EDGAR 10-K Filing

Company CIK: 1902700
Filing Year: 2024
Filename: 1902700_10-K_2024_0001185185-24-000363.json

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ITEM 1. BUSINESS
Item 1. Business.
Overview
Pioneer Green Farms, Inc. (formerly Pioneer Green Farms, LLC) (“Pioneer” or the “Company”) was established in January 2019 as a Florida-based limited liability company. In May 2021, the Company converted from a limited liability company to a C corporation. The Company’s business model is to grow hemp flowers from seeds to oil. The seed is planted and harvested then extracted to oil. The Company engages an extraction facility to extract the oil from the plants.
As discussed below, we now operate at two locations, and we expect that each harvest will meet more than the minimum 1500 pounds required for extraction. Our plan is to sell the extracted oil to wholesale buyers. The goal is to create a CBD company that can produce high quality products. Pioneer leases farmland from Bernis C. Drymon and Sylvia Drymon, D/B/A Drymon Citrus Nursery. Pioneer currently operates 4 - 30 ft X 100 ft greenhouses at the Drymon Nursery, 2 of which are thoroughly outfitted with special lighting and other equipment designed to ensure uniform growing conditions after its initial buildout. All CBG, Pioneer’s premium flower, is grown indoors under strict regulations approved by the State of Florida with all documentation at hand. In addition to hemp cultivation, at the Drymon Farm we are also producing peaches, lychee, dragon fruit, passion fruit and longan fruit stock trees for resale.
Pioneer leases farmland from Bernis C. Drymon and Sylvia Drymon, D/B/A Drymon Citrus Nursery. Drymon has met all Florida THC testing and operations guidelines, as well as all facility inspections. Pioneer has also obtained a license from the State of Florida, Department of Agriculture and Consumer Services for growing fruitstock trees. Drymon’s Citrus Nursery has a license for hemp cultivation from the State of Florida Department of Agriculture and Consumer Services. The Company’s lease agreement with Drymon Nursery allows the Company to use and control the Drymon hemp cultivation license. In addition, both Bernis C. Drymon and Sylvia Drymon are employees of the Company.
In January 2022, the Company purchased a second location in Myakka City, Manatee County, Florida. This gives the Company the ability to more than double its crop output from Drymon Farm.
The Company is working at both locations and expects to continue to work on each farm at full capacity. At each location, CBD flower is grown outdoors on several different plots of land within the Pioneer compound and the plants will be extracted for oil and we expect the oil to be sold to wholesale buyers. Any outdoor plants that cannot be extracted for their oil can be bagged and sold as flower. Growing both indoors and outdoors enables the Company to reduce risks and better determine how to maximize its growing practices. It also allows the Company to operate all year long, without regard to the change of seasons. There is 24/7 security with 6 full time and 2 part time employees with over 100 years of citrus farm experience overseeing the projects every day and communicating with the Pioneer team.
The Company’s primary business is the cultivation, harvest, extraction, and sales of hemp-derived CBD oil to wholesale buyers. CBD oil can be used to produce products containing hemp-derived CBD. In 2022 and 2023 Pioneer Green Farms, Inc. had three (3) harvests and each year successfully produced 3200 full grown plants each harvest. To date we have had no sales, however, the Company is pursuing sales in the international markets of the oil extracted in these harvests.
In January 2022, we acquired a 5-acre farm in Myakka, Florida. The addition of this property gives us the ability to double our production. We are planting 15,000 hemp plants per season.
Industrial hemp is a highly regulated crop across the world and licenses from state authorities are required to grow, process, distribute, and use these products. While hemp cultivation is legal in Florida, as long as a license is obtained, hemp cultivation in the various states and at the federal level remains in a state of flux.
The Pioneer Green Farms team, consisting of 6 full-time and 2 part time employees completed its first Spring planting in 2021 of 3500 CBD plants outdoors and 2000 CBG plants indoors. The plan originally called for the building of an oil extraction facility on site, but there are now services that can come to the farm at harvest time and extract the oil from the outdoor plants, negating the need for a major capital expenditure and enabling the Company to keep its operating costs at a minimum. While the hemp market is highly competitive and there are well established companies operating in the hemp space, we believe we have a competitive advantage because of our focus on implementing and maintaining quality sustainable growing practices, and competitive pricing.
The Company offers for sale THC FREE Broad Spectrum Distillate, 94 % CBD, 94.6% Total Cannabinoids with COA’S, international and domestic from its website, https://pioneergreenfarm.com. We are in the process of working with an International Broker to sell our hemp oil. Our plan is focus primarily on the international market not the domestic market “The European CBD market is forecast to grow to €2.6 billion and the number of CBD users across the European continent is set to hit 50 million by 2026, as highlighted in the recently published The European CBD Report: Health & Wellness report.
Existing Products
The Company’s primary business is the cultivation, harvest, extraction, and sales of hemp-derived CBD oil to wholesale buyers. CBD oil can be used to produce products containing hemp-derived CBD, including products that are sold as dietary supplements.
Hemp-derived CBD is distinguishable from CBD derived from marijuana. Hemp-derived CBD contains not more than 0.3 percent of THC, while marijuana contains in excess of this amount. Marijuana is regulated under the Controlled Substances Act. We do not believe that our hemp-derived CBD products are regulated under the Controlled Substances Act, but under the Agricultural Act of 2018, known as the “Farm Bill”.
The 2018 Farm Bill allows for the interstate sale and transfer of hemp-derived products for commercial or other purposes. It also puts no restrictions on the sale, transport, or possession of hemp-derived products, so long as those items are produced in a manner consistent with the law. The Farm Bill ensures that any cannabinoid-components of CBD -that is derived from hemp will be legal, if that hemp is produced in a manner consistent with the Farm Bill, associated federal regulations, associated state regulations, and by a licensed grower as defined in the Farm Bill.
The Company believes that the CBD oil produced and marketed by it, are in compliance with the Farm Bill and all other federal and state law and regulation.
All the full Spectrum Hemp CBD Infused products are pharmacist formulated and nano-amplified for rapid absorption and maximum bioavailability. Full-spectrum CBD oil contains cannabidiol and other cannabinoids found in hemp - including trace amounts of THC. It also features terpenes, flavonoids, vitamins, minerals, and essential fatty acids contained in the plant’s waxes. Full-spectrum CBD looks like a dark, viscous liquid that has a botanical aroma and the same flavor. It is then suspended in a food-grade carrier oil for faster absorption and more effective delivery.
Products categories include sublingual tinctures, edibles, topicals, sports recovery, ingestibles, and vapes and flowers, Product categories also include various sub-categories and are distributed to brick-and-mortar resellers, and online merchants. The overall product line, because of its size, is constantly in flux as new products are added and products are culled based on several factors including, but not limited to, consumer acceptance, inventory levels, and replacement as the result of incremental improvement.
Pioneer in the future, intends to offer for sale a majority of its products direct to consumers via its website, https://pioneergreenusa.com/products/.
Consumer markets available to Pioneer Green Farms are extensive. In terms of geography, the products will sell wherever legal and the Company will stipulate to its distribution channels that the products may only be sold to end-user persons eighteen years of age or older (See Item 1A “Risk Factors” for a further explanation of the laws regarding the sale of hemp-derived CBD products).
Product Formulation and Production
Pioneer Green Farms Inc. expects to use its commercial suppliers and contract manufacturers for its product research and development, formulation, quality testing, production and packaging. These suppliers and manufacturers will hold, as required, the necessary regulatory and other licenses/permits specific to each one’s activity. Any and all raw materials constituting active ingredients in its products are routinely tested by a third-party laboratory for purity and consistency of active ingredient concentrations. The Company develops its own propriety formulas for all its products, which it regards as trade secrets (the Company does not own any patents nor has any pending), and continuously is engaged in both new product development and product incremental improvement with its suppliers. New product development and incremental improvement costs are absorbed by each respective supplier as part of their overhead in providing services to the Company.
Sales Channels
The Company extracts the oils and sells its products directly to wholesale buyers. In addition, the Company intends in the future to develop its own label for the oils and selling its products directly to consumers from its website, from Company-owned stores and through a network of distributors and resellers to represent its product in various markets.
The Markets for Our Products
Market research from BDS Analytics is predicting a compound annual growth rate of 49 percent by 2024 across all distribution channels and that the CBD market, combined with THC products, will create a total market of $45 billion for cannabinoids by 2024. (Forbes, May 20, 2019).
The growth of the market shows that hemp-derived CBD products are becoming “mainstream” as consumers increasingly perceive them as providing wellness benefits.
Competition
Currently, in the United States, there are no businesses that can demonstrate or claim a dominant market share of the growing CBD products market. Competition, outside those companies that provide over .03 percent THC containing CBD in states where that is allowed under state law, is limited to numerous brands with geocentric distribution footprints. Overall, there are no major pharmaceutical manufacturing companies marketing general purpose CBD products into the overall CBD market at this time, although the Company is expecting such an entry in the future. Competition also includes many small regional marketers/packagers of CBD oil containing products that have limited distribution and economic resources.
Employees
The Company has 6 full-time and 2 part-time employees.

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ITEM 1A. RISK FACTORS
Item 1A. Risk Factors.
An investment in our common stock involves a high degree of risk. An investor should carefully consider the following risk factors and the other information in this Annual Report before investing in our common stock. Our business and results of operations could be seriously harmed by any of the following risks.
A pandemic, epidemic or outbreak of an infectious disease in the markets in which the Company operates or that otherwise impacts its facilities and customers could adversely impact the Company’s business.
If a pandemic, epidemic, or outbreak of an infectious disease including the recent outbreak of respiratory illness caused by a novel coronavirus (COVID-19) first identified in Wuhan, Hubei Province, China, or other public health crisis were to affect the Company’s markets or facilities, or its customers, the Company’s business could be adversely affected. Consequences of the coronavirus outbreak are resulting in disruptions in or restrictions on the Company’s ability to travel and hold live events. If such an infectious disease broke out at the Company’s office, facilities or work sites, its operations may be affected significantly, its productivity may be affected, and the Company may incur increased costs. If the persons and entities with which the Company contracts are affected by an outbreak of infectious disease, its live events may be delayed or cancelled, and the Company may incur increased costs. If the Company’s employees or subcontractors with whom it works were affected by an outbreak of infectious disease, the Company’s labor supply may be affected, and it may incur increased labor costs. In addition, the Company may experience difficulties with certain suppliers or with vendors in its supply chains, and its business could be affected if the Company becomes unable to procure essential equipment, supplies or services in adequate quantities and at acceptable prices. Further, an infectious outbreak may cause disruption to the U.S. economy, or the local economies of the markets in which the Company operates, increase costs associated with its business, affect job growth and consumer confidence, or cause economic changes that the Company cannot anticipate. Overall, the potential impact of a pandemic, epidemic or outbreak of an infectious disease with respect to the Company’s markets or its facilities is difficult to predict and could adversely impact the Company’s business. In response to the COVID-19 situation, federal, state, and local governments (or other governments or bodies) are considering placing, or have placed, restrictions on travel and conducting or operating business activities. Currently those restrictions are very fluid and evolving. the Company has been and will continue to be impacted by those restrictions. Given that the type, degree, and length of such restrictions are not known at this time, the Company cannot predict the overall impact of such restrictions on it, its customers, its subcontractors, and others with whom the Company works or the overall economic environment. As such, the impact these restrictions may have on the Company’s financial position, operating results and liquidity cannot be reasonably estimated at this time, but the impact may be material. In addition, due to the speed with which the COVID-19 situation is developing and evolving, there is uncertainty around its ultimate impact on public health, business operations and the overall economy; therefore, the negative impact on the Company’s financial position, operating results and liquidity cannot be reasonably estimated at this time, but the impact may be material.
