| Nature of Operations and Summary of Significant Accounting Policies | NOTE A – NATURE OF OPERATIONS AND
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations The Greater Cannabis Company, Inc. (the “Company”)
was formed in March 2014 as a limited liability company under the name, The Greater Cannabis Company, LLC. The Company remained
a wholly owned subsidiary of Sylios Corp (“Sylios”) until March 2017. The Company’s business plan is to concentrate
on cannabis related investment and development opportunities through its online retail store, direct equity investments, joint
ventures, licensing agreements or acquisitions. The Company’s business model is divided
into four operating segments through the Company’s three wholly owned subsidiaries; Bud Bank, Inc., GCC Superstore, LLC and
GCC Investment Holdings, LLC: 1. E-commerce see NOTE J - SUBSEQUENT EVENTS 2. Advertising 3. Licensing 4. Direct Investments On December 16, 2016, Sylios Corp’s Board
of Directors voted to file a Notice of Conversion for its wholly owned subsidiary, The Greater Cannabis Company, LLC. The Notice
was filed with the State of Florida Division of Corporations on January 13, 2017 to convert The Greater Cannabis Company, LLC from
a limited liability company to a Florida for-profit corporation. The company name, The Greater Cannabis Company, LLC, was changed
to The Greater Cannabis Company, Inc. Included within the filing, The Greater Cannabis Company, Inc. filed its Articles of Incorporation
and authorized 500 million shares of Common stock and 10 million shares of Preferred stock. On January 9, 2017, the Company’s Board
of Directors voted to file Articles of Organization to form a new entity, GCC Superstore, LLC. The Articles of Organization were
filed with the State of Florida on January 13, 2017 with a requested effective date of January 9, 2017. On January 18, 2017, Sylios Corp filed a corporate
action with the Financial Industry Regulatory Authority (“FINRA”) to effect a partial spin-off of its wholly owned
subsidiary, The Greater Cannabis Company, Inc, through a stock dividend. Please see NOTE A- NATURE OF OPERATIONS AND
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Spin-off) On February 22, 2017, the Company and Sylios
Corp. entered into a Anti-Dilution Agreement whereby at any time after the date of the Agreement, if the Company shall issue or
propose to issue any additional shares of the Company’s common stock, or warrants, options (excluding any options granted
to employees of the Company in accordance with any employee plans, now or hereinafter in effect) or other rights or instruments
of any kind convertible into or exercisable or exchangeable for shares of Common Stock, Sylios Corp. shall have the right to subscribe
for and to purchase at the same price per share that number of Additional Securities necessary to maintain a Fully-Diluted Ownership
Percentage of 19.99% of the Company’s issued and outstanding Common Stock. On March 7, 2017, Sylios Corp received notification
from the Financial Industry Regulatory Authority (“FINRA”) that they had received the necessary documentation to process
the corporate action requested by Sylios Corp and its transfer agent, Pacific Stock Transfer. The Company’s Payment Date
was set at March 10, 2017 and the distribution(s) were made consistent with such approval. On March 10, 2017, the Company entered into
a Board of Directors Service Agreement with Jimmy Wayne Anderson to define the Director’s duties and compensation for serving
on the Company’s Board of Directors. Under the terms of the Agreement, the Director is to receive compensation in the amount
of Ten Thousand dollars ($10,000) and 10,000 shares of the Company’s common stock payable on the last calendar day of each
quarter as long as Director continues to fulfill his duties and provides the services required. On March 21, 2017, the Company entered into
a Collateral Agreement with Sylios Corp (“Borrower”) and SLMI Energy Holdings, LLC (“Lender”) whereby the
Company was released from any guaranty of the debt between Borrower and Lender. On April 21, 2017, the Company entered into
a definitive Asset Acquisition Agreement (the “Agreement”) with Sylios Corp (“Sylios”), whereby the Company
acquired Sylios’ wholly owned subsidiary Bud Bank, LLC (“Bud Bank”). Under the Agreement, the Company is obligated
to pay Sylios a royalty of 10% of net sales proceeds generated by Bud Bank through its operations up to a total of $50,000 and
thereafter for perpetuity pay a royalty of 3% of net sales proceeds generated by Bud Bank through its operations. The transaction
closed on June 20, 2017. In June 2017, we launched our online store,
GCC Superstore, with limited merchandise such as pipes, vaporizers, CDB, hemp and cannabis related products. On June 19, 2017, a Notice of Conversion was
filed for Bud Bank, LLC to effectively convert Bud Bank, LLC from a limited liability company to a Florida for-profit corporation.
