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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES    
Schedule of exchange rate

Consideration

 

 

 

Cash

 

$5,331,120

 

Fair value of common stock issued

 

 

138,667

 

Fair value of total consideration transferred

 

$5,469,787

 

 

 

 

 

 

Recognized amounts of identifiable assets acquired

 

 

 

 

Financial assets

 

$1,796,911

 

Inventory

 

 

297,340

 

Property, plant and equipment

 

 

7,488,818

 

Identifiable intangible assets

 

 

562,200

 

Financial liabilities

 

 

(3,235,233 )

Total identifiable net assets

 

$6,910,036

 

 

 

 

 

 

Bargain purchase gain

 

$1,440,249

 

Revenue for the 6- month period ended December 31, 2023

 

$344,708

 

Loss for the 6- month period ended December 31, 2023

 

$(1,232,732 )

 

 

December 31,

2023

 

 

December 31,

2022

 

Exchange rate on balance sheet dates

 

 

 

 

 

 

EUR: USD exchange rate

 

 

1.1062

 

 

 

1.0698

 

GBP: USD exchange rate

 

 

1.2743

 

 

 

1.2077

 

 

 

 

 

 

 

 

 

 

Average exchange rate for the period

 

 

 

 

 

 

 

 

EUR: USD exchange rate

 

 

1.0817

 

 

 

1.0534

 

GBP: USD exchange rate

 

 

1.2440

 

 

 

1.2371

 

Schedule of Accounts Receivable & Allowance for Doubtful Accounts

 

 

June 30,

2024

 

 

 

 

 

Balance as of January 1st, 2024

 

$19,686,091

 

Provisions for credit losses

 

 

-

 

Write-offs

 

 

-

 

Foreign exchange adjustments

 

 

(568,264)

Other adjustments

 

 

(30,992)

Balance as of June 30, 2024

 

$19,086,835

 

 

 

December 31,

2023

 

 

 

 

 

Balance as of January 1, 2023

 

$7,309,311

 

Provisions for credit losses

 

 

11,850,788

 

Write-offs

 

 

-

 

Foreign exchange adjustments

 

 

525,992

 

Other adjustments

 

 

-

 

Balance as of December 31, 2023

 

$19,686,091

 

Schedule of Property and Equipment, net

 

Estimated

Useful Life

Leasehold improvements and technical works

 

Lesser of lease term or 25 years

Buildings

 

 

25-30 years

 

Vehicles

 

6 years

Machinery

 

20 years

Furniture, fixtures and equipment

 

5–10 years

 

Computers and software

 

3-5 years

 

Estimated

Useful Life

Leasehold improvements and technical works

 

Lesser of lease term or 25 years

Buildings

 

 

25-30 years

 

Vehicles

 

6 years

Machinery

 

20 years

Furniture, fixtures and equipment

 

5–10 years

 

Computers and software

 

3-5 years

Schedule of Assets Measured and Recognized at Fair Value on a Recurring Basis  

 

 

December 31, 2023

 

 

Total Carrying

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Value

 

Marketable securities – ICC International Cannabis Corp.

 

$-

 

 

 

-

 

 

 

-

 

 

$-

 

Marketable securities – National Bank of Greece

 

 

11,596

 

 

 

-

 

 

 

-

 

 

 

11,596

 

 

 

$11,596

 

 

 

 

 

 

 

 

 

 

$11,596

 

 

 

December 31, 2022

 

 

Total Carrying

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Value

 

Marketable securities – ICC International Cannabis Corp.

 

$-

 

 

 

-

 

 

 

-

 

 

$-

 

Marketable securities – National Bank of Greece

 

 

6,681

 

 

 

-

 

 

 

-

 

 

 

6,681

 

 

 

$6,681

 

 

 

 

 

 

 

 

 

 

$6,681

 

Schedule of Basic and Diluted Net Loss per Common Share

 

 

June 30, 2024

 

 

June 30, 2023

 

Weighted average number of common shares outstanding Basic

 

 

17,025,203

 

 

 

10,718,010

 

Potentially dilutive common stock equivalents

 

 

 

 

 

 

-

 

Weighted average number of common and equivalent shares outstanding – Diluted

 

 

17,025,203

 

 

 

10,718,010

 

 

 

Years Ended December 31,

 

 

 

2023

 

 

2022

 

Weighted average number of common shares outstanding Basic

 

 

11,968,665

 

 

 

1,928,172

 

Potentially dilutive common stock equivalents

 

 

 

 

 

 

-

 

Weighted average number of common and equivalent shares outstanding – Diluted

 

 

11,968,665

 

 

 

1,928,172

 

Schedule of potential shares of common stock

 

 

June 30,

2024

 

 

June 30,

2023

 

Warrants

 

 

8,558,380

 

 

 

4,188,928

 

Total

 

 

8,558,380

 

 

 

4,188,928

 

 

 

2023

 

 

2022

 

Common Stock Warrants

 

 

8,561,476

 

 

 

4,194,236

 

Common Stock Options

 

 

-

 

 

 

-

 

Convertible Debt

 

 

-

 

 

 

8,827

 

Total

 

 

8,561,476

 

 

 

4,203,063