclosure obligation under current federal and state securities laws. These services to the Company are exchanged for a $10,000 upfront payment, and $5,000 payment upon the acceptance on OTCQB/OTCQX.

 

On April 15, 2017, the Company entered into a “Contract for Sale” for a farm property in Mulino Oregon, pursuant to which the seller will sell the premises to the Company upon the completion of the Company’s due diligences investigations and completion of the closing conditions precedent to each party’s obligations under the Contract for Sale. The purchase price is $1,700,000 that will be reduced by a rental credit of $105,000 (as indicated below) which is equivalent to 7 months at $15,000 a month. A note payable will be executed in the amount of $1,200,000 with a maturity two years from closing date. The balance of $395,000 will be paid at closing which shall occur the earlier of (i) the 30th day after the Company obtains Water Rights from Oregon Liquor Control Commission (“OLCC”) permits, and (ii) October 5, 2017, or such other date as the parties may agree upon in writing. In April 2017 in order for the Company to make use of the Premises while completing its due diligence and while the parties complete their conditions to closing under the Contract for Sale, seller and Company have agreed to lease the premises to Company upon the following terms and conditions. The term of the lease commences April 5, 2017 and expires the earlier to occur 1) the termination of the contract of sale by either party thereto in accordance with its terms; 2) the closing date. The lease requires the Company to pay a base rental fee of $15,000 for the first 7 months with no lease deposit required. All taxes (including real estate taxes, and personal property taxes) are the responsibility of the Company. As of the date of filing of this Form 10-Q, the Company believes it probable that it will close on the Contract for Sale of the property.

 

In June 2017, the Company entered into an investor relation advisory agreement with an unrelated third party with a term of 12 months. As part of that agreement, the third party agreed to provide assistance for the Company with respect to strategic investor relations, road shows, investment banking, and corporate presentations. These services to the Company are exchanged for a $6,000 a month.

 

During the nine months ended June 30, 2017, the Company incurred total rent expense of $101,915.

 

10.Note Payable

 

As of February 2017, the Company entered into a 10-month premium finance agreement and disclosure statement in consideration for a one year Directors and Officers insurance policy in the principal amount of $212,500 and an additional service fee, included in the financed principal of $5,700. The note bears an annual interest rate of 5.81% and requires the Company to make monthly payments of $21,820 over the term of the note. As of June 30, 2017, the obligation left on the note is $149,158.

 

11.Subsequent events

 

Subsequent to June 30, 2017, and up to the date of this filing, 78,583 shares of our common stock, as part of our continuing private placement at $2.40 per share, were issued for consideration of $188,600 in cash.

 

In July 2017, the Company commenced rental operations through real estate leases with entities that engage in the cultivation, processing and sale of cannabis. All of the leases noted below have entities as lessees that are related parties to the Company (through common ownership and management). As part of the lease agreements noted below, the Company has committed to funding buildouts separate from the actual purchase price of the properties that in total amounts to approximately $4.7 million.

 

14

 

 

Stem Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

 

1027 Willamette

 

In July 2017, the Company entered into an operating lease agreement with a marijuana dispensary (the “Lessee”) to move into the Company’s acquired property located at 1027 Willamette Street in Eugene, Oregon. The lease agreement is for a base term of ten years (see note below) and a monthly rent obligation of $13,800, subject to annual increases of 3% per year, plus an amount for additional rent based on final buildout costs incurred by the Company. The lease is a double net lease with maintenance and real property taxes to be paid by the Tenant and insurance costs paid by the Company.

 

Upon the expiration of the term of ten years, the Lessee has the option to renew the lease agreement for one five-year term, on the same terms as provided in the lease agreement.

 

Springfield Suites

 

In July 2017, the Company entered into a lease agreement for its property and warehouse building located at 800 N 42nd street in Springfield, Oregon. The lease agreement is for a term of ten years (see note below) and a monthly rent obligation of $64,640, subject to annual increases of 3% per year plus an amount for additional rent based on final buildout costs incurred by the Company. The lease is a double net lease with maintenance and real property taxes to be paid by the Tenant and insurance costs paid by the Company. Rent will begin to accrue on the date plant growing commences on the property and rental payments will begin after first harvest. The Company expects to treat such period as a free rental period for accounting purposes. At the time rental payments begin, the total of base rent and additional rent will not be less than $1.00 per foot for light assisted greenhouse and $.25 per usable square foot for un-light assisted greenhouse or outdoor grow space.

 

Upon the expiration of the term of ten years, the Lessee has the option to renew the lease agreement for five-year term, on the same terms as provided in the lease agreement.

 

14336 S. Union Hall Road Mulino

 

In July 2017, the Company entered into a lease agreement for its property located at 14336 South Union Hall Road in Mulino, Oregon. The lease agreement is for a term of ten years (see note below) and a monthly rent obligation of $18,750, subject to annual increases of 3% per year plus an amount for additional rent based on final buildout costs incurred by the Company. The lease is a double net lease with maintenance and real property taxes shall be paid by the Tenant and insurance costs paid by the Company. Rent will begin to accrue on the date plant growing commences on the property and rental payments will begin after first harvest. The Company expects to treat such period as a free rental period for accounting purposes. At the time rental payments begin, the total of base rent and additional rent will not be less than $1.00 per foot for light assisted greenhouse and $.25 per usable square foot for un-light assisted greenhouse or outdoor grow space.

 

Upon the expiration of the term of ten years, the Lessee has the option to renew the lease agreement for five year term, on the same terms as provided in the lease agreement.

 

7827 SE Powell

 

In July 2017, the Company entered into a lease agreement for its acquired property located at 7827 SE Powell Blvd. in Portland, Oregon. The lease agreement is for a term of ten years and a monthly rent obligation of $6,523, subject to annual increases of 3% per year. Maintenance and real property taxes shall be paid by the Tenant and insurance paid by the Company. Additional rents will be added to pay landlord back for tenant improvements by the end of the first term of the lease, payments will include annual interest at 12% compounded monthly.

 

Upon the expiration of the term of ten years, the Lessee has the option to renew the lease agreement for five-year term, on the same terms as provided in the lease agreement.

 

15

 

 

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

 

Forward Looking Statements

 

This Interim Report on Form 10-Q contains, in addition to historical information, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PLSRA”), Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) regarding Stem Holdings, Inc. (the “Company” or “Stem”, also referred to as “us”, “we” or “our”). Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements involve risks and uncertainties. Forward-looking statements include statements regarding, among other things, (a) our projected sales, profitability, and cash flows, (b) our growth strategies, (c) anticipated trends in our industries, (d) our future financing plans and (e) our anticipated needs for working capital. They are generally identifiable by use of the words “may,” “will,” “should,” “anticipate,” “estimate,” “plans,” “potential,” “projects,” “continuing,” “ongoing,” “expects,” “management believes,” “we believe,” “we intend” or the negative of these words or other variations on these words or comparable terminology. These statements may be found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Description of Business,” as well as in this Form 10-Q generally. In particular, these include statements relating to future actions, prospective products or product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, and financial results.

 

Any or all of our forward-looking statements in this report may turn out to be inaccurate. They can be affected by inaccurate assumptions we might make or by known or unknown risks or uncertainties. Consequently, no forward-looking statement can be guaranteed. Actual future results may vary materially as a result of various factors, including, without limitation, the risks outlined under “Risk Factors” detailed in the Company’s Form 10 registration statement and matters described in this Form 10-Q generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. You should not place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to publicly update any forward-looking statements, whether as the result of new information, future events, or otherwise. We intend that all forward-looking statements be subject to the safe harbor provisions of the PSLRA.

 

For the period from June 7, 2016 (date of inception) to September 30, 2016, the financial statements have been prepared by management in accordance with the standards of the Public Company Accounting Oversight Board (United States). For the three and nine months ended June 30, 2017, the unaudited interim financial statements have been prepared by management in accordance with the condensing rules of the United States Securities and Exchange Commission.

 

OVERVIEW

 

Stem Holdings, Inc. (the “Company” or “Stem”) is a Nevada corporation incorporated on June 7, 2016. The Company was formed to purchase, improve, and lease properties and finance assets which are operated by third parties and are used for the cultivation and retail sale of marijuana. During the nine months ended June 30, 2017, the Company was an early stage company which was only engaged in initial capital formation and general and administrative activities related to formation of the company. No comparison to prior periods are available in this discussion.

 

Summary of Results

 

   Three Months Ended
June 30, 2017		   Nine Months Ended
June 30, 2017		 
         
Revenues  $0.00   $0.00 
Net (loss)  $(1,238,314)  $(2,120,228)
Basic and diluted earnings (loss) per share  $(0.21)  $(0.35)

 

16

 

 

There is no comparable financial information for any prior periods as the Company was formed on June 7, 2016.

 

Financial overview of the Three Months and Nine Months Ended June 30, 2017

 

The Company had no revenues during the three and nine-month periods ended June 30, 2017. The Company incurred an aggregate of general and administrative expense of $528,578 and $316,594 during the nine month and three month periods ended June 30, 2017, respectively. For the three and nine months ended June 30, 2017, the Company incurred professional fees of $83,826 and $254,182, respectively, a significant portion of which are related to the Company’s filing of its Form 10 Registration Statement. The Company expects that as its activities increase over time, its general and administrative and professional fee costs will increase. Consulting costs and compensation of directors, officers and employees will fluctuate as the Company attempts to identify early stage prospects for possible future purchase consideration and continues to use equity instruments as forms of compensation for those services. Through the nine months ended June 30, 2017, the Company raised an aggregate of $4.32 million through the sale of common stock, after paying costs of raising those funds, and net of the amounts paid to dissenting Patch International, Inc. shareholders.