The company name, Bud Bank, LLC, was changed to Bud Bank, Inc. Included within the filing, Bud Bank, Inc. filed its Articles of
Incorporation and authorized 250 million shares of Common stock and 5 million shares of Preferred stock. On July 17, 2017, the Company entered into
a Convertible Promissory Note and Warrant and Subscription Agreement with Xeraflop Technologies, Inc. (“Xeraflop”).
Under the terms of the Agreement, the Company was to invest a total of One Hundred Thousand Dollars ($100,000) upon a successful
going public event. The Note was to accrue interest at 12% annually and mature on June 30, 2018. At the Company’s election,
the principal and interest could be converted into Series 2 common shares of Xeraflop with written notice. The Company was also
granted the right to purchase 20% warrant coverage based on the Company’s principal investment with a strike price equivelant
to the equity round financing. The Company’s investment in Xeraflop was dependent on the Company obtaining an effective Registration
Statement and successful 15C211 filing prior to the Closing of the financing round by Xeraflop. In the event neither of these events
occurred, the Company was not to be able to participate in this round of financing with Xeraflop. The Xeraflop financing round
closed prior to the Company receiving notification of its trading status. Therefore, the Company was not able to participate in
this round of financing. On July 17, 2017, the Company entered into
an Advisory Agreement with MCAP, LLC (“MCAP”), whereby MCAP will act as the Company’s advisor in connection with
quoting the Company’s securities on OTCQB or OTCQX, Under the terms of the Agreement, the advisor’s services will include
rendering advice to the Company with respect to eligibility for becoming quoted on the OTCQB/OTCQX and educating, advising and
assisting the Company in complying with its ongoing OTCQB/OTCQX disclosure obligations under current federal and state securities
laws. The Company is to compensate MCAP a total of $15,000 with the first payment of $5,000 to be made upon execution of the Advisory
Agreement, the second payment of $5,000 to be made on or before August 2, 2017 and the final payment of $5,000 to be made upon
the Company’s acceptance on OTCQB/OTCQX. The Company made the initial payment of $5,000 on July 18, 2017. The Company has
not made the second or third payments due to MCAP, but the Agreement entered into between the parties is still in effect. On July 20, 2017, the Company’s Board
of Directors voted to file Articles of Organization to form a new Florida limited liability company, GCC Investment Holdings, LLC.
The Articles of Organization were filed with the State of Florida on July 20, 2017. The new entity is a wholly owned subsidiary
of The Greater Cannabis Company, Inc. and will serve as the Company’s subsidiary to enter into direct cannabis related investments. On January 9, 2018, the Company and Emet Capital
Partners, LLC (collectively, the “Parties”) entered into a Waiver Agreement pertaining to the Securities Purchase Agreements
entered into between the Parties dated May 25, 2017 and September 14, 2017 along with a Convertible Note issued by the Company
on each of the same dates (the “Notes”). Under the terms of the May 25, 2017 Note, the Company was to have a Going
Public Event no later than August 27, 2017. As of the date of the Waiver, the Company has failed to be quoted on an exchange. Under
the terms of the Waiver, the Company issued the Holder of the Notes a new Note (the “Waiver Note”) in the amount of
$20,000 and the Holder waived the event of default solely as related to timely have a Going Public Event. The Company did not receive
any funds for the issuance of the Waiver Note. On March 28, 2018, the Company made an Allonge
to Emet Capital Partners, LLC to the Note due on September 14, 2018 and issued by the Company on September 14, 2017. The Principal
Amount as stated on the face of the Debenture shall be increased to $25,850.00 ($13,750.00 – original Principal Amount of
the Debenture + $12,100.00 Allonge hereto the “New Principal”). The amendment to the Principal Amount due and owing
on the Debenture described herein notwithstanding, Holder does not waive interest that may have accrued at a default rate of interest
and liquidated damages, if any, that may have accrued on the Debenture through the date of this Allonge, which default interest
and liquidated damages, if any, remain outstanding and payable. As part of the transaction, EMET was also issued a warrant granting
the holder the right to purchase up to 98,600 shares of the Company’s common stock at an exercise price of $.50 for a term
of 5-years. Spin-Off Effective March 10, 2017, in connection with
a partial spin-off of the Company from Sylios Corp, the Company issued a total of 26,905,969 shares of its common stock. 5,378,476
shares were issued to Sylios Corp (representing 19.99% of the issued and outstanding shares of Company common stock after the spin-off)
and 21,527,493 shares were issued to the stockholders of record of Sylios Corp on February 3, 2017 on the basis of one share of
Company common stock for each 500 shares of Sylios Corp common stock held (representing 80.01% of the issued and outstanding shares
of Company common stock after the spin-off). Principles of Consolidation The consolidated financial statements include
