Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2019 | Feb. 17, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | Americann, Inc. | |
Entity Central Index Key | 0001508348 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 23,504,820 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
Assets | ||
Cash and cash equivalents | $ 62,078 | $ 465,843 |
Restricted cash | 326,222 | 826,219 |
Tenant receivable | 1,524 | 11,564 |
Note and other receivables | 1,757,257 | |
Current portion of prepaid land lease | 57,959 | |
Prepaid expenses and other current assets | 32,447 | 13,632 |
Current portion of note receivable - related party | 29,512 | 32,270 |
Total current assets | 2,209,040 | 1,407,487 |
Property, Plant and Equipment, net | 7,661,672 | 7,572,788 |
Operating lease - right-of-use asset | 6,964,302 | |
Notes and other receivables (net of allowance of $1,761,675 as of September 30, 2019) | ||
Note receivable - related party | 114,444 | 116,493 |
Prepaid land lease and related deposits, net of current portion | 2,666,129 | |
Security deposit and other assets | 3,110 | 3,110 |
Total assets | 17,060,147 | 11,766,007 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 129,408 | 265,276 |
Interest payable (including $13,428 and $12,283 to related parties) | 95,445 | 121,883 |
Other payables | 7,031 | 9,129 |
Operating lease liability, short term | 9,093 | |
Notes payable (net of discount of $0 and $0) | 385,000 | 385,000 |
Total current liabilities | 625,977 | 781,288 |
Notes payable (net of discounts $805,271 and $882,603) | 3,194,729 | 3,117,397 |
Notes payable - related party (inclusive of premium of $0 and $0) | 1,756,646 | 1,756,646 |
Operating lease liability, long term | 4,245,612 | |
Total liabilities | 9,822,964 | 5,655,331 |
Commitments and contingencies - see Note 7 | ||
Stockholders' Equity: | ||
Preferred stock, $0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value; 100,000,000 shares authorized; 23,504,820 shares issued and outstanding as of December 31, 2019 and September 30, 2019 | 2,351 | 2,351 |
Additional paid in capital | 24,230,056 | 24,121,534 |
Accumulated deficit | (16,995,224) | (18,013,209) |
Total stockholders' equity | 7,237,183 | 6,110,676 |
Total liabilities and stockholders' equity | 17,060,147 | 11,766,007 |
Construction in Progress [Member] | ||
Assets | ||
Property, Plant and Equipment, net | 107,579 | |
Furniture and Equipment [Member] | ||
Assets | ||
Property, Plant and Equipment, net | $ 7,661,672 | $ 7,572,788 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
Notes and other receivables, allowance | $ 1,761,675 | |
Interest payable, related parties | $ 13,428 | 12,283 |
Note payable, discount, current | 0 | 0 |
Note payable, discount, noncurrent | 805,271 | 882,603 |
Note payable, related party, premium, current | $ 0 | $ 25,673 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 23,504,820 | 23,504,820 |
Common stock, shares outstanding (in shares) | 23,504,820 | 23,504,820 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | ||
Rental income - related party | $ 34,691 | |
Total Revenues | 34,691 | |
Operating expenses: | ||
Advertising and marketing | 36,126 | 16,856 |
Professional fees | 86,609 | 128,933 |
General and administrative expenses | 456,348 | 212,112 |
Recovery of loss from provision for doubtful accounts | (1,761,675) | |
Total operating expenses | (1,182,592) | 357,901 |
Income (loss) from operations | 1,217,283 | (357,901) |
Other income (expense): | ||
Interest income | 7,672 | |
Interest expense | (159,449) | (151,388) |
Other income (expense) | (3,030) | |
Interest expense - related party | (39,849) | (33,861) |
Total other income (expense) | (199,298) | (180,607) |
Net income (loss) | $ 1,017,985 | $ (538,508) |
Basic and diluted income (loss) per common share (in dollars per share) | $ 0.04 | $ (0.02) |
Weighted average common shares outstanding (in shares) | 23,504,820 | 22,568,375 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Sep. 30, 2018 | 22,106,763 | ||||
Balances at Sep. 30, 2018 | $ 2,211 | $ 19,937,606 | $ (13,109,541) | $ 6,830,276 | |
Stock issued for cash (in shares) | 311,816 | ||||
Stock issued for cash | $ 31 | 649,969 | 650,000 | ||
Conversion of debt (in shares) | 31,328 | ||||
Conversion of debt | $ 3 | 46,989 | 46,992 | ||
Stock issued for warrants exercised, net (in shares) | 308,000 | ||||
Stock issued for warrants exercised, net | $ 31 | 395,469 | 395,500 | ||
Stock issued for services (in shares) | 25,000 | ||||
Stock issued for services | $ 3 | 64,997 | 65,000 | ||
Net income (loss) | (538,508) | (538,508) | |||
Balances (in shares) at Dec. 31, 2018 | 22,782,907 | ||||
Balances at Dec. 31, 2018 | $ 2,279 | 21,095,030 | (13,648,049) | 7,449,260 | |
Balances (in shares) at Sep. 30, 2019 | 23,504,820 | ||||
Balances at Sep. 30, 2019 | $ 2,351 | 24,121,534 | (18,013,209) | 6,110,676 | |
Net income (loss) | 1,017,985 | 1,017,985 | |||
Stock-based compensation | 108,522 | 108,522 | |||
Balances (in shares) at Dec. 31, 2019 | 23,504,820 | ||||
Balances at Dec. 31, 2019 | $ 2,351 | $ 24,230,056 | $ (16,995,224) | $ 7,237,183 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 1,017,985 | $ (538,508) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 108,558 | 461 |
Amortization of right of use assets | 16,655 | |
Recovery of loss from provision for doubtful accounts | (1,761,675) | |
Stock based compensation and option expense | 108,522 | |
Stock issued for services | 65,000 | |
Amortization of equity instruments issued to lessor | 9,865 | |
Amortization of debt discount/(premium) | 77,332 | 133,409 |
Changes in operating assets and liabilities: | ||
Tenant receivable | 14,458 | |
Prepaid expenses | (18,815) | 150 |
Accounts payable and accrued expenses | (135,868) | (203,813) |
Notes receivable - related party | ||
Operating lease liability | (2,164) | |
Interest payable | (27,582) | (10,531) |
Interest payable - related party | 1,144 | 10,409 |
Other payables | (2,098) | (3,881) |
Net cash flows used in operations | (603,548) | (534,409) |
Cash flows from investing activities: | ||
Additions to construction in progress | (107,579) | (26,733) |
Additions to property, plant and equipment | (197,442) | |
