Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v2.4.0.8
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2014
Dec. 31, 2013
Current Assets:    
Cash $ 4,784,539 $ 2,243,670
Accounts receivable (net) 650,785 1,430,202
Note receivable, current portion (Note 5) 303,032 0
Prepaid inventory 5,576,641 1,734,831
Inventory (Note 3) 5,605,167 2,473,322
Prepaid expenses and other current assets 216,250 174,317
Total current assets 17,136,414 8,056,342
Property and equipment (net) 491,707 214,128
Intangibles (net) (Note 4) 2,740,000 3,356,500
Goodwill 1,855,512 1,855,512
Accounts receivable, net of current portion 0 310,300
Note receivable - Dixie Botanicals (Note 5) 105,875 0
Investment in Kannalife Sciences (Note 5) 0 439,246
Total assets 22,329,508 14,232,028
Current Liabilities:    
Accounts payable 268,843 24,622
Accrued expenses 149,348 222,703
Common stock to be issued (Note 6) 0 175,000
Amount due to related party 0 300
Total Current Liabilities 418,191 422,625
Non-current liabilities    
Line of Credit - Roen Ventures LLC, net of debt discount (Note 5) 0 5,502,595
Total liabilities 418,191 5,925,220
STOCKHOLDERS' EQUITY    
Preferred stock, par value $0.0001; 10,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock, par value $0.0001; 190,000,000 shares authorized; 33,119,166 and 15,580,000 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively 3,311 1,558
Additional paid in capital 16,912,534 10,749,662
Retained earnings (accumulated deficit) 4,995,472 (2,444,412)
Total stockholders' equity 21,911,317 8,306,808
Total liabilities and stockholders' equity $ 22,329,508 $ 14,232,028