the accounts of The Greater Cannabis Company, Inc., and all of its wholly owned subsidiaries, Bud Bank, Inc., GCC Superstore, LLC
and GCC Investment Holdings, LLC. On March 10, 2017, the Company was spun-off from its former parent company, Sylios Corp, in a
stock dividend. Please see NOTE A- NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Spin-off) Basis of Presentation The accompanying interim unaudited financial
statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”)
for interim financial statements and in the opinion of management contain all adjustments (consisting of only normal recurring
adjustments) necessary to present fairly, in all material respects, the Company’s consolidated financial position as of March
31, 2018, and the results of its operations for the three months ended March 31, 2018 and 2017 and cash flows for the three months
ended March 31, 2018 and 2017. These statements reflect all normal and recurring adjustments that, in the opinion of management,
are necessary for a fair presentation of the information contained herein. The results of operations for the interim periods are
not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December
31, 2018. Cash and Cash Equivalents Investments having an original maturity of
90 days or less that are readily convertible into cash are considered to be cash equivalents. For the periods presented, the Company
had no cash equivalents. Income Taxes In accordance with Accounting Standards Codification
(ASC) 740 - Income Taxes, the provision for income taxes is computed using the asset and liability method. The asset and liability
method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences
between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred
tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it
is more likely than not that a deferred tax asset will not be realized. We expect to recognize the financial statement
benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in
an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount to be recognized in the financial
statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the
threshold, no financial statement benefit is recognized. As of March 31, 2018, we had no uncertain tax positions. We recognize
interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently have no
federal or state tax examinations nor have we had any federal or state examinations since our inception. To date, we have not incurred
any interest or tax penalties. Use of Estimates The preparation of financial statements in
conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. Actual results
could differ from those estimates. Financial Instruments and Fair Value of
Financial Instruments We adopted ASC Topic 820, Fair Value Measurements
and Disclosures ASC 820 defines fair value 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. Additionally, ASC Topic 820 requires the use of valuation techniques that maximize the use of observable inputs
and minimize the use of unobservable inputs. These inputs are prioritized below:
Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data
Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The carrying value of financial assets and
liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured
on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and
liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. Except
for derivative liabilities, we had no financial assets or liabilities carried and measured on a recurring or nonrecurring basis
during the reporting periods. Derivative Liabilities We evaluate stock options, stock warrants or
other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately
accounted for under the relevant sections of ASC Topic 815-40, Derivative Instruments and Hedging: Contracts in Entity’s
Own Equity The result of this accounting treatment could
be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance
sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is
recorded in the statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument,
the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments
that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability
account at the fair value of the instrument on the reclassification date. Long-lived Assets Long-lived assets such as property and equipment
and intangible assets are periodically reviewed for impairment. We test for impairment losses on long-lived assets used in operations
whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability
of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash
flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured
by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s
estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated
by management which could have a material effect on our reporting results and financial positions. Fair value is determined through
various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals,
as considered necessary. Website Costs Website costs are expensed as incurred. For
the three months ended March 31, 2018 and 2017, website expense was $161 and $0, respectively. Deferred Financing Costs Deferred financing costs represent costs incurred
in connection with obtaining debt financing. These costs are amortized ratably and charged to financing expenses over the term
of the related debt. Equity Instruments Issued to Non-Employees
for Acquiring Goods or Services Issuances of our common stock or warrants for