Payments received on notes receivable | 4,807 | 5,595 |
Net cash flows used in investing activities | (300,214) | (21,138) |
Cash flows from financing activities: | ||
Common stock issued for cash, net | 650,000 | |
Proceeds from the exercise of warrants | 395,500 | |
Net cash flows provided by financing activities | 1,045,500 | |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (903,762) | 489,953 |
Cash, cash equivalents, and restricted cash at beginning of period | 1,292,062 | 4,016,949 |
Cash, cash equivalents, and restricted cash at end of period | 388,300 | 4,506,902 |
Supplementary Disclosure of Cash Flow Information: | ||
Cash paid for interest | 77,470 | 51,959 |
Cash paid for income taxes | ||
Non-Cash Investing and Financing Activities: | ||
Shares issued for conversion of debt and accrued interest | 46,992 | |
Fixed Asset [Member] | ||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Loss on disposal of assets | $ 3,030 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Basis of Presentation | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE 1. AmeriCann, Inc. ("the Company", “we”, “our” or "the Issuer") was organized under the laws of the State of Delaware on June 25, 2010. On January 17, 2014, 93% The Company's business plan is to design, develop, lease and operate state-of-the-art cultivation, processing and manufacturing facilities for licensed cannabis businesses throughout the United States. The Company's activities are subject to significant risks and uncertainties including potential failure to secure funding to properly expand its operations. Basis of Presentation The (a) consolidated balance sheet as of September 30, 2019, three December 31, 2019 2018, 10 January 14, 2020. not 2019 10 Certain prior period amounts have been reclassified to conform with current period presentation. These reclassifications have no Significant Accounting Policies Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts in the consolidated statements of cash flows: December 31, September 30, 2019 Cash and cash equivalents $ 62,078 $ 465,843 Restricted cash 326,222 826,219 Total cash, cash equivalents, and restricted cash shown in the cash flow statement $ 388,300 $ 1,292,062 Amounts included in restricted cash represent those required to be set aside by a contractual agreement with a lender for the payment of specific construction related expenditures as part of the Company’s property development in Massachusetts. Property, Plant and Equipment, net Property and equipment are stated at cost. Depreciation of property and equipment begins in the month following the month when the asset is placed into service and is provided using the straight-line method for financial reporting purposes at rates based on the estimated useful lives of the assets. Estimated useful lives range from three twenty 360 45. December 31, September 30, 2019 Buildings and improvements $ 7,419,051 $ 7,571,176 Computer equipment 349,576 - Furniture and equipment 2,764 2,764 Total 7,771,391 7,573,940 Accumulated depreciation (109,719 ) (1,152 ) Property, plant and equipment, net $ 7,661,672 $ 7,572,788 Leases Effective October 1, 2019, 842 ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Variable lease payments are not not may Under the available practical expedient, we account for the lease and non-lease components as a single lease component for all classes of underlying assets as both a lessee and lessor. Further, we elected a short-term lease exception policy on all classes of underlying assets, permitting us to not 12 Recent Accounting Pronouncements Recently Adopted Standards In February 2016, No. 2016 02, 842 2016 02" 842 October 1, 2019 not 1 2 3 July 2018, No. 2018 11, 842 not October 1, 2019 not Additionally, the Company’s adoption of Topic 842 not 842 not September 30, 2019 October 1, 2019. three December 31, 2019 not 7, |
Note 2 - Going Concern
Note 2 - Going Concern | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company had an accumulated deficit of $16,995,224 18,013,209 December 31, 2019 September 30, 2019, may not Management believes that the actions presently being taken to further implement its business plan and generate additional revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate additional revenues and in its ability to raise additional funds, there can be no not |
Note 3 - Notes and Other Receiv
Note 3 - Notes and Other Receivables | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3. Notes and other receivables as of December 31, 2019 September 30, 2019, December 31, September 30, 2019 Notes and other receivables from WGP, a licensed medical marijuana cultivator; $673,294 note secured by real and personal property of the borrower, interest rate of 18.0%; accrued consulting and legal fees of $206,675, construction advances of $332,357 and accrued interest of $549,349 at December 31, 2019 and September 30, 2019. Net of reserves of $0 and $1,761,675 as of December 31, 2019 and September 30, 2019, respectively. All amounts are due and payable immediately. $ 1,757,257 $ - Related party note receivable from BASK, a non-profit corporation, interest rate of 18.0%; monthly principal and interest payments of $4,422, maturing in 2023. 143,956 148,763 1,901,213 148,763 Less: Current portion (1,786,769 ) (32,270 ) $ 114,444 $ 116,493 The notes and other receivables from Wellness Group Pharms (“WGP”) were fully reserved as of September 30, 2019 April 7, 2017. January 18, 2018, $1,045,000 18% April 18, 2015 March 18, 2018 $550,000. $1,595,000, December 31, 2019, $1,761,675 December 31, 2019. 10. |
Note 4 - Notes Payable