Our industry may become subject to expanded regulation and increased enforcement by the Food and Drug Administration (FDA) and the Federal Trade Commission (FTC)
The FDA under the Federal Food, Drug, and Cosmetic Act regulates the formulation, manufacturing, packaging, labeling, and distribution of food, dietary supplements, drugs, cosmetic, medical devices, biologics, and tobacco products.
Our hemp-derived CBD products are not intended to be drugs. Accordingly, we have not been required to obtain FDA approval for our existing hemp-derived CBD products. Moreover, the regulatory status of hemp-derived CBD products is in a state of flux as FDA attempts to determine the appropriate manner in which to regulate these products. Thus, the regulatory approach is still evolving, and we may be required to seek FDA’s approval to market food and dietary supplements containing hemp-derived CBD. It is also possible that FDA may simply issue a regulation setting forth the conditions in which such products may be marketed, or it may simply prohibit these products. However, because FDA’s regulatory process is in its infancy, we cannot predict the likely outcome. (See preceding Section, “Government Regulation”.) In addition, the FTC under the Federal Trade Commission Act (“FTC Act”) requires that product advertising be truthful, substantiated, and non-misleading. We believe that our advertising meets these requirements. However, the FTC may bring a challenge at any time to evaluate our compliance with the FTC Act.
Increases in the cost of ingredients, labor and other costs could adversely affect our operating results.
Our principal products contain hemp-derived CBD oil. Increases in the cost of ingredients in our products could have a material adverse effect on our operating results. Significant price increases, market conditions, weather, acts of God and other disasters could materially affect our operating results. An increase in our operating costs could adversely affect our profitability. Factors such as inflation, increased labor and employee benefit costs and increased energy costs may adversely affect our operating costs. Many of the factors affecting costs are beyond our control and we may not be able to pass along these increased costs to our customers.
We do not have long-term contracts with many of our suppliers, and as a result they could seek to increase prices or fail to deliver.
We typically do not rely on written contracts or long-term arrangements with our suppliers. Although we have not experienced significant problems with our suppliers, our suppliers may implement significant price increases or may not meet our requirements in a timely fashion, if at all. The occurrence of any of the foregoing could have a material adverse effect on our operating results.
Any prolonged disruption in the operations of any of our packaging facilities could harm our business.
Any prolonged disruption in the operations of any facilities that perform our packaging, whether due to technical or labor difficulties, destruction or damage to the facility, real estate issues or other reasons, could result in increased costs and reduced revenues and our profitability and business results could be harmed.
Loss of key personnel or our inability to attract and retain new qualified personnel could hurt our business and inhibit our ability to operate and grow successfully.
Our ability to successfully grow our brand depends on our ability to attract and retain professionals with talent, integrity, enthusiasm, and loyalty to our corporate team. If we are unable to attract or retain key personnel, our profitability and growth potential could be harmed.
We may not be able to adequately protect our intellectual property, which could harm the value of our brand and branded products and adversely affect our business.
We depend in large part on our brand and branded products as well as on our proprietary processes and believe that they are especially important to our business. We will need to rely on a combination of trademarks, copyrights, trade secrets and similar intellectual property rights to protect our brand and branded products, however currently the Company holds no trademarks or patents, nor at this time, has any patent pending.
The success of our business depends on our ability to obtain trademarks to increase brand awareness and further develop our branded products in both domestic and international markets. We plan to register, certain trademarks in the United States and may elsewhere. If obtained, we may not be able to adequately protect our trademarks and our use of these trademarks may result in liability for trademark infringement, trademark dilution or unfair competition. We may from time to time be required to institute litigation to enforce any trademarks or other intellectual property rights we obtain, or to protect our trade secrets. Such litigation could result in substantial costs and diversion of resources and could negatively affect our sales, profitability and business results regardless of whether we are able to successfully enforce our rights.
Pandemics, natural disasters and geo-political events could adversely affect the Company’s business.
Pandemics, natural disasters, including hurricanes, cyclones, typhoons, tropical storms, floods, earthquakes and tsunamis, weather conditions, including winter storms, droughts and tornadoes, whether as a result of climate change or otherwise, and geo-political events, including civil unrest or terrorist attacks, that affect the Company, or other service providers, could adversely affect the Company’s business.
Cyber security risks and the failure to maintain the integrity of internal, partner, and consumer data could result in damages to our reputation, the disruption of operations and/or subject us to costs, fines or lawsuits.
We have and will continue to collect and retain large volumes of internal, partner and consumer data, including credit card numbers and other personally identifiable information, for business purposes, including for transactional or target marketing and promotional purposes, and our various information technology systems enter, process, summarize and report such data. We also maintain personally identifiable information about our employees. The integrity and protection of our customer, employee, and company data is critical to our business and our customers and employees are likely to have a high expectation that we will adequately protect their personal information. The regulatory environment, as well as the requirements imposed on us by the credit card industry, governing information, security and privacy laws is increasingly demanding and continues to evolve. Maintaining compliance with applicable security and privacy regulations may increase our operating costs and/or adversely impact our ability to market our products and services.
We also rely on accounting, financial and operational management information technology systems to conduct our operations. If these information technology systems suffer severe damage, disruption or shutdown and our business continuity plans do not effectively resolve the issues in a timely manner, our business, financial condition and results of operations could be materially adversely affected.
We may face various security threats, including cyber security attacks on our data (including our vendors’ and customers’ data) and/or information technology infrastructure. Although we utilize various procedures and controls to monitor and mitigate these threats, there can be no assurance that these procedures and controls will be sufficient to prevent penetrations or disruptions to our systems. Furthermore, a penetrated or compromised data system or the intentional, inadvertent or negligent release or disclosure of data could result in theft, loss, fraudulent or unlawful use of customer, employee, or company data which could harm our reputation or result in remedial and other costs, fines or lawsuits and require significant management attention and resources to be spent. In addition, our insurance coverage and indemnification arrangements that we enter into, if any, may not be adequate to cover all the costs related to cyber security attacks or disruptions resulting from such events.
Our current Board of Directors consists of four people
Michael Donaghy - President & CEO
Thomas J. Bellante, CPA, CFO
Beverly Drew, Corporate Secretary
Robert Turner - Director
We do not have any outside Board Directors which could create a conflict of interests and pose a risk from a corporate governance perspective.
Our Board of Directors consists of four directors, which means that we have one outside or independent director. The lack of more independent directors may prevent the Board from being independent from management in its judgments and decisions and its ability to pursue the Board responsibilities without undue influence. For example, an independent Board can serve as a check on management, which can limit management taking unnecessary risks. Furthermore, the lack of independent directors creates the potential for conflicts between management and the diligent independent decision-making process of the Board. Furthermore, our lack of outside directors deprives our company of the benefits of various viewpoints and experience when confronting the challenges we face. With no independent director sitting on the Board of Directors, it will be difficult for the Board to fulfill its traditional role as overseeing management.
We have not fully assessed our internal control over financial reporting. We have previously identified and may in the future identify material weaknesses in our internal control over financial reporting. If we are unable to remediate these material weaknesses, or if we experience additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our common stock.
In connection with the preparation of our financial statements as of and for the year ended December 31, 2023, we identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis. We have addressed and resolved the issues identified in 2023.
We have or are in the process of implementing measures designed further to improve our internal control over financial reporting, including how to remediate the control deficiencies that led to our previously identified material weaknesses, including:
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the appointment of a Chief Financial Officer in January 2022;
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the establishment of formalized accounting policies and procedures and internal controls; and
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the implementation of manual and automated controls to support our overall control environment and the segregation of duties and procedures.
Because we are an emerging growth company, we were not required to include an auditor attestation report on our internal control over financial reporting in our annual report for the year ended December 31, 2023. As a result, we have not yet fully assessed our internal control over financial reporting and are unable to assure that the measures we have taken to date, together with any measures we may take in the future, will be sufficient to remediate the control deficiencies that led to our material weaknesses in our internal control over financial reporting, or to avoid potential future material weaknesses.
If we are unable to maintain an effective system of internal control over financial reporting, successfully remediate any existing or future material weaknesses in our internal control over financial reporting, or identify any additional material weaknesses, the accuracy and timing of our financial reporting may be adversely affected, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports in addition to FINRA listing requirements, investors may lose confidence in our financial reporting, and our stock price may decline as a result.
Risks Relating to Our Financial Condition
Although our financial statements have been prepared on a going concern basis, we must raise additional capital within the next three months to fund our operations in order to continue as a going concern.
Accell Audit & Compliance, PA, our independent registered public accounting firm for the fiscal year ended December 31, 2023, has included an explanatory paragraph in their opinion that accompanies our audited financial statements as of and for the year ended December 31, 2023, indicating that our current liquidity position raises substantial doubt about our ability to continue as a going concern. If we are unable to improve our liquidity position, we may not be able to continue as a going concern. The accompanying financial statements do not include any adjustments that might result if we are unable to continue as a going concern and, therefore, be required to realize our assets and discharge our liabilities other than in the normal course of business which could cause investors to suffer the loss of all or a substantial portion of their investment.
We anticipate that our principal sources of liquidity will only be sufficient to fund our activities and debt service needs through June 30, 2024. In order to have sufficient cash to fund our operations beyond June 30, 2024, we will need to raise additional equity or debt capital by June 30, 2024 and increase sales, in order to continue as a going concern and we cannot provide any assurance that we will be successful in doing so.
All businesses are affected by an unstable economy.
Even though there may be downturns in the economy, consumers will always need essential goods and services regardless of the economy. However, economic downturns almost inevitably signal cutbacks in overall spending, which would translate specifically to us as decreased revenue, if any, as we expect that part of our income stream will be commissions on customer purchases and interest on customers’ balances.
We have a limited operating history and operate in a new industry, and we may not succeed.
The consumer products business is a highly competitive and risky business, and such competition from companies much bigger than us could adversely affect our operating results.
We compete with many national, regional, and local businesses. We could experience increased competition from existing or new companies in our channel, which could create increasing pressures to grow ours. If we are unable to maintain our competitive position, we could experience downward pressure on prices, lower demand for our products, reduced margins, the inability to take advantage of new business opportunities and the loss of channel share, which would have an adverse effect on our operating results. Other factors that could affect our business are:
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Consumer tastes
● National, regional, or local economic conditions
● Disposable purchasing power
● Demographic trends; and
● The price of special ingredients that go into our products.
Our financial statements may not be comparable to those of other companies.
Pursuant to Section 107(b) of the JOBS Act, we have elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(2) of The JOBS Act. This election allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result, our financial statements may not be comparable to companies that comply with public company effective dates, and our stockholders and potential investors may have difficulty in analyzing our operating results if comparing us to such companies.
The success of our new and existing products and services is uncertain.
We have committed, and expect to continue to commit, significant resources and capital to develop and market existing product enhancements and new products. We cannot assure you that we will achieve market acceptance for all of our products, or of new products that we may offer in the future. Moreover, these new products may be subject to significant competition with offerings by new and existing competitors. In addition, new products and enhancements may pose a variety of challenges and require us to attract additional qualified employees. The failure to successfully develop and market these new products or enhancements could seriously harm our business, financial condition and results of operations.
We cannot predict our future capital needs and we may not be able to secure additional financing.
We will need to raise additional funds in the future to fund our working capital needs and to fund further expansion of our business. We may require additional equity or debt financing, collaborative arrangements with corporate partners or funds from other sources for these purposes. No assurance can be given that necessary funds will be available for us to finance our development on acceptable terms, if at all. Furthermore, such additional financing may involve substantial dilution of our stockholders or may require that we relinquish rights to certain of our technologies or products. In addition, we may experience operational difficulties and delays due to working capital restrictions. If adequate funds are not available from operations or additional sources of financing, we may have to delay or scale back our growth plans.