 

The Company expects to continue to incur general and administrative costs at rates consistent with its past results while it continues to acquire and then upgrade the properties its acquire. The Company expects that it will begin realizing revenues from renting the properties it has acquired and upgraded in the 4th quarter of fiscal 2017.

 

Transaction with Patch International, Inc.

 

On January 20, 2017, the shareholders of Patch International, Inc. voted to be acquired by the Company. As a result, the merger with Patch International, Inc. closed and the Company now has received an additional approximately $2.4 million which was on Patch’s books at the time of the acquisition, net of the approximately $54,000 paid to dissenting Patch International, Inc. shareholders.

 

Properties

 

(1) The Company owns a property located at 1027 Willamette Street, Eugene, Oregon, which is an operating cannabis dispensary.

 

(2) The Company leases a property located at 800 N. 42nd Street, Springfield, Oregon which it intends to develop into a 16,000-sq. ft. indoor cannabis growing facility. The Company is the lessee under a Lease with an initial term of five (5) years together with renewal options on the part of the Company for four (4) five-year renewal periods. The lease commenced November 15, 2016 at an initial base rental of $7,033 per month, escalating by a factor of two percent (2%) per year during the term, or any extension thereof.

 

(3) The Company owns property located at 7827 SE Powell Blvd., Portland, Oregon, which it intends to develop into a cannabis dispensary.

 

(4) The Company leases and has an agreement to ultimately purchase a farm property located in Mulino, Oregon. Under the terms of the Lease Agreement, the Company agreed to lease the property for a term commencing April 5, 2017 and terminating the date of termination of the Contract of Sale or a closing under the Contract of Sale for a monthly rental of $15,000. The purchase price under the Contract of Sale is $1,700,000 and the closing is to occur on the earlier of the purchaser obtaining certain water rights with respect to the property or October 5, 2017. In order to fund the purchase price, the Company will be required to fund $500,000 of the purchase price at time of closing and will deliver a note to the seller for approximately $1.2 million, which will require monthly payments of $13,500 including interest at a rate of 2% per annum over 24 months. The maturity of the note is 2 years following the closing of the purchase of the property. In addition, in the event that the Company deploys more than $10 million in investment in real estate assets, the Company is required to acquire certain real estate properties from certain of the Company’s shareholders and their affiliated entities. Each of these properties will be leased on a double net basis to qualified tenants. The Company will not be involved in the operation of these properties or in the growing or sale of cannabis.

 

17

 

 

LIQUIDITY AND FINANCIAL CONDITION

 

Liquidity and Capital Resources

 

The Company had cash of $1,147,992 as of June 30, 2017. On January 30, 2017, the shareholders of Patch International, Inc. voted to be acquired by the Company. As a result of the merger with Patch International, Inc., the Company received approximately $2.4 million which was on Patch’s books at the time of acquisition, net of amounts paid to dissenting Patch International, Inc. shareholders.

 

Our primary uses of cash have been for salaries, fees paid to third parties for professional services, property operating expenses, general and administrative expenses, and the acquisition and development of rental properties. All funds received have been expended in the furtherance of growing the business. We have received funds from financing activities such as from the sale of our common stock. The following trends are reasonably likely to result in changes in our liquidity over the near to long term:

 

  ● An increase in working capital requirements to finance our current business,
  ● Acquisition and buildout of rental properties;
  ● Addition of administrative and sales personnel as the business grows and
  ● The cost of being a public company.

 

We currently have committed that we would need to spend approximately $3,700,000 on capital expenditures for the expansion and buildout of our Powell and Springfield Property and in addition $1,700,000 to purchase Mulino. These capital expenditures are contingent upon several factors including: the Company obtaining financing for the development of the premises and the construction of the tenant improvements in such amount and on such terms and provisions as are acceptable to the Company.

 

We have used our available funds to fund our operating expenses, pay our obligations, acquire and develop rental properties, and grow our company. We need to raise significant additional capital or debt financing to acquire new properties, to develop existing properties, and to assure we have sufficient working capital for our ongoing operations and debt obligations.

 

CRITICAL ACCOUNTING POLICIES

 

Use of estimates

 

The preparation of our financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and judgments used are based on management’s experience and the assumptions used are believed to be reasonable given the circumstances that exist at the time the financial statements are prepared. Actual results may differ from these estimates.

 

Capitalization of Project Costs

 

The Company’s policy is to capitalize all costs that are directly identifiable with a specific property, would be capitalized if the Company had already acquired the property, and when the property, or an option to acquire the property, is being actively sought after, and either funds are available or will likely become available. All amounts shown capitalized prior to acquisition of a property are included under the caption of Project Costs in the balance sheet.

 

18

 

 

Emerging Growth Company

 

The Company has elected to be an emerging growth company as defined under the Jumpstart Our Business Startups Act of 2012 (“Jobs Act”). Included with this election, the Company has also elected to use the provisions within the Jobs Act that allow companies that go public to continue to use the private company adoption date rules for new accounting policies. Should the Company obtain revenues in excess of $1 billion on an annual basis, have its non-affiliated market capitalization increase to over $700 million as of the last day of its second quarter, or raise in excess of $1 billion in public offerings of its equity or instruments directly convertible into its equity, it will forfeit its status under the Jobs Act as an emerging growth company.

 

CONTRACTUAL OBLIGATIONS AND COMMITMENTS

 

In July 2016, the Company entered into a 10-year lease for a commercial building from an unrelated third party in Springfield, Oregon. At the time the original lease was entered into, the Company had expected to close on significant subscriptions from its private placement. However, when those did not immediately materialize, the Company entered into an agreement with the landlord to cancel the lease and in addition, paid the landlord $15,000 not to rent out the property until such time the Company could enter into a new lease. In September 2016, the Company entered into a new 10-year lease with the landlord that commenced in November 2016. The lease requires the Company to pay a base rental fee of $7,033 plus an additional estimated $315 per month in real estate taxes in which the base rental fee escalates each year by approximately 2%. All taxes (including reconciling real estate taxes), maintenance and utilities are included at the end of each year as a one-time payment. In addition, the Company also remitted $14,000 for a security deposit to the landlord. The Company expects to sublease out this space in the near future.

 

In August 2016, the Company and certain shareholders of the Company entered into a “Multi Party” Agreement, in which the Company became obligated to lease or acquire three separate real estate assets, and separately, if certain events occur (see below), additional real estate assets held by entities related to those shareholders. In September 2016, the Company entered into the lease as more fully described above, and in November 2016, acquired a property after the shareholder that owned the purchase agreement transferred that purchase agreement to the Company, in accordance with the Multi Party agreement.

 

In April 2017, the Company executed a Lease Agreement and Contract of Sale with a third party with respect to the Lease and ultimate purchase of a farm property located in Mulino, Oregon. Under the terms of the Lease Agreement, the Company agreed to lease the property for a term commencing April 5, 2017 and terminating the date of termination of the Contract of Sale or a closing under the Contract of Sale for a monthly rental of $15,000. The purchase price under the Contract of Sale is $1,700,000 and the closing is to occur on the earlier of the purchaser obtaining certain water rights with respect to the property or October 5, 2017. In order to fund the purchase price, the Company will be required to fund $395,000 of the purchase price at time of closing and will deliver a note to the seller for approximately $1.2 million, which will require monthly payments of $13,500 including interest at a rate of 2% per annum over 24 months. The maturity of the note is 2 years following the closing of the purchase of the property. In addition, in the event that the Company deploys more than $10 million in investment in real estate assets, the Company is required to acquire certain real estate properties from certain of the Company’s shareholders and their affiliated entities.

 

Should the Company obtain in excess of $10,000,000 through a combination of its private placements and its merger with Patch Holdings, Inc. (see Note 5), it is required to purchase certain real estate properties owned by entities affiliated with certain of its shareholders.

 

In addition, certain shareholders of the Company have begun organizing entities that will operate directly in the cannabis industry, and the Company intends to offer leases of its properties to these entities in the near future. The Multi Party Agreement also requires that in the event that the US Government amends Title 21 of the United States Code, otherwise known as the Controlled Substances Act, to remove cannabis as a Schedule I drug, and the Company raises more than $10 million in equity and merger funding, the Company is required to enter into agreements to acquire those related entities and issue such equity that the shareholders of the related entities obtain 75% of the then issued and outstanding equity of the Company, regardless of the profitability or financial condition of the related entities at the time of their acquisition.

 

19

 

 

In February 2017, the Company entered into a 1-year lease for the occupancy of the Stem Holdings, Inc’s. corporate office located in Boca Raton, Florida. The lease requires the Company to pay a base rental fee of $785.00 per month. All taxes, maintenance and utilities are included. In addition, the Company also remitted $785 for a security deposit to the landlord.