Note 4 - Notes Payable | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 4 . NOTES PAYABLE Unrelated On August 2, 2019 $4,000,000 third 11% August 2, 2022 first 1 The note holder also received a warrant which allows the holder to purchase 600,000 $1.50 August 2, 2024 twenty $4.00 twenty twenty 150,000 The placement agent for the offering received a cash commission of $320,000 48,000 $1.50 August 2, 2024. $52,392 The Company allocated the proceeds between the note and the warrants based on their relative fair values. The relative fair value of the 600,000 $562,762 At December 31, 2019, $4,000,000 $805,271. $77,332 three December 31, 2019. December 201 7 Convertible Note Offering On December 29, 2017 $800,000 8% December 31, 2018. December 31, 2018, December 31, 2019. January 2020. The original notes included a provision to be converted at any time into shares of the Company's common stock at an initial conversion price of $1.50 The note holders also received warrants which entitle the note holders to purchase up to 533,333 $1.50 October 17, 2022. The placement agent for the offering received a cash commission of $64,000, 106,667 $1.50 December 29, 2022. The Company allocated the proceeds between the note and the warrants based on their relative fair values. The relative fair value of the 640,000 $607,024 $128,976 The $64,000 $48,562 $15,438, During February 2019, $30,000 20,000 During May 2018, $575,000 383,333 $15,233 10,155 At December 31, 2019 September 30, 2019, $ 195,000. $0 $51,749 three December 31, 2019 2018, January 2020. February 201 8 Convertible Note Offering On February 12, 2018 $810,000 8% December 31, 2018. December 31, 2018, December 31, 2019. may $1.50 The note holders also received warrants which entitle the note holders to purchase up to 540,000 $1.50 October 17, 2022. The Company allocated the proceeds between the note and the warrants based on their relative fair values. The relative fair value of the 540,000 $523,013 $286,987 During January 2019, $35,000 In October 2018, $45,000 30,000 $1,992 1,328 During July 2018, $375,000 250,000 $14,704 9,802 In May 2019, $150,000 100,000 $19,521 13,014 In April 2019, $15,000 10,000 At December 31, 2019 September 30, 2019, $190,000 $0 $87,001 three December 31, 2019 2018, December 31, 2019, $150,000 December 31, 2020. $40,000 January 2020. Related Party On February 1, 2016, $200,000. May 1, 2016, $1,000,000. July 14, 2016, $521,297 $2,431,646. one On July 14, 2016, two Of the amounts owed to SCP, $500,000 400,000 $1.25 The remaining $1,756,64 two The first $1,000,000, 9.5% December 31, 2019. $1.25 not If the average closing price of our common stock is at least $2.50 twenty twenty 100,000 may, 10 twenty 45 The second $756,646, 8% December 31, 2019. not first December 31, 2019. Accrued interest on these notes payable was $0 $12,742 September 30, 2019 2018, In connection with the debt modification agreement, we issued SCP warrants to purchase 800,000 $1.50 800,000 $3.00 June 30, 2020. $72,651 On September 30, 2019, one $1,756,646, 9% December 31, 2022. first 1,500,000 $1.25 December 31, 2022. 1,500,000 $977,110 At December 31, 2019 September 30, 2019, $1,756,646, $0 $0 $5,341 three December 31, 2019 2018, |
Note 5 - Related Party Transact
Note 5 - Related Party Transactions | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 5 . RELATED PARTY TRANSACTIONS Coastal Compassion. April 7, 2016, one Pursuant to the agreements, we agreed to provide BASK with financing for construction and working capital required for BASK’s approved dispensary and cultivation center in Fairhaven, MA. On August 15, 2018, $129,634 $44,517 5 18% December 31, 2019 September 30, 2019, $143,956 148,763, On July 26, 2019, 15 1 September 1, 2019 $135,000 15% December 31, 2019, $1,524. Tim Keogh, our Chief Executive Officer, is a Board Member of BASK. During the three December 31, 2019, $45,000 |
Note 6 - Income_Loss Per Share
Note 6 - Income/Loss Per Share | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 6 . INCOME/ LOSS PER SHARE The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended December 31, 2019 2018 Net income (loss) attributable to common stockholders $ 1,017,985 $ (538,508 ) Basic weighted average outstanding shares of common stock 23,504,820 22,568,375 Dilutive effects of common share equivalents - - Dilutive weighted average outstanding shares of common stock 23,504,820 22,568,375 Basic and diluted net loss per share of common stock $ 0.04 $ (0.02 ) As of December 31, 2019, 1,050,000 11,238,650 256,667 December 31, 2018, 150,000 9,170,650 |
Note 7 - Leases, Commitments an
Note 7 - Leases, Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 7 . LEASES, COMMITMENTS AND CONTINGENCIES Officer Employment Agreement. March 25, 2014, three 50% $12,000 MCC. January 14, 2015, 52.6 47 $100,000 Between August 2015 September 2016, October 14, 2016. $4,325,000 $725,000, September 30, 2016, $925,000 October 17, 2016, Operating Leases Land On October 17, 2016, 52.6 $925,000 $4,475,000. $3,550,000 47 As part of a simultaneous transaction, the Company assigned the property rights to MMP for a nominal fee and entered a lease agreement pursuant to which MMP agreed to lease the property to the Company for an initial term of fifty 50 four 4 ten 10 The lease payments will be the greater of (a) $30,000 $0.38 1.5% not five 5 Between October 17, 2016 April 17, 2017, April 17, 2017. April 17, 2017, Under the terms of the lease, the Company had six 6 $2.6 first six 6 six 6 twelve 12 October 17, 2016, October 17, 2017, 16 October 17, 2016 $2.6 100,000 $1.50 October 17, 2017 October 17, 2022. February April, 2018, 20 October 17, 2016 $2.6 100,000 $1.50 October 17, 2022. $0 three December 31, 2018 July 2018, $2.6 The Company received a credit for the $925,000 fifty 50 $1,542 In connection with the sale of the property to MMP and the lease, the Company and MMP entered into a Share Purchase Agreement pursuant to which the Company issued to MMP 100,000 $0.0001 3,640,000 $1.00 October 17, 2018 October 17, 2020. not ● Risk-free interest rate – 1.12 ● Expected term – 4.0 ● Volatility – 115 The Company allocated $1,899,966 $73,000, June 26, 2019 3,640,000 October 17, 2021. August 2019, 1 September 1 st 2019, 15 1 15% four 4 ten 10 Effective October 1, 2019, 842 $6,980,957 $4,256,869, $2,724,088 The Company constructed Building 1 September 1, 2019, 15 1 15% As of December 31, 2019, $6,964,302, $9,093, $4,245,612. three December 31, 2019, 85,375. The table below presents lease related terms and discount rates as of December 31, 2019. As of December 31, 2019 Weighted average remaining lease term Operating leases (in years) 47.0 Weighted average discount rate Operating leases 7.9 % The reconciliation of the maturities of the operating leases to the lease liabilities recorded in the Consolidated Balance Sheet as of December 31, 2019 2020 $ 256,125 2021 341,500 2022 341,500 2023 341,500 2024 341,500 Thereafter 14,343,000 Total lease payments 15,965,125 Less: Present value discount (11,710,420 ) 4,254,705 Less: operating lease liability, short term (9,093 ) Operating lease liability, long term $ 4,245,612 Office space In January 2018 1550 80202. 12 $3,801 three December 31, 2019 December 31, 2018. Aggregate rental expense under all leases totaled approximately $103,666 $103,615 three December 31, 2019 2018, |