Our annual and quarterly financial results are subject to significant fluctuations depending on various factors, many of which are beyond our control, which could adversely affect our ability to satisfy our debt obligations as they become due.
Our sales and operating results can vary significantly from quarter to quarter and year to year depending on various factors, many of which are beyond our control. These factors include:
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Variations in the timing and volume of our sales
● The timing of expenditures in anticipation of future sales
● Sales promotions by us and our competitors
● Changes in competitive and economic conditions generally
● Foreign currency exposure
Consequently, our results of operations may decline quickly and significantly in response to changes in order patterns or rapid decreases in demand for our products. We anticipate that fluctuations in operating results will continue in the future. The Company’s operating results may vary. We may incur net losses. The Company expects to experience variability in its revenues and net profit. While we intend to fully implement our business plan, we may experience net losses. Factors expected to contribute to this variability include, among other things:
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The general economy
● The regulatory environment pertaining to our products
● Climate, seasonality and environmental factors
● Consumer demand
● Transportation costs
● Competition in products
You should further consider, among other factors, our prospects for success in light of the risks and uncertainties encountered by companies that, like us, are in their early stages. For example, unanticipated expenses, problems, and technical difficulties may occur and they may result in material delays in the operation of our business, in particular with respect to our new products. We may not successfully address these risks and uncertainties or successfully implement our operating strategies. If we fail to do so, it could materially harm our business to the point of having to cease operations and could impair the value of our common stock to the point investors may lose their entire investment.
As we expand our operations, we may be unable to successfully manage our future growth.
Since inception, our business has grown. This growth has placed substantial strain on our management, operational, financial and other resources. If we are able to continue expanding our operations in the United States and in other countries where we believe our products will be successful, as planned, we may experience periods of rapid growth, which will require additional resources. Any such growth could place increased strain on our management, operational, financial and other resources, and we will need to train, motivate, and manage employees, as well as attract management, sales, finance and accounting, international, technical, and other professionals. In addition, we will need to expand the scope of our infrastructure and our physical resources. Any failure to expand these areas and implement appropriate procedures and controls in an efficient manner and at a pace consistent with our business objectives could have a material adverse effect on our business and results of operations.
Any future litigation could have a material adverse impact on our results of operations, financial condition and liquidity, particularly since we do not currently have director and officer (“D&O”) insurance. Our lack of insurance may also make it difficult for us to retain and attract talented and skilled directors and officers. While we intend to apply for D&O insurance, we cannot guarantee that such application will be accepted.
Despite our significant efforts in product quality control, we face risks of litigation from customers and others in the ordinary course of business, which may divert our financial and management resources. Any adverse litigation or publicity may negatively impact our financial condition and results of operations.
Claims of illness or injury relating to product quality or handling are common in the consumer products industry. While we believe our processes and high standards of quality control will minimize these instances, there is always a risk of occurrence, and so despite our best efforts to regulate quality control, litigation may occur. In that event, our financial condition, operating results and cash flows could be harmed.
From time to time we may be subject to litigation, including potential stockholder derivative actions. Risks associated with legal liability are difficult to assess and quantify, and their existence and magnitude can remain unknown for significant periods of time. To date we have no directors and officers liability (“D&O”) insurance to cover such risk exposure for our directors and officers. Such insurance generally pays the expenses (including amounts paid to plaintiffs, fines, and expenses including attorneys’ fees) of officers and directors who are the subject of a lawsuit as a result of their service to the Company. While we intend to attempt to obtain such insurance, there can be no assurance that we will be able to do so at reasonable rates or at all, or in amounts adequate to cover such expenses should such a lawsuit occur. While neither Florida law nor our articles of incorporation or bylaws require us to indemnify or advance expenses to our officers and directors involved in such a legal action, we expect that we would do so to the extent permitted by Florida law. Without D&O insurance, the amounts we would pay to indemnify our officers and directors should they be subject to legal action based on their service to the Company could have a material adverse effect on our financial condition, results of operations and liquidity. Further, our lack of D&O insurance may make it difficult for us to retain and attract talented and skilled directors and officers, which could adversely affect our business.
The Company may be unable to manage growth, which may impact its potential profitability.
Successful implementation of the Company’s business strategy requires it to manage its growth. Growth could place an increasing strain on the Company’s management and financial resources. To manage growth effectively, the Company will need to:
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Establish definitive business strategies, goals and objectives;
● Maintain a system of management controls; and
● Attract and retain qualified personnel, as well as develop, train, and manage management-level and other employees.
If the Company fails to manage its growth effectively, its business, financial condition, or operating results could be materially harmed, and the Company’s stock price may decline.
The Company operates in a highly competitive environment, and if it is unable to compete with its competitors, its business, financial condition, results of operations, cash flows and prospects could be materially adversely affected.
The Company operates in a highly competitive environment. The Company’s competition includes all other companies that are in the business of entertainment events or other related companies. A highly competitive environment could materially adversely affect the Company’s business, financial condition, results of operations, cash flows and prospects.
The Company may not be able to compete successfully with other established companies offering the same or similar services and, as a result, the Company may not achieve its projected revenue and user targets.
If the Company is unable to compete successfully with other businesses in its existing markets, it may not achieve its projected revenue and/or customer targets. The Company competes with both start-up and established companies. Compared to the Company’s business, some of its competitors may have greater financial and other resources, have been in business longer, have greater name recognition and be better established.
Our prior operating results may not be indicative of our future results.
You should not consider prior operating results with respect to revenues, net income or any other measure to be indicative of our future operating results. The timing and amount of future revenues will depend almost entirely on our ability to sell our products to new customers. Our future operating results will depend upon many other factors, including:
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The level of product and price competition;
● Our success in expanding our distribution network and managing our growth;
● Our ability to develop and market product enhancements and new products;
The timing of product enhancements, activities of and acquisitions by competitors
The Company’s lack of adequate D&O insurance may also make it difficult for it to retain and attract talented and skilled directors and officers.
In the future the Company may be subject to additional litigation, including potential class action and stockholder derivative actions. Risks associated with legal liability are difficult to assess and quantify, and their existence and magnitude can remain unknown for significant periods of time. To date, the Company has not obtained directors and officers liability (“D&O”) insurance. Without adequate D&O insurance, the amounts the Company would pay to indemnify its officers and directors should they be subject to legal action based on their service to the Company could have a material adverse effect on the Company’s financial condition, results of operations and liquidity. Furthermore, the Company’s lack of adequate D&O insurance may make it difficult for it to retain and attract talented and skilled directors and officers, which could adversely affect its business.
The Company does not expect to pay dividends in the future; any return on investment may be limited to the value of the Company’s common stock.
The Company does not currently anticipate paying cash dividends in the foreseeable future. The payment of dividends on the Company’s common stock will depend on earnings, financial condition and other business and economic factors affecting it at such time as the board of directors may consider relevant. The Company’s current intention is to apply net earnings, if any, in the foreseeable future to increasing the Company’s capital base and development and marketing efforts. There can be no assurance that the Company will ever have sufficient earnings to declare and pay dividends to the holders of its common stock, and in any event, a decision to declare and pay dividends is at the sole discretion of the Company’s board of directors. If the Company does not pay dividends, its common stock may be less valuable because a return on investment will only occur if its stock price appreciates.
MARKET FOR OUR COMMON STOCK AND RELATED STOCKHOLDER MATTERS
Our stock price is quoted on the Over the Counter (OTC) market. The common stock price is likely to be highly volatile and could be subject to wide fluctuations in response to various factors, some of which are beyond the Company’s control or unrelated to its operating performance.
The Company’s common stock, quoted on the OTC is thinly traded, therefore the company’s stockholders may be unable to sell at or near ask prices or at all if they need to sell their shares to raise money or otherwise desire to liquidate their shares.
An active and visible public trading market for our Common Stock may not develop.
We do not currently have an active or visible trading market. We cannot predict whether an active market for our common stock will ever develop in the future. In the absence of an active trading market:
●
Investors may have difficulty buying and selling or obtaining market quotations;
●
Market visibility for shares of our common stock may be limited; and
●
A lack of visibility for shares of our common stock may have a depressive effect on the market price for shares of our Common Stock.
The market price of our common stock may be volatile.
The market price for our common stock may be volatile and subject to wide fluctuations in response to factors including the following:
●
Actual or anticipated fluctuations in our quarterly or annual operating results
●
Changes in financial or operational estimates or projections
●
Conditions in markets generally
●
Changes in the economic performance or market valuations of companies similar to ours
●
Announcements by us or our competitors of new products, acquisitions, strategic partnerships, joint ventures, or capital commitments
●
Our intellectual property position; and general economic or political conditions in the United States or elsewhere.
In addition, the securities market has from time-to-time experienced significant price and volume fluctuations that are not related to the operating performance of companies. These market fluctuations may also materially and adversely affect the market price of shares of our common stock.
Our issuance of additional common stock or preferred stock may cause our common stock price to decline, which may negatively impact your investment.
Issuances of a substantial number of additional shares of our common or preferred stock, or the perception that such issuances could occur, may cause prevailing market prices for our common stock to decline. In addition, our board of directors is authorized to issue additional series of shares of preferred stock without any action on the part of our stockholders. Our board of directors also has the power, without stockholder approval, to set the terms of any such series of shares of preferred stock that may be issued, including voting rights, conversion rights, dividend rights, preferences over our common stock with respect to dividends or if we liquidate, dissolve, or wind up our business and other terms. If we issue cumulative preferred stock in the future that has preference over our common stock with respect to the payment of dividends or upon our liquidation, dissolution or winding up, or if we issue preferred stock with voting rights that dilute the voting power of our common stock, the market price of our common stock could decrease.
Our common stock is subject to the SEC’s penny stock rules and accordingly, broker-dealers may have trouble in completing customer transactions and trading activity in our securities may be adversely affected.
The SEC has adopted regulations, which generally define “penny stock” to be an equity security that has a market price of less than $5.00 per share, subject to specific exemptions. The market price of our common stock is less than $5.00 per share and therefore would be a “penny stock” according to SEC rules, unless we are listed on a national securities exchange. Under these rules, broker-dealers who recommend such securities to persons other than institutional accredited investors must:
●
Make a special written suitability determination for the purchaser;
●
Receive the purchaser’s prior written agreement to the transaction;
●
Provide the purchaser with risk disclosure documents which identify certain risks associated with investing in “penny stocks” and which describe the market for these “penny stocks” as well as a purchaser’s legal remedies;
●
Obtain a signed and dated acknowledgment from the purchaser demonstrating that the purchaser has received the required risk disclosure document before a transaction in a “penny stock” can be completed.
As our common stock is subject to these rules, broker-dealers may find it difficult to effectuate customer transactions and trading activity in our securities may be adversely affected. As a result, the market price of our securities may be depressed, and you may find it more difficult to sell your securities.
The market for penny stocks has experienced numerous frauds and abuses, which could adversely impact investors in our stock.
OTC Market securities are frequent targets of fraud or market manipulation, both because of their generally low prices and because reporting requirements are less stringent than those of the stock exchanges such as NASDAQ. Patterns of fraud and abuse include:
●
Control of the market for the security by one or a few broker-dealers that are often related to the promoter or issuer;
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Manipulation of prices through prearranged matching of purchases and sales and false and misleading press releases;
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“Boiler room” practices involving high pressure sales tactics and unrealistic price projections by inexperienced sales persons;
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Excessive and undisclosed bid-ask differentials and markups by selling broker-dealers;
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Wholesale dumping of the same securities by promoters and broker-dealers after prices have been manipulated to a desired level, along with the inevitable collapse of those prices with consequent investor losses.
