Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Supplemental Cash Flow Elements [Abstract] |
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| Summary of Subsidiaries |
The Company’s subsidiaries and its interests in each are presented below as of December 31, 2022:
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MPX Bioceutical ULC (“MPX ULC”) (1)
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Canada |
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100 |
% |
| |
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Luxembourg |
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100 |
% |
| |
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Arizona, USA |
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|
100 |
% |
| |
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Arizona, USA |
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|
100 |
% |
Health For Life, Inc. (1)
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Arizona, USA |
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|
100 |
% |
| iAnthus Arizona, LLC (“iA AZ”) |
|
Arizona, USA |
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|
100 |
% |
| |
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Arizona, USA |
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|
100 |
% |
S8 Rental Services, LLC (1)
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Arizona, USA |
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|
100 |
% |
Soothing Options, Inc. (1)
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Arizona, USA |
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|
100 |
% |
The Healing Center Wellness Center, Inc. (“THCWC”) (1)
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Arizona, USA |
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100 |
% |
| Bergamot Properties, LLC |
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Colorado, USA |
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100 |
% |
| Scarlet Globemallow, LLC |
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Colorado, USA |
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|
100 |
% |
| iAnthus Capital Management, LLC (“ICM”) |
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Delaware, USA |
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|
100 |
% |
| GHHIA Management, Inc. (“GHHIA”) |
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Florida, USA |
|
|
100 |
% |
| GrowHealthy Properties, LLC (“GHP”) |
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Florida, USA |
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|
100 |
% |
| iAnthus Holdings Florida, LLC (“IHF”) |
|
Florida, USA |
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|
100 |
% |
| McCrory’s Sunny Hill Nursery, LLC (“McCrory’s”) |
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Florida, USA |
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100 |
% |
| iA IT, LLC |
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Illinois, USA |
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100 |
% |
| |
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Maryland, USA |
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|
100 |
% |
GreenMart of Maryland, LLC (1)
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Maryland, USA |
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100 |
% |
LMS Wellness, Benefit, LLC (1)
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Maryland, USA |
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|
100 |
% |
Rosebud Organics, Inc. (1)
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Maryland, USA |
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|
100 |
% |
Cannatech Medicinals, Inc. (1)
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Massachusetts, USA |
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|
100 |
% |
Fall River Development Company, LLC (1)
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Massachusetts, USA |
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100 |
% |
| |
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Massachusetts, USA |
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|
100 |
% |
| Mayflower Medicinals, Inc. |
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Massachusetts, USA |
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|
100 |
% |
| Pilgrim Rock Management, LLC |
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Massachusetts, USA |
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|
100 |
% |
CGX Life Sciences, Inc. (“CGX”) (1)
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Nevada, USA |
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|
100 |
% |
GreenMart of Nevada NLV, LLC (GMNV) (1)
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Nevada, USA |
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|
100 |
% |
| iAnthus Northern Nevada, LLC |
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Nevada, USA |
|
|
100 |
% |
| GTL Holdings, LLC |
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New Jersey, USA |
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|
100 |
% |
| iA CBD, LLC (“iA CBD”) |
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New Jersey, USA |
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|
100 |
% |
| iAnthus New Jersey, LLC |
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New Jersey, USA |
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|
100 |
% |
| |
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New Jersey, USA |
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|
100 |
% |
| Citiva Medical, LLC (“Citiva”) |
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New York, USA |
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|
100 |
% |
| iAnthus Empire Holdings, LLC |
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New York, USA |
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100 |
% |
| |
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Vermont, USA |
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|
100 |
% |
Grassroots Vermont Management Services, LLC (2)
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Vermont, USA |
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100 |
% |
| Pakalolo, LLC |
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Vermont, USA |
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|
100 |
% |
(1) |
Entities acquired as a part of the MPX Bioceutical Corporation (“MPX”) acquisition on February 5, 2019 (the “MPX Acquisition”). |
(2) |
Entities in Vermont - the sale agreement for the business in Vermont was executed on February 6, 2023. |
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| 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:
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| Cash |
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$ |
14,336 |
|
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$ |
13,244 |
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| Restricted cash |
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|
70 |
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3,334 |
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Total cash and restricted cash presented in the statements of cash flows |
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| 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:
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Buildings |
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— |
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20 - 25 years |
| |
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Leasehold improvements |
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— |