Note 8 - Shareholders' Equity
Note 8 - Shareholders' Equity | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 8 . SHAREHOLDERS’ EQUITY Equity Line Agreement. December 12, 2017, $10,000,000 The equity line agreement expired on August 14, 2019. During the three December 31, 2018, 311,816 $650,000 Stock Options . no December 31, 2019. Weighted Weighted Average Average Contractual Aggregate Number of Exercise Term Intrinsic Shares Price (Years) Value Exercisable at September 30, 2019 800,000 $ 1.69 4.0 $ - Outstanding as of December 31, 2019 1,050,000 $ 1.64 4.2 $ - Vested and expected to vest at December 31, 2019 1,050,000 $ 1.64 4.2 $ - Exercisable at December 31, 2019 800,000 $ 1.69 4.0 $ - Stock option-based compensation expense associated with stock options was $108,522 $0 three December 31, 2019 2018, December 31, 2019, $132,080. 2.25 Warrants. three December 31, 2019 Weighted Weighted Average Average Contractual Aggregate Number of Exercise Term Intrinsic Shares Price (Years) Value Outstanding as of September 30, 2019 11,238,650 1.52 2.00 $ - Outstanding as of December 31,2019 11,238,650 1.52 2.00 $ - Exercisable at December 31, 2019 11,238,650 1.52 2.00 $ - |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 . INCOME TAXES We did no three December 31, 2019 2018. not December 31, 2019 2018. As of December 31, 2019, not no September 30, 2019. |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 3 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 1 0 . SUBSEQUENT EVENTS On February 5, 2020 $2,069,138 January 18, 2018 3 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The (a) consolidated balance sheet as of September 30, 2019, three December 31, 2019 2018, 10 January 14, 2020. not 2019 10 Certain prior period amounts have been reclassified to conform with current period presentation. These reclassifications have no |
New Accounting Pronouncements, Policy [Policy Text Block] | Significant Accounting Policies Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts in the consolidated statements of cash flows: December 31, September 30, 2019 Cash and cash equivalents $ 62,078 $ 465,843 Restricted cash 326,222 826,219 Total cash, cash equivalents, and restricted cash shown in the cash flow statement $ 388,300 $ 1,292,062 Amounts included in restricted cash represent those required to be set aside by a contractual agreement with a lender for the payment of specific construction related expenditures as part of the Company’s property development in Massachusetts. Property, Plant and Equipment, net Property and equipment are stated at cost. Depreciation of property and equipment begins in the month following the month when the asset is placed into service and is provided using the straight-line method for financial reporting purposes at rates based on the estimated useful lives of the assets. Estimated useful lives range from three twenty 360 45. December 31, September 30, 2019 Buildings and improvements $ 7,419,051 $ 7,571,176 Computer equipment 349,576 - Furniture and equipment 2,764 2,764 Total 7,771,391 7,573,940 Accumulated depreciation (109,719 ) (1,152 ) Property, plant and equipment, net $ 7,661,672 $ 7,572,788 Leases Effective October 1, 2019, 842 ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Variable lease payments are not not may Under the available practical expedient, we account for the lease and non-lease components as a single lease component for all classes of underlying assets as both a lessee and lessor. Further, we elected a short-term lease exception policy on all classes of underlying assets, permitting us to not 12 Recent Accounting Pronouncements Recently Adopted Standards In February 2016, No. 2016 02, 842 2016 02" 842 October 1, 2019 not 1 2 3 July 2018, No. 2018 11, 842 not October 1, 2019 not Additionally, the Company’s adoption of Topic 842 not 842 not September 30, 2019 October 1, 2019. three December 31, 2019 not 7, |
Note 1 - Nature of Business a_2
Note 1 - Nature of Business and Basis of Presentation (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Cash, Cash Equivalents, and Restricted Cash [Table Text Block] | December 31, September 30, 2019 Cash and cash equivalents $ 62,078 $ 465,843 Restricted cash 326,222 826,219 Total cash, cash equivalents, and restricted cash shown in the cash flow statement $ 388,300 $ 1,292,062 |
Property, Plant and Equipment [Table Text Block] | December 31, September 30, 2019 Buildings and improvements $ 7,419,051 $ 7,571,176 Computer equipment 349,576 - Furniture and equipment 2,764 2,764 Total 7,771,391 7,573,940 Accumulated depreciation (109,719 ) (1,152 ) Property, plant and equipment, net $ 7,661,672 $ 7,572,788 |
Note 3 - Notes and Other Rece_2
Note 3 - Notes and Other Receivables (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, September 30, 2019 Notes and other receivables from WGP, a licensed medical marijuana cultivator; $673,294 note secured by real and personal property of the borrower, interest rate of 18.0%; accrued consulting and legal fees of $206,675, construction advances of $332,357 and accrued interest of $549,349 at December 31, 2019 and September 30, 2019. Net of reserves of $0 and $1,761,675 as of December 31, 2019 and September 30, 2019, respectively. All amounts are due and payable immediately. $ 1,757,257 $ - Related party note receivable from BASK, a non-profit corporation, interest rate of 18.0%; monthly principal and interest payments of $4,422, maturing in 2023. 143,956 148,763 1,901,213 148,763 Less: Current portion (1,786,769 ) (32,270 ) $ 114,444 $ 116,493 |
Note 6 - Income_Loss Per Share