Our management is aware of the abuses that have occurred historically in the penny stock market.
Among the factors that could affect our stock price are:
●
Industry trends and the business situation of our suppliers
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Actual or anticipated fluctuations in our quarterly financial and operating results and operating results that vary from the expectations of our management or of securities analysts and investors
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our failure to meet the expectations of the investment community and changes in investment community recommendations or estimates of our future operating results
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Announcements of strategic developments, acquisitions, dispositions, financings, product developments and other materials events by us or our competitors
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Regulatory and legislative developments
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Litigation
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General market conditions
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Other domestic and international macroeconomic factors unrelated to our performance
●
Changes in key personnel
Sales by our stockholders of a substantial number of shares of our common stock in the public market could adversely affect the market price of our common stock.
A substantial portion of our total outstanding shares of common stock may be sold into the market at any time. Some of these shares are owned by the management of the Company, and we believe that such holders have no current intention to sell a significant number of shares of their common stock into the market. If all of the major stockholders were to decide to sell large amounts of stock over a short period of time such sales could cause the market price of our common stock to drop significantly, even if our business is performing well.
Our business is dependent upon continued market acceptance by consumers.
We are substantially dependent on continued market acceptance of our products by consumers. Although we believe that our products in the United States are gaining increasing consumer acceptance, we cannot predict that this trend will continue in the future.
The ability to hire additional qualified employees, and the timing of such hiring and our ability to control costs. We may require additional capital to finance our operations in the future, but that capital may not be available when it is needed and could be dilutive to existing stockholders.
We may require additional capital for future operations. We plan to finance anticipated ongoing expenses and capital requirements with funds generated from the following sources:
●
Cash provided by operating activities
● Available cash and cash investments
● Capital raised through debt and equity offerings
Current conditions in the capital markets are such that traditional sources of capital may not be available to us when needed or may be available only on unfavorable terms. Our ability to raise additional capital, if needed, will depend on conditions in the capital markets, economic conditions and a number of other factors, many of which are outside our control. Accordingly, we cannot assure you that we will be able to successfully raise additional capital at all or on terms that are acceptable to us. If we cannot raise additional capital when needed, it may have a material adverse effect on our liquidity, financial condition, results of operations and prospects. Further, if we raise capital by issuing stock, the holdings of our existing stockholders will be diluted.
If we raise capital by issuing debt securities, such debt securities would rank senior to our common stock upon our bankruptcy or liquidation. In addition, we may raise capital by issuing equity securities that may be senior to our common stock for the purposes of dividend and liquidating distributions, which may adversely affect the market price of our common stock. Finally, upon bankruptcy or liquidation, holders of our debt securities and shares of preferred stock and lenders with respect to other borrowings will receive a distribution of our available assets prior to the holders of our common stock. Additional equity offerings may dilute the holdings of our existing stockholders or reduce the market price of our common stock, or both.
Requirements associated with being a reporting public company will require significant company resources and management attention.
Our registration statement Form S1 was filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on June 14, 2022. As a result, we will be subject to the reporting requirements of the Exchange Act and the other rules and regulations of the SEC relating to public companies. We are working with independent legal, accounting and financial advisors to identify those areas in which changes should be made to our financial and management control systems to manage our growth and our obligations as an SEC reporting company. These areas include corporate governance, internal control, internal audit, disclosure controls and procedures and financial reporting and accounting systems. We have made, and will continue to make, changes in these and other areas, including our internal control over financial reporting. However, we cannot provide assurances that these and other measures we may take will be sufficient to allow us to satisfy our obligations as an SEC reporting company on a timely basis.
In addition, compliance with reporting and other requirements applicable to SEC reporting companies will create additional costs for the Company and will require the time and attention of management and may require the hiring of additional personnel and legal, audit and other professionals. We cannot predict or estimate the amount of the additional costs we may incur, the timing of such costs or the impact that our management’s attention to these matters will have on our business.
We are an emerging growth company and, as a result of the reduced disclosure and governance requirements applicable to emerging growth companies, our common stock may be less attractive to investors.
We are an emerging growth company, as defined in the JOBS Act, and we are eligible to take advantage of certain exemptions from various reporting requirements applicable to other public companies, but not to emerging growth companies, including, but not limited to, a requirement to present only two years of audited financial statements, an exemption from the auditor attestation requirement of Section 404 of the Sarbanes-Oxley Act, reduced disclosure about executive compensation arrangements pursuant to the rules applicable to smaller reporting companies and no requirement to seek non-binding advisory votes on executive compensation or golden parachute arrangements, although some of these exemptions are available to us as a smaller reporting company (i.e. a company with less than $75 million of its voting equity held by affiliates). We have elected to adopt these reduced disclosure requirements. We cannot predict if investors will find our common stock less attractive as a result of our taking advantage of these exemptions. If some investors find our common stock less attractive as a result of our choices, there may be a less active trading market for our common stock and our stock price may be more volatile.
We do not expect to pay any cash dividends in the foreseeable future.
We intend to retain our future earnings, if any, in order to reinvest in the development and growth of our business and, therefore, do not intend to pay dividends on our common stock for the foreseeable future. Any future determination to pay dividends will be at the discretion of our board of directors and will depend on our financial condition, results of operations, capital requirements, and such other factors as our board of directors deems relevant. Accordingly, investors may need to sell their shares of our common stock to realize a return on their investment, and they may not be able to sell such shares at or above the price paid for them.
We can sell additional shares of common stock without consulting stockholders and without offering shares to existing stockholders, which would result in dilution of existing stockholders’ interests in the Company and could depress our stock price.
Our Articles of Incorporation authorize 100,000,000 shares of common stock, of which 23,506,300 were outstanding as of December 31, 2023. Moreover, our Board of Directors is authorized to issue additional shares of our common stock and preferred stock. Although our Board of Directors intends to utilize its reasonable business judgment to fulfill its fiduciary obligations to our then existing stockholders in connection with any future issuance of our capital stock, the future issuance of additional shares of our common stock or preferred stock convertible into common stock would cause immediate, and potentially substantial, dilution to our existing stockholders, which could also have a material effect on the market value of the shares.
Because we will be subject to “penny stock” rules, the level of trading activity in our stock may be reduced.
Broker-dealer practices in connection with transactions in “penny stocks” are regulated by penny stock rules adopted by the Securities and Exchange Commission. Penny stocks generally are equity securities with a price of less than $5.00 (other than securities registered on some national securities exchanges). The penny stock rules require a broker-dealer to deliver to its customers a standardized risk disclosure document that provides information about penny stocks and the nature and level of risks in the penny stock market prior to carrying out a transaction in a penny stock not otherwise exempt from the rules. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction, and, if the broker-dealer is the sole market maker, the broker-dealer must disclose this fact and the broker-dealer’s presumed control over the market, and monthly account statements showing the market value of each penny stock held in the customer’s account. In addition, broker-dealers who sell these securities to persons other than established customers and “accredited investors” must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction. Consequently, these requirements may have the effect of reducing the level of trading activity, if any, in the secondary market for a security subject to the penny stock rules.
Financial Industry Regulatory Authority (FINRA) sales practice requirements may also limit your ability to buy and sell our stock, which could depress our share price.
FINRA rules require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock and have an adverse effect on the market for our shares, depressing our share price.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B. Unresolved Staff Comments.
Not applicable.

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ITEM 2. PROPERTIES
Item 2. Properties.
Pioneer leases farmland from Bernis C. Drymon and Sylvia Drymon, D/B/A Drymon Citrus Nursery. Pioneer currently operates 4 - 30 ft X 100 ft greenhouses at the Drymon Nursery, 2 of which are thoroughly outfitted with special lighting and other equipment designed to ensure uniform growing conditions after its initial buildout. All CBG, Pioneer’s premium flower, is grown indoors under strict regulations approved by the State of Florida with all licensing documentation at hand. In addition to hemp cultivation, at the Drymon Farm we are also producing peaches, lychee, dragon fruit, passion fruit and longan fruit stock trees for resale.
In January 2022, the Company purchased a second location in Myakka City, Manatee County, Florida. We believe that these properties are currently sufficient for our operating requirements, and that we will be able to find alternative space suitable for our needs in the event we are unable to renew the Drymon lease upon its expiration.

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ITEM 3. LEGAL PROCEEDINGS
Item 3. Legal Proceedings.
We are not currently involved in any litigation nor to our knowledge, is any litigation threatened against us, the outcome of which would, in our judgment based on information currently available to us, have a material adverse effect on our financial position or results of operations. However, two parties have filed an action against the Company for breach of contract for failure to make payment on promissory notes, that were entered into when the Company purchased the Myakka farm. The Company is working to resolve these matters, and do not expect that the cases will have a material adverse effect on our financial position or results of operations.

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Mine Safety Disclosures.
Not applicable.
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Our stock is listed on the OTC market for trading, but our stock is thinly traded with little or no trades to date. The common stock price is likely to be highly volatile and could be subject to wide fluctuations in response to various factors, some of which are beyond the Company’s control or unrelated to its operating performance.
Holders
As of March 25, 2024, the number of holders of record of shares of Common Stock, excluding the number of beneficial owners whose securities are held in street name, was approximately 100.
Dividend Policy
The Company paid no dividends in 2023 and may not pay any cash dividends on its Common Stock in 2024 because it intends to retain its earnings, if any, to finance the expansion of its business. Any future declaration of dividends will be determined by the Board of Directors in light of conditions then existing, including without limitation the Company’s financial condition, capital requirements, and business condition.

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ITEM 6. SELECTED FINANCIAL DATA
Item 6. Selected Financial Data
Not applicable.

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
The following Management’s Discussion and Analysis of Financial Condition and Plan of Operations (“MD&A”) is intended to help you understand our historical results of operations during the periods presented and our financial condition. This MD&A should be read in conjunction with our financial statements and the accompanying notes to financial statements and contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth in the section captioned “Risk Factors” in this Annual Report. All forward-looking statements speak only as of the date on which they are made. We undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they are made.
Basis of Presentation
The financial statements are prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”).
Forward-Looking Statements
Some of the statements under “Management's Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Annual Report on Form 10-K constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar matters that are not historical facts. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” and “would” or the negatives of these terms or other comparable terminology.
You should not place undue reliance on forward-looking statements. The cautionary statements set forth in this Form S-1 identify important factors which you should consider in evaluating our forward-looking statements. These factors include, among other things:
●
The unprecedented impact of COVID-19 pandemic on our business, customers, employees, consultants, service providers, stockholders, investors and other stakeholders;
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The speculative nature of the business we intend to develop;
●
Our reliance on suppliers and customers;
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Our dependence upon external sources for the financing of our operations, particularly given that there are concerns about our ability to continue as a “going concern;”
●
Our ability to effectively execute our business plan;
●
Our ability to manage our expansion, growth and operating expenses;
●
Our ability to finance our businesses;
●
Our ability to promote our businesses;
●
Our ability to compete and succeed in highly competitive and evolving businesses;
●
Our ability to respond and adapt to changes in technology and customer behavior; and
●
Our ability to protect our intellectual property and to develop, maintain and enhance strong brands.
Although the forward-looking statements in this Annual Report are based on our beliefs, assumptions and expectations, taking into account all information currently available to us, we cannot guarantee future transactions, results, performance, achievements or outcomes. No assurance can be made to any investor by anyone that the expectations reflected in our forward-looking statements will be attained, or that deviations from them will not be material and adverse. We undertake no obligation, other than as maybe be required by law, to update this Annual Report or otherwise make public statements updating our forward-looking statements.
Pioneer Greens Farms, Inc. was incorporated in Florida in January 2019. The Company originally entered a joint-venture with Colorado- based Sugar Magnolia Hemp Farms LLC to cultivate hemp in the State of Colorado in 2019.