 

In February 2017, the Company entered into an advisory agreement with an unrelated third party with a term of 12 months. As part of that agreement, the third party agreed to provide assistance for the Company with respect to eligibility for becoming quoted on the OTCQB/OTCQX and advising and assisting the Company in complying with its ongoing OTCQB/OTCQX disclosure obligation under current federal and state securities laws. These services to the Company are exchanged for a $10,000 upfront payment, and $5,000 payment upon the acceptance on OTCQB/OTCQX.

 

OFF-BALANCE SHEET ARRANGEMENTS

 

The Company does not have any off-balance sheet arrangements.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4. CONTROLS AND PROCEDURES

 

(a) Evaluation of Disclosure Controls and Procedures

 

Our Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Securities Exchange Act Rule 13a-15(e)) as of the end of the quarterly period covered by this report, have concluded that our disclosure controls and procedures are not effective to reasonably ensure that material information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s Rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The principal basis for this conclusion is the lack of segregation of duties within our financial function and the lack of an operating Audit Committee.

 

(b) Changes in Internal Control over Financial Reporting

 

There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) under the Exchange Act) during the fiscal period to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

20

 

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

None.

 

ITEM 1A. RISK FACTORS

 

Smaller reporting companies are not required to provide the information required by this item.

 

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

 

The following table sets forth all securities issued by Stem since between April 1, 2017 and August 8, 2017:

 

   Date  Number of
Shares		   Security  Price US$ 
Investors in $2.40/share Offering  4/5/2017-8/8/2017   222,748   Common Stock  $2.40 
Officer’s Compensation  8/8/2017   150,000   Common Stock  $2.40 

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

ITEM 6. EXHIBITS

 

Exhibit No.   Description
     
31.1/31.2   Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(a) and Rule15d- 14(a) of the Securities Exchange Act of 1934, as amended
     
32.1/32.2   Certification of Principal Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101.INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema Document
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document

 

21

 

 

SIGNATURES

 

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

 

  STEM HOLDINGS, INC.
     
August 21, 2017 By: /s/ Adam Berk
    Adam Berk, President and Chief Executive Officer

 

22

 

 EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

I, Adam Berk, certify that:

 

  1. I have reviewed this Form 10-Q for the period ended June 30, 2017 of Stem Holdings, Inc.;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

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

 

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

 

  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 21, 2017  
   
/s/ Adam Berk  
Adam Berk  
Principal Executive Officer  

 

 

 

 EX-31.2 3 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

I, Steve Hubbard, certify that:

 

  1. I have reviewed this Form 10-Q for the period ended June 30, 2017 of Stem Holdings, Inc.;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

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

 

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

 

  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 21, 2017  
   
/s/ Steve Hubbard  
Steve Hubbard  
Principal Financial Officer  

 

 

 

 EX-32.1 4 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of Stem Holdings, Inc., a Nevada corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

 

The quarterly report on Form 10-Q for the period ended June 30, 2017 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: August 21, 2017  
   
  /s/ Adam Berk
  Adam Berk
  Principal Executive Officer

 

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

 

 

 

 

 EX-32.2 5 ex32-2.htm

 

EXHIBIT 32.2

 

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), the undersigned officer of Stem Holdings, Inc., a Nevada corporation (the “Company”), does hereby certify, to such officer’s knowledge, that:

 

The quarterly report on Form 10-Q for the period ended June 30, 2017 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: August 21, 2017  
   
  /s/ Steve Hubbard
  Steve Hubbard
  Principal Financial and Accounting Officer

 

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

 

 

 

 

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Jun. 30, 2017
Aug. 15, 2017
Document And Entity Information    
Entity Registrant Name Stem Holdings, Inc.  
Entity Central Index Key 0001697834  
Document Type 10-Q  
Document Period End Date Jun. 30, 2017  
Amendment Flag false  
Current Fiscal Year End Date --09-30  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   6,331,526
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2017  
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Sep. 30, 2016
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Cash and cash equivalents $ 1,147,992 $ 798,198
Prepaid expenses 195,147 7,000
Note receivable-related party 75,000
Subscriptions receivable 1,170,000
Total current assets 1,418,139 1,975,198
Property and equipment, net 2,704,631
Other assets    
Due from related parties 154,437 20,412
Project costs 18,711 41,250
Deposits 174,308 14,000
Software, net 49,242
Total other assets 396,698 75,662
Total Assets 4,519,468 2,050,860
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accounts payable and accrued expenses 91,676 19,059
Due to related parties 16,500 34,750
Notes payable 228,421
Total Current Liabilities 336,597 53,809
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Additional paid-in capital 6,384,624 2,480,016
Subscription receivable (400,000)
Accumulated deficit (2,207,927) (87,699)
Total equity 4,182,871 1,997,051
Total Liabilities and Shareholders' Equity 4,519,468 2,050,860
Series A Preferred Stock [Member]    
Shareholders' equity    
Preferred stock value
Series B Preferred Stock [Member]    
Shareholders' equity    
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[1] Derived from audited information
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Jun. 30, 2017
Jun. 30, 2017
Income Statement [Abstract]      
Revenues
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Professional Fee's (83,826) (254,182)
General and administration (316,594) (528,578)
Impairment of advance - related party (93,143)
Stock based compensation (797,991) (1,159,977)
Total expenses (1,238,411) (2,125,380)
Operating loss (1,238,411) (2,125,380)
Other income      
Interest income 97 5,152
Total other income 97 5,152
Net loss before income taxes (1,238,314) (2,120,228)
Provision for income taxes
Net loss for the period $ (1,238,314) $ (2,120,228)
Basic and diluted loss per common share $ 0.00 $ (0.21) $ (0.21)
Basic and diluted weighted average common shares outstanding 2,750,000 5,993,800 5,474,458
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 1 Months Ended 9 Months Ended
Jun. 30, 2016
Jun. 30, 2017
Cash Flows from Operating Activities:    
Net loss for the period $ (2,120,228)
Adjustments to reconcile net loss to cash used in operations    
Stock-based compensation 1,159,977
impairment of advance - related party 93,143
Depreciation and amortization 96,585
(Increase) decrease in operating assets:    
Prepaid expenses 24,936
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses 89,117
Note payable
Net Cash Flows Used In Operating Activities (656,470)
Cash Flows from Investing Activities:    
Fixed asset purchases (2,454,030)
Intangible property expenditures (50,915)
Project cost expenditures (18,711)
Advances to related entities (336,918)
Deposits for leasehold improvements (160,308)
Net Cash Flows used in Investing Activities (3,020,882)
Financing Activities:    
Proceeds from issuance of common shares 9,000 4,316,071
Principle payments on notes payable (288,925)
Net Cash Flows Provided By Financing Activities 9,000 4,027,146
Net increase in cash and cash equivalents 9,000 349,794
Cash and cash equivalents at beginning of period 798,198 [1]
Cash and cash equivalents at end of period 9,000 1,147,992
Supplemental cash flow information    
Cash paid for interest
Cash paid for taxes
Non-Cash Supplemental information    
Purchase of real estate with seller financing 304,263
Financed insurance 213,083
Project costs paid by shareholders on behalf of the Company $ 41,250
[1] Derived from audited information
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Incorporation and Operations and Going Concern
 9 Months Ended
Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Incorporation and Operations and Going Concern

1. Incorporation and operations and going concern

 

Stem Holdings, Inc. (the “Company”) is a Nevada corporation incorporated on June 7, 2016. The Company intends to purchase, improve, and lease properties for use in the cannabis production, distribution and sales industry beginning in the state of Oregon. In September and October 2016, the Company subleased its first production facility and acquired its first commercial location, respectively. In February 2017 and May 2017, the Company acquired its second commercial location and acquired its second production facility, respectively. The Company intends to enter into 4 leases for these properties (see Note 11).

 

As shown in the accompanying consolidated financial statements, the Company has experienced recurring losses, and has accumulated a deficit of approximately $2.2 million as of June 30, 2017. For the nine months ended June 30, 2017 we had a net loss of approximately $2.1 million. The Company believes that its purchase of the farm property in Mulino, Oregon to be probable (see Note 9), and will require the Company to invest $1.7 million in its purchase in the coming months. In addition, in July 2017, the Company has entered into 4 leases with tenants that are related to the Company and its officers and directors, in which it has committed the Company to build out its properties at an estimated cost of $4.7 million (see Note 11). Given the current cash balance of approximately $1.15 million, with the unknown amount of how much the leases noted above will generate over the coming months, these factors raise substantial doubt about the ability of the Company to continue to operate as a going concern for a period of at least one year after the date of the issuance of our audited financial statements for the upcoming period ended September 30, 2017.

 

Realization of a major portion of our assets as of June 30, 2017, is dependent upon our continued operations. The Company is dependent on generating additional revenue or obtaining adequate capital to fund operating losses until it becomes profitable. As noted above, the Company has entered into leases commencing in July 2017 covering 4 of its properties. In addition, the Company is evaluating various forms of financing which may be available to it, i.e., debt and/or equity financing while carefully evaluating the impact on share dilution. There can be no assurance that the Company will secure additional financing for working capital, increase revenues and achieve the desired result of net income and positive cash flow from operations in future years. These financial statements do not give any effect to any adjustments that would be necessary should the Company be unable to report on a going concern basis.
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies
 9 Months Ended
Jun. 30, 2017
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of significant accounting policies

 

Basis of preparation

 

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements included herein are unaudited. Such financial statements, in the opinion of management, contain all adjustments necessary to present fairly the financial position and results of operations as of and for the periods indicated. All such adjustments are of a normal recurring nature. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2017 or for any other period. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, and because of this, for further information, readers should refer to the financial statements and footnotes included in its Form 10 for the fiscal year ended September 30, 2016 filed on June 21, 2017. The Company believes that the disclosures are adequate to make the interim information presented not misleading.

