Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.24.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]  
Summary of Subsidiaries The Company’s subsidiaries and its interests in each are presented below as of December 31, 2023:

 

Name of Entity

 

 

Place of Incorporation

 

Interest

 

MPX Bioceutical ULC ("MPX ULC") (1)

 

 

Canada

 

 

100

%

MPX Luxembourg SARL (1)

 

 

Luxembourg

 

 

100

%

ABACA, Inc. (1)

 

 

Arizona, USA

 

 

100

%

Ambary, LLC (1)

 

 

Arizona, USA

 

 

100

%

Health For Life, Inc. (1)

 

 

Arizona, USA

 

 

100

%

iAnthus Arizona, LLC (“iA AZ”)

 

 

Arizona, USA

 

 

100

%

S8 Management, LLC (1)

 

 

Arizona, USA

 

 

100

%

S8 Rental Services, LLC (1)

 

 

Arizona, USA

 

 

100

%

Soothing Options, Inc. (1)

 

 

Arizona, USA

 

 

100

%

The Healing Center Wellness Center, Inc. (“THCWC”) (1)

 

 

Arizona, USA

 

 

100

%

Bergamot Properties, LLC

 

 

Colorado, USA

 

 

100

%

Scarlet Globemallow, LLC

 

 

Colorado, USA

 

 

100

%

iAnthus Capital Management, LLC (“ICM”)

 

 

Delaware, USA

 

 

100

%

GHHIA Management, Inc. (“GHHIA”)

 

 

Florida, USA

 

 

100

%

GrowHealthy Properties, LLC (“GHP”)

 

 

Florida, USA

 

 

100

%

iAnthus Holdings Florida, LLC (“IHF”)

 

 

Florida, USA

 

 

100

%

McCrory’s Sunny Hill Nursery, LLC (“McCrory’s”)

 

 

Florida, USA

 

 

100

%

iA IT, LLC

 

 

Illinois, USA

 

 

100

%

Budding Rose, Inc. (1)

 

 

Maryland, USA

 

 

100

%

GreenMart of Maryland, LLC (1)

 

 

Maryland, USA

 

 

100

%

LMS Wellness, Benefit, LLC (1)

 

 

Maryland, USA

 

 

100

%

Rosebud Organics, Inc. (1)

 

 

Maryland, USA

 

 

100

%

Fall River Development Company, LLC (1)

 

 

Massachusetts, USA

 

 

100

%

IMT, LLC (1)

 

 

Massachusetts, USA

 

 

100

%

Mayflower Medicinals, Inc. (2)

 

 

Massachusetts, USA

 

 

100

%

Pilgrim Rock Management, LLC

 

 

Massachusetts, USA

 

 

100

%

CGX Life Sciences, Inc. ("CGX") (1)

 

 

Nevada, USA

 

 

100

%

GreenMart of Nevada NLV, LLC (GMNV) (1)

 

 

Nevada, USA

 

 

100

%

iAnthus Northern Nevada, LLC

 

 

Nevada, USA

 

 

100

%

GTL Holdings, LLC

 

 

New Jersey, USA

 

 

100

%

iA CBD, LLC (“iA CBD”)

 

 

New Jersey, USA

 

 

100

%

iAnthus New Jersey, LLC

 

 

New Jersey, USA

 

 

100

%

MPX New Jersey, LLC (1)

 

 

New Jersey, USA

 

 

100

%

Citiva Medical, LLC (“Citiva”)

 

 

New York, USA

 

 

100

%

iAnthus Empire Holdings, LLC

 

 

New York, USA

 

 

100

%

Pakalolo, LLC

 

 

Vermont, USA

 

 

100

%

 

(1)
Entities acquired as a part of the MPX Bioceutical Corporation (“MPX”) acquisition on February 5, 2019 (the “MPX Acquisition”).
(2)
Effective as of June 30, 2023, our two wholly-owned subsidiaries, Mayflower and Cannatech Medicinals, Inc. merged.

As a result of the Company's sale of the Vermont business, FWR, Inc. and Grassroots Vermont Management Services, LLC were deconsolidated on March 8, 2023.

Summary of Cash And Cash Equivalents Restricted Cash And Restricted Cash Equivalents

The following table summarizes a reconciliation of cash and restricted cash reported within the consolidated balance sheets to such amounts presented in the statements of cash flows:

 

 

 

As of December 31,

 

 

 

2023

 

 

2022

 

Cash

 

$

 

13,104

 

 

$

 

14,336

 

Restricted cash

 

 

 

71

 

 

 

 

70

 

Total cash and restricted cash presented in the statements of
   cash flows

 

$

 

13,175

 

 

$

 

14,406

 
Summary of Property Plant And Equipment Useful Life

Property, plant and equipment are recorded at historical cost net of accumulated depreciation, write-downs and impairment losses. Depreciation is calculated on a straight-line basis over the estimated useful life as follows:

 

Buildings

—

20 - 25 years

 

 

 

Leasehold improvements

—

over the shorter of the initial term of the underlying lease plus any reasonably assured renewal terms, and the useful life of the asset

 

 

 

Production equipment

—

5 years

 

 

 

Processing equipment

—

5 years

 

 

 

Sales equipment

—

3 - 5 years

 

 

 

Office equipment

—

3 - 5 years

 

 

 

Land

—

not depreciated

 

Construction in progress

—

not depreciated
Summary of Effects Of the Adjustment On The Line items Within Consolidated Financial Statements

The effect of the adjustments on the line items within the Company’s consolidated statements of changes in shareholders’ (deficit) equity for the year ended December 31, 2022 is as follows:

 

 

 

December 31, 2022

 

 

 

As reported

 

 

Adjustment

 

 

As revised

 

Accumulated deficit – Balance January 1, 2022

 

$

 

(800,390

)

 

$

 

(1,242

)

 

$

 

(801,632

)

Total shareholders’ deficit – Balance January 1, 2022

 

 

 

(22,397

)

 

 

 

(1,242

)

 

 

 

(23,639

)