Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Nov. 29, 2021 | Mar. 31, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001508348 | ||
Entity Registrant Name | Americann, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 000-54231 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-4336843 | ||
Entity Address, Address Line One | 1555 Blake Street, Unit 502 | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80202 | ||
City Area Code | 303 | ||
Local Phone Number | 862-9000 | ||
Title of 12(g) Security | Common Stock, ($0.001 Par Value) | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 15,489,000 | ||
Entity Common Stock, Shares Outstanding | 24,196,310 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Assets | ||
Cash and cash equivalents | $ 696,380 | $ 183,009 |
Restricted cash | 9,989 | 10,150 |
Tenant receivable - related party | 258,854 | 124,617 |
Prepaid expenses and other current assets | 12,970 | 2,500 |
Current portion of note receivable - related party | 41,564 | 37,165 |
Total current assets | 1,019,757 | 357,441 |
Operating lease - right-of-use asset | 6,846,476 | 6,914,080 |
Note receivable - related party | 43,185 | 82,347 |
Total assets | 15,064,702 | 14,866,289 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 190,020 | 276,155 |
Accounts payable - related party | 97,500 | 65,000 |
Interest payable (including $4,303 and $26,246 to related parties) | 54,194 | 72,895 |
Other payables | 12,128 | 20,571 |
Operating lease liability, short term | 10,432 | 4,728 |
Notes payable | 150,000 | 150,250 |
Total current liabilities | 514,274 | 589,599 |
Notes payable (net of unamortized discounts of $269,506 and $571,483) | 4,230,494 | 3,578,517 |
Notes payable - related party | 581,646 | 581,646 |
Operating lease liability, long term | 4,227,878 | 4,243,224 |
Total liabilities | 9,554,292 | 8,992,986 |
Commitments and contingencies - see Note 10 | ||
Stockholders' Equity: | ||
Preferred stock, $0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value; 100,000,000 shares authorized; 24,196,310 and 23,696,310 shares issued and outstanding as of September 30, 2021 and 2020, respectively | 2,420 | 2,370 |
Additional paid in capital | 25,093,435 | 24,593,485 |
Accumulated deficit | (19,585,445) | (18,722,552) |
Total stockholders' equity | 5,510,410 | 5,873,303 |
Total liabilities and stockholders' equity | 15,064,702 | 14,866,289 |
Construction in Progress [Member] | ||
Assets | ||
Property and Equipment, net | 93,400 | 0 |
Property Plant and Equipment Excluding Construction in Progress [Member] | ||
Assets | ||
Property and Equipment, net | $ 7,061,884 | $ 7,512,421 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Interest payable, related parties | $ 4,303 | $ 26,246 |
Note payable, discount, noncurrent | $ 269,506 | $ 571,483 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 24,196,310 | 23,696,310 |
Common stock, shares outstanding (in shares) | 24,196,310 | 23,696,310 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Rental income - related party | $ 2,028,551 | $ 503,512 |
Cost of revenues | 38,149 | 22,500 |
Gross profit | 1,990,402 | 481,012 |
Operating expenses: | ||
Advertising and marketing | 42,417 | 38,179 |
Professional fees | 311,288 | 405,920 |
General and administrative expenses | 1,592,404 | 1,985,142 |
Recovery of loss from provision for doubtful accounts | 0 | (1,761,675) |
Total operating expenses | 1,946,109 | 667,566 |
(Loss) income from operations | 44,293 | (186,554) |
Other income (expense): | ||
Interest income | 18,305 | 333,681 |
Interest expense | (873,143) | (760,704) |
Interest expense - related party | (52,348) | (95,766) |
Total other income (expense) | (907,186) | (522,789) |
Net (loss) income | $ (862,893) | $ (709,343) |
Basic and diluted (loss) income per common share (in dollars per share) | $ (0.04) | $ (0.03) |
Weighted average common shares outstanding (in shares) | 23,867,543 | 23,504,820 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Sep. 30, 2019 | 23,504,820 | ||||
Balances at Sep. 30, 2019 | $ 2,351 | $ 24,121,534 | $ (18,013,209) | $ 6,110,676 | |
Stock-based compensation expense | $ 0 | $ 0 | 381,970 | 0 | $ 381,970 |
Stock issued for services (in shares) | 0 | 191,490 | 191,490 | ||
Stock issued, for services | $ 0 | $ 19 | 89,981 | 0 | $ 90,000 |
Net (loss) income | (709,343) | (709,343) | |||
Balances (in shares) at Sep. 30, 2020 | 23,696,310 | ||||
Balances at Sep. 30, 2020 | $ 2,370 | 24,593,485 | (18,722,552) | 5,873,303 | |
Net (loss) income | (862,893) | $ (862,893) | |||
Stock issued for warrants exercised (in shares) | 0 | 500,000 | 500,000 | ||
Stock issued for warrants exercised | $ 0 | $ 50 | 499,950 | 0 | $ 500,000 |
Balances (in shares) at Sep. 30, 2021 | 24,196,310 | ||||
Balances at Sep. 30, 2021 | $ 2,420 | $ 25,093,435 | $ (19,585,445) | $ 5,510,410 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (862,893) | $ (709,343) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 450,537 | 446,854 |
Amortization of right of use assets | 67,604 | 66,877 |
Recovery of loss provision for doubtful accounts | 0 | (1,761,675) |
Stock based compensation and option expense | 0 | 381,970 |
Stock issued for services | 0 | 90,000 |
Amortization of debt discount | 304,727 | 311,370 |
Changes in operating assets and liabilities: | ||
Tenant receivable - related party | (134,237) | (113,053) |
Notes and other receivables | 0 | 1,761,675 |
Prepaid expenses | (10,470) | 14,242 |