 

Principals of Consolidation

 

The accompanying consolidated financial statements include the accounts of Stem Holdings, Inc. and its wholly-owned subsidiary, Patch International, Inc. All material intercompany accounts, transactions, and profits have been eliminated in consolidation.

 

Use of estimates

 

The preparation of these financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and judgments used are based on management’s experience and the assumptions used are believed to be reasonable given the circumstances that exist at the time the financial statements are prepared. The significant estimates included in these financial statements are those associated with the assumptions used to value options issued to consultants. Actual results may differ from these estimates.

 

Cash and cash equivalents

 

Cash and cash equivalents include short-term investments with original maturities of three months or less and are recorded at cost, which approximates fair market value given the short-term nature.

 

Concentrations of Credit Risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of June 30, 2017, the Company had deposits in a major financial institution that are held in a depository accounts and thus not covered by FDIC insurance.

 

Carrying value, recoverability and impairment of long-lived assets

 

The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC’) 360 to evaluate its long-lived assets. The Company’s long-lived assets, which include property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

 

The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long- lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated and amortized over the newly determined remaining estimated useful lives.

 

The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes. The Company evaluates assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events.

 

Through June 30, 2017 the Company has not experienced impairment losses on its long-lived assets.

 

Capitalization of Project Costs

 

The Company’s policy is to capitalize all costs that are directly identifiable with a specific property, would be capitalized if the Company had already acquired the property, and when the property, or an option to acquire the property, is being actively sought after, and either funds are available or will likely become available. All amounts shown capitalized prior to acquisition of a property are included under the caption of Project Costs in the balance sheet.

 

Income Taxes

 

Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of currently due plus deferred taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting carrying amounts and the respective tax bases of assets and liabilities, and are measured using tax rates and laws that are expected to be in effect when the differences are expected to be recovered or settled. Valuation allowances are provided against deferred tax assets if it is more likely than not that the deferred tax assets will not be realized.

 

The Company follows the guidance of FASB ASC 740-10 which relates to the Accounting for Uncertainty in Income Taxes, which seeks to reduce the diversity in practice associated with the accounting and reporting for uncertainty in income tax positions. This interpretation prescribes a comprehensive model for financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns.

 

Fair value of financial instruments

 

As defined in the authoritative guidance, fair value is 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.

 

To estimate fair value, the Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable.

 

The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1” measurements) and the lowest priority to unobservable inputs (“Level 3” measurements). The three levels of the fair value hierarchy are as follows:

 

Level 1 — Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities.

 

Level 2 — Other inputs that are observable, directly or indirectly, such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

 

Level 3 — Unobservable inputs for which there is little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities.

 

In instances in which multiple levels of inputs are used to measure fair value, hierarchy classification is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

 

Earnings per share

 

The Company presents basic and diluted per share amounts (“EPS”) data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss per share is calculated based on the weighted-average number of outstanding common shares plus the effect of dilutive potential common shares, using the treasury stock method. The Company’s calculation of diluted net loss per share excludes potential common shares as of June 30, 2017 as the effect would be anti-dilutive (i.e. would reduce the loss per share). As of June 30, 2017, the Company had issued 650,000 options exercisable into the common stock of the Company outstanding (see Note 6).

 

Emerging Growth Company

 

The Company has elected to be an emerging growth company as defined under the Jumpstart Our Business Startups Act of 2012 (“Jobs Act”). Included with this election, the Company has also elected to use the provisions within the Jobs Act that allow companies that go public to continue to use the private company adoption date rules for new accounting policies. Should the Company obtain revenues in excess of $1 billion on an annual basis, have its non-affiliated market capitalization increase to over $700 million as of the last day of its second quarter, or raise in excess of $1 billion in public offerings of its equity or instruments directly convertible into its equity, it will forfeit its status under the Jobs Act as an emerging growth company.

 

Property and Equipment

 

Property and equipment is stated at cost less accumulated depreciation and is depreciated using the straight-line method over the assets’ estimated useful life as follows:

 

Buildings 20 years
Leasehold improvements Shorter of term of lease or economic life of improvement
Furniture and equipment 5 years
Signage 5 years

 

Normal maintenance and repairs for equipment are charged to expense as incurred, while significant improvements are capitalized.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note Receivable
 9 Months Ended
Jun. 30, 2017
Receivables [Abstract]  
Note Receivable

3. Note Receivable

 

On October 28, 2016, the Company loaned $100,000 to certain officers and shareholders of the Company, under a promissory note (the “Note”) due March 30, 2017 which bears interest at rate of 12% per annum. The Note provides for monthly interest payments in the amount of $1,000 commencing December 1, 2016 until the Note is fully paid. On March 15, 2017, an extension was granted through July 1st, 2017 by which the indebtedness in the amount of $100,000 is to be liquidated by four equal monthly installments of $25,000 of which the Company has received the first $25,000 payment under the updated terms as of the date of this filing. As of June 30, 2017, the parties agreed that rather than the Payors repaying the Company the remaining balance on the note, the Payors, party to this agreement, will directly pay for certain agreed improvements on the properties to the extent of the remaining balance of the note. In exchange for this undertaking by the Payors party to this agreement, the Company agrees it shall cancel the indebtedness represented by the note, together with any interest accrued or to be accrued thereon. No payments were made by the debtors for improvements on behalf of the Company as of June 30, 2017. The Note is secured by a pledge of 50,000 shares of Company common stock owned by the debtors.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
Property, Plant & Equipment
 9 Months Ended
Jun. 30, 2017
Property, Plant and Equipment [Abstract]  
Property, Plant & Equipment

4. Property, Plant & Equipment

 

At June 30, 2017 property and equipment consisted of the following:

 

Signage   $ 19,118  
Furniture and equipment     90,612  
Leasehold improvements     471,321  
Architectural and Design     75,313  
Buildings     1,578,627  
Construction in progress(1)     564,552  
Subtotal     2,799,543  
Accumulated depreciation     (94,912 )
Property, plant and equipment, net     2,704,631  

 

(1) Because the Company believes it is probable that it will close on the Mulino property (see Note 9), the Company has treated the costs to improve the property as construction in progress and not as project costs as of June 30, 2017.
   
  On November 1, 2016, the Company acquired certain real property located at 1027 Willamette Street, Eugene, OR 97401 (the “Property”) for a total cash purchase price plus closing costs of approximately $918,000.
   
  On February 6, 2017, the Company acquired certain real property located at 7827 SE Powell Blvd, Portland, OR 97206 (the “Property”) for a total purchase price plus closing costs of approximately $656,498. As part of the consideration for closing on the property, the Company issued a short term note payable to the seller in the Amount of approximately $304,000.

 

The note is non-interest bearing requires four monthly payments of $75,000 plus a final payment for the remaining amount due immediately thereafter. Due to the short-term nature of the note, the Company has not imputed any interest as it would be immaterial to the results for the period. As of June 30, 2017, the balance owed on the note was $79,263.

 

Depreciation expense was $94,912 for the period ended June 30, 2017

 
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Acquisition of Patch International, Inc.
 9 Months Ended
Jun. 30, 2017
Business Combinations [Abstract]  
Acquisition of Patch International, Inc.

5. Acquisition of Patch International, Inc.

 

In November 2016, the Company entered into an agreement to acquire 100% of the issued and outstanding shares of Patch International, Inc. (“Patch”). In order to close the transaction, Patch is required to submit for approval to certain Canadian government courts, hold a general meeting of its shareholders and have the shareholders vote to approve the merger, and certain other customary requirements. As of the time of the agreement, Patch did not have any operations, and is considered a dormant entity. The Company will issue shares of its common stock based on a price of $2.40 per common share, with the number of shares to be issued based on the amount of cash held at the time of closing of the transaction, converted from Canadian dollars into US dollars. In addition, the Company has agreed to issue to Patch shareholders additional shares at the same $2.40 per share in the event that the Company collects on a fully reserved receivable in the amount of $500,000 owed to Patch by a related party. As of the date of the acquisition and of these financial statements, the Company considers the receivable uncollectible (as did Patch, which reserved 100% of the outstanding receivable in its audited financial statements) and does not anticipate issuing additional shares for its collection.

 

On January 20, 2017, the Patch Shareholders held their general meeting and they voted to be acquired by the Company. On January 23, 2017, the Company issued 1,048,762 of its shares to acquire 100% of the issued and outstanding shares of Patch for consideration in the amount of $2,452,058. The Company has been informed that two shareholders, representing less than 2% of Patch shares outstanding have chosen to not vote for the merger. Under Canadian law, the Company committed to purchase these shares for cash consideration in the amount $53,534.53 US dollars. The Company has treated the payment to acquire the dissenter shares as a reduction in the cash acquired.

