Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Apr. 05, 2019 | Jun. 30, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | WEED, INC. | ||
Entity Central Index Key | 0001393772 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 106,410,685 | ||
Entity Public Float | $ 101,344,700 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash | $ 70,608 | $ 161,178 |
Accounts receivable | 21 | 0 |
Prepaid expenses | 71,290 | 32,999 |
Deposits | 350,020 | 0 |
TOTAL CURRENT ASSETS | 491,939 | 194,177 |
Land | 136,400 | 113,750 |
Property and equipment, net | 2,344,133 | 1,000,412 |
Trademark | 50,000 | 0 |
Less: Accumulated amortization | (1,483) | 0 |
Trademark, net | 48,517 | 0 |
TOTAL ASSETS | 3,020,989 | 1,308,339 |
CURRENT LIABILITIES | ||
Accounts payable | 240,459 | 228,609 |
Accrued officer compensation | 0 | 179,331 |
Accrued interest | 6,903 | 16,188 |
Notes payable, related parties | 12,000 | 49,000 |
Notes payable | 0 | 475,000 |
TOTAL CURRENT LIABILITIES | 259,362 | 948,128 |
TOTAL LIABILITIES | 259,362 | 948,128 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.001 par value, 20,000,000 authorized, None issued and outstanding | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 authorized, 105,950,685 and 100,861,235 issued and outstanding, respectively | 105,951 | 100,861 |
Unamortized stock based compensation | (200,400) | 0 |
Additional paid-in capital | 50,896,121 | 19,139,868 |
Subscription payable | 356,250 | 200,770 |
Accumulated deficit | (48,396,295) | (19,081,288) |
TOTAL STOCKHOLDERS' EQUITY | 2,761,627 | 360,211 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ 3,020,989 | $ 1,308,339 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ .001 | $ .001 |
Preferred stock, authorized | 20,000,000 | 20,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ .001 | $ 0.001 |
Common stock, authorized | 200,000,000 | 200,000,000 |
Common stock, issued | 105,950,685 | 100,861,235 |
Common stock, outstanding | 105,950,685 | 100,861,235 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||
REVENUE | $ 0 | $ 0 |
OPERATING EXPENSES | ||
General and administrative expenses | 1,036,564 | 671,679 |
Professional fees | 26,866,800 | 1,667,804 |
Depreciation & amortization | 180,640 | 44,654 |
Total operating expenses | 28,084,004 | 2,384,137 |
NET OPERATING LOSS | (28,084,004) | (2,384,137) |
OTHER INCOME (EXPENSE) | ||
Interest income | 9,338 | 0 |
Goodwill impairment | 0 | (1,015,910) |
Interest expense | (12,179) | (13,865) |
Other income | 155,701 | 0 |
Impairment expense | (321,614) | 0 |
Loss on deposit | (110,000) | 0 |
Loss on extinguishment of debt | (1,064,720) | (67,983) |
Gain on extinguishment of debt | 121,475 | 0 |
Other expense | (9,004) | 0 |
TOTAL OTHER EXPENSE, NET | (1,231,003) | (1,097,758) |
NET LOSS | $ (29,315,007) | $ (3,481,895) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES | ||
Outstanding - basic and fully diluted | 103,168,018 | 101,214,245 |
Net loss per share - basic and fully diluted | $ (0.28) | $ (0.03) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Common Stock | Additional Paid-In Capital | Subscription Payable | Unamortized Stock Based Compensation | Accumulated Deficit | Total |
Beginning balance, shares at Dec. 31, 2016 | 103,953,307 | |||||
Beginning balance, amount at Dec. 31, 2016 | $ 103,953 | $ 15,219,762 | $ 0 | $ 0 | $ (15,599,393) | $ (275,678) |
Common stock sold for cash, shares | 1,903,333 | |||||
Common stock sold for cash, amount | $ 1,903 | 1,327,097 | 1,329,000 | |||
Common stock issued for cash, exercise of warrants, shares | 2,666 | |||||
Common stock issued for cash, exercise of warrants, amount | $ 3 | 3,996 | 3,999 | |||
Common stock issued for acquisition of Sangre AT, LLC, shares | 500,000 | |||||
Common stock issued for acquisition of Sangre AT, LLC, amount | $ 500 | 1,003,350 | 1,003,850 | |||
Common stock issued for acquisition of land and property, shares | 25,000 | |||||
Common stock issued for acquisition of land and property, amount | $ 25 | 29,975 | 30,000 | |||
Common stock issued for services, related parties, shares | 200,000 | |||||
Common stock issued for services, related parties, amount | $ 200 | 364,550 | 364,750 | |||
Common stock issued for services, shares | 461,882 | |||||
Common stock issued for services, amount | $ 462 | 943,167 | 200,770 | 1,144,399 | ||
Common stock issued for barter of vehicles, shares | 66,000 | |||||
Common stock issued for barter of vehicles, amount | $ 66 | 105,066 | 105,132 | |||
Common stock and warrants exchanged for debt, shares | 70,000 | |||||
Common stock and warrants exchanged for debt, amount | $ 70 | 136,163 | 136,233 | |||
Sabres cancelled for non-performance of services, shares | (1,500,000) | |||||
Sabres cancelled for non-performance of services, amount | $ (1,500) | 1,500 | 0 | |||
Imputed interest on non-interest bearing related party debts | 421 | 421 | ||||
Net loss | (3,481,895) | (3,481,895) | ||||
Ending balance, shares at Dec. 31, 2017 | 100,861,235 | |||||
Beginning balance, amount at Dec. 31, 2017 | $ 100,861 | 19,139,868 | 200,770 | 0 | (19,081,288) | 360,211 |
Common stock sold for cash, shares | 3,899,450 | |||||
Common stock sold for cash, amount | $ 3,900 | 4,794,651 | 4,798,551 | |||
Common stock issued for cash, exercise of warrants, shares | 150,000 | |||||
Common stock issued for cash, exercise of warrants, amount | $ 150 | 224,850 | 225,000 | |||
Common stock issued for acquisition of Sangre AT, LLC, amount | 0 | |||||
Common stock issued for acquisition of land and property, amount | 0 | |||||
Common stock issued for debt settlement, shares | 125,000 | |||||
Common stock issued for debt settlement, amount | $ 125 | 1,449,875 | 1,450,000 | |||
Common stock issued for services, shares | 915,000 | |||||
Common stock issued for services, amount | $ 915 | 3,133,105 | 155,480 | (200,400) | 3,089,100 | |
Common stock issued for barter of vehicles, amount | 0 | |||||
Vesting of employee stock options | 21,284,610 | 21,284,610 | ||||
Vesting of employee stock compensation | 869,162 | 869,162 | ||||
Net loss | (29,315,007) | (29,315,007) | ||||
Ending balance, shares at Dec. 31, 2018 | 105,950,685 | |||||
Beginning balance, amount at Dec. 31, 2018 | $ 105,951 | $ 50,896,121 | $ 356,250 | $ (200,400) | $ (48,396,295) | $ 2,761,627 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (29,315,007) | $ (3,481,895) |
Adjustments to reconcile net loss used in operating activities: | ||
Depreciation and amortization | 180,640 | 44,654 |
Goodwill impairment | 0 | 1,015,910 |
Gain on settlement of debt | (121,475) | 0 |
Loss on Deposit | 110,000 | 0 |
Impairment expense | 321,614 | 0 |
Imputed interest on non-interest bearing related party debts | 0 | 421 |
Estimated fair value of stock based compensation | 21,201,397 | 0 |
Estimated fair value of shares issued for services | 4,041,575 | 1,144,399 |
Estimated fair value of shares issued for services, related parties | 0 | 364,750 |
Loss on debt extinguishment | 1,064,720 | 67,983 |
Decrease (increase) in assets | ||
Accounts receivable | (21) | 0 |
Prepaid expenses and other assets | (498,311) | (27,946) |
Increase (decrease) in liabilities | ||
Accounts payable | 11,849 | 167,019 |
Accrued expenses | (178,335) | 34,504 |
NET CASH USED IN OPERATING ACTIVITIES | (3,181,303) | (670,201) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash received in acquisition | 0 | 54 |
Purchases of property and equipment | (826,481) | (534,605) |
Purchase of intangible assets | (50,000) | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (876,481) | (534,551) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from notes payable | 7,000 | 46,000 |
Repayments on notes payable | (1,063,187) | (13,300) |
Proceeds from the sale of common stock | 5,023,401 | 1,332,999 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 3,967,214 | 1,365,699 |
NET CHANGE IN CASH | (90,570) | 160,947 |
CASH, BEGINNING OF YEAR | 161,178 | 231 |
CASH, END OF YEAR | 70,608 | 161,178 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Income taxes | 0 | 0 |
Interest paid | 0 | 0 |
Non-cash investing and financing activities: | ||
Value of shares issued for acquisition of Sangre AT, LLC | 0 | 1,003,850 |
Value of shares issued for acquisition of land and property | 0 | 30,000 |
Mortgage issued for acquisition of land and property | 1,040,662 | 475,000 |
Value of shares issued to pay off note payable | 385,281 | 0 |
Value of shares issued in exchange for settlement of convertible debt | 0 | 86,800 |
Value of warrants issued in exchange for settlement of convertible debt | 0 | 49,433 |
Shares issued for subscription payable | 200,770 | 0 |
Value of fixed assets acquired for stock | $ 0 | $ 105,132 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Business and Significant Accounting Policies | Nature of Business WEED, Inc. (the “Company”), (formerly United Mines, Inc.) was incorporated under the laws of the State of Arizona on August 20, 1999 (“Inception Date”) as Plae, Inc. to engage in the exploration of gold and silver mining properties. On November 26, 2014, the Company was renamed from United Mines, Inc. to WEED, Inc. and was repurposed to pursue a business involving the purchase of land, and building Commercial Grade “Cultivation Centers” to consult, assist, manage & lease to Licensed Dispensary owners and organic grow operators on a contract basis, with a concentration on the legal and medical marijuana sector. The Company’s plan is to become a True “Seed-to-Sale” company providing infrastructure, financial solutions and real estate options in this new emerging market. The Company, under United Mines, was formerly in the process of acquiring mineral properties or claims located in the State of Arizona, USA. The name was previously changed on February 18, 2005 to King Mines, Inc. and then subsequently changed to United Mines, Inc. on March 30, 2005. The Company trades on the OTC Pink Sheets under the stock symbol: BUDZ. On April 20, 2017, the Company acquired Sangre AT, LLC, a Wyoming company doing business as Sangre AgroTech. (“Sangre”). Sangre is a plant genomic research and breeding company comprised of top-echelon scientists with extensive expertise in genomic sequencing, genetics-based breeding, plant tissue culture, and plant biochemistry, utilizing the most advanced sequencing and analytical technologies and proprietary bioinformatics data systems available. Sangre is working on a cannabis genomic study to complete a global genomic classification of the cannabis plant genus. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained therein. The Company has a calendar year end for reporting purposes. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the following entities, all of which are under common control and ownership: State of Abbreviated Name of Entity Incorporation Relationship (1) Reference WEED, Inc. Nevada Parent WEED Sangre AT, LLC (2) Wyoming Subsidiary Sangre (1) Sangre is a wholly-owned subsidiary of WEED, Inc. (2) Sangre AT, LLC is doing business as Sangre AgroTech. The consolidated financial statements herein contain the operations of the wholly-owned subsidiary listed above. All significant inter-company transactions have been eliminated in the preparation of these financial statements. The parent company, WEED and subsidiary, Sangre will be collectively referred to herein as the “Company”, or “WEED”. The Company's headquarters are located in Tucson, Arizona and its operations are primarily within the United States, with minimal operations in Australia. These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained therein. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments Under ASC 820-10-05, the Financial Accounting Standards Board (“FASB”) establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, prepaid expenses and accrued expenses reported on the balance sheet are estimated by management to approximate fair value primarily due to the short term nature of the instruments. Impairment of Long-Lived Assets Long-lived assets held and used by the Company are reviewed for possible impairment whenever events or circumstances indicate the carrying amount of an asset may not be recoverable or is impaired. Recoverability is assessed using undiscounted cash flows based upon historical results and current projections of earnings before interest and taxes. Impairment is measured using discounted cash flows of future operating results based upon a rate that corresponds to the cost of capital. Impairments are recognized in operating results to the extent that carrying value exceeds discounted cash flows of future operations. Basic and Diluted Loss Per Share The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share. Stock-Based Compensation Under FASB ASC 718-10-30-2, all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Revenue Recognition On January 1, 2018, the Company adopted the new revenue recognition standard ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”, using the cumulative effect (modified retrospective) approach. Modified retrospective adoption requires entities to apply the standard retrospectively to the most current period presented in the financial statements, requiring the cumulative effect of the retrospective application as an adjustment to the opening balance of retained earnings at the date of initial application. No cumulative-effect adjustment in retained earnings was recorded as the Company’s has no historical revenue. The impact of the adoption of the new standard was not material to the Company’s consolidated financial statements for year ended December 31, 2018. The Company expects the impact to be immaterial on an ongoing basis. The primary change under the new guidance is the requirement to report the allowance for uncollectible accounts as a reduction in net revenue as opposed to bad debt expense, a component of operating expenses. The adoption of this guidance did not have an impact on our condensed consolidated financial statements, other than additional financial statement disclosures. The guidance requires increased disclosures, including qualitative and quantitative disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company operates as one reportable segment. Advertising and Promotion All costs associated with advertising and promoting products are expensed as incurred. These expenses were $998 and $4,139 for the years ended December 31, 2018 and 2017, respectively. Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes nearly all existing revenue recognition guidance, including industry-specific guidance. Subsequent to the issuance of ASU No. 2014-09, the FASB clarified the guidance through several Accounting Standards Updates; hereinafter the collection of revenue guidance is referred to as “Topic 606.” Topic 606 is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Topic 606 also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. The Company adopted Topic 606 on January 1, 2018 using the modified retrospective transition method; accordingly, Topic 606 has been applied to the fiscal 2018 financial statements and disclosures going forward, but the comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of Topic 606 to be immaterial to our operating results on an ongoing basis. In February 2016, the FASB issued ASU 2016-02, Leases. The standard requires lessees to recognize lease assets and lease liabilities on the consolidated balance sheet and requires expanded disclosures about leasing arrangements. We planned to adopt the standard on January 1, 2019, and it did not have a significant impact on the Company. In June 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-07, Compensation – Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2018 | |
Going Concern | |
Going Concern | As shown in the accompanying consolidated financial statements, the Company has no revenues, incurred net losses from operations resulting in an accumulated deficit of $48,396,295 and had limited working capital at December 31, 2018. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is actively pursuing new products and services to begin generating revenues. In addition, the Company is currently seeking additional sources of capital to fund short term operations. The Company, however, is dependent upon its ability to secure equity and/or debt financing and there are no assurances that the Company will be successful; therefore, without sufficient financing it would be unlikely for the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Company’s ability to continue as a going concern. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. As of December 31, 2018, the non-refundable amount of $110,000 the property was a loss on deposit of the acquisition The remaining refundable deposit amount of $350,020 is related to the purchase of H golf course and is |
Related Party
Related Party | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party | Notes Payable From time to time, the Company has received short term loans from officers and directors as disclosed in Note 8 below. The Company has a total of $12,000 and $49,000 of note payable on the consolidated balance sheet as of December 31, 2018 and 2017, respectively. Services Nicole M. Breen receives $1,000 a week in cash compensation for her services rendered to the Company. Glenn E. Martin receives $6,000 a month in cash compensation for his services rendered to the Company. Capital Contributions The Company imputed interest on non-interest bearing, related party loans, resulting in a total of $0 and $421 of contributed capital during the years ended December 31, 2018 and 2017, respectively. Common Stock Issued for Bartered Assets On January 18, 2017, the Company exchanged 66,000 units, consisting of 66,000 shares of common stock and warrants to purchase 66,000 shares of common stock at an exercise price of $3.00 per share, exercisable until January 18, 2018, in exchange for a 2017 Audi Q7 and a 2017 Audi A4 driven by the Officers. The total fair value received, based on the market price of the stock at $4.02 per share, was allocated to the $105,132 purchase price of the vehicles and the $160,188 excess value of the common stock and warrants was expensed as stock-based compensation. Common Stock On August 1, 2017, the Company granted 150,000 shares of common stock to Mary Williams, a principal of Sangre AT, LLC, for services performed. The fair value of the common stock was $154,500 based on the closing price of the Company’s common stock on the date of grant. On January 7, 2017, the Company granted 50,000 shares of common stock to Pat Williams. PhD, a principal of Sangre AT, LLC, for services performed. The total fair value of the common stock was $210,250 based on the closing price of the Company’s common stock on the date of grant. A total of $0 and $179,331 of officer compensation was unpaid and outstanding at December 31, 2018 and 2017, respectively. Stock Options Issued for Services – related party (2018) On February 1, 2018, in connection with executive employment agreements, the Company granted non-qualified options to purchase an aggregate of 6,000,000 shares of the Company’s common stock at the exercise price of $10.55 per share. The options shall become exercisable at the rate of 1/3 upon the six-month anniversary, 1/3 upon the one-year anniversary and 1/3 upon the second anniversary of the grant. The options were valued at $45,987,970 using the Black-Scholes option pricing model. The Company recognized expense of $21,201,397 relating to these options for the year ended December 31, 2018. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Fair Value of Financial Instruments | Under FASB ASC 820-10-5, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value. The Company has certain financial instruments that must be measured under the new fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability. The following schedule summarizes the valuation of financial instruments at fair value on a recurring basis in the balance sheets as of December 31, 2018 and 2017, respectively: Fair Value Measurements at December 31, 2017 Level 1 Level 2 Level 3 Assets Cash $161,178 $- $- Total assets $161,178 $- $- Liabilities Notes payable, related parties $- 49,000 $- Notes payable $- $475,000 $- Total liabilities $- $524,000 $- $161,178 $524,000 $- Fair Value Measurements at December 31, 2018 Level 1 Level 2 Level 3 Assets Cash $70,608 $- $- Total assets $70,608 $- $- Liabilities Notes payable, related parties $- $12,000 $- Total liabilities $- $12,000 $- $70,608 $12,000 $- The fair values of our related party debts are deemed to approximate book value and are considered Level 2 inputs as defined by ASC Topic 820-10-35. There were no transfers of financial assets or liabilities between Level 1, Level 2 and Level 3 inputs for the years ended December 31, 2018 and 2017, respectively. |
Investment in Land and Property
Investment in Land and Property | 12 Months Ended |
Dec. 31, 2018 | |
Investments [Abstract] | |
Investment in Land and Property | On July 26, 2017, the Company closed on the purchase of property, consisting of a home, recreational facility and RV park located at 5535 State Highway 12 in La Veta, Colorado to be developed into a bioscience center. The home has 4 Bedrooms and 2 Baths, and the recreational facility has showers, laundry, and reception area with an additional equipment barn attached, in addition to another facility with 9,500 square feet. The RV Park has 24 sites with full hook-ups including water, sewer, and electric, which the Company plans to convert into a series of small research pods. Under the terms of the purchase agreement, the Company paid $525,000 down, including 25,000 shares of our common stock, and Sangre took immediate possession of the property. Under the terms of the original purchase agreement, the Company was obligated to pay an additional $400,000 in cash and issue an additional 75,000 shares of our common stock over the next two years in order to pay the entire purchase price. On January 12, 2018, the Company entered into an Amendment No. 1 to the $475,000 principal amount promissory note issued by the Company to the seller of the property, under which both parties agreed to amend the purchase and the promissory note to allow the Company to pay off the note in full if it paid $100,000 in cash on or before January 15, 2018 and issued the seller 125,000 shares of common stock, restricted in accordance with Rule 144, on before January 20, 2018. Through an escrow process, the Company paid the seller $100,000 in cash and issued him 125,000 shares of common stock in accordance with the Amendment No. 1, in exchange for a full release of the deed of trust that was securing the promissory note, on January 17, 2018. As a result, the $475,000 principal promissory note issued to the seller was deemed paid-in-full and fully satisfied and the Company owned the property without encumbrances as of that date. The Company recorded a loss on extinguishment of debt of approximately $1,065,000 based on the fair value of the consideration paid and the carrying value of the note payable on the settlement date. The total purchase price was as follows: July 26, 2017 Consideration: Common stock payment of 25,000 shares (1) $30,000 Cash payment of down payment 50,000 Cash paid at closing 444,640 Short term liabilities assumed and paid at closing (2) 5,360 Note payable (3) 475,000 Total purchase price $1,005,000 (1) Consideration consisted of an advance payment of 25,000 shares of the Company’s common stock valued at $30,000 based on the closing price of the Company’s common stock on the July 18, 2017 date of grant. (2) Purchaser’s shares of