Due to the Company being based in Florida, it decided to apply for a hemp cultivation license in the State of Florida when the State of Florida legalized hemp production in July 2019. The climate in Florida enables the farm to grow three to four crops per year with much lower overhead as opposed to Colorado where only one crop can be grown annually at higher operational costs in an extremely competitive Colorado marketplace. Pioneer Green Farms entered a 25-year lease of 5 acres from Drymon’s. Drymon’s has been involved in citrus farming in Florida for many decades and has met all the State’s guidelines for licensed applicants. Pioneer owns the farming infrastructure which controls the revenues from the flower and oil extracts.
Year Ended December 31, 2023 Compared to Year Ended December 31, 2022
Results of Operations
Results of operations for the years ended December 31, 2023, and 2022
The results of operations for the years ended December 31, 2023 and 2022 were as follows:
Year Ended
December 31, 2023
Year Ended
December 31, 2022
Revenues
$ 9,286
$ -
Cost of sales
5,450
-
Gross profit
3,836
-
General and administrative expenses
Professional Fees
134,530
130,107
Labor and management
120,764
170,731
General and administration
129,512
190,147
Depreciation and amortization
9,763
9,057
394,569
500,042
Operating loss
(390,733 )
(500,042 )
Interest expense
12,654
109,819
Other (income) expense
(17 )
14,609
Loss before income taxes
(403,370 )
(624,470 )
Less Income tax expense
-
-
Net loss
$ (403,370 )
$ (624,470 )
Weighted average shares
23,448,090
23,072,184
Earnings per share - basic and diluted
$ (0.02 )
$ (0.03 )
Total Revenues
Total net revenues during twelve months ended December 31, 2023, were $9,286, an increase of 9,286 compared to year 2022. These revenues were from the sale of CBD oil on the wholesale market.
Cost of sales
The cost of sales during the twelve months ended December 31, 2023were $5,450, an increase of $5.450 compared to year 2022. This cost of sales was the cost to acquire the CBD oil sold.
Professional Fees
Professional Fees for the year ended December 31, 2023 increased by $4,423 from the same period last year. These fees in 2023 consist of auditing, accounting, transfer agent fees and filing services. Legal fees in 2022 decreased by $66,876 and auditing, transfer agent fees and filing fees increased by $71,299 in 2023.
Labor and Management
This category includes costs incurred for the cost of labor to plant and harvest hemp at the Company’s two locations. Costs for year ended December 31, 2023, of $120,764 and were a combination of the expansion of the Company’s growing footprint with the addition of the Myakka property and a reduction of the labor costs on the Drymon Farm. Costs of $170,731 in the year ended December 31, 2022, were related to crops in the Drymon farm and the setting up of greenhouses.
General and Administrative Expense
General and administrative expenses for the year ended December 31, 2023, decreased by $60,635 from the same period in 2022. The decrease was due to efficiencies in general and administrative costs in 2023 mainly from legal and accounting costs related to the Company’s registered offering and subsequent regulatory filings, decrease in payments to Drymon Farms, and FINRA filing expense recorded in year of 2022.
Depreciation and Amortization Expense
Depreciation expenses for the years ended December 31, 2023, and December 31, 2022, were $9,763 and $9,057, respectively, relating to the Company’s farming equipment and real property.
Interest Expense
Interest expense decreased to $12,654 for the year ended December 31, 2023, from $109,819 for the year ended December 31, 2022, a decrease of $97,165. This decrease is due to expiration of the debt discount amortization on notes payable to investors to fund the purchase price of the Myakka property in January 2022. Only $10,000 of the debt discount was amortized in 2023.
Net Loss
The Net Loss for the year ended December 31, 2023, was $403,370 versus $624,470 for the same period in 2022. The decreased loss of $221,100 was largely due to the efficiencies in operating expenses, reduction of amortized debt discount and less expenses relating to the Company’s registered offering of common stock.
Liquidity and Capital Resources
Overview
Our liquidity requirements are primarily to fund our business operations, including capital expenditure and working capital requirements. Our primary sources of liquidity are additional capital investment and debt.
On February 9, 2022, the Company filed a Form S-1 for registration under the Securities Act of 1933. As of December 31, 2023, the Company has collected $43,650 in proceeds from the sale of 175,800 of the registered shares.
In January 2022, the Company borrowed $330,000 from shareholders to fund the purchase of the Myakka Farm. The Company has paid back $72,500 in 2022 and borrowed an additional $13,000 in 2023. The Company also amortized $120,000 in interest on those notes over 2022 and 2023.
During the last quarter of 2023, the Company received $109,100 for future stock sales.
Cash Flows
As of December 31, 2023, the Company had cash and equivalents of $627 compared to $11,532 as of December 31, 2022, and outstanding debt of $1,136,777 compared to $943,223as of December 31, 2022.
Cash used in operating activities during the year ended December 31, 2023, was $348,837 compared to $337,078 for 2022. The net loss of $403,370 for the year 2023 was a decrease of $221,100 from the net loss of $624,470 in 2022. The decrease in net loss was attributable to efficiencies in general and administrative, a decrease in labor and management costs, and a decrease in interest expense relating to investor notes and expenses relating to the Company’s registered stock offering and FINRA listing.
Cash used in investing activities during the year ended December 31, 2023, of $650 was for the moving of equipment to the Myakka Farm. In 2022 cash used in investing activities of $340,254 was primarily related to the purchase of the Myakka property.
Cash provided by financing activities during year 2023 of $338,581 was primarily related to advances from related party loans $203,681, deposits for future sales of common stock, and proceeds from the sale of common stock $12,800 less payments on the long-term debt. Cash provided by financing activities in 2022 were from the proceeds of the Myakka Farm notes of $330,000, advances from related parties of $ 203,681, advances for stock to be purchased, $109,100, and sales of stock totaling $12,800 less payments on the Myakka notes.
Off-Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
Recent Developments
On March 17, 2023, the Company received approval for its trading symbol. The S-1 registration statement was closed, and 175,800 shares of common stock were issued to 12 investors for $43,650.
In 2023, 210,500 shares were issued for $12,800.
In the first quarter of 2024, the Company received loans in the amount of $72,169 from related parties.
In the first quarter of 2024, the Company received deposits in the amount of $177,100 on future stock purchases.
Critical Accounting Policies and Estimates
This discussion and analysis of our financial condition and results of operations are based on our financial statements that have been prepared under accounting principle generally accepted in the United States of America. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
A summary of significant accounting policies is included in Note 2 to the financial statements included in this filing. Of these policies, we believe that the following items are the most critical in preparing our financial statements.
USE OF ESTIMATES: Management uses estimates and assumptions in preparing these financial statements in accordance with U.S. generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses.
REVENUE RECOGNITION
Revenue from sale of goods is measured at fair value of the consideration received or receivable and is recognized in the statement of comprehensive income of the Company when significant risks and rewards of the ownership of the goods have been transferred to the buyers.
ACCOUNTS RECEIVABLE: Accounts Receivable (AR) is the payment which the Company will receive from its customers who have purchased its goods & services in the last month of the year and on credit terms. Usually the credit period is short, approximately a few days.
ASSESSMENT OF COLLECTABILITY:
●
Recording of Accounts Receivable: All amounts due on physical delivery of the merchandise from the drop shipper, must be promptly recorded as an accounts receivable. Each account receivable must be recorded and maintained until payment is received or the recorded amount is written off or extinguished.
●
An adequate provision for doubtful accounts must be established. When all reasonable efforts fail to collect an account receivable and it has been approved for write off, the related provision for doubtful accounts should be reduced.
●
Statements to Debtors: Statements must be issued to debtors, on a monthly basis, providing meaningful and concise information on the status of their debts.
●
Accounts receivable are considered overdue when a debtor does not pay or resolve the debt within 30 days from the invoice date or a written request for payment to the debtor.
●
All actions taken to collect overdue accounts must be documented.
●
If there is no response after the initial contact at the 30-day point (within 30-day period 60 days from date of invoice), to the Company will take prompt and vigorous action to collect overdue accounts receivable.
●
Accounts receivable, in most cases, should be at least 30 days overdue (i.e., 60 days after invoice notification), before staff advises debtors that their accounts are overdue and that the accounts may be:
o
turned over to a private collection agency;
o
subject to legal action,
o
credit privileges will be revoked; and/or account may be suspended.
Most Recent accounting pronouncements
Refer to Note 2 in the accompanying audited financial statements.
Impact of Most Recent Accounting Pronouncements
There were no recent accounting pronouncements that have had a material effect on the Company’s financial position or results of operations.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Not applicable.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Item 8. Financial Statements and Supplementary Data.
PIONEER GREEN FARMS, INC.
FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm Accell Audit & Compliance, PA (PCAOB ID 3289)
Balance Sheets as of December 31, 2023 and 2022
Statements of Operations for the Years Ended December 31, 2023 and 2022
Statements of Stockholders’ Deficit for the Years Ended December 31, 2023 and 2022
Statements of Cash Flows for the Years Ended December 31, 2023 and 2022
Notes to Financial Statements
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of
Pioneer Green Farms, Inc.
Opinion on the Financial Statements
We have audited the balance sheet of Pioneer Green Farms, Inc. (formerly Pioneer Green Farms, LLC) (the “Company”) as of December 31, 2023 and 2022, and the related statements of operations, changes in shareholders’ equity (deficit), and cash flows for the each of the two years ended December 31, 2023 and the related notes and schedules (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the two years ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Substantial Doubt about the Company’s ability to Continue as a Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3, the Company has incurred net losses and has no revenues. These factors, and the need for additional financing in order for the Company to meet its business plans raises substantial doubt about the Company’s ability to continue as a going concern. Our opinion is not modified with respect to that matter.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Company’s auditor since 2021.
/s/ Accell Audit & Compliance, P.A.
Tampa, Florida
April 3, 2024
Pioneer Green Farms Inc.
Balance Sheets
As of December 31, 2023 and 2022
December 31, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
$ 11,532
Inventory
15,000
20,908
Due from affiliates
5,400
-
Other current assets
4,500
-
25,527
32,440
Property and equipment, net
380,655
389,768
Lease right of use, net
186,424
190,314
Total assets
$ 592,606
$ 612,522
Liabilities and Shareholders' Deficit
Current liabilities
Accounts payable
$ 78,825
$ 48,504
Accruals and other liabilities
-
75,397
Related party advances
600,292
321,214
Land purchase notes payable, net of $0 and $10,000 discount as of December 31, 2023 and 2022
310,500
287,500
Short-term portion of leases liability
6,143
995,760
733,194
Lease liability
209,017
210,029
1,204,777
943,223
Commitments and Contingencies (Note 8)
Shareholders' Deficit
Common stock, 100,000,000 shares authorized, $0.00001 par value, 23,506,300 and 23,120,000 issued and outstanding at December 31, 2023 and 2022, respectively
Additional paid in capital
901,984
845,538
Subscriptions for stock to be issued
109,100
43,650
Accumulated deficit
(1,623,490 )
(1,220,120 )
Total shareholders' deficit
(612,171 )
(330,701 )
Total liabilities and shareholders' deficit
$ 592,606
$ 612,522
The accompanying notes are an integral part of these statements.
Pioneer Green Farms Inc.
