Tue, May 14, 6:34 PM (73 days ago)
AmeriCann, Inc. reported a net loss of $338,090 for the quarter ending March 31, 2024, compared to a net income of $109,367 for the same period in 2023, primarily due to decreased tenant revenue. Revenue dropped to $929,284 from $1,483,172 year-over-year. Operating expenses remained relatively stable, with a slight increase in professional fees. Interest income rose due to a new note receivable, while interest expenses decreased due to reduced debt discount amortization. Cash flow from operations turned negative at $(651,690) compared to a positive $272,732 in the prior year, mainly due to lower net income and changes in working capital. The company's accumulated deficit increased to $20,191,534. The balance sheet shows a decrease in cash and cash equivalents to $513,447 from $1,135,006. The company extended its $4.5 million loan maturity to August 31, 2024, and plans to operate its Massachusetts Cannabis Center directly after terminating a lease with BASK. AmeriCann continues to face going concern issues, relying on potential revenue increases and additional funding.