closing costs, including the seller’s prepaid property taxes. (3) As noted above, the note was settled with a payment of $100,000 and the issuance of 125,000 shares of common stock. In January 2018, the Company closed on the purchase of property, consisting of a condominium in La Veta, Colorado to house Company personnel and consultants for total consideration approximating $140,000, which was paid in cash at the time of closing. The home has 3 bedrooms and 2.5 baths. Sangre took immediate possession of the property. La Veta, Colorado is a small town and rental or short-term housing is very difficult to obtain. The Company personnel and consultants are no longer residing at the property, and it is currently vacant. In February 2018, the Company closed on the purchase of property, consisting of a home in La Veta, Colorado to house Company personnel and consultants for total consideration approximating $1,200,000. The home has 5 Bedrooms and 3 Baths. Under the terms of the purchase agreement, the Company paid $150,000 down, entered into a note payable in the amount of approximately $1,041,000 (see Note 8). The Company secured a below-market interest rate of 1.81% based on the short-term nature of the term (due on August 15, 2018). Sangre took immediate possession of the property. La Veta, Colorado is a small town and rental or short-term housing is very difficult to obtain. The Company personnel and consultants are no longer residing at the property, and it is currently vacant. On October 10, 2018, a payment of $750,000 was made to Craig W. Clark to pay off the note payable, and a loan discount of $125,475 was given to the Company which was recorded as a gain. A settlement payment of $155,000 was received from an insurance company related to a fire near one of our properties in La Veta, Colorado. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following at December 31, 2018 and 2017, respectively: December 31, December 31, 2018 2017 Property improvements $5,000 $28,934 Automobiles 105,132 105,132 Office equipment 4,933 4,934 Lab equipment 65,769 15,202 Construction in progress (2) 499,695 0 Property (1) 1,887,802 891,250 Property and equipment, gross 2,568,331 1,045,452 Less accumulated depreciation (224,198) (45,040) Property and equipment, net $2,308,133 1,000,412 (1) During the year ended December 31, 2018, the Company purchased two properties in La Veta, Colorado. The property located on 169 Valley Vista was purchased for $140,000, and the property located on 1390 Mountain Valley Road was purchased for $1,200,000 (see Note 8). (2) During the year ended December 31, 2018, HVAC/furnace system and research facility center are under construction. Depreciation expense totaled $171,612 and $44,654 for the years ended December 31, 2018 and 2017, respectively. Impairment expense totaled $321,614 on 1390 Mountain Valley Rd. property for the year ended December 31, 2018. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets, Net (Including Goodwill) [Abstract] | |
Intangible Assets | In accordance with FASB ASC 350, “Intangibles-Goodwill and Other”, the Company evaluates the recoverability of identifiable intangible assets whenever events or changes in circumstances indicate that an intangible asset’s carrying amount may not be recoverable. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The US and Europe trademarks were acquired for $40,000 and $10,000, respectively, for the year ended December 31, 2018. Trademarks are initially measured based on their fair value and amortized by 10 and 25 years. Amortization expense totaled $1,484 and $0 for the years ended December 31, 2018 and 2017, respectively. |
Notes Payable, Related Parties
Notes Payable, Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Notes Payable [Abstract] | |
Notes Payable, Related Parties | Notes payable, related parties consist of the following at December 31, 2018 and 2017, respectively: 2018 2017 On various dates, the Company received advances from the Company’s CEO, Glenn Martin. Mr. Martin owns approximately 56.2% of the Company’s common stock at March 31, 2018. Over various dates in 2017, the Company received a total of $9,000 of advances from Mr. Martin, and they were repaid by July 3, 2017. On January 19, 2018, the Company received an unsecured loan, bearing interest at 2%, in the amount of $25,000 from Mr. Martin, and the loan was paid off in full on February 2, 2018. The Company also repaid an advance of $7,000 on July 6, 2018 received from Mr. Martin on January 16, 2018. The unsecured non-interest-bearing loans were due on demand. A detailed list of advances and repayments follows: $- $- On December 29, 2017, the Company received an unsecured loan, bearing interest at 2% in the amount of $37,000, due on demand from Dr. Pat Williams, PhD. The largest aggregate amount outstanding was $37,000 during the periods ended December 31, 2018 and December 31, 2017. Mr. Williams is a founding member and principal of our wholly-owned subsidiary, Sangre AT, LLC. Repayment was made to Mr. Williams on July 6, 2018. - 37,000 On April 12, 2010, the Company received an unsecured, non-interest-bearing loan in the amount of $2,000, due on demand from Robert Leitzman. Interest is being imputed at the Company’s estimated borrowing rate, or 10% per annum. The largest aggregate amount outstanding was $2,000 during the periods ended December 31, 2018 and December 31, 2017. Mr. Leitzman owns less than 1% of the Company’s common stock, however, the Mr. Leitzman is deemed to be a related party given the non-interest-bearing nature of the loan and the materiality of the debt at the time of origination. 2,000 2,000 Over various dates in 2011 and 2012, the Company received unsecured loans in the aggregate amount of $10,000, due on demand, bearing interest at 10%, from Sandra Orman. The largest aggregate amount outstanding was $10,000 during the periods ended December 31, 2018 and December 31, 2017. Mrs. Orman owns less than 1% of the Company’s common stock, however, Mrs. Orman is deemed to be a related party given the nature of the loan and the materiality of the debt at the time of origination. 10,000 10,000 Notes payable, related parties $12,000 $49,000 The Company recorded interest expense in the amount of $1,366 and $759 for the years ended December 31, 2018 and 2017, respectively, including imputed interest expense in the amount of $0 and $421 during such periods related to notes payable, related parties. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2018 | |
Notes Payable [Abstract] | |
Notes Payable | Note payable consist of the following at December 31, 2018 and 2017, respectively: 2018 2017 On July 26, 2017, the Company issued a $475,000 note payable, bearing interest at 5% per annum, to A.R. Miller (“Miller Note”) pursuant to the purchase of land and property in La Veta, Colorado. The note is to be paid in four consecutive semi-annual installments in the amount of $118,750 plus accrued interest commencing on January 26, 2018 and continuing on the 26th day of July and the 26th day of January each year until the debt is repaid on July 26, 2019. The note carries a late fee of $5,937.50 in the event any installment payment is more than 30 days late, and upon default the interest rate shall increase to 12% per annum. During the three months ended March 31, 2018, the Company paid $100,000 to A.R. Miller and issued 125,000 shares of common stock, valued at $1,450,000 based on the closing price on the measurement date. Accordingly, the Company recorded a loss on extinguishment of $1,064,719. $- $475,000 On February 16, 2018, the Company issued a $1,040,662 note payable, bearing interest at 1.81% per annum (the low interest rate was due to the short-term nature of the note – six months. See Note 6), to Craig and Carol Clark (“Clark Note”) pursuant to the purchase of land and property in La Veta, Colorado. The note is to be paid in consecutive monthly installments in the amount of $5,000, including accrued interest commencing on March 15, 2018 and continuing through August 15, 2018. The note carries a late fee of 3% in the event any installment payment is more than 10 days late, and upon default the interest rate shall increase to 10% per annum. As of September 12, 2018, a total of $171,300 was paid to the note holder. On October 9, 2018, the Company entered into a settlement agreement with the note holder to pay the settlement payment of $750,000. The Company had already paid $650,000 by September 27, 2018 and made the remaining payment of $100,000 on October 10, 2018. The Company recorded a gain on extinguishment of $121,475. - - $- $475,000 The Company recognized interest expense of $10,813 and $4,295 related to the note payables for the years ended December 31, 2018 and 2017, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | On November 8, 2016, the Company entered into an agreement with Gregory DiPaolo’s Pro Am Golf, LLC to acquire improved property located in Westfield, New York. The total purchase price of $1,600,000 is to be paid with a deposit of 50,000 shares of common stock, followed by cash of $1,250,000 and 300,000 shares of the Company’s common stock to be delivered at closing. The deposit of 50,000 shares issued as a deposit was $42,500 based on the closing price of the Company’s common stock on the date of grant. Subsequently, we entered into an amended Purchase and Sale Agreement on October 24, 2017, under which we amended the total purchase price to Eight Hundred Thousand Dollars ($800,000) and forfeited our previous deposit of stock. Under the terms of the amended agreement, we paid an additional Ten Thousand Dollar ($10,000) deposit on October 26, 2017, with the remaining purchase price to be paid on or before the date closing date, which was scheduled on May 1, 2018. The property is approximately 43 acres and has unlimited water extraction rights from the State of New York. We plan to use this property as our inroads to the New York hemp and infused beverage markets in the future. There are no current plans or budget to proceed with operations in New York, and there will not be until proper funding is secured after acquiring this property. Currently, there will be an open bid for the property, and there is no guarantee the Company will win the bid to complete the acquisition. As a result, the $110,000 non-refundable deposit for the property was recorded as a loss on deposit at the end of December 31, 2018. On January 19, 2018, the Company was sued in the United States District Court for the District of Arizona ( William Martin v. WEED, Inc.. Material Definitive Agreements On May 1, 2018, the Company entered into a Fourth Addendum and Fifth Addendum to that certain Purchase and Sale Agreement between the Company and Greg DiPaolo’s Pro Am Golf, LLC, amending the “Closing Date” under the Agreement to August 1, 2018, in exchange for the Company paying $50,000 as a non-refundable deposit to be applied against the purchase price once the property sale is completed and $10,000 for maintenance, tree removal and other grounds keeping in order to prepare the golf course for the 2018 season. On July 23, 2018, the Company entered into a Sixth Addendum, extending the “Closing Date” to November 1, 2018, in exchange for the Company paying an additional $50,000 as a non-refundable deposit to be applied against the purchase price. On May 21, 2018, the Company entered into a Trademark Purchase Agreement with Copalix Pty Ltd., a private South African company, to acquire U.S. Trademark Registration No. 4,927,872 for the WEED TM mark, in exchange for USD$40,000. On July 27, 2018, the Company entered into a Trademark Purchase Agreement with Copalix Pty Ltd., to acquire European Community Trademark Registration No. 11953387 for WEED Registered Mark in exchange for USD$10,000. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