acquiring goods or services are measured at the fair value of the consideration received or the fair value of the equity instruments
issued, whichever is more reliably measurable. The measurement date for the fair value of the equity instruments issued to consultants
or vendors is determined at the earlier of (i) the date at which a commitment for performance to earn the equity instruments is
reached (a “performance commitment” which would include a penalty considered to be of a magnitude that is a sufficiently
large disincentive for nonperformance) or (ii) the date at which performance is complete. Although situations may arise in which counter
performance may be required over a period of time, the equity award granted to the party performing the service may be fully vested
and non-forfeitable on the date of the agreement. As a result, in this situation in which vesting periods do not exist if the instruments
are fully vested on the date of agreement, we determine such date to be the measurement date and will record the estimated fair
market value of the instruments granted as a prepaid expense and amortize such amount to expense over the contract period. When
it is appropriate for us to recognize the cost of a transaction during financial reporting periods prior to the measurement date,
for purposes of recognition of costs during those periods, the equity instrument is measured at the then-current fair values. Stock-Based Compensation We account for share-based awards to employees
in accordance with ASC 718 “Stock Compensation”. Under this guidance, stock compensation expense is measured at the
grant date, based on the fair value of the award, and is recognized as an expense over the estimated service period (generally
the vesting period) on the straight-line attribute method. Share-based awards to non-employees are accounted for in accordance
with ASC 505-50 “Equity Based Payments to Non-Employees”, wherein such awards are expensed over the period in which
the related services are rendered. Related Parties A party is considered to be related to us if
the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control
with us. Related parties also include our principal owners, our management, members of the immediate families of our principal
owners and our management and other parties with which we may deal if one party controls or can significantly influence the management
or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its
own separate interests. A party which can significantly influence the management or operating policies of the transacting parties,
or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that
one or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party. Revenue Recognition Revenue from product sales is recognized when
all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) the price is fixed or determinable,
(3) collectability is reasonably assured, and (4) delivery has occurred. Advertising Costs Advertising costs are expensed as incurred.
For the periods presented, we had no advertising costs. Loss per Share We compute net loss per share in accordance
with FASB ASC 260. The ASC specifies the computation, presentation and disclosure requirements for loss per share for entities
with publicly held common stock. Basic loss per share amounts is computed by
dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed
on the basis of the weighted average number of common shares and dilutive securities (such as stock options, warrants and convertible
securities) outstanding. Dilutive securities having an anti-dilutive effect on diluted net loss per share are excluded from the
calculation. For the period ended March 31, 2018, the Company excluded 1,181,800 shares relating to convertible notes payable to
third parties (Please see NOTE D - NOTES PAYABLE TO THIRD PARTIES see NOTE G - ISSUANCES OF COMMON STOCK AND WARRANTS Recently Enacted Accounting Standards In May 2014, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, which supersedes nearly
all prior revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised
goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled
for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment
and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. As amended by
the FASB in July 2015, the standard is effective for annual periods beginning after December 15, 2017, and interim periods therein,
using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard
in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the
cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures).
ASU 2014-09 has had no impact on our Financial statements for the three months ended March 31, 2018. In February 2016, the FASB issued ASU No. 2016-02,
Leases (Topic 842), to provide guidance on recognizing lease assets and lease liabilities on the balance sheet and disclosing key
information about leasing arrangements, specifically differentiating between different types of leases. The core principle of Topic
842 is that a lessee should recognize the assets and liabilities that arise from all leases. The recognition, measurement, and
presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous GAAP. There
continues to be a differentiation between finance leases and operating leases. However, the principal difference from previous
guidance is that the lease assets and lease liabilities arising from operating leases should be recognized in the balance sheet.
