MJ Harvest, Inc.

CIK:0001789330|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Income Statement [Abstract]
REVENUE	$ 382,240	$ 24,343	$ 560,754	$ 147,395
COST OF REVENUE	346,923	14,405	465,274	50,774
Gross profit	35,317	9,938	95,480	96,621
OPERATING EXPENSES:
Officer and director compensation	70,000	203,785	240,000	542,570
General and administrative	425,915	48,771	1,035,829	113,644
Professional fees	101,427	22,445	259,957	176,710
Advertising and promotion	1,214	28,088	(4,795)	375,461
Total Operating Expenses	598,556	303,089	1,530,991	1,208,385
NET LOSS FROM OPERATIONS	(563,239)	(293,151)	(1,435,511)	(1,111,764)
NON-OPERATING EXPENSES
Fair value of put option	4,121		82,415
Interest and financing expense	947,299	34,134	2,434,205	645,592
Total non-operating expenses	951,420	34,134	2,516,620	645,592
NET LOSS	$ (1,514,659)	$ (327,285)	$ (3,952,131)	$ (1,757,356)
NET LOSS PER COMMON SHARE
Basic and diluted	$ (0.03)	$ (0.01)	$ (0.09)	$ (0.06)
Basic & Diluted	44,854,737	33,063,494	43,863,062	30,454,015

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (3,952,131)	$ (1,757,356)
Adjustments to reconcile net loss to net cash
Depreciation and amortization	23,364	15,030
Share based compensation		358,116
Advances to related party for services	210,000	210,000
Common stock payable for compensation		102,857
Amortization of note payable discount	2,153,290	550,000
Fair value of put option	82,415
Changes in operating assets and liabilities:
Accounts receivable		(13,232)
Vendor deposits		(10,000)
Inventory	(863,879)	(63,240)
Prepaids and other current assets	(94,333)
Accounts payable and accrued expenses	233,396	92,014
Accrued interest payable	279,086
Accrued rent payable - related party	510,419
Payables to related parties - current	251,283
Payables to related parties - long term	54,117	186,599
NET CASH USED IN OPERATING ACTIVITIES	(1,112,973)	(329,212)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of investment in equity securities	(10,000)
Acquisition of equipment	(24,714)
NET CASH USED IN INVESTING ACTIVITIES	(34,714)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Diagonal convertible notes payable	103,750
Proceeds from SMC convertible notes payable - related party	1,460,000
Proceeds from advances by related parties	44,388	213,500
Payments on advances from related parties	(48,000)
Principal payments on Satellite note payable	(291,667)
NET CASH PROVIDED BY FINANCING ACTIVITIES	1,268,471	213,500
NET CHANGE IN CASH AND CASH EQUIVALENTS	120,784	(115,712)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	40,887	123,319
CASH AND CASH EQUIVALENTS AT END OF PERIOD	161,671	7,607
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Shares issued for common stock payable	112,857	100,000
Shares issued for investments		2,091,666
Shares issued for advances from related parties	1,821,482
Shares issued for accounts payable - long term	200,000
Right to use asset acquired with lease liability	3,505,897
License agreement acquired with Satellite note payable	632,066
Equipment acquired with Satellite note payable	$ 270,886

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Feb. 28, 2023	May 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 161,671	$ 40,887
Inventory	1,060,938	197,059
Prepaids and other current assets	114,558	20,225
Total current assets	1,337,167	258,171
Investments in equity securities, at cost	3,101,666	3,091,666
Equipment, net	320,122	36,636
Right to use asset	3,436,946	287,716
Cannabis licenses	632,066
Finite-lived intangible assets, net	99,584	110,834
Indefinite-lived intangible assets, net	6,000	6,000
Total Assets	8,933,551	3,791,023
CURRENT LIABILITIES:
Accounts payable and accrued expenses	520,113	256,577
Accounts payable to related parties	481,807	265,207
Advances from related parties	206,388
Accrued interest payable	292,086	13,000
Accrued rent payable - related party	510,419
Lease liability - current portion	643,299	46,761
Put option liablility	82,415
Satellite note payable, net of discount	454,673
Diagonal convertible note payable	103,750
Convertible note payable - related party	3,674,263	107,586
Total current liabilities	6,969,213	689,131
LONG-TERM LIABILITIES:
Common stock payable		112,857
Accounts payable - long term	54,117	200,000
Lease liability - long term	2,804,601	247,366
Satellite note payable, net of discount - long term	203,225
Advances from related parties		1,821,482
Total long-term liabilities	3,061,943	2,381,705
Total Liabilities	10,031,156	3,070,836
Preferred stock, par value $0.0001, 5,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.0001 par value, 100,000,000 shares authorized; 44,854,737 and 33,574,436 shares issued and outstanding, respectively	4,485	3,357
Additional paid-in capital	14,824,082	12,690,871
Accumulated deficit	(15,926,172)	(11,974,041)
Total stockholders' equity (deficit)	(1,097,605)	720,187
Total Liabilities and Stockholders' Equity (Deficit)	$ 8,933,551	$ 3,791,023