STOCKHOLDERS' EQUITY | |
Stockholders' Equity | Preferred Stock On December 5, 2014, the Company amended the Articles of Incorporation, pursuant to which 20,000,000 shares of “blank check” preferred stock with a par value of $0.001 were authorized. No series of preferred stock has been designated to date. Common Stock On December 5, 2014, the Company amended the Articles of Incorporation, and increased the authorized shares to 200,000,000 shares of $0.001 par value common stock. 2018 Common Stock Activity Common Stock Sales (2018) During the year ended December 31, 2018, the Company issued 3,899,450 shares of common stock for proceeds of $4,798,550. In connection with certain of the share issuances, the Company issued warrants to purchase an aggregate of $1,927,500 shares of the Company’s common stock. The warrants to purchase 462,500 shares have an exercise price of $5.00 per share, exercisable on various dates through March 2019. Warrants to purchase 215,000 shares have an exercise price of $12.50 per share and are exercisable on various dates through January 2020. The warrants to purchase $1,250,000 shares have an exercise price of $6.00 per share, exercisable on various dates through June 2019. The proceeds received were allocated $3,361,832 to common stock and $1,436,718 to warrants on a relative fair value basis. On January 12, 2018, a warrant holder exercised warrants to purchase 150,000 shares of common stock at a price of $1.50 in exchange for proceeds of $225,000. Common Stock Issued for Services (2018) During the year ended December 31, 2018, the Company agreed to issue an aggregate of 915,000 shares of common stock to consultants for services performed. The total fair value of common stock was $3,042,940 based on the closing price of the Company’s common stock earned on the measurement date. Shares valued at $200,400 were issued at December 31, 2018 and services will be performed in 2019 and has been included in unamortized stock-based compensation. 2017 Common Stock Activity Common Stock Sales On September 29, 2017, the Company sold 300,000 units at $0.50 per unit, consisting of 300,000 shares of common stock and warrants to purchase 300,000 shares of common stock at an exercise price of $3.00 per share, exercisable until September 29, 2019, in exchange for total proceeds of $150,000. The proceeds received were allocated $84,101 to common stock and $65,899 to warrants on a relative fair value basis. On September 24, 2017, the Company sold 133,000 units at $0.7519 per unit, consisting of 133,000 shares of common stock and warrants to purchase 133,000 shares of common stock at an exercise price of $3.00 per share, exercisable until September 24, 2019, in exchange for total proceeds of $100,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On September 5, 2017, the Company sold 40,000 units at $0.50 per unit, consisting of 40,000 shares of common stock and warrants to purchase 40,000 shares of common stock at an exercise price of $3.00 per share, exercisable until September 5, 2019, in exchange for total proceeds of $20,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On August 2, 2017, the Company sold 100,000 units at $0.50 per unit, consisting of 100,000 shares of common stock and warrants to purchase 100,000 shares of common stock at an exercise price of $3.00 per share, exercisable until August 2, 2019, in exchange for total proceeds of $50,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. The shares were subsequently issued during the fourth quarter. As such, the stock purchase was presented as Stock Subscriptions Payable as of September 30, 2017. On July 7, 2017, the Company sold 200,000 units at $0.50 per unit, consisting of 200,000 shares of common stock and warrants to purchase 200,000 shares of common stock at an exercise price of $3.00 per share, exercisable until July 7, 2019, in exchange for total proceeds of $100,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On May 31, 2017, the Company sold 20,000 units at $0.50 per unit, consisting of 20,000 shares of common stock and warrants to purchase 20,000 shares of common stock at an exercise price of $3.00 per share, exercisable until May 31, 2019, in exchange for total proceeds of $10,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On May 31, 2017, the Company sold 20,000 units at $0.50 per unit, consisting of 20,000 shares of common stock and warrants to purchase 20,000 shares of common stock at an exercise price of $3.00 per share, exercisable until May 31, 2019, in exchange for total proceeds of $10,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On May 31, 2017, the Company sold 300,000 units at $0.50 per unit, consisting of 300,000 shares of common stock and warrants to purchase 150,000 shares of common stock at an exercise price of $3.00 per share, exercisable until May 31, 2019, in exchange for total proceeds of $150,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On May 25, 2017, the Company sold 20,000 units at $0.50 per unit, consisting of 20,000 shares of common stock and warrants to purchase 20,000 shares of common stock at an exercise price of $3.00 per share, exercisable until May 25, 2019, in exchange for total proceeds of $10,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On May 25, 2017, the Company sold 20,000 units at $0.50 per unit, consisting of 100,000 shares of common stock and warrants to purchase 100,000 shares of common stock at an exercise price of $3.00 per share, exercisable until May 25, 2019, in exchange for total proceeds of $50,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On April 20, 2017, the Company sold 500,000 units at $1.00 per unit, consisting of 500,000 shares of common stock and warrants to purchase 500,000 shares of common stock at an exercise price of $3.00 per share, exercisable until April 20, 2018, in exchange for total proceeds of $500,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On March 15, 2017 and March 31, 2017, the Company received an aggregate $235,000 of advances on the subsequent sale on April 20, 2017 of 375,000 units at $1.00 per unit, consisting of 375,000 shares of common stock and warrants to purchase 375,000 shares of common stock at an exercise price of $3.00 per share, exercisable until April 20, 2018, in exchange for total proceeds of $375,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. The $235,000 was presented as a subscriptions payable at March 31, 2017. On January 23, 2017, the Company sold 2,000 units at $2.00 per unit, consisting of 2,000 shares of common stock and warrants to purchase 2,000 shares of common stock at an exercise price of $3.00 per share, exercisable until January 23, 2018, in exchange for total proceeds of $4,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On January 9, 2017, the Company sold 50,000 units at $1.00 per unit, consisting of 50,000 shares of common stock and warrants to purchase 50,000 shares of common stock at an exercise price of $3.00 per share, exercisable until January 9, 2018, in exchange for total proceeds of $50,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. Common Stock Issued for Acquisition On July 18, 2017, the Company issued 25,000 shares of common stock as a good faith deposit toward the purchase of land and property located in La Veta, CO that closed on July 26, 2017, which were valued at $30,000 based on the closing price of the Company’s common stock on the date of grant. On April 20, 2017, the Company issued a total of 500,000 shares of common to seven individuals pursuant to the closing of an acquisition of Sangre AT, LLC, a Wyoming limited liability company (“Sangre”) in exchange for 100% of the interests in Sangre. The total fair value of the common stock was $1,003,850 based on the closing price of the Company’s common stock on the date of grant. Warrants Exercised On January 7, 2017, a warrant holder exercised warrants to purchase 2,666 shares of common stock at a strike price of $1.50 in exchange for proceeds of $3,999. Common Stock Issued for Bartered Assets On January 18, 2017, the Company exchanged 66,000 units, consisting of 66,000 shares of common stock and warrants to purchase 66,000 shares of common stock at an exercise price of $3.00 per share, exercisable until January 18, 2018, in exchange for a 2017 Audi Q7 and a 2017 Audi A4. The total fair value received, based on the market price of the stock at $4.02 per share, was allocated to the $105,132 purchase price of the vehicles and the $160,188 excess value of the common stock and warrants was expensed as stock-based compensation. Common Stock Issued for Services On August 1, 2017, the Company granted an aggregate of 349,000 shares of common stock to eight consultants for services performed. The aggregate fair value of the common stock was $359,470 based on the closing price of the Company’s common stock on the date of grant. On April 20, 2017, the Company granted an aggregate of 116,000 shares of common stock to eleven consultants for services performed. The aggregate fair value of the common stock was $232,893 based on the closing price of the Company’s common stock on the date of grant. On March 2, 2017, the Company granted 50,000 shares of common stock to a consultant for services performed. The total fair value of the common stock was $142,500 based on the closing price of the Company’s common stock on the date of grant. The shares were subsequently issued on April 28, 2017. On March 2, 2017, the Company granted 12,000 shares of common stock to a consultant for services performed. The total fair value of the common stock was $34,200 based on the closing price of the Company’s common stock on the date of grant. On January 7, 2017, the Company granted 50,000 shares of common stock to a consultant for services performed. The total fair value of the common stock was $210,250 based on the closing price of the Company’s common stock on the date of grant. Common Stock Subscribed for Services On April 20, 2017, the Company granted 50,000 shares of common stock to each of two consultants for services performed. The issuance of the shares has been deferred until January 1, 2018. The aggregate fair value of the common stock was $200,770 based on the closing price of the Company’s common stock on the date of grant. Common Stock Cancellations On July 24, 2017, the Company cancelled a total of 500,000 shares of common stock previously granted to a consultant for non-performance of services. On April 25, 2017, a total of 4,820,953 shares were cancelled and returned to treasury pursuant to compliance with the September 30, 2014 approval by the majority of shareholders of the terms of a Settlement Agreement dated December 11, 2013 and signed on August 19, 2014 pursuant to Case No. C20125545 in the Superior Court of the State of Arizona, whereby among other provisions, the Plaintiffs, consisting of United Mines, Inc. (“UMI”) and its then principals, agreed to the cancellation of a total of 4,820,953 shares of common stock and control of the Company in exchange for (i) sixty five (65) of the unpatented Bureau of Land Management (“BLM”) mining claims, the mill site, buildings and equipment, (ii) the four (4) Arizona State Land Department Exploration Permits registered to the Company, (iii) any permits, financial and reclamation guaranties, bonds and licenses connected with the foregoing assets. In addition, thirty-three (33) unpatented BLM mining claims remained the property of UMI, along with any associated permits, financial and reclamation guaranties, bonds, licenses, and the rights to the corporation, the corporation’s name, stock symbol, or any other asset of UMI, shall remain the property of UMI under the management of Glenn E. Martin. On January 26, 2017, the Company cancelled a total of 1,000,000 shares of common stock previously granted to two individuals for non-performance of services. |