The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. The amendments will be effective
for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is
permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period
presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical
expedients that entities may elect to apply. These practical expedients relate to the identification and classification of leases
that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability
to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that
elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date
in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset
and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental
payments that were tracked and disclosed under previous GAAP. The Company is currently evaluating the impact of ASU 2016-02 on
its future financial statements. In March 2016, the FASB issued ASU No. 2016-08,
Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, to clarify the implementation guidance
on principal versus agent considerations and address how an entity should assess whether it is the principal or the agent in contracts
that include three or more parties. The effective date and transition requirements for these amendments are the same as the effective
date and transition requirements of ASU 2014-09 (discussed above). ASU 2016-08 has had no impact on our Financial statements for
the three months ended March 31, 2018. In April 2016, the FASB issued ASU No. 2016-10,
Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, to clarify the following
two aspects of Topic 606: 1) identifying performance obligations, and 2) the licensing implementation guidance. The effective
date and transition requirements for these amendments are the same as the effective date and transition requirements of ASU 2014-09
(discussed above). ASU 2016-10 has had no impact on our Financial statements for the three months ended March 31, 2018. | NOTE A – NATURE OF OPERATIONS AND
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations The Greater Cannabis Company, Inc. was formed
in March 2014 as a limited liability company under the name, The Greater Cannabis Company, LLC. The Company remained a wholly owned
subsidiary of Sylios Corp until March 2017. The Company’s business plan is to concentrate on cannabis related investment
and development opportunities through its online retail store, direct equity investments, joint ventures, licensing agreements
or acquisitions. The Company’s business model is divided
into four operating segments through the Company’s three wholly owned subsidiaries; Bud Bank, Inc., GCC Superstore, LLC and
GCC Investment Holdings, LLC: 1. E-commerce see NOTE K - SUBSEQUENT EVENTS 2. Advertising 3. Licensing see NOTE C- ARTEMIS LICENSING AGREEMENT 4. Direct Investments On July 31, 2014, the Company entered into
a Licensing Agreement with Artemis Dispensing Technologies (“Artemis”) for the development and resell of an automated
dispensing product. Under the collaboration and license agreement, Artemis was to be responsible for the development of a high
end automated dispensing product. Upon launch and sales of the product, Artemis was to be responsible for the installation, training
and customer support for the hardware and software. The Company was to be responsible for direct sales, addition of key distributors
and sublicensing of specific territories within the U.S. Under the terms of the agreement, the Company was to pay to Artemis a
licensing fee in the total amount of $500,000 broken into tranches and based on development parameters. Artemis was to receive
a percentage of transaction fees generated on a monthly basis per unit. The Company was to receive revenue generated directly from
sales either though its website or sales staff, a royalty from sales generated through third party vendors/distributors or a percentage
of any sub-licenses sold. In addition, the Company was to have the first right of refusal to purchase a license for the use of
the same technology in other countries. The initial term of the Agreement expired December 31, 2016 and in the opinion of management
the Agreement is no longer in effect. Please see NOTE C- ARTEMIS LICENSING AGREEMENT On December 16, 2016, Sylios Corp’s Board
of Directors voted to file a Notice of Conversion for its wholly owned subsidiary, The Greater Cannabis Company, LLC. The Notice
was filed with the State of Florida Division of Corporations on January 13, 2017 to convert The Greater Cannabis Company, LLC from
a limited liability company to a Florida for-profit corporation. The company name, The Greater Cannabis Company, LLC, was changed
to The Greater Cannabis Company, Inc. Included within the filing, The Greater Cannabis Company, Inc. filed its Articles of Incorporation
and authorized 500 million shares of Common stock and 10 million shares of Preferred stock. On January 9, 2017, the Company’s Board
of Directors voted to file Articles of Organization to form a new entity, GCC Superstore, LLC. The Articles of Organization were
filed with the State of Florida on January 13, 2017 with a requested effective date of January 9, 2017. In January 18, 2017, Sylios Corp filed a corporate
action with the Financial Industry Regulatory Authority (“FINRA”) to effect a partial spin-off of its wholly owned
subsidiary, The Greater Cannabis Company, Inc, through a stock dividend. Please see NOTE A- BASIS OF PRESENTATION AND
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Spin-off) On February 22, 2017, the Company and Sylios
