Company: BUDZ
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001096906-25-001331
Chunk: 11

Company: WEED, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 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 $1,187 and $787 for the six months ended June 30, 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 11 for more details on the Company’s segment information.

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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 $85,451,350 and negative working capital of $978,351 at June 30, 2025. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management is actively pursuing new products and services to begin generating revenues. In addition, the Company is currently seeking additional sources of capital to fund short term operations. The Company, however, is dependent upon its ability to secure equity and/or debt financing and there are no assurances that the Company will be successful; therefore, without sufficient financing it would be unlikely for the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the