Company: BUDZ
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001096906-25-000820
Chunk: 33

Company: WEED, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 33
---
 As a result, we accrued the full value of the cost amounting to $35,800 for plug and abandon non-operating well on the consolidated balance sheet as of March 31, 2025 and December 31, 2024. Foreign Currency Transactions Expenses are translated at the exchange rates in effect at the date of the transaction. Foreign currency denominated payables are translated at the rates of exchange at the balance sheet date. The resulting transaction gains and losses are recorded in the statement of income in the period incurred.  Assets and liabilities of those operations are translated at exchange rates in effect at the balance sheet date. Income and expenses are translated using the exchange rates on the transaction date for the reporting period. Translation adjustments, if any, are reported as a separate component of accumulated other comprehensive income. Transaction gain (loss) on foreign currency exchange rate was $75 and $17 for three months ended March 31, 2025 and 2024. For all significant foreign operations, the functional currency is the local currency.  Recently Adopted Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.  The amendments improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segments expenses.  The amendments require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition.  The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss.  The amendments improve financials reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities.  The Company adopted ASU No. 2023-07 for our fiscal year 2024 annual financial statements and interim financial statements thereafter and have applied this standard retrospectively for all period presented in the consolidated financial statements.  See Note 13 for more details on the Company’s segment information.

 11Table of Contents

Note 2 – Going Concern As shown in the accompanying financial statements, the Company has no revenues, incurred net losses from operations resulting in an accumulated deficit of $85,343,734 and negative working capital of $885,706 at March 31, 2025. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is actively pursuing new products and