Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Income Statement [Abstract]    
Product sales, net $ 11,529,402 $ 10,190,667
Cost of Goods Sold 4,421,102 4,387,002
Gross Profit 7,108,300 5,803,665
Litigation settlement income (Note 3) 756,714 0
Operating Expenses:    
Selling, general and administrative 17,754,598 13,357,633
Research and development 1,320,003 999,280
Total operating expenses 19,074,601 14,356,913
Operating loss (11,209,587) (8,553,248)
Other income (expense):    
Interest income 18,287 30,703
Interest expense (968,615) (615,344)
Allocated losses on KannaLife Sciences investment 0 (38,552)
Gain on sale of KannaLife Sciences investment (Note 8) 0 7,899,306
Other (73,213) (34,816)
Total Other (Expense) Income (1,023,541) 7,241,297
Loss before taxes (12,233,128) (1,311,951)
Provision for income taxes 0 0
Net Loss $ (12,233,128) $ (1,311,951)
Weighted average common shares outstanding - Basic 35,142,094 31,581,101
Net income per common share - Basic $ (.35) $ (0.04)