 

The Company has not accounted for the acquisition of Patch as a business combination. Because Patch was a dormant entity with its only asset being cash, the acquisition was treated essentially as an acquisition of cash.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Purchase Options
 9 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Purchase Options

6. Stock Purchase Options

 

During the nine months ended June 30, 2017, the Company entered into three separate consulting agreements, the first in November 2016, the second in January 2017 & February 2017, and the third in June 2017, and as part of those agreements agreed to issue a total of 500,000 options to purchase the common stock of the Company, with an exercise price of $2.40 per share and a term of 4 years. Pursuant to the first agreement to issue options to acquire a total of 200,000 of the Company’s common stock, options to acquire 100,000 shares vested immediately, options to acquire 50,000 shares that vest 6 months upon a registration statement being declared effective in which the underlying shares to the options are registered and the final option to acquire 50,000 shares vests 1 year after a registration statement is declared effective in which the underlying shares to the option are registered connection with the execution of a consulting agreement. Pursuant to the second consulting agreement, 100,000 options vested immediately and pursuant to the third consulting agreement, one third of option to acquire the 100,000 options vests immediately and the remaining two thirds vest monthly for the next 30 months which equals 2,222 a month. In June 2017, the Company agreed to issue options for a total of 200,000 shares of stock of the Company to three separate entities and individuals for consulting and professional services. All of the June 1, 2017 options had an exercise price of $2.40 per share, have a term of 4 years and the Company believes that the fair value of the underlying common on the date of issuance was $2.40 per share. The first 100,000 share issuance vested entirely at issuance, while the following two 50,000 share issuances vested quarterly over 1 year from issuance.

 

In total, the Company recorded stock based compensation expense to the consultants of approximately $582,000 as a result of these options in the nine months ended June 30, 2017. In addition, due to the vesting provisions, the Company revalued the unvested options issued in the first and second fiscal quarter as June 30, 2017 and determined that the value of the options issued in the first quarter had reduced in value from the original valuation recorded by $0.97 per option share and the second quarter issuances had reduced in value by $0.79 per option share. This resulted in a reduction of consulting costs for the option based compensation of approximately $107,000 in the period ended June 30, 2017.

 

During the period ended June 30, 2017, the Company entered into two separate employment agreements, both dated June 1, 2017, and as part of those agreements agreed to issue a total of 150,000 options to purchase the common stock of the Company, with an exercise price of $2.40 per share and a term of 3 years. Pursuant to these agreements, 150,000 shares vested immediately month. In total, the Company recorded stock based compensation expense to the officers of $205,500 as a result of these options in the nine months ended June 30, 2017.

 

A summary of the change in stock purchase options outstanding for the period ended June 30, 2017 is as follows:

 

                Remaining  
                Contractual  
    Options     Exercise     Life  
    Outstanding     Price     (Years)  
Balance – September 30, 2016     -       -       -  
Options issued     650,000     $ 2.40       4  
Options expired     -       -       -  
Options exercised     -       -       -  
Balance – June 30, 2017     650,000     $ 2.40       4  

 

The Company valued the options issued using a Black Scholes Merton option pricing model using the following assumptions:

 

Stock price on date of grant   $ 2.40  
Risk free rate of interest     5.0 %
Expected life of warrant – in months     48  
Dividend rate     0  
Historic volatility*     160-224 %

 

* the Company has used the historic volatility of 6 companies engaged in providing ancillary type services to the cannabis industry as an approximation of its expected volatility.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Shareholders' Equity
 9 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Shareholders' Equity

7. Shareholders’ Equity

 

Preferred shares

 

The Company has no preferred shares issued and outstanding as of June 30, 2017.

 

Common shares

 

The holders of common shares are not entitled to receive dividends, however, are entitled to one vote per share at meetings of the Company.

 

A summary of stock-based compensation for the nine months ended June 30, 2017 is as follows:

 

Stock Grants:         Stock Based  
    Shares     Compensation Expense  
Officers (common stock)     150,000     $ 360,000  
Non-Employments Consultants (common stock)     50,000     $ 120,000  
                 
Total     200,000     $ 480,000  

 

For both the employee and non-employee common stock grants noted above were valued at $2.40 per share in the quarter ended June 30, 2017.

 

The Company received subscriptions in a private placement offering and received amounts for its acquisition completed for the following shares during the nine months ended June 30, 2017:

 

  ● During October 1, 2016 through June 30, 2017, 225,000 common shares at $2.40 per share to unaffiliated investors for $540,000.
     
  ●  During October 1, 2016 through June 30, 2017, 50,000 common shares at $0.15 per share to unaffiliated investor for $7,500.
     
  ● In February 2017, 1,048,782 common shares to acquire the stock of Patch International, Inc. and receipt of $2,398,523.

 

Subscription receivable

 

During the nine months ended June 30, 2017, the Company collected in full its subscription receivable of $1,170,000 for the issuance of 487,500 common shares that was outstanding as of September 30, 2016. This is included in the total above.

 

On August 30, 2016, the Company received a subscription for $800,000 for the issuance of 333,333 shares and issued 166,666 shares of common stock, to be held in escrow, pending the receipt of $400,000. According to the securities purchase agreement with the shareholder, the payment was received and the common shares are to be released from escrow on or before April 15, 2017. On April 7, 2017, the Company and Investor amended the original agreement to reduce the subscription entered from its original total of $800,000, of which $400,000 was a receivable to $600,000 comprising an aggregate of 250,000 shares of the Company’s common stock. The remaining balance of the then updated subscription receivable of $200,000 was satisfied and received in April 2017.

 

These amounts are not included in the subscription totals for the nine months ended June 30, 2017 noted above.
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Related Party Transactions
 9 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

8. Related party transactions

 

Prior to the formation of the Company, one of its shareholders entered into an agreement to acquire a commercial property located in Eugene Oregon, as more fully described in Note 4, which sale agreement was later transferred to the Company (see Note 9) after its formation. That shareholder and two other shareholders also advanced funds that were applied as escrow deposits upon closing in the amount of $34,750 which has been included as an asset as part of project costs and in current liabilities section of these financial statements as Due to Shareholders. As of June 2017, $29,250 was repaid to one of the shareholders.

 

During the period ended September 30, 2016, the Company advanced $20,412 in payment of legal fees to entities being formed by certain shareholders of the Company, which is shown as a long term related party receivable in these financial statements. In December 2016, the Company advanced, on behalf of the related entities, an additional $45,000 in payment of legal fees and a payment of $4,750 for licensing fees, on behalf of related entities, to the Oregon Liquor Control Commission, the entity that regulates cannabis production and distribution in Oregon.

 

In the quarter ended March 31, 2017, the Company determined that it could no longer continue capitalizing the amounts advanced and impaired approximately $93,000 (the amounts advanced during that quarter). In the quarter ended June 30, 2017, the Company believed it could capitalize the advances made during the quarter ended June 30, 2017 because in July 2017, as part of the lease agreements entered into with the related parties (see Note 11), the leases contained agreements to repay those amounts advanced to date. As of June 30, 2017, the Company has recorded as receivable from the related parties $154,437. Should collection occur in future periods of the amounts previously impaired, the Company will record those as income at the time of collection.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
Commitments and Contingencies
 9 Months Ended
Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

9. Commitments and contingencies

 

In July 2016, the Company entered into a 10-year lease for a commercial building from an unrelated third party in Springfield, Oregon. At the time the original lease was entered into, the Company had expected to close on significant subscriptions from its private placement. However, when those did not immediately materialize, the Company entered into an agreement with the landlord to cancel the lease and in addition, paid the landlord $15,000 not to rent out the property until such time the Company could enter into a new lease. In September 2016, the Company entered into a new 10-year lease with the landlord that commenced in November 2016. The lease requires the Company to pay a base rental fee of $7,033 plus an additional estimated $315 per month in real estate taxes in which the base rental fee escalates each year by approximately 2%. All taxes (including reconciling real estate taxes), maintenance and utilities are included at the end of each year as a one-time payment. In addition, the Company also remitted $14,000 for a security deposit to the landlord. The Company expects to sublease out this space in the near future.

 

In August 2016, the Company and certain shareholders of the Company entered into a “Multi Party” Agreement, in which the Company became obligated to lease or acquire three separate real estate assets, and separately, if certain events occur (see below), additional real estate assets held by entities related to those shareholders. In September 2016, the Company entered into the lease as more fully described above, and in November 2016, acquired a property after the shareholder that owned the purchase agreement transferred that purchase agreement to the Company, in accordance with the Multi Party agreement (see Note 4). As of the date of these financial statements, the Company has entered into negotiations for the acquisition of the third property in Mulino, Oregon, but as of yet has not exchanged final closing documents (see below). Should the Company obtain in excess of $10,000,000 through a combination of its private placements and its merger with Patch Holdings, Inc. (see Note 5), it is required to purchase certain real estate properties owned by entities affiliated with certain of its shareholders.

 

In addition, certain shareholders of the Company have begun organizing entities that will operate directly in the cannabis industry, and the Company leases its properties to these entities. The Multi Party Agreement also requires that in the event that the US Government amends Title 21 of the United States Code, otherwise known as the Controlled Substances Act, to remove cannabis as a Schedule I drug, and the Company raises more than $10 million in equity and merger funding, the Company is required to enter into agreements to acquire those related entities and issue such equity that the shareholders of the related entities obtain 75% of the then issued and outstanding equity of the Company, regardless of the profitability or financial condition of the related entities at the time of their acquisition.

