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Subsequent Events
12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events

Note 15 – Subsequent Events

 

In accordance with ASC 855, Subsequent Events, the Company has evaluated all subsequent events through the date the financial statements were available to be issued. The following events occurred after December 31, 2023.

 

Issuance of Common Stock

 

Effective January 2, 2024, the Company issued 136,365 shares of common stock in settlement of restricted stocks units issued to three directors that vested immediately, pursuant to the 2021 director compensation plan.

 

Workforce Reduction

 

The Company has experienced a decline in activity, as indicated in its 2023 sales and the substantially reduced level of its current backlog. This decline is due to many factors, including (i) recent challenges in the cannabis market, (ii) continued supply chain-related delays and cancellations that have affected many of its vendors and partners, and (iii) a broader slowdown in the macroeconomic environment.

 

As a result, the Company evaluated its current operations, personnel needs and liquidity to make sure our personnel levels match the activity we expect to service over the next several months. On January 5, 2024, we implemented a downsizing of our operations, including a 23% reduction in our workforce, and significant non-personnel cost reductions in order to preserve our cash resources and better reflect our activity levels.