Consolidated Statements of Operations
Years Ended December 31, 2023 and 2022
Year Ended
December 31, 2023
Year Ended
December 31, 2022
Revenues
$ 9,286
$ -
Cost of sales
5,450
-
Gross profit
3,836
-
General and administrative expenses
Professional Fees
134,530
130,107
Labor and management
120,764
170,731
General and administration
129,512
190,147
Depreciation and amortization
9,763
9,057
394,569
500,042
Operating loss
(390,733 )
(500,042 )
Interest expense
12,654
109,819
Other (income) expense
(17 )
14,609
Loss before income taxes
(403,370 )
(624,470 )
Less Income tax expense
-
-
Net loss
$ (403,370 )
$ (624,470 )
Weighted average shares
23,448,090
23,072,184
Earnings per share - basic and diluted
$ (0.02 )
$ (0.03 )
The accompanying notes are an integral part of these statements.
Pioneer Green Farms Inc.
Statement of Changes in Members' and Shareholders’ Equity (Deficit)
For the Years Ended December 31, 2023 and 2022
Number of
			shares
Common
			stock
Additional Paid
in Capital
Subscriptions for
Stock to be issued
Accumulated
			deficit
Total
Balance, December 31, 2021
20,967,000
$
$ 631,290
$ -
$ (595,650 )
$ 35,850
Stock issued for cash
818,000
80,761
-
-
80,769
Stock issued for services
135,000
13,499
-
-
13,500
Stock issued for debt
1,200,000
119,988
-
-
120,000
Cash collected on registration statement
-
-
43,650
-
43,650
Net loss
-
-
(624,470 )
(624,470 )
Balance, December 31, 2022
23,120,000
$
$ 845,538
$ 43,650
$ (1,220,120 )
$ (330,701 )
Stock issued for cash
210,500
12,798
-
-
12,800
Stock issued for subscriptions
175,800
43,648
65,450
-
109,100
Net loss
-
-
-
(403,370 )
(403,370 )
Balance, December 31, 2023
23,506,300
$
$ 901,984
$ 109,100
$ (1,623,490 )
$ (612,171 )
The accompanying notes are an integral part of these statements.
Pioneer Green Farms Inc.
Statement of Cash Flows
Years Ended December 31, 2023 and 2022
Year Ended
December 31, 2023
Year Ended
December 31, 2022
Cash from Operating activities
Net loss
$ (403,370 )
$ (624,470 )
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization
9,763
9,057
Debt discount amortization
10,000
110,000
Loss on disposal of assets
-
14,609
Shares issued for services
-
13,500
Changes in operating assets and liabilities:
Inventory
5,908
(20,908 )
Due from affiliates
(5,400 )
-
Other current assets
(4,500 )
41,000
Right of use asset
3,890
8,458
Accounts payable
30,321
36,459
Accruals and other current liabilities
1,238
-
Lease liability
3,314
(180 )
Other current liabilities
-
75,397
Net cash flows from operating activities
(348,836 )
(337,078 )
Cash used in investing activities
Purchase of property and equipment
(650 )
(356,298 )
Proceeds from sale of assets
-
16,044
Net cash flows from investing activities
(650 )
(340,254 )
Cash provided by financing activities
Proceeds from long term debt
-
330,000
Repayments on long term debt
13,000
(72,500 )
Advances from (repayments to) related parties, net
203,681
237,856
Subscriptions for stock to be issued
109,100
43,650
Proceeds from sale of stock
12,800
80,769
Net cash flows from financing activities
338,581
619,775
Increase (decrease) in cash during the year
(10,905 )
(57,557 )
Cash, beginning of the period
11,532
69,089
Cash, end of the period
$
$ 11,532
Supplemental disclosures
Cash paid for income taxes
$ -
$ -
Cash paid for interest
$ -
$ -
Stock issued for debt
$ -
$ 120,000
The accompanying notes are an integral part of these statements.
Pioneer Green Farms Inc.
(Formerly Pioneer Green Farms, LLC)
Notes to the Financial Statements
December 31, 2023
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS
Pioneer Green Farms LLC was established in the State of Florida on January 25, 2019, to start business operations in the agricultural segment of growing hemp products. On May 10, 2021, the Company was converted to a Florida corporation and changed its name to Pioneer Green Farms, Inc. (the “Company”).
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, (“GAAP”). The Company’s year-end is December 31.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.
Accounts Receivable
The Company records accounts receivable at the time products and services are delivered. An allowance for losses is established through a provision for losses charged to expenses. Receivables are charged against the allowance for losses when management believes collectability is unlikely. The allowance (if any) is an amount that management believes will be adequate to absorb estimated losses on existing receivables, based on evaluation of the collectability of the accounts and prior loss experience. No allowance for doubtful accounts was recorded for the years ended December 31, 2023 or 2022.
Inventories
Inventories are stated at the lower of cost or market. The Company also determines a reserve for excess and obsolete inventory based on historical usage and projecting the year in which inventory will be consumed into a finished product. The valuation of inventories requires management to make significant assumptions, including the assessment of market value by inventory category considering historical usage, future usage and market demand for their products, and qualitative judgments related to discontinued, slow moving and obsolete inventories.
Seeds purchased and not planted at period end are recorded as inventory at the cost of the seeds.
Cash crops will accrue seed, labor, and watering costs while in the field and being harvested.
Non-crops that require further processing, such as hemp, are not valued separately in the field. The costs to plant and nurture non-cash crops are expenses as incurred. Only after harvesting, drying, and extracting the oil is an inventory recorded for the cost of extracting and packaging the oil.
Property and equipment
Property and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets’ estimated useful lives, using the straight-line method.
The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statement of income. The cost of maintenance and repairs is charged to the statement of income as incurred, whereas significant renewals and betterments are capitalized.
Depreciation, Amortization, and Capitalization
The Company records depreciation and amortization when appropriate using the straight-line balance method over the estimated useful life of the assets. The Company estimates that the useful life of its buildings and improvements is 15 years and of its machinery and equipment is three to seven years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property's useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriate accounts and the resultant gain or loss is included in net income.
Impairment of Long-lived Assets
Long-lived assets such as property, equipment and identifiable intangibles are reviewed for impairment at least annually or whenever facts and circumstances indicate that the carrying value may not be recoverable. When required, impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. The Company did recognize any impairment losses during 2023. An impairment of $14,609 was recorded during 2022 due to storm damage to equipment.
Fair Value of Financial Instruments
Accounting Standards Codification (“ASC”) 820 Fair Value Measurements and Disclosures establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.
These tiers include:
Level 1:
defined as observable inputs such as quoted prices in active markets;
Level 2:
defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level 3:
defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
The carrying value of the Company’s cash, other current assets, accounts payable, accrued expenses and loan from shareholders approximates its fair value due to their short-term maturity.
Income Taxes
The Company accounts for its income taxes in accordance with ASC 740 Income Taxes, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases and tax credits and carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date.
Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Update (ASU) 2014-09, Revenue from contracts with customers (Topic 606). Revenue is recognized when a customer obtains control of promised goods of services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the considerations that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.
The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled in exchange for the goods or services it transfers to the customer. Once a contract is determined to be within the scope of Topic 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery.
Cost of Goods Sold
Cost of goods sold includes direct costs of selling items, direct labor cost, processing, and packaging costs.
Leases
The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, and operating lease liabilities in our balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in the balance sheets.
ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, the Company generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease.
Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Recent Accounting Pronouncements
There have been no other recent accounting pronouncements or changes in accounting pronouncements during the period ended December 31, 2023, that are of significance or potential significance to the Company.
Reclassification of Prior Year Presentation
Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the Consolidated Statement of Operations for the year ended December 31, 2022, to identify professional fees. This change in classification does not affect previously reported net loss in the Consolidated Statements of Operations.
Subsequent Events
In accordance with (ASC) 855, Subsequent Events the Company has analyzed its operations subsequent to December 31, 2023, to the date these financial statements were issued, and has determined that it does not have any other material subsequent events to disclose in these financial statements.
NOTE 3 - GOING CONCERN
The accompanying financial statements have been prepared in conformity with GAAP, which contemplate continuation of the Company as a going concern. However, the Company has minimal revenue and accumulated losses of $1,623,490 as of December 31, 2023. The Company has not completed its efforts to establish a stabilized source of revenue sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern.
Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.
NOTE 4 - INVENTORY
The following is a summary of inventories held:
December 31, 2023
December 31, 2022
CDB Oil for sale
$ 15,000
$ 15,000
Raw materials - seeds for planting
-
5,908
$ 15,000
$ 20,908
NOTE 5 - OTHER CURRENT ASSETS
Other current assets consist of a receivable from a formerly related party in the amount of $5,400 and deposits on inventory received in January 2024 of $4,500. These accounts were zero at December 31, 2022.
NOTE 6 - PROPERTY AND EQUIPMENT
The following is a summary of property and equipment and accumulated depreciation:
December 31, 2023
December 31, 2022
Greenhouses and outbuildings
$ 47,706
$ 47,056
Land - Myakka farm
319,401
319,401
Machinery and equipment
36,382
36,382
403,489
402,839
Accumulated depreciation
22,834
13,071
$ 380,655
$ 389,768
Depreciation expense for the years ended December 31, 2023, and 2022 were $9,763 and $9,057, respectively.
NOTE 7 - LAND PURCHASE NOTES PAYABLE
During December 2021 and January 2022, the Company collected $360,000 from 12 investors to purchase a second farm in Florida. The purchase closed in January 2022 and each investor received a promissory note for $30,000 and 100,000 shares of stock. The notes are payable within one year and the Company recorded $120,000 of prepaid interest on the issuance of the stock. As of December 31, 2023, $120,000 of the interest had been recognized. Net repayments of ($13,000) and $72,500 occurred during the years ended December 31, 2023, and 2022, respectively. All outstanding are due on demand.
NOTE 8 - COMMITMENTS AND CONTINGENCIES
The Company elected to adopt the policy not to apply the recognition provisions to short term leases, therefore, lease payments under short term leases will be recognized on a straight-line basis over the lease term.
As of July 1, 2020, the Company holds a 25-year lease to a 5-acre orange grove and out-buildings. The minimum rent for the property is $1,000 per month. The Company also has a management contract with the landowners, to provide labor and services, at $6,500 per month plus 10% of the gross sales, with conditions. Both the land lease and the management contract increase by 3% each year on July 1. These costs are reported as “Labor and management” on the Statement of Operations.
The land lease has been capitalized, on July 1, 2020, as a right of use asset with an equal right of use liability using a discount rate of 6%. The initial present value of the right-of-use asset and liability was calculated to be $211,460. The Company determined this lease to be an operating lease since the land never transfers to the lessee. The asset value will be reduced on a straight-line basis over the 25-year term. The liability will be increased or reduced by payments by the Company which are below or more than the imputed interest on the outstanding lease liability.
On August 1, 2023, the Company acquired the remaining portion of an operating lease for office space in Palmetto from a related party. This lease has 10 months left on the original term of 36 months. The Company recorded a carry-over right-to-use asset $9,137 and a carry-over lease liability of $10,156 based on the original terms using a discount rate of 6%. The Company determined this lease to be an operating lease since the office space never transfers to the lessee. The asset value will be reduced on a straight-line basis over the remaining 10-month term. The liability will be increased or reduced by payments by the Company which are below or more than the imputed interest on the outstanding lease liability.
The Company had a cost sharing agreement with a related party to subsidize rent in the Bradenton area on a month-to-month basis. Total rent payments under this arrangement were $4,000 and $12,600 for the year ended December 31 2023, and 2022, respectively.