 

In February 2017, the Company entered into a 1-year lease for the occupancy of the Company’s corporate office located in Boca Raton, Florida. The lease requires the Company to pay a base rental fee of $785.00 per month. All taxes, maintenance and utilities are included. In addition, the Company also remitted $785 for a security deposit to the landlord.

 

In February 2017, the Company entered into an advisory agreement with an unrelated third party with a term of 12 months. As part of that agreement, the third party agreed to provide assistance for the Company with respect to eligibility for becoming quoted on the OTCQB/OTCQX and advising and assisting the Company in complying with its ongoing OTCQB/OTCQX disclosure obligation under current federal and state securities laws. These services to the Company are exchanged for a $10,000 upfront payment, and $5,000 payment upon the acceptance on OTCQB/OTCQX.

 

On April 15, 2017, the Company entered into a “Contract for Sale” for a farm property in Mulino Oregon, pursuant to which the seller will sell the premises to the Company upon the completion of the Company’s due diligences investigations and completion of the closing conditions precedent to each party’s obligations under the Contract for Sale. The purchase price is $1,700,000 that will be reduced by a rental credit of $105,000 (as indicated below) which is equivalent to 7 months at $15,000 a month. A note payable will be executed in the amount of $1,200,000 with a maturity two years from closing date. The balance of $395,000 will be paid at closing which shall occur the earlier of (i) the 30th day after the Company obtains Water Rights from Oregon Liquor Control Commission (“OLCC”) permits, and (ii) October 5, 2017, or such other date as the parties may agree upon in writing. In April 2017 in order for the Company to make use of the Premises while completing its due diligence and while the parties complete their conditions to closing under the Contract for Sale, seller and Company have agreed to lease the premises to Company upon the following terms and conditions. The term of the lease commences April 5, 2017 and expires the earlier to occur 1) the termination of the contract of sale by either party thereto in accordance with its terms; 2) the closing date. The lease requires the Company to pay a base rental fee of $15,000 for the first 7 months with no lease deposit required. All taxes (including real estate taxes, and personal property taxes) are the responsibility of the Company. As of the date of filing of this Form 10-Q, the Company believes it probable that it will close on the Contract for Sale of the property.

 

In June 2017, the Company entered into an investor relation advisory agreement with an unrelated third party with a term of 12 months. As part of that agreement, the third party agreed to provide assistance for the Company with respect to strategic investor relations, road shows, investment banking, and corporate presentations. These services to the Company are exchanged for a $6,000 a month.

 

During the nine months ended June 30, 2017, the Company incurred total rent expense of $101,915.
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note Payable
 9 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Note Payable

10. Note Payable

 

As of February 2017, the Company entered into a 10-month premium finance agreement and disclosure statement in consideration for a one year Directors and Officers insurance policy in the principal amount of $212,500 and an additional service fee, included in the financed principal of $5,700. The note bears an annual interest rate of 5.81% and requires the Company to make monthly payments of $21,820 over the term of the note. As of June 30, 2017, the obligation left on the note is $149,158.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events
 9 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

11. Subsequent events

 

Subsequent to June 30, 2017, and up to the date of this filing, 78,583 shares of our common stock, as part of our continuing private placement at $2.40 per share, were issued for consideration of $188,600 in cash.

 

In July 2017, the Company commenced rental operations through real estate leases with entities that engage in the cultivation, processing and sale of cannabis. All of the leases noted below have entities as lessees that are related parties to the Company (through common ownership and management). As part of the lease agreements noted below, the Company has committed to funding buildouts separate from the actual purchase price of the properties that in total amounts to approximately $4.7 million.

 

1027 Willamette

 

In July 2017, the Company entered into an operating lease agreement with a marijuana dispensary (the “Lessee”) to move into the Company’s acquired property located at 1027 Willamette Street in Eugene, Oregon. The lease agreement is for a base term of ten years (see note below) and a monthly rent obligation of $13,800, subject to annual increases of 3% per year, plus an amount for additional rent based on final buildout costs incurred by the Company. The lease is a double net lease with maintenance and real property taxes to be paid by the Tenant and insurance costs paid by the Company.

 

Upon the expiration of the term of ten years, the Lessee has the option to renew the lease agreement for one five-year term, on the same terms as provided in the lease agreement.

 

Springfield Suites

 

In July 2017, the Company entered into a lease agreement for its property and warehouse building located at 800 N 42nd street in Springfield, Oregon. The lease agreement is for a term of ten years (see note below) and a monthly rent obligation of $64,640, subject to annual increases of 3% per year plus an amount for additional rent based on final buildout costs incurred by the Company. The lease is a double net lease with maintenance and real property taxes to be paid by the Tenant and insurance costs paid by the Company. Rent will begin to accrue on the date plant growing commences on the property and rental payments will begin after first harvest. The Company expects to treat such period as a free rental period for accounting purposes. At the time rental payments begin, the total of base rent and additional rent will not be less than $1.00 per foot for light assisted greenhouse and $.25 per usable square foot for un-light assisted greenhouse or outdoor grow space.

 

Upon the expiration of the term of ten years, the Lessee has the option to renew the lease agreement for five-year term, on the same terms as provided in the lease agreement.

 

14336 S. Union Hall Road Mulino

 

In July 2017, the Company entered into a lease agreement for its property located at 14336 South Union Hall Road in Mulino, Oregon. The lease agreement is for a term of ten years (see note below) and a monthly rent obligation of $18,750, subject to annual increases of 3% per year plus an amount for additional rent based on final buildout costs incurred by the Company. The lease is a double net lease with maintenance and real property taxes shall be paid by the Tenant and insurance costs paid by the Company. Rent will begin to accrue on the date plant growing commences on the property and rental payments will begin after first harvest. The Company expects to treat such period as a free rental period for accounting purposes. At the time rental payments begin, the total of base rent and additional rent will not be less than $1.00 per foot for light assisted greenhouse and $.25 per usable square foot for un-light assisted greenhouse or outdoor grow space.

 

Upon the expiration of the term of ten years, the Lessee has the option to renew the lease agreement for five year term, on the same terms as provided in the lease agreement.

 

7827 SE Powell

 

In July 2017, the Company entered into a lease agreement for its acquired property located at 7827 SE Powell Blvd. in Portland, Oregon. The lease agreement is for a term of ten years and a monthly rent obligation of $6,523, subject to annual increases of 3% per year. Maintenance and real property taxes shall be paid by the Tenant and insurance paid by the Company. Additional rents will be added to pay landlord back for tenant improvements by the end of the first term of the lease, payments will include annual interest at 12% compounded monthly.

 

Upon the expiration of the term of ten years, the Lessee has the option to renew the lease agreement for five-year term, on the same terms as provided in the lease agreement.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Jun. 30, 2017
Accounting Policies [Abstract]  
Basis of Preparation

Basis of preparation

 

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The condensed consolidated financial statements included herein are unaudited. Such financial statements, in the opinion of management, contain all adjustments necessary to present fairly the financial position and results of operations as of and for the periods indicated. All such adjustments are of a normal recurring nature. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2017 or for any other period. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, and because of this, for further information, readers should refer to the financial statements and footnotes included in its Form 10 for the fiscal year ended September 30, 2016 filed on June 21, 2017. The Company believes that the disclosures are adequate to make the interim information presented not misleading.
Principals of Consolidation

Principals of Consolidation

 

The accompanying consolidated financial statements include the accounts of Stem Holdings, Inc. and its wholly-owned subsidiary, Patch International, Inc. All material intercompany accounts, transactions, and profits have been eliminated in consolidation.
Use of Estimates

Use of estimates

 

The preparation of these financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and judgments used are based on management’s experience and the assumptions used are believed to be reasonable given the circumstances that exist at the time the financial statements are prepared. The significant estimates included in these financial statements are those associated with the assumptions used to value options issued to consultants. Actual results may differ from these estimates.
Cash and Cash Equivalents

Cash and cash equivalents

 

Cash and cash equivalents include short-term investments with original maturities of three months or less and are recorded at cost, which approximates fair market value given the short-term nature.
Concentrations of Credit Risk

Concentrations of Credit Risk

 

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of June 30, 2017, the Company had deposits in a major financial institution that are held in a depository accounts and thus not covered by FDIC insurance.
Carrying Value, Recoverability and Impairment of Long-lived Assets

Carrying value, recoverability and impairment of long-lived assets

 

The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC’) 360 to evaluate its long-lived assets. The Company’s long-lived assets, which include property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

 

The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long- lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated and amortized over the newly determined remaining estimated useful lives.

 

The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes. The Company evaluates assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events.

 

Through June 30, 2017 the Company has not experienced impairment losses on its long-lived assets.
Capitalization of Project Costs

Capitalization of Project Costs

 

The Company’s policy is to capitalize all costs that are directly identifiable with a specific property, would be capitalized if the Company had already acquired the property, and when the property, or an option to acquire the property, is being actively sought after, and either funds are available or will likely become available. All amounts shown capitalized prior to acquisition of a property are included under the caption of Project Costs in the balance sheet.
Income Taxes

Income Taxes

 

Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of currently due plus deferred taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting carrying amounts and the respective tax bases of assets and liabilities, and are measured using tax rates and laws that are expected to be in effect when the differences are expected to be recovered or settled. Valuation allowances are provided against deferred tax assets if it is more likely than not that the deferred tax assets will not be realized.