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over the shorter of the initial term of the underlying lease plus any reasonably assured renewal terms, and the useful life of the asset |
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Production equipment |
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— |
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5 years |
| |
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Processing equipment |
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— |
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5 years |
| |
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Sales equipment |
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— |
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3 - 5 years |
| |
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Office equipment |
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— |
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3 - 5 years |
| |
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Land |
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— |
|
not depreciated |
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| 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 balance sheet as of December 31, 2021 is as follows:
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Inventories |
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$ |
30,447 |
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$ |
(1,755 |
) |
|
$ |
28,692 |
|
Current assets |
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|
55,401 |
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|
(1,755 |
) |
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|
53,646 |
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Total assets |
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346,744 |
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(1,755 |
) |
|
|
344,989 |
|
Accrued and other current liabilities |
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99,446 |
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(513 |
) |
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|
98,933 |
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Current liabilities |
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285,821 |
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(513 |
) |
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285,308 |
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Total liabilities |
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369,141 |
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(513 |
) |
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368,628 |
|
Accumulated deficit |
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(800,390 |
) |
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(1,242 |
) |
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(801,632 |
) |
Total shareholders’ deficit |
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(22,397 |
) |
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|
(1,242 |
) |
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(23,639 |
) |
Total liabilities and shareholders’ deficit |
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|
346,744 |
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(1,755 |
) |
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344,989 |
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The effect of the adjustments on the line items within the Company’s consolidated statements of operations as of December 31, 2021 is as follows:
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Year Ended December 31, 2021 |
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Costs and expenses applicable to revenues (exclusive of depreciation and amortization expense) |
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$ |
(91,735 |
) |
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$ |
(1,755 |
) |
|
$ |
(93,490 |
) |
Gross profit |
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111,283 |
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(1,755 |
) |
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109,528 |
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Loss from operations |
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(22,025 |
) |
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(1,755 |
) |
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(23,780 |
) |
Loss from operations before income tax |
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(53,999 |
) |
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(1,755 |
) |
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(55,754 |
) |
Income tax expense |
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22,249 |
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(513 |
) |
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21,736 |
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Net loss |
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(76,248 |
) |
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(1,242 |
) |
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(77,490 |
) |
Earnings per share |
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(0.44 |
) |
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|
(0.01 |
) |
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(0.45 |
) |
The effect of the adjustments on the line items on the Company’s consolidated statement of cash flow for the year ended December 31, 2021 is as follows:
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Year Ended December 31, 2021 |
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Net loss |
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$ |
(76,248 |
) |
|
$ |
(1,242 |
) |
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$ |
(77,490 |
) |
Change in operating assets and liabilities |
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|
16,594 |
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|
1,242 |
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17,836 |
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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:
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Accumulated deficit – Balance January 1, 2022 |
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$ |
(800,390 |
) |
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$ |
(1,242 |
) |
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$ |
(801,632 |
) |
Total shareholders’ deficit – Balance January 1, 2022 |
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(22,397 |
) |
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(1,242 |
) |
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(23,639 |
) |
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| Summary of Effect Of The Adjsutment On The Line Items Within Inventories |
The effect of the adjustment on the line items within the Company’s inventories as of December 31, 2021 is as follows:
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Year Ended December 31, 2021 |
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$ |
6,188 |
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$ |
— |
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$ |
6,188 |
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5,641 |
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|
215 |
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5,856 |
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11,219 |
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(1,970 |
) |
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9,249 |
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|
7,399 |
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— |
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7,399 |
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