The following table provides disclosure on the leases as of December 31, 2023 and 2022:
December 31, 2023
Description
Right of
use Asset
Lease
Liability
Future
Minimum Payments
Imputed
Interest
Current portion
Lease Liability
Lease for Farm
$ 181,856
$ 210,030
$ 376,260
$ 166,230
$ 1,013
Lease for Office
4,568
5,130
5,215
5,130
Totals
$ 186,424
$ 215,160
$ 381,475
$ 166,315
$ 6,143
Recorded
Lease Expense
Cash Paid on
Lease Liability
Annual Straight-line
Lease expense
Lease for Farm
$ 17,135
$ 12,922
$ 17,500
Lease for Office
18,446
12,321
11,974
Cost Other Sharing Month to Month
14,300
-
-
Totals
$ 49,881
$ 25,243
$ 29,474
Farm lease
Office Lease
Totals
Future minimum lease payments
$ 13,309
$ 5,215
$ 18,524
13,709
-
13,709
14,120
-
14,120
15,773
-
15,773
14,980
-
14,980
There after
304,369
-
304,369
Total future minimum lease payments
$ 376,260
$ 5,215
$ 381,475
Less imputed interest
(166,315 )
215,160
Less current portion
(6,143 )
Total operating lease liability
$ 209,017
December 31, 2022
Description
Right of use Asset
Lease Liability
Future Minimum Payments
Imputed Interest
Current portion
Lease Liability
Lease for Farm
$ 190,314
$ 210,608
$ 393,760
$ 183,152
$
Totals
$ 190,314
$ 210,608
$ 393,760
$ 183,152
$
Year ended
December 31, 2022
December 31, 2022
Recorded
Lease Expense
Cash Paid on
Lease Liability
Annual Straight-line
Lease expense
Lease for Farm
$ 17,500
$ 12,180
$ 17,500
Shares office lease
7,899
Cost Sharing Month to Month
18,200
-
-
Totals
$ 43,599
$ 12,180
$ 17,500
Future minimum lease payments
Farm lease
Totals
$ 12,922
$ 12,922
13,309
13,309
13,709
13,709
14,120
14,120
15,773
15,773
There after
323,927
323,927
Total future minimum lease payments
$ 393,760
$ 393,760
Less imputed interest
(183,152 )
210,608
Less current portion
(579 )
Total operating lease liability
$ 210,029
NOTE 9 - RELATED PARTY TRANSACTIONS
At December 31, 2023, and 2022, the Company owed $757,541 and $321,214 to related parties including companies controlled by the CEO. These amounts are non-interest bearing and due upon demand.
At December 31, 2023, the Company had a receivable from a former related party of $5,400 listed as an Other current asset.
NOTE 10 - INCOME TAXES
The Company elected to be taxed as a corporation and adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. As a result of the implementation of ASC 740-10-65-1, the Company recognized no increase in the liability for unrecognized tax benefits.
The Company has no tax position at December 31, 2023 or 2022 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company does not recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the period presented. The Company had no accruals for interest and penalties at December 31, 2023 or, 2022. The Company’s utilization of any net operating loss carry forward may be unlikely as a result of its intended activities.
The valuation allowance at December 31, 2023 and 2022 was $ 382,000 and $280,000, respectively. The net change in valuation allowance during the year ended December 31, 2023, was $102,000. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.
Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of December 31, 2023 and 2022. All tax years since inception remains open for examination only by taxing authorities of US Federal and state of Florida.
The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the new federal and state statutory rate of 25.3% to the income tax amount recorded as of December 31, 2023, and 2022 are as follows:
December 31, 2023
December 31, 2022
Accumulated loss
1,623,490
1,220,120
Book tax differences - stock-based comp
(113,500 )
(113,500 )
Net operating loss and carryforwards
$ 1,509,990
$ 1,106,620
Effective tax rate
25.3 %
25.3 %
Deferred tax asset, rounded
382,000
280,000
Less: Valuation allowance, rounded
(382,000 )
(280,000 )
Net deferred asset
$ -
$ -
NOTE 11 - SUBSEQUENT EVENTS
In January 2024, the Company established a retail division, purchased inventory, and started a website for internet sales.
In the first quarter of 2024, the Company received loans in the amount of $93,869 from related parties.
Also, in the first quarter-to-date of 2024, the Company issued 1,950,000 shares of common stock for cash, subscriptions, debt and services totaling $195,000.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure
None.

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ITEM 9A. CONTROLS AND PROCEDURES
Item 9A. Controls and Procedures
Management does not expect that its internal controls over financial reporting will prevent all errors and all fraud. Control systems, no matter how well-conceived and managed, can provide only reasonable assurance that the objectives of the control system are met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include those judgments in decision-making can be faulty and that breakdowns can occur because of simple errors or mistakes.
Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of management, including the principal executive officer and principal financial officer, as of December 31, 2023, The Company conducted an evaluation of its disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, the principal executive officer and principal financial officer have concluded that, based on the material weaknesses discussed below, the disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed by the Company in reports filed or submitted under the Securities Exchange Act were recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Act Commission’s rules and forms and that its disclosure controls are not effectively designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act is accumulated and communicated to management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
The Company’s internal controls are not effective for the following reasons, (1) there are no entity level controls, because of the limited time and abilities of the Company’s three officers, (2) there is no separate audit committee, and (3) the Company has not implemented adequate system and manual controls. As a result, the Company’s internal controls have inherent weaknesses, which may increase the risks of errors in financial reporting under current operations and accordingly are not effective as evaluated against the criteria set forth in the Internal Control - Integrated Framework issued by the committee of Sponsoring Organizations of the Treadway Commission (1992 version). Based on the evaluation, management concluded that the Company’s internal controls over financial reporting were not effective as of December 31, 2023.
Even though there are inherent weaknesses, management has taken steps to minimize the risk. The Company uses a third-party consultant to review transactions for appropriate technical accounting, reconcile accounts, review significant transactions, and prepare financial statements. Any deviation or errors are reported to management.
The Company can provide no assurance that its internal controls over financial reporting will be compliant in the near future. As revenues permit, the Company will enhance its internal controls through additional software and other means. If and when it becomes a listed company under SEC rules, the Company intends to create an audit committee comprised of independent directors.
Changes in Internal Control over Financial Reporting
There have been no changes in the Company’s internal control over financial reporting during the last quarterly period covered by this report that have materially affected, or are reasonably likely to affect, the internal control over financial reporting.

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ITEM 9B. OTHER INFORMATION
Item 9B. Other Information.
None.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Item 10. Directors, Executive Officers and Corporate Governance
The following table sets forth the name and positions of our executive officer and director as of the date hereof.
Name
Age
Positions
Michael Donaghy
Chairman and CEO
Thomas J. Bellante
Chief Financial Officer, Director
Beverly Drew
Corporate Secretary
Robert Turner
Director
Set forth below is a brief description of the background and business experience of our executive officers and directors:
Michael Donaghy - Chief Executive Officer and Chairman
Michael Donaghy has been President and Chief Executive Officer and member of the Board of Directors of Oxford Investments Holdings Inc. since inception in 2000. From February 2000 to October 2000 he served as Interim President of Zaurak Capital Corp., an e-gaming holding company. In 1999 he formed and was named President and CEO of CyberGaming Inc., a company engaged in the business of internet e-gaming sub-licensing, website creation and hosting. Mr. Donaghy resigned as President and CEO of CyberGaming Inc. in September 2000, just prior to joining Oxford. Mr. Donaghy is also President of Citywebsites.com, a website design company, since March 1995.
Mr. Donaghy has continually served as President, CEO and member of the Board of Oxford until the present day. He oversaw the Company’s shift into credit card processing in 2005 until 2018. In 2018, Mr. Donaghy established Pioneer Green Farms LLC for the purpose of growing industrial hemp in the State of Colorado in expectation of the federal legalization of industrial hemp in the US. Mr. Donaghy’s vision was to grow its own hemp to produce a steady supply of CBD oil for Pioneer Green’s lines of CBD products. In 2019, Pioneer Green Farms started to build a farming infrastructure near Sarasota, Florida to grow hemp in Florida as a way to diversify the Company’s hemp cultivation. In April 2020, Pioneer Green’s Florida agriculture partner, Drymon’s Citrus Nursery, was granted a hemp cultivation license by the state of Florida. Pioneer Green Farms provides funding support for the farming operations, and the farm is currently growing hemp in four greenhouses. Once Health Canada legalizes the sale of CBD in Canada, Oxford is prepared to roll out a nationwide licensing of Pioneer Green CBD retail stores.
Thomas Bellante - Chief Financial Officer, Director
Thomas J. Bellante, CPA, has been practicing in public accounting since 1969. In November 2019, he started the firm of Thomas J. Bellante, CPA, PA where he is the Managing Partner. It is a firm that assists smaller public companies with their SEC filing requirements. From 2012 to 2020, he was the Chief Financial Officer of Garyn Angel Enterprises, Inc., a company that designs, develops, markets and distributes products that provide consumers the ability to refine herbs into topical preparations and ingredients for edibles. He also has been with Surety Accounting Services since their inception in June 2018 until 2019.
Prior to that, he worked with Green & Company, CPA’s since their inception in January 2015 to 2019. He was that Firm’s Audit Quality Control Director. Prior to that he was a member of Warren Averett, LLC, He joined the legacy firm of Pender McNulty & Newkirk in April of 1976. In 1981, he became a partner of that firm. Mr. Bellante led that Firm’s Audit Department and established the SEC Practice Division.
He served as that Firm’s Managing Partner from 1989 to 2005, growing the company to a 52-person CPA firm. Pender Newkirk & Company joined forces with Warren Averett, LLC in January 2013. Mr. Bellante served as a leader of that Firm’s SEC Practice Group.
Mr. Bellante has extensive experience in assisting companies with their initial public offerings, secondary offerings, various Securities and Exchange Commission filings, reverse acquisitions, merger and acquisition planning and analysis, assistance in obtaining bank financing, private placement memorandums and estate tax planning. He is primarily responsible for auditing and tax planning functions for publicly owned companies, including public shells, and private closely held companies.
Mr. Bellante graduated from Hofstra University, in Hempstead, NY; and he is a Certified Public Accountant.
Beverly Drew - Corporate Secretary
Beverly Drew has been a successful entrepreneur for over 35 years. She successfully grew two Interior Design firms and high-end furniture showrooms. From 1987 to 2020 she worked as the owner and senior designer of Stafford Interior Design.
Robert Turner - Director
Mr. Turner graduated with a BS Agricultural Engineering from the University of Vermont in 1959 and worked as mechanical designer, quality control engineer, project engineer and program manager with Massy Ferguson, General Electric, Martin Marietta and retired from Lockheed Martin in 1997. He earned his registered professional mechanical engineer license in Kentucky. He has 35 years’ experience with agricultural machinery, household refrigerator, aerospace missile subsystems, and military armament systems for aircraft, ships and land equipment. He holds 4 US patents assigned to past employers. He gained extensive experience with technical preparation, cost estimates and competitive evaluation of various military systems contract proposals. Post corporate retirement, he has been privately engaged in extensive stock market investment and trading as trustee for his family trust.
Term of Office
Our directors are elected to hold office until the next annual meeting of the shareholders and until their respective successors have been elected and qualified. Our executive officers are appointed by our board of directors and hold office until removed by our board of directors or until their successors are appointed.
Family Relationships
There are no family relationships between or among the directors, executive officers or persons nominated or chosen by us to become directors or executive officers. The Company is not aware of any proceedings to which any of the Company‚ officers or directors, or any associate of any such officer or director, is a party adverse to the Company or any of the Company subsidiaries or has a material interest adverse to it or any of its subsidiaries.
Significant Employees
We have no significant employees.