Note 6 - Income/Loss Per Share (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, 2019 2018 Net income (loss) attributable to common stockholders $ 1,017,985 $ (538,508 ) Basic weighted average outstanding shares of common stock 23,504,820 22,568,375 Dilutive effects of common share equivalents - - Dilutive weighted average outstanding shares of common stock 23,504,820 22,568,375 Basic and diluted net loss per share of common stock $ 0.04 $ (0.02 ) |
Note 7 - Leases, Commitments _2
Note 7 - Leases, Commitments and Contingencies (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease Related Terms and Discount Rates [Table Text Block] | As of December 31, 2019 Weighted average remaining lease term Operating leases (in years) 47.0 Weighted average discount rate Operating leases 7.9 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2020 $ 256,125 2021 341,500 2022 341,500 2023 341,500 2024 341,500 Thereafter 14,343,000 Total lease payments 15,965,125 Less: Present value discount (11,710,420 ) 4,254,705 Less: operating lease liability, short term (9,093 ) Operating lease liability, long term $ 4,245,612 |
Note 8 - Shareholders' Equity (
Note 8 - Shareholders' Equity (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Contractual Aggregate Number of Exercise Term Intrinsic Shares Price (Years) Value Exercisable at September 30, 2019 800,000 $ 1.69 4.0 $ - Outstanding as of December 31, 2019 1,050,000 $ 1.64 4.2 $ - Vested and expected to vest at December 31, 2019 1,050,000 $ 1.64 4.2 $ - Exercisable at December 31, 2019 800,000 $ 1.69 4.0 $ - |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Weighted Weighted Average Average Contractual Aggregate Number of Exercise Term Intrinsic Shares Price (Years) Value Outstanding as of September 30, 2019 11,238,650 1.52 2.00 $ - Outstanding as of December 31,2019 11,238,650 1.52 2.00 $ - Exercisable at December 31, 2019 11,238,650 1.52 2.00 $ - |
Note 1 - Nature of Business a_3
Note 1 - Nature of Business and Basis of Presentation (Details Textual) | 3 Months Ended | |
Dec. 31, 2019 | Jan. 17, 2014 | |
Ownership Percentage, Transfered | 93.00% | |
Minimum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives | 3 | |
Maximum [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives | 20 |
Note 1 - Nature of Business a_4
Note 1 - Nature of Business and Basis of Presentation - Restricted Cash (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Cash and cash equivalents | $ 62,078 | $ 465,843 | ||
Restricted cash | 326,222 | 826,219 | ||
Total cash, cash equivalents, and restricted cash shown in the cash flow statement | $ 388,300 | $ 1,292,062 | $ 4,506,902 | $ 4,016,949 |
Note 1 - Nature of Business a_5
Note 1 - Nature of Business and Basis of Presentation - Property, Plant and Equipment, Net (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
Property, plant and equipment, gross | $ 7,771,391 | $ 7,573,940 |
Accumulated depreciation | (109,719) | (1,152) |
Property, plant and equipment, net | 7,661,672 | 7,572,788 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 7,419,051 | 7,571,176 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 349,576 | |
Furniture and Equipment [Member] | ||
Property, plant and equipment, gross | 2,764 | 2,764 |
Property, plant and equipment, net | $ 7,661,672 | $ 7,572,788 |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details Textual) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (16,995,224) | $ (18,013,209) |
Note 3 - Notes and Other Rece_3
Note 3 - Notes and Other Receivables (Details Textual) - USD ($) | Jan. 18, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, Credit Loss Expense (Reversal) | $ (1,761,675) | ||
Demand for Arbitration against WGP [Member] | |||
Litigation Settlement, Amount Awarded from Other Party | $ 1,045,000 | ||
Litigation Settlement, Amount Awarded Receivable from Other Party, Interest Rate | 18.00% | ||
Litigation Settlement Interest | $ (550,000) | ||
Litigation Settlement, Amount Awarded from Other Party, Including Interest | $ 1,595,000 |
Note 3 - Notes Receivable - Sch
Note 3 - Notes Receivable - Schedule of Notes Receivables (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 | Aug. 15, 2018 |
Notes and other receivables from WGP, a licensed medical marijuana cultivator; $673,294 note secured by real and personal property of the borrower, interest rate of 18.0%; accrued consulting and legal fees of $206,675, construction advances of $332,357 and accrued interest of $549,349 at December 31, 2019 and September 30, 2019. Net of reserves of $0 and $1,761,675 as of December 31, 2019 and September 30, 2019, respectively. All amounts are due and payable immediately. | |||
1,901,213 | 148,763 | ||
Less: Current portion | (1,786,769) | (32,270) | |
Note receivable - related party | 114,444 | 116,493 | |
BASK [Member] | |||
Notes Receivable, Related Parties | 143,956 | 148,763 | $ 129,634 |
Wellness Group Pharms LLC [Member] | |||
Notes and other receivables from WGP, a licensed medical marijuana cultivator; $673,294 note secured by real and personal property of the borrower, interest rate of 18.0%; accrued consulting and legal fees of $206,675, construction advances of $332,357 and accrued interest of $549,349 at December 31, 2019 and September 30, 2019. Net of reserves of $0 and $1,761,675 as of December 31, 2019 and September 30, 2019, respectively. All amounts are due and payable immediately. | $ 1,757,257 |
Note 3 - Notes Receivable - S_2
Note 3 - Notes Receivable - Schedule of Notes Receivables (Details) (Parentheticals) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Sep. 30, 2019 | Aug. 15, 2018 | |
Notes and other receivables, allowance | $ 1,761,675 | ||
BASK [Member] | |||
Interest rate | 18.00% | 18.00% | 18.00% |
Periodic payment | $ 4,422 | $ 4,422 | |
Wellness Group Pharms LLC [Member] | |||
Secured note | $ 673,294 | $ 673,294 | |
Interest rate | 18.00% | 18.00% | |
Accrued consulting fees | $ 206,675 | $ 206,675 | |
Construction advances | 332,357 | 332,357 | |
Accrued interest | 549,349 | 549,349 | |
Notes and other receivables, allowance | $ 0 | $ 1,761,675 |
Note 4 - Notes Payable (Details