Corp. entered into a Anti-Dilution Agreement whereby at any time after the date of the Agreement, if the Company shall issue or
propose to issue any additional shares of the Company’s common stock, or warrants, options (excluding any options granted
to employees of the Company in accordance with any employee plans, now or hereinafter in effect) or other rights or instruments
of any kind convertible into or exercisable or exchangeable for shares of Common Stock, Sylios Corp. shall have the right to subscribe
for and to purchase at the same price per share that number of Additional Securities necessary to maintain a Fully-Diluted Ownership
Percentage or 19.99% of the Company’s issued and outstanding Common Stock. On March 7, 2017, Sylios Corp received notification
from the Financial Industry Regulatory Authority (“FINRA”) that they had received the necessary documentation to process
the corporate action requested by Sylios Corp and its transfer agent, Pacific Stock Transfer. The Company’s Payment Date
was set at March 10, 2017 and the distribution(s) were made consistent with such approval. On March 10, 2017, the Company entered into
a Board of Directors Service Agreement with Jimmy Wayne Anderson to define the Director’s duties and compensation for serving
on the Company’s Board of Directors. Under the terms of the Agreement, the Director is to receive compensation in the amount
of Ten Thousand and no/100 dollars ($10,000) and 10,000 shares of the Company’s common stock payable on the last calendar
day of each quarter as long as Director continues to fulfill his duties and provides the services required. On March 21, 2017, the Company entered into
a Collateral Agreement with Sylios Corp (“Borrower”) and SLMI Energy Holdings, LLC (“Lender”) whereby the
Company is released from any guaranty of the debt between Borrower and Lender. Lender agreed to release the UCC lien on the Company
effective upon execution of the Agreement. On April 21, 2017, the Company entered into
a definitive Asset Acquisition Agreement (the “Agreement”) with Sylios Corp (“Sylios”), whereby the Company
acquired Sylios’ wholly owned subsidiary Bud Bank, LLC (“Bud Bank”). Under the Agreement, the Company is obligated
to pay Sylios a royalty of 10% of net sales proceeds generated by Bud Bank through its operations up to a total of $50,000 and
thereafter for perpetuity pay a royalty of 3% of net sales proceeds generated by Bud Bank through its operations. The transaction
closed on June 20, 2017. In June 2017, we launched our online store,
GCC Superstore, with limited merchandise such as pipes, vaporizers, CDB, hemp and cannabis related products. On June 19, 2017, a Notice of Conversion was
filed for Bud Bank, LLC to effectively convert Bud Bank, LLC from a limited liability company to a Florida for-profit corporation.
The company name, Bud Bank, LLC, was changed to Bud Bank, Inc. Included within the filing, Bud Bank, Inc. filed its Articles of
Incorporation and authorized 250 million shares of Common stock and 5 million shares of Preferred stock. On July 17, 2017, the Company entered into
a Convertible Promissory Note and Warrant and Subscription Agreement with Xeraflop Technologies, Inc. (“Xeraflop”).
Under the terms of the Agreement, the Company was to invest a total of One Hundred Thousand and NO/100 Dollars ($100,000) upon
a successful going public event. The Note was to accrue interest at 12% annually and mature on June 30, 2018. At the Company’s
election, the principal and interest could be converted into Series 2 common shares of Xeraflop with written notice. The Company
was also granted the right to purchase 20% warrant coverage based on the Company’s principal investment with a strike price
equivelant to the equity round financing. The Company’s investment in Xeraflop was dependent on the Company obtaining an
effective Registration Statement and successful 15C211 filing prior to the Closing of the financing round by Xeraflop. In the event
neither of these events occurred, the Company was not to be able to participate in this round of financing with Xeraflop. The Xeraflop
financing round closed prior to the Company receiving notification of its trading status. Therefore, the Company was not able to
participate in this round of financing. On July 17, 2017, the Company entered into
an Advisory Agreement with MCAP, LLC (“MCAP”), whereby MCAP will act as the Company’s advisor in connection with
quoting the Company’s securities on OTCQB or OTCQX, Under the terms of the Agreement, the advisor’s services will include
rendering advice to the Company with respect to eligibility for becoming quoted on the OTCQB/OTCQX and educating, advising and
assisting the Company in complying with its ongoing OTCQB/OTCQX disclosure obligations under current federal and state securities
laws. The Company is to compensate MCAP a total of $15,000 with the first payment of $5,000 to be made upon execution of the Advisory
Agreement, the second payment of $5,000 to be made on or before August 2, 2017 and the final payment of $5,000 to be made upon
the Company’s acceptance on OTCQB/OTCQX. The Company made the initial payment of $5,000 on July 18, 2017. The Company has
not made the second or third payments due to MCAP, but the Agreement entered into between the parties is still in effect. On July 20, 2017, the Company’s Board
of Directors voted to file Articles of Organization to form a new Florida limited liability company, GCC Investment Holdings, LLC.
