Company: BUDZ
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000350
Chunk: 206

Company: WEED, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 206
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 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 December 31, 2024 and 2023.

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 $799 and $5,576 for the years ended December 31, 2024 and 2023.
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. 2023-07for 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.

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 $84,903,279 and negative working
capital of $769,481 at December 31, 2024. 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