Note 4 - Notes Payable (Details Textual) | Aug. 02, 2019USD ($)$ / sharesshares | Feb. 12, 2018USD ($)$ / sharesshares | Dec. 29, 2017USD ($)$ / sharesshares | Jul. 14, 2016USD ($)$ / sharesshares | Jan. 31, 2020USD ($) | May 31, 2019USD ($)shares | Apr. 30, 2019USD ($)shares | Feb. 28, 2019USD ($)shares | Jan. 31, 2019USD ($) | Oct. 31, 2018USD ($)shares | Jul. 31, 2018USD ($)shares | May 31, 2018USD ($)shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($) | Sep. 30, 2019USD ($)$ / sharesshares | Sep. 30, 2018USD ($) | May 01, 2016USD ($) | Feb. 01, 2016USD ($) |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.52 | $ 1.52 | ||||||||||||||||
Notes Payable, Noncurrent, Total | $ 3,194,729 | $ 3,117,397 | ||||||||||||||||
Amortization of Debt Discount (Premium) | 77,332 | $ 133,409 | ||||||||||||||||
Notes Payable, Current, Total | 385,000 | 385,000 | ||||||||||||||||
Debt Instrument, Mature Date Extended, Amount | 150,000 | |||||||||||||||||
Notes Amendment [Member] | ||||||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | 977,110 | |||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Repayments of Notes Payable | $ 40,000 | |||||||||||||||||
Conversion from December 2017 Convertible Notes to Common Stock [Member] | ||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 30,000 | $ 575,000 | ||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 20,000 | 383,333 | ||||||||||||||||
Debt Conversion, Accrued Interest | $ 15,233 | |||||||||||||||||
Debt Conversion, Converted Interest payable, Shares Issued | shares | 10,155 | |||||||||||||||||
February 2018 Convertible Notes, Loan Principal Converted into Common Stock [Member] | ||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 150,000 | $ 45,000 | ||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 100,000 | 30,000 | 250,000 | |||||||||||||||
February 2018 Convertible Notes, Interest Payable Converted into Common Stock [Member] | ||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 19,521 | $ 1,992 | $ 14,704 | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 13,014 | 1,328 | 9,802 | |||||||||||||||
February 2018 Convertible Notes, Loan Converted into Common Stock [Member] | ||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 15,000 | |||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 10,000 | |||||||||||||||||
December 2017 Convertible Notes [Member] | GVC Capital LLC [Member] | ||||||||||||||||||
Payments of Debt Issuance Costs | $ 64,000 | |||||||||||||||||
Debt Instrument, Unamortized Discount, Total | 15,438 | |||||||||||||||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 48,562 | |||||||||||||||||
Unrelated Party [Member] | Promissory Notes [member] | ||||||||||||||||||
Average Closing Price per Share | $ / shares | $ 4 | |||||||||||||||||
Average Daily Volume Of Shares Trades | shares | 150,000 | |||||||||||||||||
Payments of Debt Issuance Costs | $ 320,000 | |||||||||||||||||
Strategic Capital Partners [Member] | ||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.25 | |||||||||||||||||
Amortization of Debt Discount (Premium) | 0 | 5,341 | ||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 400,000 | |||||||||||||||||
Line of Credit Outstanding Amount Assumed by Related Party | $ 521,297 | |||||||||||||||||
Notes Payable, Related Parties | 2,431,646 | 1,756,646 | 1,756,646 | |||||||||||||||
Debt Instrument, Unamortized Premium, Total | 72,651 | 0 | $ 0 | |||||||||||||||
Strategic Capital Partners [Member] | Debt Converted into Common Stock [Member] | ||||||||||||||||||
Debt Conversion, Original Debt, Amount | 500,000 | |||||||||||||||||
Strategic Capital Partners [Member] | Debt Converted into Promissory Notes [Member] | ||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 1,756,646 | |||||||||||||||||
Strategic Capital Partners [Member] | Promissory Note One [Member] | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | |||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.25 | |||||||||||||||||
Average Closing Price per Share | $ / shares | $ 2.50 | |||||||||||||||||
Average Daily Volume Of Shares Trades | shares | 100,000 | |||||||||||||||||
Notes Payable, Related Parties | $ 1,000,000 | |||||||||||||||||
Convertible Debt, Number of Trading Days | 20 | |||||||||||||||||
Period to Notify End of Right to Convert Notes | 10 days | |||||||||||||||||
Period before Right to Convert Notes Expires | 45 days | |||||||||||||||||
Strategic Capital Partners [Member] | Promissory Note Two [Member] | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 9.00% | ||||||||||||||||
Notes Payable, Related Parties | $ 756,646 | |||||||||||||||||
Interest Payable | $ 0 | $ 12,742 | ||||||||||||||||
Warrants Issued to Unrelated Parties Lenders [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 600,000 | |||||||||||||||||
Warrants Issued to Unrelated Parties Lenders [Member] | Promissory Notes [member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 600,000 | |||||||||||||||||
Warrants and Rights Outstanding | $ 562,762 | |||||||||||||||||
Warrants to Purchase Additional Shares [Member] | ||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.50 | |||||||||||||||||
Warrants to Purchase Additional Shares [Member] | Strategic Capital Partners [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 800,000 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 3 | |||||||||||||||||
Warrants Issued to Placement Agent [Member] | Promissory Notes [member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 48,000 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.50 | |||||||||||||||||
Warrants Issued to Placement Agent [Member] | December 2017 Convertible Notes [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 106,667 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.50 | |||||||||||||||||
Warrants Issued to Accredited Investors [Member] | December 2017 Convertible Notes [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 533,333 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.50 | |||||||||||||||||
Warrants Issued to Accredited Investors [Member] | February 2018 Convertible Notes [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 540,000 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.50 | |||||||||||||||||
Warrants Issued to Accredited Investors and Placement Agent [Member] | December 2017 Convertible Notes [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 640,000 | |||||||||||||||||
