The Company's current psilocybin and legal marijuana operations can be capital intensive.
During the years ended December 31, 2023, and December 31, 2022, we raised approximately $615,000 and $370,000 respectively, through a series of private debt and equity offerings to finance operations.
The Company had net income of $1,039,922 and net loss of $3,731,694 for the years ended December 31, 2023 and 2022, respectively.
All of the net income for the years ended December 31, 2023 and December 31, 2022 were not actual operating gains but were a result of the derivative liabilities from the conversion of debt from the stabilization of our stock prices the reduces the volatility factors used in the derivative calculations.
At December 31, 2023, we had a total stockholders' deficit of $16,688,022 and a working capital deficiency of $7,813,590. There can be no assurance that the Company will become commercially viable without additional financing, the availability and terms of which are uncertain. If the Company cannot secure necessary capital when needed on commercially reasonable terms, its business, condition (financial and otherwise) and commercial viability may be harmed. Although management believes that it will be able to successfully execute its business plan, which includes third party financing and the raising of capital to meet the Company's future liquidity needs, there can be no assurances in this regard. These matters raise substantial doubt about the Company's ability to continue as a going concern.