Common Stock Warrants and Optio
Common Stock Warrants and Options | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Common Stock Warrants and Options | Common Stock Warrants Granted (2018) See Note 10 for details on warrants issued during the year ended December 31, 2018. Common stock warrants granted consist of the following at December 31, 2018 and 2017, respectively: 2018 2017 Issuance Warrant Name # of Common Issuance Warrant Name # of Common Date # Stock Warrants Date # Stock Warrants 1/5/2018 1029 Lex Seabre 100,000.00 1/23/2017 1010 Sandra Hogan 2,000.00 1/21/2018 1031 Roger Forsyth 100,000.00 4/20/2017 1015 Lex Seabre 375,000.00 1/23/2018 1032 Roger Forsyth 100,000.00 4/20/2017 1020 Lex Seabre 125,000.00 2/9/2018 1033 Lawrence Wesigal 15,000.00 5/25/2017 1016 Russ Karlen 100,000.00 3/19/2018 1034 Donald Steinberg 150,000.00 5/25/2017 1017 Eric Karlen 20,000.00 3/15/2018 1035 Donald Harrington 12,500.00 5/31/2017 1018 Matt Turner 20,000.00 4/26/2018 1036 Roger Seabre 100,000.00 5/31/2017 1022 Rodger Seabre 300,000.00 4/26/2018 1037 Michael Kirk Wines 100,000.00 6/16/2017 1019 Black Mountain Equities 70,000.00 5/7/2018 1038 Donald Steinberg 400,000.00 7/7/2017 1021 Rodger Seabre 200,000.00 5/15/2018 1039 Roger Seabre 200,000.00 8/2/2017 1026 Rodger Seabre 100,000.00 6/13/2018 1040 Blue Ridge Enterprises 450,000.00 9/5/2017 1023 Harry Methewson #1 40,000.00 6/26/2018 1041 Dianna Steinberg 200,000.00 9/24/2017 1024 Harry Methewson #2 133,000.00 Total 1,927,500.00 9/29/2017 1025 A2Z Inc. 300,000.00 10/24/2017 1027 Salvatore Rutigliano 13,333.00 11/10/2017 1028 Rodger Seabre 125,000.00 Total 1,923,333.00 A summary of the Company’s outstanding common stock warrants is as follows: Issuance Warrant # of Common Strike Term Date # Name Document Stock Warrants Price In Mos. 12/31/16 325,000 01/07/17 1007 Partial Exercise - David Eckert Subscription Agreement (2,666) $1.50 12 01/09/17 1009 Edward Matkoff Subscription Agreement 50,000 $3.00 12 01/23/17 1010 Sandra Hogan Subscription Agreement 2,000 $3.00 12 04/20/17 1015 Lex Seabre Subscription Agreement 375,000 $3.00 12 04/20/17 1020 Lex Seabre Subscription Agreement 125,000 $3.00 12 05/25/17 1016 Russ Karlen Subscription Agreement 100,000 $3.00 24 05/25/17 1017 Eric Karlen Subscription Agreement 20,000 $3.00 24 05/31/17 1018 Matt Turner Subscription Agreement 20,000 $3.00 24 05/31/17 1022 Rodger Seabre Subscription Agreement 300,000 $3.00 24 06/16/17 1019 Black Mountain Equities Debt Exchange Agreement 70,000 $3.00 12 07/07/17 1021 Rodger Seabre Subscription Agreement 200,000 $3.00 24 08/02/17 1026 Rodger Seabre Subscription Agreement 100,000 $3.00 24 09/05/17 1023 Harry Methewson #1 Subscription Agreement 40,000 $3.00 24 09/24/17 1024 Harry Methewson #2 Subscription Agreement 133,000 $3.00 24 09/29/17 1025 A2Z Inc. Subscription Agreement 300,000 $3.00 24 10/19/17 1005 Expired - Salvatore Rutigliano Subscription Agreement (100,000) $1.50 12 10/19/17 1006 Expired - Michael Ryan Subscription Agreement (25,000) $1.50 12 10/24/17 1027 Salvatore Rutigliano Subscription Agreement 13,333 $3.00 24 10/25/17 1007 Expired - David Eckert Subscription Agreement (147,334) $1.50 12 10/31/17 1008 Expired - Tom Harrington Subscription Agreement (50,000) $1.50 12 11/10/17 1028 Rodger Seabre Subscription Agreement 125,000 $3.00 24 12/31/17 1,973,333 01/02/18 1009 Exercise - Edward Matkoff Subscription Agreement (50,000) $3.00 12 01/05/18 1029 Lex Seabre Subscription Agreement 100,000 $5.00 12 01/21/18 1031 Roger Forsyth Subscription Agreement 100,000 $12.50 24 01/23/18 1010 Expired - Sandra Hogan Subscription Agreement (2,000) $3.00 12 01/23/18 1032 Roger Forsyth Subscription Agreement 100,000 $12.50 24 02/09/18 1033 Lawrence Wesigal Subscription Agreement 15,000 $12.50 12 03/19/18 1034 Donald Steinberg Subscription Agreement 150,000 $5.00 12 03/15/18 1035 Donald Harrington Subscription Agreement 12,500 $5.00 12 04/20/18 1015 Expired - Lex Seabre Subscription Agreement (375,000) $3.00 12 04/20/18 1020 Expired - Lex Seabre Subscription Agreement (125,000) $3.00 12 04/26/18 1036 Roger Seabre Subscription Agreement 100,000 $5.00 12 04/26/18 1037 Michael Kirk Wines Subscription Agreement 100,000 $5.00 12 05/07/18 1038 Donald Steinberg Subscription Agreement 400,000 $6.00 12 05/15/18 1039 Roger Seabre Subscription Agreement 200,000 $6.00 12 06/13/18 1040 Blue Ridge Enterprises Subscription Agreement 450,000 $6.00 12 06/16/18 1019 Expired - Black Mountain Equities Debt Exchange Agreement (70,000) $3.00 12 06/26/18 1041 Dianna Steinberg Subscription Agreement 200,000 $6.00 12 12/31/18 3,278,833 Common Stock Warrants Expired (2018) A total of 572,000 warrants expired during the year ended December 31, 2018. Common Stock Warrants Granted (2017) On September 29, 2017, the Company sold warrants to purchase 300,000 shares of common stock at $3.00 per share over a two (2) year period from the date of sale, in exchange for total proceeds of $150,000 in conjunction with the sale of 300,000 shares of common stock. The relative fair value of the 300,000 common stock warrants using the Black-Scholes option-pricing model was $303,242, or $1.01081 per share, based on a volatility rate of 206%, a risk-free interest rate of 1.47% and an expected term of 2.0 years. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On September 24, 2017, the Company sold warrants to purchase 133,000 shares of common stock at $3.00 per share over a two (2) year period from the date of sale, in exchange for total proceeds of $100,000 in conjunction with the sale of 133,000 shares of common stock. The relative fair value of the 133,000 common stock warrants using the Black-Scholes option-pricing model was $152,795, or $1.14884 per share, based on a volatility rate of 206%, a risk-free interest rate of 1.46% and an expected term of 2.0 years. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On September 5, 2017, the Company sold warrants to purchase 40,000 shares of common stock at $3.00 per share over a two (2) year period from the date of sale, in exchange for total proceeds of $20,000 in conjunction with the sale of 40,000 shares of common stock. The relative fair value of the 40,000 common stock warrants using the Black-Scholes option-pricing model was $27,215, or $0.68039 per share, based on a volatility rate of 207%, a risk-free interest rate of 1.30% and an expected term of 2.0 years. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On August 2, 2017, the Company sold warrants to purchase 100,000 shares of common stock at $3.00 per share over a two (2) year period from the date of sale, in exchange for total proceeds of $50,000 in conjunction with the sale of 100,000 shares of common stock. The relative fair value of the 100,000 common stock warrants using the Black-Scholes option-pricing model was $80,872, or $0.80872 per share, based on a volatility rate of 210%, a risk-free interest rate of 1.36% and an expected term of 2.0 years. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On July 7, 2017, the Company sold warrants to purchase 200,000 shares of common stock at $3.00 per share over a two (2) year period from the date of sale, in exchange for total proceeds of $100,000 in conjunction with the sale of 200,000 shares of common stock. The relative fair value of the 200,000 common stock warrants using the Black-Scholes option-pricing model was $156,339, or $0.78169 per share, based on a volatility rate of 209%, a risk-free interest rate of 1.40% and an expected term of 2.0 years. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On June 16, 2017, the Company issued warrants to purchase 70,000 shares of common stock at $3.00 per share over a one (1) year period from the date of exchange in conjunction with the issuance of 70,000 shares of common stock in exchange for the settlement of a convertible note, consisting of $35,000 of principal and $33,250 of interest. The relative fair value of the 70,000 common stock warrants using the Black-Scholes option-pricing model was $49,433, or $0.70618 per share, based on a volatility rate of 211%, a risk-free interest rate of 1.21% and an expected term of 1.0 year. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On May 31, 2017, the Company sold warrants to purchase 20,000 shares of common stock at $3.00 per share over a two (2) year period from the date of sale, in exchange for total proceeds of $10,000 in conjunction with the sale of 20,000 shares of common stock. The relative fair value of the 20,000 common stock warrants using the Black-Scholes option-pricing model was $8,946, or $0.44730 per share, based on a volatility rate of 209%, a risk-free interest rate of 1.28% and an expected term of 2.0 years. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On May 31, 2017, the Company sold warrants to purchase 300,000 shares of common stock at $3.00 per share over a two (2) year period from the date of sale, in exchange for total proceeds of $150,000 in conjunction with the sale of 300,000 shares of common stock. The relative fair value of the 300,000 common stock warrants using the Black-Scholes option-pricing model was $134,190, or $0.44730 per share, based on a volatility rate of 209%, a risk-free interest rate of 1.28% and an expected term of 2.0 years. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On May 25, 2017, the Company sold warrants to purchase 20,000 shares of common stock at $3.00 per share over a two (2) year period from the date of sale, in exchange for total proceeds of $10,000 in conjunction with the sale of 20,000 shares of common stock. The relative fair value of the 20,000 common stock warrants using the Black-Scholes option-pricing model was $5,887, or $0.29434 per share, based on a volatility rate of 205%, a risk-free interest rate of 1.30% and an expected term of 2.0 years. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On May 25, 2017, the Company sold warrants to purchase 100,000 shares of common stock at $3.00 per share over a two (2) year period from the date of sale, in exchange for total proceeds of $50,000 in conjunction with the sale of 100,000 shares of common stock. The relative fair value of the 100,000 common stock warrants using the Black-Scholes option-pricing model was $29,434, or $0.29434 per share, based on a volatility rate of 205%, a risk-free interest rate of 1.30% and an expected term of 2.0 years. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On April 20, 2017, the Company sold warrants to purchase 500,000 shares of common stock at $3.00 per share over a one (1) year period from the date of sale, in exchange for total proceeds of $500,000 in conjunction with the sale of 500,000 shares of common stock. The relative fair value of the 500,000 common stock warrants using the Black-Scholes option-pricing model was $626,641, or $1.25328 per share, based on a volatility rate of 202%, a risk-free interest rate of 1.01% and an expected term of 1.0 year. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On January 23, 2017, the Company sold warrants to purchase 2,000 shares of common stock at $3.00 per share over a one (1) year period from the date of sale, in exchange for total proceeds of $4,000 in conjunction with the sale of 2,000 shares of common stock. The relative fair value of the 2,000 common stock warrants using the Black-Scholes option-pricing model was $5,106, or $2.55281 per share, based on a volatility rate of 211%, a risk-free interest rate of 0.79% and an expected term of 1.0 year. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On January 9, 2017, the Company sold warrants to purchase 50,000 shares of common stock at $3.00 per share over a one (1) year period from the date of sale, in exchange for total proceeds of $50,000 in conjunction with the sale of 50,000 shares of common stock. The relative fair value of the 50,000 common stock warrants using the Black-Scholes option-pricing model was $108,228, or $2.16456 per share, based on a volatility rate of 210%, a risk-free interest rate of 0.82% and an expected term of 1.0 year. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. Warrants Exercised On January 7, 2017, a warrant holder exercised warrants to purchase 2,666 shares of common stock at a strike price of $1.50 in exchange for proceeds of $3,999. Common Stock Warrants Expired or Cancelled On May 31, 2017, the Company sold 20,000 units at $0.50 per unit, consisting of 20,000 shares of common stock and warrants to purchase 20,000 shares of common stock at an exercise price of $3.00 per share, exercisable until May 31, 2019, in exchange for total proceeds of $10,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On May 31, 2017, the Company sold 300,000 units at $0.50 per unit, consisting of 300,000 shares of common stock and warrants to purchase 150,000 shares of common stock at an exercise price of $3.00 per share, exercisable until May 31, 2019, in exchange for total proceeds of $150,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On May 25, 2017, the Company sold 20,000 units at $0.50 per unit, consisting of 20,000 shares of common stock and warrants to purchase 20,000 shares of common stock at an exercise price of $3.00 per share, exercisable until May 25, 2019, in exchange for total proceeds of $10,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On May 25, 2017, the Company sold 20,000 units at $0.50 per unit, consisting of 100,000 shares of common stock and warrants to purchase 100,000 shares of common stock at an exercise price of $3.00 per share, exercisable until May 25, 2019, in exchange for total proceeds of $50,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On April 20, 2017, the Company sold 500,000 units at $1.00 per unit, consisting of 500,000 shares of common stock and warrants to purchase 500,000 shares of common stock at an exercise price of $3.00 per share, exercisable until April 20, 2018, in exchange for total proceeds of $500,000. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On January 23, 2017, the Company sold warrants to purchase 2,000 shares of common stock at $3.00 per share over a one (1) year period from the date of sale, in exchange for total proceeds of $4,000 in conjunction with the sale of 2,000 shares of common stock. The relative fair value of the 2,000 common stock warrants using the Black-Scholes option-pricing model was $5,106, or $2.55281 per share, based on a volatility rate of 211%, a risk-free interest rate of 0.79% and an expected term of 1.0 year. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. On January 9, 2017, the Company sold warrants to purchase 50,000 shares of common stock at $3.00 per share over a one (1) year period from the date of sale, in exchange for total proceeds of $50,000 in conjunction with the sale of 50,000 shares of common stock. The relative fair value of the 50,000 common stock warrants using the Black-Scholes option-pricing model was $108,228, or $2.16456 per share, based on a volatility rate of 210%, a risk-free interest rate of 0.82% and an expected term of 1.0 year. The proceeds received were allocated between the common stock and warrants on a relative fair value basis. Common Stock Warrants Expired (2017) No warrants were expired or cancelled during the year ended December 31, 2017. Common Stock Warrants Exercised (2017) On January 7, 2017, a warrant holder exercised warrants to purchase 2,666 shares of common stock at a strike price of $1.50 in exchange for proceeds of $3,999. Common Stock Options (2018) On February 1, 2018, in connection with executive employment agreements, the Company granted non-qualified options to purchase an aggregate of 6,000,000 shares of the Company’s common stock at the exercise price of $10.55 per share. The options shall become exercisable at the rate of 1/3 upon the six-month anniversary, 1/3 upon the one-year anniversary and 1/3 upon the second anniversary of the grant. The options were valued at $45,753,000 using the Black-Scholes option pricing model. The Company recognized expense of approximately $21,201,397 relating to these options during the year ended December 31, 2018. The assumptions used in the Black-Scholes model are as follows: For the year ended December 31, 2018 Risk-free interest rate 1.75% Expected dividend yield 0% Expected lives 6.0 years Expected volatility 200% A summary of the Company’s stock option activity and related information is as follows: For the years ended December 31, 2018 and 2017 Number of Shares Average Price Outstanding at the beginning of period - $- Granted 6,000,000 10.55 Exercised/Expired/Cancelled - - Outstanding at the end of period 6,000,000 $10.55 Exercisable at the end of period 1,250,000 $10.55 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Common Stock Sales On March 21, 2019, the Company sold 50,000 shares of common stock in exchange for total proceeds of $50,000. On March 11, 2019, the Company sold 100,000 shares of common stock in exchange for total proceeds of $100,000. On February 12, 2019, the Company sold 100,000 shares of common stock in exchange for total proceeds of $100,000. Common Stock Issued for Services On March 11, 2019, the Company issued 10,000 shares to the Andrew Defries in exchange for services rendered to the Company. Pursuant to a Retainer Agreement dated January 31, 2019, we agreed to issue the Law Offices of Craig V. Butler 400,000 shares of our common stock in exchange for services rendered to the Company. These shares were issued on February 12, 2019. |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Business | WEED, Inc. (the “Company”), (formerly United Mines, Inc.) was incorporated under the laws of the State of Arizona on August 20, 1999 (“Inception Date”) as Plae, Inc. to engage in the exploration of gold and silver mining properties. On November 26, 2014, the Company was renamed from United Mines, Inc. to WEED, Inc. and was repurposed to pursue a business involving the purchase of land, and building Commercial Grade “Cultivation Centers” to consult, assist, manage & lease to Licensed Dispensary owners and organic grow operators on a contract basis, with a concentration on the legal and medical marijuana sector. The Company’s plan is to become a True “Seed-to-Sale” company providing infrastructure, financial solutions and real estate options in this new emerging market. The Company, under United Mines, was formerly in the process of acquiring mineral properties or claims located in the State of Arizona, USA. The name was previously changed on February 18, 2005 to King Mines, Inc. and then subsequently changed to United Mines, Inc. on March 30, 2005. The Company trades on the OTC Pink Sheets under the stock symbol: BUDZ. On April 20, 2017, the Company acquired Sangre AT, LLC, a Wyoming company doing business as Sangre AgroTech. (“Sangre”). Sangre is a plant genomic research and breeding company comprised of top-echelon scientists with extensive expertise in genomic sequencing, genetics-based breeding, plant tissue culture, and plant biochemistry, utilizing the most advanced sequencing and analytical technologies and proprietary bioinformatics data systems available. Sangre is working on a cannabis genomic study to complete a global genomic classification of the cannabis plant genus. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained therein. The Company has a calendar year end for reporting purposes. |
Principles of Consolidation | The accompanying consolidated financial statements include the accounts of the following entities, all of which are under common control and ownership: State of Abbreviated Name of Entity Incorporation Relationship (1) Reference WEED, Inc. Nevada Parent WEED Sangre AT, LLC (2) Wyoming Subsidiary Sangre (1) Sangre is a wholly-owned subsidiary of WEED, Inc. (2) Sangre AT, LLC is doing business as Sangre AgroTech. The consolidated financial statements herein contain the operations of the wholly-owned subsidiary listed above. All significant inter-company transactions have been eliminated in the preparation of these financial statements. The parent company, WEED and subsidiary, Sangre will be collectively referred to herein as the “Company”, or “WEED”. The Company's headquarters are located in Tucson, Arizona and its operations are primarily within the United States, with minimal operations in Australia. These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained therein. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | Under ASC 820-10-05, the Financial Accounting Standards Board (“FASB”) establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant measurement attribute. The adoption of this standard did not have a material effect on the Company’s financial statements as reflected herein. The carrying amounts of cash, prepaid expenses and accrued expenses reported on the balance sheet are estimated by management to approximate fair value primarily due to the short term nature of the instruments. |
Impairment of Long-Lived Assets | Long-lived assets held and used by the Company are reviewed for possible impairment whenever events or circumstances indicate the carrying amount of an asset may not be recoverable or is impaired. Recoverability is assessed using undiscounted cash flows based upon historical results and current projections of earnings before interest and taxes. Impairment is measured using discounted cash flows of future operating results based upon a rate that corresponds to the cost of capital. Impairments are recognized in operating results to the extent that carrying value exceeds discounted cash flows of future operations. |
Basic and Diluted Loss Per Share | The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the periods presented, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share. |
Stock-Based Compensation | Under FASB ASC 718-10-30-2, all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. |
Revenue Recognition | On January 1, 2018, the Company adopted the new revenue recognition standard ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”, using the cumulative effect (modified retrospective) approach. Modified retrospective adoption requires entities to apply the standard retrospectively to the most current period presented in the financial statements, requiring the cumulative effect of the retrospective application as an adjustment to the opening balance of retained earnings at the date of initial application. No cumulative-effect adjustment in retained earnings was recorded as the Company’s has no historical revenue. The impact of the adoption of the new standard was not material to the Company’s consolidated financial statements for year ended December 31, 2018. The Company expects the impact to be immaterial on an ongoing basis. The primary change under the new guidance is the requirement to report the allowance for uncollectible accounts as a reduction in net revenue as opposed to bad debt expense, a component of operating expenses. The adoption of this guidance did not have an impact on our condensed consolidated financial statements, other than additional financial statement disclosures. The guidance requires increased disclosures, including qualitative and quantitative disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company operates as one reportable segment. |
Advertising and Promotion | All costs associated with advertising and promoting products are expensed as incurred. These expenses were $998 and $4,139 for the years ended December 31, 2018 and 2017, respectively. |