February 2018 Convertible Notes, Loan Principal Converted into Common Stock [Member] | ||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 375,000 | |||||||||||||||||
Warrant to Related Party, Set 1 [Member] | Strategic Capital Partners [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 800,000 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.50 | |||||||||||||||||
Warrants Issued for Notes Amendment [Member] | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1,500,000 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.25 | |||||||||||||||||
Unrelated Party [Member] | ||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 4,000,000 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | |||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000,000 | $ 200,000 | ||||||||||||||||
Unrelated Party [Member] | Construction Loans [Member] | ||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 800,000 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.50 | |||||||||||||||||
Unrelated Party [Member] | Promissory Notes [member] | ||||||||||||||||||
Debt Instrument, Unamortized Discount, Total | $ 52,392 | 805,271 | ||||||||||||||||
Notes Payable, Noncurrent, Total | 4,000,000 | |||||||||||||||||
Amortization of Debt Discount (Premium) | 77,332 | |||||||||||||||||
Accredited Investors [Member] | December 2017 Convertible Notes [Member] | Convertible Debt [Member] | ||||||||||||||||||
Debt Instrument, Unamortized Discount, Total | $ 607,024 | |||||||||||||||||
Amortization of Debt Discount (Premium) | 0 | 51,749 | ||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 128,976 | |||||||||||||||||
Notes Payable, Current, Total | 195,000 | $ 195,000 | ||||||||||||||||
Accredited Investors [Member] | February 2018 Convertible Notes [Member] | Convertible Debt [Member] | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.50 | |||||||||||||||||
Debt Instrument, Unamortized Discount, Total | $ 523,013 | |||||||||||||||||
Amortization of Debt Discount (Premium) | 0 | $ 87,001 | ||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 286,987 | |||||||||||||||||
Notes Payable, Current, Total | $ 190,000 | $ 190,000 | ||||||||||||||||
Debt Instrument, Face Amount | $ 810,000 | |||||||||||||||||
Repayments of Convertible Debt | $ 35,000 |
Note 5 - Related Party Transa_2
Note 5 - Related Party Transactions (Details Textual) - USD ($) | Sep. 01, 2019 | Jul. 26, 2019 | Aug. 15, 2018 | Dec. 31, 2019 | Sep. 30, 2019 |
Lessee, Operating Lease, Term of Contract | 47 years | ||||
Operating Lease, Percentage of Leassee's Gross Revenue | 15.00% | ||||
Tenant Receivable, Current | $ 1,524 | $ 11,564 | |||
BASK [Member] | |||||
Notes Receivable, Related Parties | $ 129,634 | $ 143,956 | $ 148,763 | ||
Interest Receivable | $ 44,517 | ||||
Note Receivable, Term | 5 years | ||||
Note Receivable, Interest Rate | 18.00% | 18.00% | 18.00% | ||
BASK [Member] | Lease Agreement [Member] | |||||
Lessee, Operating Lease, Term of Contract | 15 years | ||||
Annual Base Rent | $ 135,000 | ||||
Operating Lease, Percentage of Leassee's Gross Revenue | 15.00% | ||||
Strategic Capital Partners [Member] | Consulting Services [Member] | |||||
Related Party Transaction, Amounts of Transaction | $ 45,000 |
Note 6 - Income_Loss Per Shar_2
Note 6 - Income/Loss Per Share (Details Textual) - shares | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,050,000 | 150,000 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11,238,650 | 9,170,650 |
Convertible Debt Securities [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 256,667 |
Note 6 - Income_Loss Per Shar_3
Note 6 - Income/Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income (loss) | $ 1,017,985 | $ (538,508) |
Basic weighted average outstanding shares of common stock (in shares) | 23,504,820 | 22,568,375 |
Dilutive effects of common share equivalents (in shares) | 0 | 0 |
Dilutive weighted average outstanding shares of common stock (in shares) | 23,504,820 | 22,568,375 |
Basic and diluted income (loss) per common share (in dollars per share) | $ 0.04 | $ (0.02) |
Note 7 - Leases, Commitments _3
Note 7 - Leases, Commitments and Contingencies (Details Textual) | Sep. 01, 2019 | Apr. 17, 2018USD ($)$ / sharesshares | Oct. 17, 2017USD ($)$ / sharesshares | Oct. 17, 2016USD ($)a$ / sharesshares | Mar. 25, 2014USD ($) | Jul. 31, 2018USD ($) | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Oct. 01, 2019USD ($) | Sep. 30, 2019USD ($)$ / shares | Jun. 26, 2019shares | Jan. 14, 2015USD ($)a |
Lessee, Operating Lease, Term of Contract | 47 years | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.52 | $ 1.52 | |||||||||||||
Capital Funding Commitment Fulfilled | $ 2.60 | ||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||||||
Operating Lease, Percentage of Leassee's Gross Revenue | 15.00% | ||||||||||||||
Operating Lease, Right-of-Use Asset | $ 6,964,302 | $ 6,980,957 | |||||||||||||
Operating Lease, Liability, Total | 4,254,705 | 4,256,869 | |||||||||||||
Prepaid Rent | 57,959 | ||||||||||||||
Operating Lease, Liability, Current | 9,093 | ||||||||||||||
Operating Lease, Liability, Noncurrent | 4,245,612 | ||||||||||||||
Operating Cash Flows from Operating Leases | 85,375 | ||||||||||||||
Operating Lease, Expense | 103,666 | $ 103,615 | |||||||||||||
1550 Wewatta St, Denver, CO 80202 [Member] | |||||||||||||||
Operating Lease, Expense | $ 3,801 | $ 3,801 | |||||||||||||
BASK [Member] | |||||||||||||||
Lessee, Operating Sublease, Term | 15 years | ||||||||||||||
Lessee, Operating Sublease, Percentage of Gross Revenues | 15.00% | ||||||||||||||
Additional Paid-in Capital [Member] | |||||||||||||||
Warrants Issued During Period, Value, Sale Leaseback Transaction | $ 1,899,966 | ||||||||||||||
Stock Issued During Period, Value, Sale Leaseback Transaction | 73,000 | ||||||||||||||
Warrants Issued for Lease Amendment #1 [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 100,000 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.50 | ||||||||||||||
Warrants Issued for Lease Amendment #3 [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 100,000 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.50 | ||||||||||||||
Allocated Warrants or Rights Expense | $ 0 | ||||||||||||||
