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PANACEA LIFE SCIENCES HOLDINGS, INC.

CIK:0001552189|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
REVENUE	$ 1,056,447	$ 677,481
COST OF SALES	390,282	451,872
GROSS PROFIT	666,165	225,609
OPERATING EXPENSES
Production related operating expenses	1,474,475	1,258,159
General and administrative expenses	249,038	257,413
TOTAL OPERATING EXPENSES	1,723,513	1,515,572
LOSS FROM OPERATIONS	(1,057,348)	(1,289,963)
OTHER INCOME (EXPENSES)
Interest expense	(429,672)	(380,157)
Unrealized gain (loss) on marketable securities, net	5,053	(182,255)
Realized gain (loss) on sale of securities	(376)
Other income (loss)
Employer retention credit
Rental Income	36,269	60,332
Gain on extinguishment of debt		748
TOTAL OTHER INCOME (EXPENSE)	(388,726)	(501,332)
INCOME (LOSS) BEFORE INCOME TAXES	(1,446,074)	(1,791,295)
TAXES
NET INCOME (LOSS)	$ (1,446,074)	$ (1,791,295)
Per-share data
Basic loss per share	$ (0.09)	$ (0.12)
Diluted loss per share	$ (0.09)	$ (0.12)
Weighted average number of common shares outstanding, basic	16,492,589	14,965,317
Weighted average number of common shares outstanding, diluted	16,492,589	14,965,317

Statements of Cash Flows - USD ($)	3 Months Ended
Statements of Cash Flows - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income (loss)	$ (1,446,074)	$ (1,791,295)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	383,498	422,554
Realized gain on sale of securities	376
Unrealized (gain)/loss on marketable securities	5,053	182,255
Amortization of debt discount and non-cash interest expense		38,329
Changes in operating assets and liabilities
Accounts receivable	(6,881)	(68,660)
Inventory	(49,302)	353,662
Prepaid expense and other assets	70,870	34,552
Accounts payable and accrued expenses	548,623	400,059
Operating lease liability, net	136,747	114,693
Net cash used in operating activities	(357,090)	(313,851)
Cash flows from investing activities
Net fixed asset acquisitions	(5,000)	(15,220)
Net Cash provided by (used in) investing activities	(5,000)	(15,220)
Cash flows from financing activities
Repayment of notes payable	(5,831)	(135,000)
Payments of principal on notes payable – related party	(74,000)	(65,000)
Proceeds from Notes payable - related party	448,642	595,352
Cash provided by financing activities	368,811	395,352
Net increase (decrease) in Cash and Cash Equivalents	6,721	66,281
Cash and Cash Equivalents, Beginning of Period	100,922	6,951
Cash and Cash Equivalents, End of Period	107,643	73,232
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes during the year
Interest payments during the year
Noncash investing and financing activity
Conversion of note payable to common stock	$ (115,000)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 107,643	$ 100,922
Accounts receivable, net	270,851	263,970
Inventory	4,062,827	4,013,525
Marketable securities related party	9,504	14,933
Prepaid expenses and other current assets	192,133	263,003
TOTAL CURRENT ASSETS	4,642,958	4,656,353
Operating lease right-of-use asset, net, related party	3,685,567	3,864,591
Property and equipment, net	6,069,570	6,448,068
Intangible assets, net
Goodwill	3,014,450	3,014,450
TOTAL ASSETS	17,412,545	17,983,462
CURRENT LIABILITIES:
Accounts payable and accrued expenses	5,178,214	4,629,591
Operating lease liability, current portion, related party	3,055,134	2,913,781
Convertible note payable, net		115,000
Paycheck protection loan, SBA Loan	99,100	99,100
TOTAL CURRENT LIABILITIES:	20,391,818	19,448,031
Operating lease liability, long-term portion, related party	3,070,391	3,254,021
Other long-term liabilities, related party	3,572,864	3,572,864
TOTAL LIABILITIES	27,035,073	26,274,916
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common Stock: $0.0001 Par Value, 650,000,000 shares authorized; 18,311,352 and 17,645,352 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively.	1,832	1,765
Additional paid in capital	25,743,375	25,628,442
Accumulated deficit	(35,368,972)	(33,922,898)
TOTAL STOCKHOLDERS’ EQUITY	(9,622,528)	(8,291,454)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	17,412,545	17,983,462
Series A Preferred Stock [Member]
STOCKHOLDERS’ EQUITY
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively.
Series B-1 Preferred Stock [Member]
STOCKHOLDERS’ EQUITY
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively.	150	150
Series B-2 Preferred Stock [Member]
STOCKHOLDERS’ EQUITY
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively.	600	600
Series C Preferred Stock [Member]
STOCKHOLDERS’ EQUITY
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively.	100	100
Series C-1 Preferred Stock [Member]
STOCKHOLDERS’ EQUITY
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively.	1	1
Series C-2 preferred stock [Member]
STOCKHOLDERS’ EQUITY
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively.
Series D Preferred Stock [Member]
STOCKHOLDERS’ EQUITY
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively.	1	1
Series E Preferred Stock [Member]
STOCKHOLDERS’ EQUITY
Series E Preferred: $0.0001 Par Value, 3,853,000 shares designated and 3,853,000 and 3,853,000 shares issued and outstanding on March 31, 2024 and December 31, 2023 respectively.	385	385
Related Party [Member]
CURRENT ASSETS:
Other receivables, related party
CURRENT LIABILITIES:
First Bank note payable	11,772,259	11,397,617
Nonrelated Party [Member]
CURRENT LIABILITIES:
First Bank note payable	$ 287,111	$ 292,942