Involvement in Certain Legal Proceedings
During the past 10 years, none of our current directors, nominees for directors or current executive officers has been involved in any legal proceeding identified in Item 401(f) of Regulation S-K, including:
1. Any petition under the Federal bankruptcy laws or any state insolvency law filed by or against, or a receiver, fiscal agent or similar officer was appointed by a court for the business or property of such person, or any partnership in which he or she was a general partner at or within two years before the time of such filing, or any corporation or business association of which he or she was an executive officer at or within two years before the time of such filing;
2. Any conviction in a criminal proceeding or being named a subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);
3. Being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him or her from, or otherwise limiting, the following activities:
i. Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity;
ii. Engaging in any type of business practice; or
iii. Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities laws or Federal commodities laws;
4. Being subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any type of business regulated by the Commodity Futures Trading Commission, securities, investment, insurance or banking activities, or to be associated with persons engaged in any such activity;
5. Being found by a court of competent jurisdiction in a civil action or by the SEC to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;
6. Being found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;
7. Being subject to, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:
i. Any Federal or State securities or commodities law or regulation; or
ii. Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or
iii. Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or
8. Being subject to, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.
Audit Committee
We do not have a separately designated standing audit committee. The entire board of directors performs the functions of an audit committee, but no written charter governs the actions of the board of directors when performing the functions of that would generally be performed by an audit committee. The board of directors approves the selection of our independent accountants and meets and interacts with the independent accountants to discuss issues related to financial reporting. In addition, the board of directors reviews the scope and results of the audit with the independent accountants, reviews with management and the independent accountants our annual operating results, considers the adequacy of our internal accounting procedures and considers other auditing and accounting matters including fees to be paid to the independent auditor and the performance of the independent auditor.
We do not have an audit committee financial expert because of the size of our company and our board of directors at this time. We believe that we do not require an audit committee financial expert at this time because we retain outside consultants who possess these attributes as needed.
For the fiscal year ending December 31, 2023, the board of directors:
1.
Reviewed and discussed the audited financial statements with management, and
2.
Reviewed and discussed the written disclosures and the letter from our independent auditors on the matters relating to the auditor’s independence.
Based upon the board of directors’ review and discussion of the matters above, the board of directors authorized inclusion of the audited financial statements for the year ended December 31, 2023 to be included in this Annual Report on Form 10-K and filed with the Securities and Exchange Commission.
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Exchange Act requires our directors and executive officers and persons who beneficially own more than ten percent of a registered class of the Company’s equity securities to file with the SEC initial reports of ownership and reports of changes in ownership of common stock and other equity securities of the Company. Officers, directors and greater than ten percent beneficial shareholders are required by SEC regulations to furnish us with copies of all Section 16(a) forms they file. To the best of our knowledge based solely on a review of Forms 3, 4, and 5 (and any amendments thereof) received by us, no persons have failed to file, on a timely basis, the identified reports required by Section 16(a) of the Exchange Act during fiscal year ended December 31, 2023.
Code of Ethics
As of December 31, 2023, we had not adopted a Code of Ethics. We feel that the small size of our board and management did not warrant the adoption of a Code of Ethics.

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ITEM 11. EXECUTIVE COMPENSATION
Item 11. Executive Compensation.
The table below summarizes all compensation awarded to, earned by, or paid to our former or current executive officers for the fiscal years ended December 31, 2023, and 2022.
Summary Compensation Table
Salary
Bonus
Stock
			Awards
Option
			Awards
All Other
			Compensation
Total
Name and principal position
Year
($)
($)
($)
($)
($)(1)(2)
($)
Michael Donaghy
$ 0.00
$ 0.00
CEO and Chairman
$ 0.00
$ 0.00
Thomas J. Bellante
$ 0.00
$ 0.00
CFO and Director
$ 0.00
$ 0.00
Employment Agreements
The Company does not have any employment agreements with any of our officers and directors, all of whom have performed services on our behalf for no compensation, including Michael Donaghy, CEO, and Thomas J. Bellante, CPA, CFO.
Compensation of Directors
Our board of directors has not received any compensation to date.
Outstanding Equity Awards at Fiscal Year-End
The table below summarizes all unexercised options, stock that has not vested, and equity incentive plan awards for each named executive officer as of December 31, 2023.
OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END
OPTION AWARDS
STOCK AWARDS
Equity
Equity
Incentive
Incentive
Plan
Market
Plan
Awards:
Value
Awards:
Market
Number
of
Number
or Payout
Equity
of
Shares
of
Value of
Incentive
Shares
or
Unearned
Unearned
Plan
or Units
Units
Shares,
Shares,
Awards:
of
of
Units or
Units or
Number of
Number of
Number of
Stock
Stock
Other
Other
Securities
Securities
Securities
That
That
Rights
Rights
Underlying
Underlying
Underlying
Option
Have
Have
That
That
Unexercised
Unexercised
Unexercised
Exercise
Option
Not
Not
Have Not
Have Not
Options (#)
Options (#)
Unearned
Price
Expiration
Vested
Vested
Vested
Vested
Name
Exercisable
Unexercisable
Options (#)
($)
Date
(#)
($)
(#)
(#)
Michael Donaghy
Thomas J. Bellante
Beverly Drew

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN BENEFICIAL OWNERS
As of December 31, 2023, we had 23,506,300 common shares outstanding. The following table sets forth certain information regarding our shares of common stock beneficially owned as of December 31, 2023, for (i) each stockholder known to be the beneficial owner of five percent (5%) or more of our outstanding shares of common stock, (ii) each named executive officer and director, and (iii) all executive officers and directors as a group. A person is considered to beneficially own any shares: (i) over which such person, directly or indirectly, exercises sole or shared voting or investment power, or (ii) of which such person has the right to acquire beneficial ownership at any time within sixty (60) days through an exercise of stock options or warrants or otherwise. Unless otherwise indicated, voting and investment power relating to the shares shown in the table for our directors and executive officers is exercised solely by the beneficial owner or shared by the owner and the owner’s spouse or children.
For purposes of this table, a person or group of persons is deemed to have “beneficial ownership” of any shares of common stock that such person has the right to acquire within sixty (60) days of the date of this Form 10-K/A. For purposes of computing the percentage of outstanding shares of our common stock held by each person or group of persons named above, any shares that such person or persons has the right to acquire within sixty (60) days of the Closing Date is deemed to be outstanding but is not deemed to be outstanding for the purpose of computing the percentage ownership of any other person. The inclusion herein of any shares listed as beneficially owned does not constitute an admission of beneficial ownership. Unless as otherwise indicated in the following table and/or the footnotes thereto, the address of our named executive officers and directors in the following table is: 1301 10th Avenue, East, Suite G, Palmetto, FL 34221.
Name and Address
Shares of
			Common Stock
			Owned (1)
Percentage
			of Common Stock
Michael Donaghy
8,524,000
36.26 %
Thomas J. Bellante, CPA
200,000
*
Beverly Drew
624,500
2.66 %
Robert Turner
2,325,000
9.91. %
Total Officers and Directors (1)
11,673,500
48..83 %
>5% Share Shareholders
Oxford Investments Holdings, Inc.
2,000,000
8.51 %
1315 Lawrence Avenue East, Suite 520 Toronto, Ontario, Canada M3A 3R3
Mr. and Mrs. Barrie Romkey
1,800,000
7.66 %
The Palms, Grace Bay Providenciales Turks & Caicos Islands
Hepp of Clearwater Limited Partnership
1,200,000
5.11 %
3073 Woodsong Lane Clearwater, Fl 33761
Gary A.Ubaldini
Nicola S.Ubaldini/Tenants
PO Box 885
Crystal Beach FL 34681
1,250,000
5.32 %
*Less than 1%
^ Shares are owned by the Robert G. Turner Family Trust, which is deemed to be controlled by Mr. Turner.
(1)
Pursuant to Rules 13d-3 and 13d-5 of the Exchange Act, beneficial ownership includes any shares as to which a shareholder has sole or shared voting power or investment power, and also any shares which the shareholder has the right to acquire within 60 days, including upon exercise of common shares purchase options or warrants.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Item 13. Certain Relationships and Related Transactions, and Director Independence.
Other than described below or the transactions described under the heading “Executive Compensation” (or with respect to which such information is omitted in accordance with SEC regulations), there have not been, and there is not currently proposed, any transaction or series of similar transactions to which we were or will be a participant in which the amount involved exceeded or will exceed the lesser of $120,000 or one percent of the average of our total assets at year- end for the last two completed fiscal years, and in which any director, executive officer, holder of 5% or more of any class of our capital stock or any member of the immediate family of any of the foregoing persons had or will have a direct or indirect material interest.
Review, Approval or Ratification of Transactions with Related Parties
We have adopted a related-party transactions policy under which our executive officers, directors, nominees for election as a director, beneficial owners of more than 5% of any class of our Common Stock, and any members of the immediate family of any of the foregoing persons are not permitted to enter into a related-party transaction with us without the consent of our Board of Directors. If the related party is, or is associated with, a member of our Board, the transaction must be reviewed and approved by our Board, with the interested party recused from the decision. Any request for us to enter into a transaction with a related party in which the amount involved exceeds $120,000 and such party would have a direct or indirect interest must first be presented to our Board for review, consideration and approval. If advance approval of a related-party transaction was not feasible or was not obtained, the related-party transaction must be submitted to the Board as soon as reasonably practicable, at which time the Board shall consider whether to ratify and continue, amend and ratify, or terminate or rescind such related-party transaction. All of the transactions described above were reviewed and considered by, and were entered into with the approval of, or ratification by, our Board of Directors.
During the last two full fiscal years and the current fiscal year or any currently proposed transaction, there are no transactions involving the issuer, in which the amount involved exceeds the lesser of $120,000 or one percent of the average of the issuer’s total assets at year-end for its last three fiscal years, except compensation awarded to executives or as otherwise disclosed herein.
Disclosure of Conflicts of Interest
There are no conflicts of interest between the Company and any of its officers or directors.
Director Independence
We are not currently subject to listing requirements of any national securities exchange or inter-dealer quotation system which has requirements that a majority of the board of directors be “independent” and, as a result, we are not at this time required to have our Board of Directors comprised of a majority of “independent directors.” Although we have not adopted the independence standards any national securities exchange to determine the independence of directors, the NYSE MKT LLC provides that a person will be considered an independent director if he or she is not an officer of the company and is, in the view of our board of directors, free of any relationship that would interfere with the exercise of independent judgment. Under this standard, our board of directors has determined that Mr. Robert Turner would meet this standard, and therefore, would be considered to be independent.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14. Principal Accounting Fees and Services.
Below are tables of Audit Fees (amounts in US$) billed by our auditors in connection with the audit of the Company’s annual financial statements and review of the quarterly financial statements for the years ended:
Accell Audit & Compliance, PA
Financial Statements for the Year Ended December 31
Audit Services
Audit
Related Fees
Tax Fees
Other Fees
$ 61,500
$ -
$ -
$ -
$ 60,000
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
Item 15. Exhibits, Financial Statement Schedules.
Exhibit No.
Description
3.1
Articles of Incorporation*
3.2
Articles of Conversion*
3.3
Bylaws*
4.1
Forms of Common Stock Certificate of Pioneer Green Farms, Inc.*
31.1
Certification of Company’s principal executive Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002, with respect to the registrant’s report on Form 10-K for the year ended December 31, 2023. **
31.2
Certification of the Company’s Principal Financial Officer pursuant to Section 301 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Report on Form 10-K for the year ended December 31, 2023. **
32. 1
Certification of the Company’s Principal Executive Officers pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act 2002.***
101.INS
Inline XBRL Instance Document
101.SCH
Inline XBRL Taxonomy Extension Schema Document
101.CAL
Inline XBRL Taxonomy Calculation Linkbase Document
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline XBRL Taxonomy Labels Linkbase Document
101.PRE
Inline XBRL Taxonomy Presentation Linkbase Document
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*Incorporated by reference to the Company’s Registration Statement on Form S-1 filed with the Commission on February 9, 2022.
** Filed Herewith
***Furnished, not filed, in accordance with item 601 (32)(ii) of Regulation S-K