Recently Issued Accounting Pronouncements | In May 2014, the FASB issued Accounting Standards Update ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes nearly all existing revenue recognition guidance, including industry-specific guidance. Subsequent to the issuance of ASU No. 2014-09, the FASB clarified the guidance through several Accounting Standards Updates; hereinafter the collection of revenue guidance is referred to as “Topic 606.” Topic 606 is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Topic 606 also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. The Company adopted Topic 606 on January 1, 2018 using the modified retrospective transition method; accordingly, Topic 606 has been applied to the fiscal 2018 financial statements and disclosures going forward, but the comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of Topic 606 to be immaterial to our operating results on an ongoing basis. In February 2016, the FASB issued ASU 2016-02, Leases. The standard requires lessees to recognize lease assets and lease liabilities on the consolidated balance sheet and requires expanded disclosures about leasing arrangements. We planned to adopt the standard on January 1, 2019, and it did not have a significant impact on the Company. In June 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-07, Compensation – Stock Compensation (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting |
Nature of Business and Signif_3
Nature of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of entities | State of Abbreviated Name of Entity Incorporation Relationship (1) Reference WEED, Inc. Nevada Parent WEED Sangre AT, LLC (2) Wyoming Subsidiary Sangre (1) Sangre is a wholly-owned subsidiary of WEED, Inc. (2) Sangre AT, LLC is doing business as Sangre AgroTech. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Fair value of financial instruments | Fair Value Measurements at December 31, 2017 Level 1 Level 2 Level 3 Assets Cash $161,178 $- $- Total assets $161,178 $- $- Liabilities Notes payable, related parties $- 49,000 $- Notes payable $- $475,000 $- Total liabilities $- $524,000 $- $161,178 $524,000 $- Fair Value Measurements at December 31, 2018 Level 1 Level 2 Level 3 Assets Cash $70,608 $- $- Total assets $70,608 $- $- Liabilities Notes payable, related parties $- $12,000 $- Total liabilities $- $12,000 $- $70,608 $12,000 $- |
Investment in Land and Proper_2
Investment in Land and Property (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments [Abstract] | |
Investment in land and property | July 26, 2017 Consideration: Common stock payment of 25,000 shares (1) $30,000 Cash payment of down payment 50,000 Cash paid at closing 444,640 Short term liabilities assumed and paid at closing (2) 5,360 Note payable (3) 475,000 Total purchase price $1,005,000 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | December 31, December 31, 2018 2017 Property improvements $5,000 $28,934 Automobiles 105,132 105,132 Office equipment 4,933 4,934 Lab equipment 65,769 15,202 Construction in progress (2) 499,695 0 Property (1) 1,887,802 891,250 Property and equipment, gross 2,568,331 1,045,452 Less accumulated depreciation (224,198) (45,040) Property and equipment, net $2,308,133 1,000,412 |
Notes Payable, Related Parties
Notes Payable, Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Payable [Abstract] | |
Notes payable, related parties | 2018 2017 On various dates, the Company received advances from the Company’s CEO, Glenn Martin. Mr. Martin owns approximately 56.2% of the Company’s common stock at March 31, 2018. Over various dates in 2017, the Company received a total of $9,000 of advances from Mr. Martin, and they were repaid by July 3, 2017. On January 19, 2018, the Company received an unsecured loan, bearing interest at 2%, in the amount of $25,000 from Mr. Martin, and the loan was paid off in full on February 2, 2018. The Company also repaid an advance of $7,000 on July 6, 2018 received from Mr. Martin on January 16, 2018. The unsecured non-interest-bearing loans were due on demand. A detailed list of advances and repayments follows: $- $- On December 29, 2017, the Company received an unsecured loan, bearing interest at 2% in the amount of $37,000, due on demand from Dr. Pat Williams, PhD. The largest aggregate amount outstanding was $37,000 during the periods ended December 31, 2018 and December 31, 2017. Mr. Williams is a founding member and principal of our wholly-owned subsidiary, Sangre AT, LLC. Repayment was made to Mr. Williams on July 6, 2018. - 37,000 On April 12, 2010, the Company received an unsecured, non-interest-bearing loan in the amount of $2,000, due on demand from Robert Leitzman. Interest is being imputed at the Company’s estimated borrowing rate, or 10% per annum. The largest aggregate amount outstanding was $2,000 during the periods ended December 31, 2018 and December 31, 2017. Mr. Leitzman owns less than 1% of the Company’s common stock, however, the Mr. Leitzman is deemed to be a related party given the non-interest-bearing nature of the loan and the materiality of the debt at the time of origination. 2,000 2,000 Over various dates in 2011 and 2012, the Company received unsecured loans in the aggregate amount of $10,000, due on demand, bearing interest at 10%, from Sandra Orman. The largest aggregate amount outstanding was $10,000 during the periods ended December 31, 2018 and December 31, 2017. Mrs. Orman owns less than 1% of the Company’s common stock, however, Mrs. Orman is deemed to be a related party given the nature of the loan and the materiality of the debt at the time of origination. 10,000 10,000 Notes payable, related parties $12,000 $49,000 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Payable [Abstract] | |
Note payable | 2018 2017 On July 26, 2017, the Company issued a $475,000 note payable, bearing interest at 5% per annum, to A.R. Miller (“Miller Note”) pursuant to the purchase of land and property in La Veta, Colorado. The note is to be paid in four consecutive semi-annual installments in the amount of $118,750 plus accrued interest commencing on January 26, 2018 and continuing on the 26th day of July and the 26th day of January each year until the debt is repaid on July 26, 2019. The note carries a late fee of $5,937.50 in the event any installment payment is more than 30 days late, and upon default the interest rate shall increase to 12% per annum. During the three months ended March 31, 2018, the Company paid $100,000 to A.R. Miller and issued 125,000 shares of common stock, valued at $1,450,000 based on the closing price on the measurement date. Accordingly, the Company recorded a loss on extinguishment of $1,064,719. $- $475,000 On February 16, 2018, the Company issued a $1,040,662 note payable, bearing interest at 1.81% per annum (the low interest rate was due to the short-term nature of the note – six months. See Note 6), to Craig and Carol Clark (“Clark Note”) pursuant to the purchase of land and property in La Veta, Colorado. The note is to be paid in consecutive monthly installments in the amount of $5,000, including accrued interest commencing on March 15, 2018 and continuing through August 15, 2018. The note carries a late fee of 3% in the event any installment payment is more than 10 days late, and upon default the interest rate shall increase to 10% per annum. As of September 12, 2018, a total of $171,300 was paid to the note holder. On October 9, 2018, the Company entered into a settlement agreement with the note holder to pay the settlement payment of $750,000. The Company had already paid $650,000 by September 27, 2018 and made the remaining payment of $100,000 on October 10, 2018. The Company recorded a gain on extinguishment of $121,475. - - $- $475,000 |
Common Stock Warrants and Opt_2
Common Stock Warrants and Options (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Warrants granted | 2018 2017 Issuance Warrant Name # of Common Issuance Warrant Name # of Common Date # Stock Warrants Date # Stock Warrants 1/5/2018 1029 Lex Seabre 100,000.00 1/23/2017 1010 Sandra Hogan 2,000.00 1/21/2018 1031 Roger Forsyth 100,000.00 4/20/2017 1015 Lex Seabre 375,000.00 1/23/2018 1032 Roger Forsyth 100,000.00 4/20/2017 1020 Lex Seabre 125,000.00 2/9/2018 1033 Lawrence Wesigal 15,000.00 5/25/2017 1016 Russ Karlen 100,000.00 3/19/2018 1034 Donald Steinberg 150,000.00 5/25/2017 1017 Eric Karlen 20,000.00 3/15/2018 1035 Donald Harrington 12,500.00 5/31/2017 1018 Matt Turner 20,000.00 4/26/2018 1036 Roger Seabre 100,000.00 5/31/2017 1022 Rodger Seabre 300,000.00 4/26/2018 1037 Michael Kirk Wines 100,000.00 6/16/2017 1019 Black Mountain Equities 70,000.00 5/7/2018 1038 Donald Steinberg 400,000.00 7/7/2017 1021 Rodger Seabre 200,000.00 5/15/2018 1039 Roger Seabre 200,000.00 8/2/2017 1026 Rodger Seabre 100,000.00 6/13/2018 1040 Blue Ridge Enterprises 450,000.00 9/5/2017 1023 Harry Methewson #1 40,000.00 6/26/2018 1041 Dianna Steinberg 200,000.00 9/24/2017 1024 Harry Methewson #2 133,000.00 Total 1,927,500.00 9/29/2017 1025 A2Z Inc. 300,000.00 10/24/2017 1027 Salvatore Rutigliano 13,333.00 11/10/2017 1028 Rodger Seabre 125,000.00 Total 1,923,333.00 |
Warrants outstanding | Issuance Warrant # of Common Strike Term Date # Name Document Stock Warrants Price In Mos. 12/31/16 325,000 01/07/17 1007 Partial Exercise - David Eckert Subscription Agreement (2,666) $1.50 12 01/09/17 1009 Edward Matkoff Subscription Agreement 50,000 $3.00 12 01/23/17 1010 Sandra Hogan Subscription Agreement 2,000 $3.00 12 04/20/17 1015 Lex Seabre Subscription Agreement 375,000 $3.00 12 04/20/17 1020 Lex Seabre Subscription Agreement 125,000 $3.00 12 05/25/17 1016 Russ Karlen Subscription Agreement 100,000 $3.00 24 05/25/17 1017 Eric Karlen Subscription Agreement 20,000 $3.00 24 05/31/17 1018 Matt Turner Subscription Agreement 20,000 $3.00 24 05/31/17 1022 Rodger Seabre Subscription Agreement 300,000 $3.00 24 06/16/17 1019 Black Mountain Equities Debt Exchange Agreement 70,000 $3.00 12 07/07/17 1021 Rodger Seabre Subscription Agreement 200,000 $3.00 24 08/02/17 1026 Rodger Seabre Subscription Agreement 100,000 $3.00 24 09/05/17 1023 Harry Methewson #1 Subscription Agreement 40,000 $3.00 24 09/24/17 1024 Harry Methewson #2 Subscription Agreement 133,000 $3.00 24 09/29/17 1025 A2Z Inc. Subscription Agreement 300,000 $3.00 24 10/19/17 1005 Expired - Salvatore Rutigliano Subscription Agreement (100,000) $1.50 12 10/19/17 1006 Expired - Michael Ryan Subscription Agreement (25,000) $1.50 12 10/24/17 1027 Salvatore Rutigliano Subscription Agreement 13,333 $3.00 24 10/25/17 1007 Expired - David Eckert Subscription Agreement (147,334) $1.50 12 10/31/17 1008 Expired - Tom Harrington Subscription Agreement (50,000) $1.50 12 11/10/17 1028 Rodger Seabre Subscription Agreement 125,000 $3.00 24 12/31/17 1,973,333 01/02/18 1009 Exercise - Edward Matkoff Subscription Agreement (50,000) $3.00 12 01/05/18 1029 Lex Seabre Subscription Agreement 100,000 $5.00 12 01/21/18 1031 Roger Forsyth Subscription Agreement 100,000 $12.50 24 01/23/18 1010 Expired - Sandra Hogan Subscription Agreement (2,000) $3.00 12 01/23/18 1032 Roger Forsyth Subscription Agreement 100,000 $12.50 24 02/09/18 1033 Lawrence Wesigal Subscription Agreement 15,000 $12.50 12 03/19/18 1034 Donald Steinberg Subscription Agreement 150,000 $5.00 12 03/15/18 1035 Donald Harrington Subscription Agreement 12,500 $5.00 12 04/20/18 1015 Expired - Lex Seabre Subscription Agreement (375,000) $3.00 12 04/20/18 1020 Expired - Lex Seabre Subscription Agreement (125,000) $3.00 12 04/26/18 1036 Roger Seabre Subscription Agreement 100,000 $5.00 12 04/26/18 1037 Michael Kirk Wines Subscription Agreement 100,000 $5.00 12 05/07/18 1038 Donald Steinberg Subscription Agreement 400,000 $6.00 12 05/15/18 1039 Roger Seabre Subscription Agreement 200,000 $6.00 12 06/13/18 1040 Blue Ridge Enterprises Subscription Agreement 450,000 $6.00 12 06/16/18 1019 Expired - Black Mountain Equities Debt Exchange Agreement (70,000) $3.00 12 06/26/18 1041 Dianna Steinberg Subscription Agreement 200,000 $6.00 12 12/31/18 3,278,833 |