Warrants Issued In Connection With Sale Leaseback Transaction [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 3,640,000 | ||||||||||||||
Sale Leaseback to MMP [Member] | |||||||||||||||
Payments to Acquire Land | $ 925,000 | ||||||||||||||
Lessee, Operating Lease, Term of Contract | 50 years | ||||||||||||||
Lessee Leasing Arrangements, Operating Leases, Number of Renewal Periods | 4 | ||||||||||||||
Lessee, Operating Lease, Renewal Term | 10 years | ||||||||||||||
Sale Leaseback Transaction, Monthly Rental Payments | $ 30,000 | ||||||||||||||
Sale Leaseback Transaction, Monthly Rental Payments, Per Square Foot | 0.38 | ||||||||||||||
Sale Leaseback Transaction, Monthly Rental Payments, Percentage of Gross Monthly Sales | 1.50% | ||||||||||||||
Sale Leaseback Transaction, Monthly Rental Payments, Adjustment Period | 5 years | ||||||||||||||
Sale Leaseback Transaction, Period Available to Obtain Capital Funding for Construction of the First Phase Building | 1 year 240 days | 1 year 120 days | 180 days | ||||||||||||
Sales Leaseback Transaction, Amount of Capital Funding to Obtain For Construction of the First Phase Building | $ 2,600,000 | $ 2,600,000 | $ 2,600,000 | ||||||||||||
Sale Leaseback Transaction, Additional Period Available to Obtain Capital Funding for Construction of the First Phase Building | 180 days | ||||||||||||||
Sale Leaseback Transaction, Period Unable to Obtain Capital Funding for Construction of the First Phase Building, After Which the Arrangement Will Terminate | 1 year | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 3,640,000 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | ||||||||||||||
Sale Leaseback Transaction, Discount to the Purchase Price, Monthly Reduction in Payments | $ 1,542 | ||||||||||||||
Stock Issued During Period, Shares, Sale Leaseback Transaction | shares | 100,000 | ||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | ||||||||||||||
Sale Leaseback to MMP [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||||
Operating Lease, Right-of-Use Asset | 2,724,088 | ||||||||||||||
Prepaid Rent | $ (2,724,088) | ||||||||||||||
Sale Leaseback to MMP [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0112 | ||||||||||||||
Sale Leaseback to MMP [Member] | Measurement Input, Expected Term [Member] | |||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 4 | ||||||||||||||
Sale Leaseback to MMP [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 1.15 | ||||||||||||||
Massachusetts Land Purchase [Member] | |||||||||||||||
Area of Land | a | 52.6 | 52.6 | |||||||||||||
Deposits on Land | $ 100,000 | ||||||||||||||
Land, Selling Price | $ 4,475,000 | $ 4,325,000 | |||||||||||||
Payments to Acquire Land | $ 725,000 | $ 925,000 | |||||||||||||
Payments to Acquire Land Held-for-use | $ 3,550,000 | ||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||
Officer Employment Agreement, Initial Term | 3 years | ||||||||||||||
Chief Executive Officer [Member] | Officer Employment Agreement [Member] | |||||||||||||||
Officer Employment Agreement, Time Devoted, Percentage | 50.00% | ||||||||||||||
Officer Employment Agreement, Monthly Payment | $ 12,000 |
Note 7 - Leases, Commitments _4
Note 7 - Leases, Commitments and Contingencies - Lease Related Terms and Discount Rates (Details) | Dec. 31, 2019 |
Operating leases (in years) (Year) | 47 years |
Operating leases | 7.90% |
Note 7 - Leases, Commitments _5
Note 7 - Leases, Commitments and Contingencies - Future Rental Payments Under Operating Leases (Details) - USD ($) | Dec. 31, 2019 | Oct. 01, 2019 | Sep. 30, 2019 |
2020 | $ 256,125 | ||
2021 | 341,500 | ||
2022 | 341,500 | ||
2023 | 341,500 | ||
2024 | 341,500 | ||
Thereafter | 14,343,000 | ||
Total lease payments | 15,965,125 | ||
Less: Present value discount | 11,710,420 | ||
4,254,705 | $ 4,256,869 | ||
Less: operating lease liability, short term | (9,093) | ||
Operating Lease, Liability, Noncurrent | $ 4,245,612 |
Note 8 - Shareholders' Equity_2
Note 8 - Shareholders' Equity (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 12, 2017 | |
Proceeds from Issuance of Common Stock | $ 650,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 132,080 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 91 days | ||
Stock Incentive Plan [Member] | |||
Share-based Payment Arrangement, Expense | $ 108,522 | $ 0 | |
Equity Line Agreement [Member] | |||
Stock Issued During Period, Shares, New Issues | 311,816 | ||
Proceeds from Issuance of Common Stock | $ 650,000 | ||
Mountain States Capital, LLC [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 |
Note 8 - Shareholders' Equity -
Note 8 - Shareholders' Equity - Stock Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Sep. 30, 2019 | |
Shares Exercisable (in shares) | 800,000 | 800,000 |
Exercisable, weighted average exercise price (in dollars per share) | $ 1.69 | $ 1.69 |
Exercisable, weighted average contractual term (Year) | 4 years | 4 years |
Shares Outstanding (in shares) | 1,050,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.64 | |
Outstanding, weighted average contractual term (Year) | 4 years 73 days | |
Shares Vested and expected to vest (in shares) | 1,050,000 | |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 1.64 | |
Vested and expected to vest, weighted average contractual term (Year) | 4 years 73 days |
Note 8 - Shareholders' Equity_3
Note 8 - Shareholders' Equity - Warrant Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Sep. 30, 2019 | |
Outstanding, warrants (in shares) | 11,238,650 | 11,238,650 |
Outstanding, warrants, weighted average exercise price (in dollars per share) | $ 1.52 | $ 1.52 |
Outstanding, warrants, weighted average remaining contract term (Year) | 2 years | 2 years |
Exercisable, warrants (in shares) | 11,238,650 | |
Exercisable, warrants, weighted average exercise price (in dollars per share) | $ 1.52 | |
Exercisable, warrants, weighted average remaining contract term (Year) | 2 years |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) - USD ($) | Feb. 05, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Proceeds from Collection of Notes Receivable | $ 4,807 | $ 5,595 | |
Subsequent Event [Member] | Wellness Group Pharms LLC [Member] | |||
Proceeds from Collection of Notes Receivable | $ 2,069,138 |