 

The Company follows the guidance of FASB ASC 740-10 which relates to the Accounting for Uncertainty in Income Taxes, which seeks to reduce the diversity in practice associated with the accounting and reporting for uncertainty in income tax positions. This interpretation prescribes a comprehensive model for financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns.
Fair Value of Financial Instruments

Fair value of financial instruments

 

As defined in the authoritative guidance, fair value is 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.

 

To estimate fair value, the Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable.

 

The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1” measurements) and the lowest priority to unobservable inputs (“Level 3” measurements). The three levels of the fair value hierarchy are as follows:

 

Level 1 — Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities.

 

Level 2 — Other inputs that are observable, directly or indirectly, such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

 

Level 3 — Unobservable inputs for which there is little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities.

 

In instances in which multiple levels of inputs are used to measure fair value, hierarchy classification is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
Earnings Per Share

Earnings per share

 

The Company presents basic and diluted per share amounts (“EPS”) data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss per share is calculated based on the weighted-average number of outstanding common shares plus the effect of dilutive potential common shares, using the treasury stock method. The Company’s calculation of diluted net loss per share excludes potential common shares as of June 30, 2017 as the effect would be anti-dilutive (i.e. would reduce the loss per share). As of June 30, 2017, the Company had issued 650,000 options exercisable into the common stock of the Company outstanding (see Note 6).
Emerging Growth Company

Emerging Growth Company

 

The Company has elected to be an emerging growth company as defined under the Jumpstart Our Business Startups Act of 2012 (“Jobs Act”). Included with this election, the Company has also elected to use the provisions within the Jobs Act that allow companies that go public to continue to use the private company adoption date rules for new accounting policies. Should the Company obtain revenues in excess of $1 billion on an annual basis, have its non-affiliated market capitalization increase to over $700 million as of the last day of its second quarter, or raise in excess of $1 billion in public offerings of its equity or instruments directly convertible into its equity, it will forfeit its status under the Jobs Act as an emerging growth company.
Property and Equipment

Property and Equipment

 

Property and equipment is stated at cost less accumulated depreciation and is depreciated using the straight-line method over the assets’ estimated useful life as follows:

 

Buildings 20 years
Leasehold improvements Shorter of term of lease or economic life of improvement
Furniture and equipment 5 years
Signage 5 years

 

Normal maintenance and repairs for equipment are charged to expense as incurred, while significant improvements are capitalized.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Jun. 30, 2017
Accounting Policies [Abstract]  
Schedule of Estimated Useful Life of Assets

Property and equipment is stated at cost less accumulated depreciation and is depreciated using the straight-line method over the assets’ estimated useful life as follows:

 

Buildings 20 years
Leasehold improvements Shorter of term of lease or economic life of improvement
Furniture and equipment 5 years
Signage 5 years
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Property, Plant & Equipment (Tables)
 9 Months Ended
Jun. 30, 2017
Property, Plant and Equipment [Abstract]  
Schedule of Property Plant and Equipment

At June 30, 2017 property and equipment consisted of the following:

 

Signage   $ 19,118  
Furniture and equipment     90,612  
Leasehold improvements     471,321  
Architectural and Design     75,313  
Buildings     1,578,627  
Construction in progress(1)     564,552  
Subtotal     2,799,543  
Accumulated depreciation     (94,912 )
Property, plant and equipment, net     2,704,631  

 

(1) Because the Company believes it is probable that it will close on the Mulino property (see Note 9), the Company has treated the costs to improve the property as construction in progress and not as project costs as of June 30, 2017.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Purchase Options (Tables)
 9 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Options Activity

A summary of the change in stock purchase options outstanding for the period ended June 30, 2017 is as follows:

 

                Remaining  
                Contractual  
    Options     Exercise     Life  
    Outstanding     Price     (Years)  
Balance – September 30, 2016     -       -       -  
Options issued     650,000     $ 2.40       4  
Options expired     -       -       -  
Options exercised     -       -       -  
Balance – June 30, 2017     650,000     $ 2.40       4  
Schedule of Assumptions Used

The Company valued the options issued using a Black Scholes Merton option pricing model using the following assumptions:

 

Stock price on date of grant   $ 2.40  
Risk free rate of interest     5.0 %
Expected life of warrant – in months     48  
Dividend rate     0  
Historic volatility*     160-224 %

 

* the Company has used the historic volatility of 6 companies engaged in providing ancillary type services to the cannabis industry as an approximation of its expected volatility.
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
Shareholders' Equity (Tables)
 9 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Summary of Stock-based Compensation

A summary of stock-based compensation for the nine months ended June 30, 2017 is as follows:

 

Stock Grants:         Stock Based  
    Shares     Compensation Expense  
Officers (common stock)     150,000     $ 360,000  
Non-Employments Consultants (common stock)     50,000     $ 120,000  
                 