The Articles of Organization were filed with the State of Florida on July 20, 2017. The new entity is a wholly owned subsidiary
of The Greater Cannabis Company, Inc. and will serve as the Company’s subsidiary to enter into direct cannabis related investments. Spin-Off Effective March 10, 2017, in connection with
a partial spin-off of the Company from Sylios Corp, the Company issued a total of 26,905,969 shares of its common stock. 5,378,476
shares were issued to Sylios Corp (representing 19.9% of the issued and outstanding shares of Company common stock after the spin-off)
and 21,527,493 shares were issued to the stockholders of record of Sylios Corp on February 3, 2017 on the basis of one share of
Company common stock for each 500 shares of Sylios Corp common stock held (representing 80.1% of the issued and outstanding shares
of Company common stock after the spin-off). Principles of Consolidation The consolidated financial statements include
the accounts of The Greater Cannabis Company, Inc., and all of its wholly owned subsidiaries, Bud Bank, Inc., GCC Superstore, LLC
and GCC Investment Holdings, LLC. On March 10, 2017, the Company was spun-off from its former parent company, Sylios Corp, in a
stock dividend. Please see NOTE A- BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Spin-off) Cash and Cash Equivalents Investments having an original maturity of
90 days or less that are readily convertible into cash are considered to be cash equivalents. For the period ended December 31,
2017, the Company had no cash equivalents. Income Taxes In accordance with Accounting Standards Codification
(ASC) 740 - Income Taxes, the provision for income taxes is computed using the asset and liability method. The asset and liability
method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences
between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred
tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it
is more likely than not that a deferred tax asset will not be realized. We expect to recognize the financial statement
benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in
an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount to be recognized in the financial
statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the
threshold, no financial statement benefit is recognized. As of December 31, 2017, we had no uncertain tax positions. We recognize
interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently have no
federal or state tax examinations nor have we had any federal or state examinations since our inception. To date, we have not incurred
any interest or tax penalties. Use of Estimates The preparation of financial statements in
conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods. Actual results
could differ from those estimates. Financial Instruments and Fair Value of
Financial Instruments We adopted ASC Topic 820, Fair Value Measurements
and Disclosures ASC 820 defines fair value 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. Additionally, ASC Topic 820 requires the use of valuation techniques that maximize the use of observable inputs
and minimize the use of unobservable inputs. These inputs are prioritized below:
Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data
Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. The carrying value of financial assets and
liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured
on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Financial assets and
liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. We had
no financial assets or liabilities carried and measured on a recurring or nonrecurring basis during the reporting periods. Derivative Liabilities We evaluate stock options, stock warrants or
other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately
accounted for under the relevant sections of ASC Topic 815-40, Derivative Instruments and Hedging: Contracts in Entity’s
Own Equity The result of this accounting treatment could
be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance
sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is
recorded in the statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument,
the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments
that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability
account at the fair value of the instrument on the reclassification date. Long-lived Assets Long-lived assets such as property and equipment
and intangible assets are periodically reviewed for impairment. We test for impairment losses on long-lived assets used in operations
whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability
of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash
flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured
by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management’s
estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated
by management which could have a material effect on our reporting results and financial positions. Fair value is determined through
various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals,
as considered necessary. Website Costs Website costs are expensed as incurred. For
the years ended December 31, 2017 and 2016, website expense was $4,695 and $0, respectively. Deferred Financing Costs Deferred financing costs represent costs incurred
in the connection with obtaining debt financing. These costs are amortized ratably and charged to financing expenses over the term
of the related debt. Equity Instruments Issued to Non-Employees
for Acquiring Goods or Services Issuances of our common stock or warrants for
acquiring goods or services are measured at the fair value of the consideration received or the fair value of the equity instruments
issued, whichever is more reliably measurable. The measurement date for the fair value of the equity instruments issued to consultants
or vendors is determined at the earlier of (i) the date at which a commitment for performance to earn the equity instruments is
reached (a “performance commitment” which would include a penalty considered to be of a magnitude that is a sufficiently
large disincentive for nonperformance) or (ii) the date at which performance is complete. Although situations may arise in which counter
performance may be required over a period of time, the equity award granted to the party performing the service is fully vested
and non-forfeitable on the date of the agreement. As a result, in this situation in which vesting periods do not exist if the instruments