Fair value of options assumptions | For the year ended December 31, 2018 Risk-free interest rate 1.75% Expected dividend yield 0% Expected lives 6.0 years Expected volatility 200% |
Stock option activity | For the years ended December 31, 2018 and 2017 Number of Shares Average Price Outstanding at the beginning of period - $- Granted 6,000,000 10.55 Exercised/Expired/Cancelled - - Outstanding at the end of period 6,000,000 $10.55 Exercisable at the end of period 1,250,000 $10.55 |
Nature of Business and Signif_4
Nature of Business and Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2018 | ||
Parent | ||
Name of Entity | WEED, Inc. | |
State of Incorporation | Nevada | |
Subsidiary | ||
Name of Entity | Sangre AT, LLC | [1],[2] |
State of Incorporation | Wyoming | |
[1] | Sangre AT, LLC is doing business as Sangre AgroTech. | |
[2] | Sangre is a wholly-owned subsidiary of WEED, Inc. |
Nature of Business and Signif_5
Nature of Business and Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | ||
Advertising and promotion expense | $ 998 | $ 4,139 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Going Concern | ||
Accumulated deficit | $ (48,396,295) | $ (19,081,288) |
Related Party (Details Narrativ
Related Party (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Imputed interest on non-interest bearing related party debts | $ 0 | $ 421 |
Officer compensation | 0 | $ 179,331 |
Estimated fair value of vested stock options | $ 21,284,610 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | |||
Cash | $ 70,608 | $ 161,178 | $ 231 |
Total assets | 3,020,989 | 1,308,339 | |
Liabilities | |||
Notes payable, related parties | 12,000 | 49,000 | |
Notes payable | 0 | 475,000 | |
Total liabilities | 259,362 | 948,128 | |
Level 1 | |||
Assets | |||
Cash | 70,608 | 161,178 | |
Total assets | 70,608 | 161,178 | |
Liabilities | |||
Notes payable, related parties | 0 | 0 | |
Notes payable | 0 | ||
Total liabilities | 0 | 0 | |
Total | 70,608 | 161,178 | |
Level 2 | |||
Assets | |||
Cash | 0 | 0 | |
Total assets | 0 | 0 | |
Liabilities | |||
Notes payable, related parties | 12,000 | 49,000 | |
Notes payable | 475,000 | ||
Total liabilities | 12,000 | 524,000 | |
Total | 12,000 | 524,000 | |
Level 3 | |||
Assets | |||
Cash | 0 | 0 | |
Total assets | 0 | 0 | |
Liabilities | |||
Notes payable, related parties | 0 | 0 | |
Notes payable | 0 | ||
Total liabilities | 0 | 0 | |
Total | $ 0 | $ 0 |
Investment in Land and Proper_3
Investment in Land and Property (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($) | ||
Total purchase price | $ 1,005,000 | |
Common stock payment | ||
Total purchase price | 30,000 | [1] |
Cash payment of down payment | ||
Total purchase price | 50,000 | |
Cash paid at closing | ||
Total purchase price | 444,640 | |
Short term liabilities assumed and paid at closing | ||
Total purchase price | 5,360 | [2] |
Note payable | ||
Total purchase price | $ 475,000 | [3] |
[1] | Consideration consisted of an advance payment of 25,000 shares of the Company's common stock valued at $30,000 based on the closing price of the Company's common stock on the July 18, 2017 date of grant. | |
[2] | Purchaser's shares of closing costs, including the seller's prepaid property taxes. | |
[3] | As noted above, the note was settled with a payment of $100,000 and the issuance of 125,000 shares of common stock. |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | |
Property and equipment, gross | $ 2,568,331 | $ 1,045,452 | |
Less accumulated depreciation | (224,198) | (45,040) | |
Property and equipment, net | 2,344,133 | 1,000,412 | |
Property improvements | |||
Property and equipment, gross | 5,000 | 28,934 | |
Automobiles | |||
Property and equipment, gross | 105,132 | 105,132 | |
Office equipment | |||
Property and equipment, gross | 4,933 | 4,934 | |
Lab equipment | |||
Property and equipment, gross | 65,769 | 15,202 | |
Construction in progress | |||
Property and equipment, gross | [1] | 499,695 | 0 |
Property | |||
Property and equipment, gross | [2] | $ 1,887,802 | $ 891,250 |
[1] | During the year ended December 31, 2018, HVAC/furnace system and research facility center are under construction. | ||
[2] | During the year ended December 31, 2018, the Company purchased two properties in La Veta, Colorado. The property located on 169 Valley Vista was purchased for $140,000, and the property located on 1390 Mountain Valley Road was purchased for $1,200,000 (see Note 8). |
Property and Equipment (Detai_2
Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 180,640 | $ 44,654 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Assets, Net (Including Goodwill) [Abstract] | ||
Amortization of intangible assets | $ 1,484 | $ 0 |
Notes Payable, Related Partie_2
Notes Payable, Related Parties (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Notes payable, related parties | $ 12,000 | $ 49,000 |
Note payable 1 | ||
Notes payable, related parties | 0 | 0 |
Note payable 2 | ||
Notes payable, related parties | 0 | 37,000 |
Note payable 3 | ||
Notes payable, related parties | 2,000 | 2,000 |
Note payable 4 | ||
Notes payable, related parties | $ 10,000 | $ 10,000 |
Notes Payable, Related Partie_3
Notes Payable, Related Parties (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Notes Payable [Abstract] | ||
Interest expense | $ 1,366 | $ 759 |
Imputed interest on non-interest bearing related party debts | $ 0 | $ 421 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Notes payable | $ 0 | $ 475,000 |
Note payable 1 | ||
Notes payable | 0 | 475,000 |
Note payable 2 | ||
Notes payable | $ 0 | $ 0 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Notes Payable [Abstract] | ||
Interest expense | $ 12,179 | $ 4,295 |
Common Stock Warrants and Opt_3
Common Stock Warrants and Options (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Common stock warrants granted | 1,927,500 | 1,923,333 |
Warrant | ||
Issuance date | Jan. 5, 2018 | Jan. 23, 2017 |
Common stock warrants granted | 100,000 | 2,000 |
Warrant | ||
Issuance date | Jan. 21, 2018 | Apr. 20, 2017 |
Common stock warrants granted | 100,000 | 375,000 |
Warrant | ||
Issuance date | Jan. 23, 2018 | Apr. 20, 2017 |
Common stock warrants granted | 100,000 | 125,000 |
Warrant | ||
Issuance date | Feb. 9, 2018 | May 25, 2017 |
Common stock warrants granted | 15,000 | 100,000 |
Warrant | ||
Issuance date | Mar. 19, 2018 | May 25, 2017 |
Common stock warrants granted | 150,000 | 20,000 |
Warrant | ||
Issuance date | Mar. 15, 2018 | May 31, 2017 |
Common stock warrants granted | 12,500 | 20,000 |
Warrant | ||
Issuance date | Apr. 26, 2018 | May 31, 2017 |
Common stock warrants granted | 100,000 | 300,000 |
Warrant | ||
Issuance date | Apr. 26, 2018 | Jun. 16, 2017 |
Common stock warrants granted | 100,000 | 70,000 |
Warrant | ||
Issuance date | May 7, 2018 | Jul. 7, 2017 |
Common stock warrants granted | 400,000 | 200,000 |
Warrant | ||
Issuance date | May 15, 2018 | Aug. 2, 2017 |
Common stock warrants granted | 200,000 | 100,000 |
Warrant | ||
Issuance date | Jun. 13, 2018 | Sep. 5, 2017 |
Common stock warrants granted | 450,000 | 40,000 |
Warrant | ||
Issuance date | Jun. 26, 2018 | Sep. 24, 2017 |
Common stock warrants granted | 200,000 | 133,000 |
Warrant | ||
Issuance date | Sep. 29, 2017 | |
Common stock warrants granted | 300,000 | |
Warrant | ||
Issuance date | Oct. 24, 2017 | |
Common stock warrants granted | 13,333 | |
Warrant | ||
Issuance date | Nov. 10, 2017 | |
Common stock warrants granted | 125,000 |
Common Stock Warrants and Opt_4
Common Stock Warrants and Options (Details 1) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Common stock warrants oustanding | 3,278,833 | 1,973,333 |
Warrant | ||
Issuance date | Jan. 2, 2018 | Jan. 7, 2017 |
Common stock warrants oustanding | (50,000) | (2,666) |
Strike price | $ 3 | $ 1.50 |
Warrant | ||
Issuance date | Jan. 5, 2018 | Jan. 9, 2017 |
Common stock warrants oustanding | 100,000 | 50,000 |
Strike price | $ 5 | $ 3 |
Warrant | ||
Issuance date | Jan. 21, 2018 | Jan. 23, 2017 |
Common stock warrants oustanding | 100,000 | 2,000 |
Strike price | $ 12.50 | $ 3 |
Warrant | ||
Issuance date | Jan. 23, 2018 | Apr. 20, 2017 |
Common stock warrants oustanding | (2,000) | 375,000 |
Strike price | $ 3 | $ 3 |
Warrant | ||
Issuance date | Jan. 23, 2018 | Apr. 20, 2017 |
Common stock warrants oustanding | 100,000 | 125,000 |
Strike price | $ 12.50 | $ 3 |
Warrant | ||
Issuance date | Feb. 9, 2018 | May 25, 2017 |
Common stock warrants oustanding | 15,000 | 100,000 |
Strike price | $ 12.50 | $ 3 |
Warrant | ||
Issuance date | Mar. 19, 2018 | May 25, 2017 |
Common stock warrants oustanding | 150,000 | 20,000 |
Strike price | $ 5 | $ 3 |
Warrant | ||
Issuance date | Mar. 15, 2018 | May 31, 2017 |
Common stock warrants oustanding | 12,500 | 20,000 |
Strike price | $ 5 | $ 3 |
Warrant | ||
Issuance date | Apr. 20, 2018 | May 31, 2017 |
Common stock warrants oustanding | (375,000) | 300,000 |
Strike price | $ 3 | $ 3 |
Warrant | ||
Issuance date | Apr. 20, 2018 | Jun. 16, 2017 |
Common stock warrants oustanding | (125,000) | 70,000 |
Strike price | $ 3 | $ 3 |
Warrant | ||
Issuance date | Apr. 26, 2018 | Jul. 7, 2017 |
Common stock warrants oustanding | 100,000 | 200,000 |
Strike price | $ 5 | $ 3 |
Warrant | ||
Issuance date | Apr. 26, 2018 | Aug. 2, 2017 |
Common stock warrants oustanding | 100,000 | 100,000 |
Strike price | $ 5 | $ 3 |
Warrant | ||
Issuance date | May 7, 2018 | Sep. 5, 2017 |
Common stock warrants oustanding | 400,000 | 40,000 |
Strike price | $ 6 | $ 3 |
Warrant | ||
Issuance date | May 15, 2018 | Sep. 24, 2017 |
Common stock warrants oustanding | 200,000 | 133,000 |
Strike price | $ 6 | $ 3 |
Warrant | ||
Issuance date | Jun. 13, 2018 | Sep. 29, 2017 |
Common stock warrants oustanding | 450,000 | 300,000 |
Strike price | $ 6 | $ 3 |
Warrant | ||
Issuance date | Jun. 16, 2018 | Oct. 19, 2017 |
Common stock warrants oustanding | (70,000) | (100,000) |
Strike price | $ 3 | $ 1.50 |
Warrant | ||
Issuance date | Jun. 26, 2018 | Oct. 19, 2017 |
Common stock warrants oustanding | 200,000 | (25,000) |
Strike price | $ 6 | $ 1.50 |
Warrant | ||
Issuance date | Oct. 24, 2017 | |
Common stock warrants oustanding | 13,333 | |
Strike price | $ 3 | |
Warrant | ||
Issuance date | Oct. 25, 2017 | |
Common stock warrants oustanding | (147,334) | |
Strike price | $ 1.50 | |
Warrant | ||
Issuance date | Oct. 31, 2017 | |
Common stock warrants oustanding | (50,000) | |
Strike price | $ 1.50 | |
Warrant | ||
Issuance date | Nov. 10, 2017 | |
Common stock warrants oustanding | 125,000 | |
Strike price | $ 3 |
Common Stock Warrants and Opt_5
Common Stock Warrants and Options (Details 2) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Risk-free interest rate | 1.75% |
Expected dividend yield | 0.00% |
Expected lives | 6 years |
Expected volatility | 200.00% |
Common Stock Warrants and Opt_6
Common Stock Warrants and Options (Details 3) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Number of options outstanding, beginning | shares | 0 |
Number of options granted | shares | 6,000,000 |
Number of options exercised/expired/cancelled | shares | 0 |
Number of options outstanding, ending | shares | 6,000,000 |
Number of options exercisable | shares | 1,250,000 |
Weighted average exercise price outstanding, beginning | $ / shares | $ .00 |
Weighted average exercise price granted | $ / shares | 10.55 |
Weighted average exercise price exercised/expired/cancelled | $ / shares | .00 |
Weighted average exercise price outstanding, ending | $ / shares | 10.55 |
Weighted average exercise price exercisable | $ / shares | $ 10.55 |
Common Stock Warrants and Opt_7
Common Stock Warrants and Options (Details Narrative) | 12 Months Ended |
Dec. 31, 2018USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Warrants expired | shares | 572,000 |
Stock option expense | $ | $ 21,285,000 |