| 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. On July 31, 2018, the Company acquired 100%
of the issued and outstanding shares of Class A common stock of Green C Corporation (“Green C”) in exchange for 9,411,998
newly issued shares of the Company’s Series A Convertible Preferred Stock (the “Exchange”). Each share of Series
A Convertible Preferred Stock is convertible into 50 shares of common stock and is entitled to vote 50 votes per share on all matters
as a class with holders of common stock. Since after the Exchange was consummated, the former shareholders of Green C and their
designees own approximately 94% of the issued and outstanding voting shares of the Company, Green C is the acquirer for accounting
purposes. Prior to the Exchange, the Company had no assets and nominal business operations. Accordingly, the Exchange has been
treated for accounting purposes as a recapitalization by the accounting acquirer, Green C, and the accompanying consolidated financial
statements of the Company reflect the assets, liabilities and operations of Green C from its inception on December 21, 2017 to
July 31, 2018 and combined with the Company thereafter. See Note C (Acquisition of Green C Corporation). Green C was incorporated on December 21, 2017
under the laws of the Province of Ontario Canada with the principal place of business in North York, Ontario. Green C is the owner of an exclusive, worldwide
license for an eluting transmucosal patch platform (“ETP”) for non-invasive drug delivery in the cannabis field as
further described in the exclusive license agreement dated June 21, 2018 with Pharmedica Ltd. (see Note J). The Company’s business plan is to (i)
commercialize its ETP technology and (ii) concentrate on cannabis related investment and development opportunities through direct
equity investments, joint ventures, licensing agreements or acquisitions. The Company is actively seeking licensing opportunities
in the cannabis sector for intellectual property and products. At present, the Company’s sole active, exclusive, worldwide
licensing agreement is with Pharmedica Limited for its ETP technology. Principles of Consolidation The consolidated financial statements include
the accounts of The Greater Cannabis Company, Inc., and its wholly owned subsidiaries Bud Bank, Inc.; GCC Superstore, LLC; GCC
Investment Holdings, LLC; and Green C Corporation. 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 at September
30, 2018, and the results of its operations for the three and nine months ended September 30, 2018 and 2017 and cash flows for
the nine months ended September 30, 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 September 30, 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
foreign federal or state tax examinations nor have we had any foreign 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 follow 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. Pharmedica Exclusive License Agreement cost The Pharmedica Exclusive License Agreement
is carried at cost less accumulated amortization. Amortization is calculated using the straight line method over the license’s
estimated economic life of five years. Website Costs Website costs are expensed as incurred. For
the nine months ended September 30, 2018 and 2017, website expense was $2,455 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. 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 period 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 periods ended September 30, 2018, the Company excluded 470,599,900 shares relating to the Series A Convertible
Preferred Stock (see Note G), 3,429,000 shares relating to convertible notes payable to third parties (Please see NOTE
E - NOTES PAYABLE TO THIRD PARTIES see
NOTE G - CAPITAL 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 prior U.S. GAAP. As amended by the
FASB in July 2015, the standard became effective for annual periods beginning after December 15, 2017, and interim periods therein.
ASU 2014-09 has had no impact on our Financial statements for the nine months ended September 30, 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 does not expect the impact of ASU 2016-02 on its future
financial statements to be significant. 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 nine months ended September 30, 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 nine months ended September 30, 2018. On July 13, 2017, the Financial Accounting
Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2017-11. Among other things, ASU 2017-11 provides
guidance that eliminates the requirement to consider “down round” features when determining whether certain financial
instruments or embedded features are indexed to an entity’s stock and need to be classified as liabilities. ASU 2017-11
provides for entities to recognize the effect of a down round feature only when it is triggered and then as a dividend and a reduction
to income available to common stockholders in basic earnings per share. The guidance is effective for annual periods beginning
after December 15, 2018. The Company expects to adopt ASU 2017-11 commencing in the quarterly period ended March 31, 2019. The
effect of adoption will be to eliminate derivative liability classification for warrants outstanding that contain “down
round” (or “ratchet-down) provisions but do not contain variable conversion features based on the future trading price
of the Company’s common stock. At September 30, 2018, the derivative liability of such warrants was $87,982. |