are fully vested on the date of agreement, we determine such date to be the measurement date and will record the estimated fair
market value of the instruments granted as a prepaid expense and amortize such amount to expense over the contract period. When
it is appropriate for us to recognize the cost of a transaction during financial reporting periods prior to the measurement date,
for purposes of recognition of costs during those periods, the equity instrument is measured at the then-current fair values. Stock-Based Compensation We account for share-based awards to employees
in accordance with ASC 718 “Stock Compensation”. Under this guidance, stock compensation expense is measured at the
grant date, based on the fair value of the award, and is recognized as an expense over the estimated service period (generally
the vesting period) on the straight-line attribute method. Share-based awards to non-employees are accounted for in accordance
with ASC 505-50 “Equity Based Payments to Non-Employees”, wherein such awards are expensed over the period in which
the related services are rendered. Related Parties A party is considered to be related to us if
the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control
with us. Related parties also include our principal owners, our management, members of the immediate families of our principal
owners and our management and other parties with which we may deal if one party controls or can significantly influence the management
or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its
own separate interests. A party which can significantly influence the management or operating policies of the transacting parties,
or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that
one or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party. Revenue Recognition Revenue from product sales is recognized when
all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) the price is fixed or determinable,
(3) collectability is reasonably assured, and (4) delivery has occurred. Advertising Costs Advertising costs are expensed as incurred.
For the periods presented, we had no advertising costs. Loss per Share We compute net loss per share in accordance
with FASB ASC 260. The ASC specifies the computation, presentation and disclosure requirements for loss per share for entities
with publicly held common stock. Basic loss per share amounts is computed by
dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed
on the basis of the weighted average number of common shares and dilutive securities (such as stock options, warrants and convertible
securities) outstanding. Dilutive securities having an anti-dilutive effect on diluted net loss per share are excluded from the
calculation. For the year ended December 31, 2017, the Company excluded 925,000 shares relating to convertible notes payable to
third parties (Please see NOTE E - NOTES PAYABLE TO THIRD PARTIES see NOTE H - ISSUANCES OF COMMON STOCK AND WARRANTS Recently Enacted Accounting Standards In May 2014, the Financial Accounting Standards
Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, which will supersede
nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when
promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects
to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing
so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.
As amended by the FASB in July 2015, the standard is effective for annual periods beginning after December 15, 2017, and interim
periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application
of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach
with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote
disclosures). We are currently evaluating the impact of ASU 2014-09 on our future financial statements. In February 2016, the FASB issued ASU No. 2016-02,
Leases (Topic 842), to provide guidance on recognizing lease assets and lease liabilities on the balance sheet and disclosing key
information about leasing arrangements, specifically differentiating between different types of leases. The core principle of Topic
842 is that a lessee should recognize the assets and liabilities that arise from all leases. The recognition, measurement, and
presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous GAAP. There
continues to be a differentiation between finance leases and operating leases. However, the principal difference from previous
guidance is that the lease assets and lease liabilities arising from operating leases should be recognized in the balance sheet.
The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. The amendments will be effective
for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is
permitted. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period
presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical
expedients that entities may elect to apply. These practical expedients relate to the identification and classification of leases
that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability
to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that
elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date
in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset
and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental
payments that were tracked and disclosed under previous GAAP. The Company is currently evaluating the impact of ASU 2016-02 on
its future financial statements. In March 2016, the FASB issued ASU No. 2016-08,
Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, to clarify the implementation guidance
on principal versus agent considerations and address how an entity should assess whether it is the principal or the agent in contracts
that include three or more parties. The effective date and transition requirements for these amendments are the same as the effective
date and transition requirements of ASU 2014-09 (discussed above). The Company is currently evaluating the impact of ASU 2016-08
on its future financial statements. In April 2016, the FASB issued ASU No. 2016-10,
Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, to clarify the following
two aspects of Topic 606: 1) identifying performance obligations, and 2) the licensing implementation guidance. The effective
date and transition requirements for these amendments are the same as the effective date and transition requirements of ASU 2014-09
(discussed above). The Company is currently evaluating the impact of ASU 2016-10 on its future financial statements. |