Total     200,000     $ 480,000  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
Incorporation and Operations and Going Concern (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2017
Sep. 30, 2016
 [1]
Jun. 06, 2016
Accumulated a deficit   $ 2,207,927 $ 2,207,927 $ 87,699  
Net loss (1,238,314) (2,120,228)    
Payments to purchase farm property   2,454,030    
Cash balance $ 9,000 $ 1,147,992 1,147,992 $ 798,198
July 2017 [Member]          
Estimated cost to build up properties     $ 4,700,000    
[1] Derived from audited information
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies (Details Narrative)
 9 Months Ended
Jun. 30, 2017
USD ($)
shares
Accounting Policies [Abstract]  
Number of options exercisable into shares of common stock | shares 650,000
Revenues on annual basis $ 1,000,000,000
Non-affiliated market capitalization, description non-affiliated market capitalization increase to over $700 million as of the last day of its second quarter
Proceeds from public offering $ 1,000,000,000
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Assets (Details)
 9 Months Ended
Jun. 30, 2017
Buildings [Member]  
Asset's estimated useful life 20 years
Leasehold Improvements [Member]  
Asset's useful life description Shorter of term of lease or economic life of improvement
Furniture and Equipment [Member]  
Asset's estimated useful life 5 years
Signage [Member]  
Asset's estimated useful life 5 years
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note Receivable (Details Narrative) - USD ($)
 1 Months Ended 9 Months Ended
Mar. 15, 2017
Oct. 28, 2016
Feb. 28, 2017
Jun. 30, 2017
Promissory note face amount     $ 212,500  
Note, interest rate     5.81%  
Notes indebtedness amount $ 100,000      
Monthly installments 25,000   $ 21,820  
Proceeds from notes $ 25,000      
Number of common stock shares owned by debtors       50,000
Officers and Shareholders [Member]        
Promissory note face amount   $ 100,000    
Note maturity date   Mar. 30, 2017    
Note, interest rate   12.00%    
Monthly interest   $ 1,000    
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
Property, Plant & Equipment (Details Narrative) - USD ($)
 1 Months Ended 9 Months Ended
Mar. 15, 2017
Feb. 06, 2017
Feb. 06, 2017
Nov. 01, 2016
Feb. 28, 2017
Jun. 30, 2017
Property plant and equipment, cost     $ 656,498 $ 918,000    
Monthly payments $ 25,000       $ 21,820  
Note balance owed, amount           $ 149,158
Depreciation expense           $ 94,912
Seller [Member]            
Short term notes payable   $ 304,000 304,000      
Monthly payments   75,000        
Note balance owed, amount   $ 79,263 $ 79,263      
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Property, Plant & Equipment - Schedule of Property Plant and Equipment (Details) - USD ($)
Jun. 30, 2017
Sep. 30, 2016
 [1]
Subtotal $ 2,799,543  
Accumulated depreciation (94,912)  
Property, plant and equipment, net 2,704,631
Signage [Member]    
Subtotal 19,118  
Furniture and Equipment [Member]    
Subtotal 90,612  
Leasehold Improvements [Member]    
Subtotal 471,321  
Architectural and Design [Member]    
Subtotal 75,313  
Buildings [Member]    
Subtotal 1,578,627  
Construction in Progress [Member]    
Subtotal [2] $ 564,552  
[1] Derived from audited information
[2] Because the Company believes it is probable that it will close on the Mulino property (see Note 9), the Company has treated the costs to improve the property as construction in progress and not as project costs as of June 30, 2017.
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
Acquisition of Patch International, Inc. (Details Narrative) - USD ($)
 1 Months Ended
Apr. 07, 2017
Jan. 23, 2017
Nov. 30, 2016
Value of stock issued for acquisitions $ 600,000    
Patch International, Inc. [Member]      
Voting interest acquired, percentage   100.00% 100.00%
Shares issued price per share     $ 2.40
Value of stock issued for acquisitions   $ 2,452,058 $ 500,000
Number of shares issued for acquisitions   1,048,762  
Percentage of outstanding shares chosen to not vote for merger   2.00%  
Cash consideration for shares purchase   $ 53,535  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Purchase Options (Details Narrative) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2017
Sep. 30, 2016
Common stock fair value   $ 0.001 $ 0.001 $ 0.001
Stock based compensation expense $ (797,991) $ (1,159,977)  
Minimum [Member]        
Stock based compensation expense     $ 107,000  
Minimum [Member] | First Quarter [Member]        
Reduction in value of options issued in first quarter     $ 0.97  
Minimum [Member] | Second Quarter [Member]        
Reduction in value of options issued in first quarter     $ 0.79  
Consultants [Member]        
Stock based compensation expense     $ 582,000  
Three Separate Entities and Individuals [Member]        
Number of options agreed to issued to purchase the common stock     200,000  
Common stock option exercise price per share     $ 2.40  
Common stock option term     4 years  
Common stock fair value   $ 2.40 $ 2.40  
Six Months Upon a Registration Statement [Member]        
Number of options agreed to issued to purchase the common stock     50,000  
One Year After A Registration Statement [Member]        
Number of options agreed to issued to purchase the common stock     50,000  
First Issuance [Member]        
Number of options vested     100,000  
Over One Year from the Issuance [Member]        
Number of options vested     50,000  
Consulting Agreement [Member]        
Number of options agreed to issued to purchase the common stock     500,000  
Common stock option exercise price per share     $ 2.40  
Common stock option term     4 years  
First Agreement [Member]        
Number of options agreed to issued to purchase the common stock     200,000  
First Agreement [Member] | Options [Member]        
Number of options agreed to issued to purchase the common stock     100,000  
Common stock option term     1 year  
Second Agreement [Member] | One Third [Member]        
Number of options agreed to issued to purchase the common stock     100,000  
Second Agreement [Member] | Two Third [Member] | Next Thirty Months [Member]        
Number of options agreed to issued to purchase the common stock     2,222  
Third Agreement [Member]        
Number of options vested     100,000  
Two Employment Agreement [Member]        
Number of options agreed to issued to purchase the common stock     150,000  
Common stock option exercise price per share     $ 2.40  
Common stock option term     3 years  
Number of options vested     150,000  
Two Employment Agreement [Member] | Officers [Member]        
Stock based compensation expense     $ 205,500  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Purchase Options - Summary of Options Activity (Details)
 9 Months Ended
Jun. 30, 2017
$ / shares
shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Options Outstanding, beginning balance | shares
Options issued | shares 650,000
Options expired | shares
Options exercised | shares
Options Outstanding, beginning balance | shares 650,000
Exercise Price Options, beginning balance | $ / shares
Exercise Price Options, issued | $ / shares 2.40
Exercise Price Options, expired | $ / shares
Exercise Price Options, exercised | $ / shares
Exercise Price Options, ending balance | $ / shares $ 2.40
Remaining Contractual Life (Years), issued 4 years
Remaining Contractual Life (Years), ending balance 4 years
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
Stock Purchase Options - Schedule of Assumptions Used (Details)
 9 Months Ended
Jun. 30, 2017
$ / shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock price on date of grant $ 2.40
Risk free rate of interest 5.00%
Expected life of warrant - in months 48 months
Dividend rate 0.00%
Historic volatility, minimum 160.00% [1]
Historic volatility, maximum 224.00% [1]
[1] the Company has used the historic volatility of 6 companies engaged in providing ancillary type services to the cannabis industry as an approximation of its expected volatility.
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
Shareholders' Equity (Details Narrative) - USD ($)
 1 Months Ended 9 Months Ended
Apr. 07, 2017
Sep. 30, 2016
Aug. 30, 2016
Feb. 28, 2017
Jun. 30, 2017
Common stock, voting rights         One vote per share at meetings of the Company
Common stock shares issued   487,500 333,333   487,500
Common stock, value issued     $ 800,000    
Value of common shares issued for acquisitions $ 600,000        
Subscriptions receivable   $ 1,170,000 [1]    
Subscription reduction, description Investor amended the original agreement to reduce the subscription entered into from its original total of $800,000, of which $400,000 was a receivable to $600,000 comprising an aggregate of 250,000 shares of the Company’s common stock. The remaining balance of the then updated subscription receivable of $200,000 was satisfied and received in April, 2017.        
Number of shares for subscription receivable 250,000        
Subscription receivable remaining balance $ 200,000        
Patch International, Inc. [Member]          
Number of common shares issued for acquisitions       1,048,782  
Value of common shares issued for acquisitions       $ 2,398,523  
Common Stock [Member]          
Common stock shares issued     166,666    
Common stock, value issued     $ 400,000    
Employee and Non-Employee [Member]          
Shares issued price per share         $ 2.40
Unaffiliated Investors [Member]          
Common stock shares issued         225,000
Shares issued price per share         $ 2.40
Common stock, value issued         $ 540,000
Unaffiliated Investor [Member] | Common Stock [Member]          
Common stock shares issued         50,000
Shares issued price per share         $ 0.15
Common stock, value issued         $ 7,500
[1] Derived from audited information
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
Shareholders' Equity - Summary of Stock-based Compensation (Details)
 9 Months Ended
Jun. 30, 2017
USD ($)
shares
Officers [Member]  
Shares | shares 150,000
Stock based compensation $ 360,000
Total $ 200,000
Non-Employments Consultants [Member]  
Shares | shares 50,000
Stock based compensation $ 120,000
Total $ 480,000
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
Related Party Transactions (Details Narrative) - USD ($)
 1 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2016
Jun. 30, 2017
Sep. 30, 2016
Related Party Transactions [Abstract]      
Due to related parties   $ 16,500 $ 34,750 [1]
Repayment to shareholders   29,250  
Legal fees $ 45,000   $ 20,412
Payment for licensing fees $ 4,750    
Advanced and impaired amounts capitalized   93,000  
Receivable from related parties   $ 154,437  
[1] Derived from audited information
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
Commitments and Contingencies (Details Narrative) - USD ($)
 1 Months Ended 9 Months Ended 12 Months Ended
Aug. 15, 2017
Feb. 28, 2017
Aug. 31, 2016
Jul. 31, 2016
Jun. 30, 2017
Sep. 30, 2016
Apr. 15, 2017
Lease term   1 year   10 years   10 years  
Payment for capital lease obligations       $ 15,000      
Base rental fees   $ 785       $ 7,033  
Real estate taxes           $ 315  
Percentage of base rental fees escalation           2.00%  
Security deposit to landlord   $ 785   $ 14,000      
Agreement term         12 months    
Notes payable         $ 228,421 [1]  
Services, exchanged value         6,000    
Rent expense         $ 101,915    
Multi Party Agreement [Member]              
Proceeds from private placement     $ 10,000,000        
Equity issued and outstanding     75.00%        
Advisory Agreement [Member]              
Agreement term   12 months          
Upfront payment   $ 10,000          
Payment upon acceptance   $ 5,000          
Contract for Sale [Member]              
Base rental fees $ 15,000            
Purchase price of premises 1,700,000            
Monthly payments $ 15,000            
Notes payable maturity period maturity two years from closing date            
Contract for Sale [Member] | Landlord [Member]              
Rental credit             $ 105,000
Notes payable             1,200,000
Contract for Sale [Member] | Landlord [Member] | Closing Date [Member]              
Notes payable             $ 395,000
[1] Derived from audited information
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note Payable (Details Narrative) - USD ($)
 1 Months Ended
Mar. 15, 2017
Feb. 28, 2017
Jun. 30, 2017
Debt Disclosure [Abstract]      
Debt principal amount   $ 212,500  
Additional service fee   $ 5,700  
Interest rate   5.81%  
Debt monthly payments $ 25,000 $ 21,820  
Note payable     $ 149,158
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events (Details Narrative) - USD ($)
 1 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2016
Aug. 30, 2016
Jul. 31, 2017
Jun. 30, 2017
Jun. 30, 2017
Number of common shares issued 487,500 333,333     487,500
Agreement term         12 months
Subsequent Event [Member]          
Number of common shares issued       78,583  
Proceeds from private placement       $ 188,600  
Shares issued price per share       $ 2.40 $ 2.40
Estimated cost to build up properties     $ 4,700,000    
Subsequent Event [Member] | Operating Lease Agreement [Member] | Marijuana Dispensary [Member]          
Agreement term     10 years    
Monthly rent obligation     $ 13,800    
Lease rent obligation annual increase percentage     3.00%    
Subsequent Event [Member] | Lease Agreement [Member] | Springfield Suites [Member]          
Agreement term     10 years    
Monthly rent obligation     $ 64,640    
Lease rent obligation annual increase percentage     3.00%    
Additional rent     additional rent will not be less than $1.00 per foot for light assisted greenhouse and $.25 per usable square foot for un-light assisted greenhouse or outdoor grow space.    
Subsequent Event [Member] | Lease Agreement One [Member]          
Agreement term     10 years    
Monthly rent obligation     $ 18,750    
Lease rent obligation annual increase percentage     3.00%    
Additional rent     additional rent will not be less than $1.00 per foot for light assisted greenhouse and $.25 per usable square foot for un-light assisted greenhouse or outdoor grow space.    
Subsequent Event [Member] | Lease Agreement Two [Member]          
Agreement term     10 years    
Monthly rent obligation     $ 6,523    
Lease rent obligation annual increase percentage     3.00%    
Annual interest rate     12.00%    
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