Company: BUDZ
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001096906-25-000820
Chunk: 35

Company: WEED, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 Miller, and then Jeffrey Miller became the executive officer of WEED, Inc., with a note payable to the executive officer Jeffrey Miller with no interest. Payments of $10,000 and $60,000 were made toward the note in 2024 and 2023, respectively. Based on the agreement, the Company owed Jeffrey Miller $120,000 as of March 31, 2025.  On July 1, 2022, Patrick Brodnik signed an executive employee agreement with the Company, and become one of the related parties since that. On various dates during the third quarter 2022, the Company received advance of $3,661 from Patrick Brodnik at no interest. From April 2024 to June 2024, the Company paid off the advance of $3,787.

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Note 3 – Related Party (continued)

 Services Nicole M. Breen receives $8,000 a month in cash compensation for her services rendered to the Company. Glenn E. Martin receives $7,000 a month in cash compensation for his services rendered to the Company. Accrued Expense A total of $91,500 and $84,900 of accrued expenses related to rent was unpaid and outstanding at March 31, 2025 and December 31, 2024, respectively. Accrued Compensation A total of $237,750 and $202,750 of officer compensation was unpaid and outstanding at March 31, 2025 and December 31, 2024, respectively.

Note 4 – Fair Value of Financial Instruments Under FASB ASC 820-10-5, fair value is defined 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 (an exit price). The standard outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and FASB ASC 820-10-50 details the disclosures that are required for items measured at fair value. The Company has certain financial instruments that must be measured under the new fair value standard. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows: Level 1 - Inputs are unadjusted quoted prices in active