Accounts payable and accrued expenses | (86,135) | 10,879 |
Operating lease liability | (9,642) | (8,917) |
Accounts payable - related party | 32,500 | 65,000 |
Interest payable | 3,242 | (62,950) |
Interest payable - related party | (21,943) | 13,962 |
Other payables | (8,443) | 11,442 |
Net cash flows (used in) provided by operations | (275,153) | 518,333 |
Cash flows from investing activities: | ||
Additions to construction in progress | (93,400) | 0 |
Additions to property and equipment | 0 | (386,487) |
Payments received on notes receivable - related party | 34,763 | 29,251 |
Net cash flows used in investing activities | (58,637) | (357,236) |
Cash flows from financing activities: | ||
Proceeds from note payable, net of financing costs | 800,000 | 150,000 |
Proceeds from the exercise of warrants | 500,000 | 0 |
Payments on note payable - related party | 0 | (1,175,000) |
Principal payments on notes payable | (453,000) | (235,000) |
Net cash flows provided by (used in) financing activities | 847,000 | (1,260,000) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 513,210 | (1,098,903) |
Cash, cash equivalents, and restricted cash at beginning of period | 193,159 | 1,292,062 |
Cash, cash equivalents, and restricted cash at end of period | 706,369 | 193,159 |
Supplementary Disclosure of Cash Flow Information: | ||
Cash paid for interest | 639,466 | 594,088 |
Cash paid for income taxes | 0 | 0 |
Non-Cash Financing Activities: | ||
ROU asset and operating lease obligation recognized under the adoption of Topic 842 | $ 0 | $ 6,980,957 |
Note 1 - Description of Busines
Note 1 - Description of Business and Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE 1. DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Description of Business AmeriCann, Inc. ("the Company", “we”, “our”, or "the Issuer") was organized under the laws of the State of Delaware on June 25, 2010. On January 17, 2014, The Company's business plan is to design, develop, lease and operate state-of-the-art cultivation, processing and manufacturing facilities for licensed cannabis businesses throughout the United States. The Company's activities are subject to significant risks and uncertainties including failure to secure funding to expand its operations. Certain prior period amounts have been reclassified to conform with current period presentation. These reclassifications have no All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. Summary of Significant Accounting Policies This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s consolidated financial statements. The consolidated financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States and have been consistently applied in the preparation of the consolidated financial statements. Principles of Consolidation The consolidated financial statements include the accounts of AmeriCann, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant estimates and assumptions made by management are valuation of equity instruments, deferred tax asset valuation and allowance and collectability of long-lived assets. Actual results could differ from those estimates as the current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Cash and Cash Equivalents Cash and cash equivalents includes cash on hand, demand deposit accounts and temporary cash investments with maturities of ninety Income Taxes In accordance with ASC Topic 740, not not We expect to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a "more-likely-than- not" not no September 30, 2021 2020, no not For federal tax purposes, our 2018 2020 three Concentration of Credit Risks and Significant Customers Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash, notes receivable, deposits tenant receivables and notes receivable. We place our cash with high credit quality financial institutions. As of September 30, 2021 2020, For the year ended September 30, 2021, Financial Instruments and Fair Value of Financial Instruments We adopted ASC Topic 820, 820 ASC Topic 820 820 Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. We had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. We had no financial assets or liabilities carried and measured on a recurring basis during the reporting periods. The carrying value of short-term financial instruments, including cash and cash equivalents, tenant and notes receivable, accounts payable and accrued expenses, and short-term borrowings approximate fair value due to the relatively short period to maturity for these instruments. The long-term borrowings approximate fair value since the related rates of interest approximates current market rates. Derivative Liabilities We evaluate stock options, stock warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815 40, 815 40 none September 30, 2021 2020. Operating leases Effective October 1, 2019, 842 Right of Use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Variable lease payments are not not may Under the available practical expedient, we account for the lease and non-lease components as a single lease component for all classes of underlying assets as both a lessee and lessor. Further, we elected a short-term lease exception policy on all classes of underlying assets, permitting us to not 12 Long-Lived Assets Our long-lived assets consisted of property, plant and equipment and are reviewed for impairment in accordance with the guidance of the Topic ASC Topic 360, may not third September 30, 2021 2020. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment begins in the month following the month when the asset is placed into service and is provided using the straight-line method for financial reporting purposes at rates based on the estimated useful lives of the assets. Estimated useful lives range from three twenty September 30, 2021 September 30, 2020 Buildings and improvements $ 7,608,087 $ 7,608,087 Computer equipment 349,576 349,576 Furniture and equipment 2,764 2,764 Total 7,960,427 7,960,427 Accumulated depreciation (898,543 ) (448,006 ) Propertyand equipment, net $ 7,061,884 $ 7,512,421 Depreciation expense for the years ended September 30, 2021 2020 Equity Instruments Issued to Non-Employees for Acquiring Goods or Services Effective October 1, 2019, 2018 07, 718 not Non-Cash Equity Transactions Shares of equity instruments issued for noncash consideration are recorded at the estimated fair market value of the consideration granted based on the estimated fair market value of the equity instrument, or at the estimated fair market value of the goods or services received, whichever is more readily determinable. Stock-Based Compensation The Company accounts for share-based awards to employees in accordance with ASC Topic 718, October 1, 2019, 2018 07, 718 Related Parties A party is considered to be related to us if the party directly or indirectly or through one may one one one one Revenue Recognition Effective October 1, 2018, 2014 09, 606 not 606. September 30, 2021 2020. 842. Advertising Expense Advertising, promotional and selling expenses consist of sales and marketing expenses, and promotional activity expenses. Expenses are recognized when incurred. General and Administrative Expense General and administrative expenses consist of professional service fees, rent and utility expenses, meals, travel and entertainment expenses, and other general and administrative overhead costs. Expenses are recognized when incurred. Loss per Share We compute net loss per share in accordance with the ASC Topic 260. Basic loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Shares issuable upon the exercise of equity instruments such as warrants and options were not 2021 2020 Recently Issued Accounting Pronouncements In August 2020, No. 2020 06, 470 20 815 40 470 20, 470 20 not 815 40 not 260, may 2020 06 December 15, 2023, In December 2019, 2019 12 740 740 December 15, 2020 |
Note 2 - Going Concern
Note 2 - Going Concern | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2. GOING CONCERN The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company had a working capital surplus of $505,483 as of September 30, 2021 September 30, 2020, September 30, 2021 2020, September 30, 2021. may not Management believes that the actions presently being taken to further implement its business plan and generate additional revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate additional revenues and in its ability to raise additional funds, there can be no not |
Note 3 - Cash and Cash Equivale
Note 3 - Cash and Cash Equivalents and Restricted Cash | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 3. CASH AND CASH EQUIVALENTS AND RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts in the consolidated statements of cash flows: September 30, 2021 September 30, 2020 Cash and cash equivalents $ 696,380 $ 183,009 Restricted cash 9,989 10,150 Total cash, cash equivalents, and restricted cash shown in the cash flow statement $ 706,369 $ 193,159 Amounts included in restricted cash represent those required to be set aside by the Cannabis Control Commission in Massachusetts as well as by a contractual agreement with a lender for the payment of specific construction related expenditures as part of the Company’s property development in Massachusetts. |
Note 4 - Notes Receivable
Note 4 - Notes Receivable | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4. NOTES RECEIVABLE Notes and other receivables as of September 30, 2021and 2020, September 30, 2021 September 30, 2020 Related party note receivable from BASK, interest rate of 18.0 4,422 84,749 119,512 84,749 119,512 Less: Current portion (41,564 ) (37,165 ) $ 43,185 $ 82,347 |
Note 5 - Notes Payable
Note 5 - Notes Payable | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5. NOTES PAYABLE Unrelated On February 25, 2021, August 2, 2021. July 2021. On August 25, 2020, August 25, 2021. February 2021, September 30, 2021. On August 2, 2019 third August 2, 2022 first 1 The note holder also received a warrant which allows the holder to purchase 600,000 shares of the Company’s common stock at a price of $1.50 per share. The warrant will expire on the earlier of (i) August 2, 2024 twenty twenty twenty The broker for the loan received a cash commission of $320,000 plus warrants to purchase 48,000 shares of the Company's common stock. The warrants are exercisable at a price of $1.50 per share and expire on August 2, 2024. The Company allocated the proceeds between the note and the warrants based on their relative fair values. The relative fair value of the 600,000 warrants was $562,762 which was recognized as additional paid in capital and a corresponding debt discount. On December 4, 2020, August 1, 2023. not At September 30, 2021, September 30, 2021 2020, February 2018 On February 12, 2018 September 30, 2021 September 30, 2020, October 12, 2020, December 31, 2021. Related Party SCP. February 1, 2016, May 1, 2016, July 14, 2016, one On July 14, 2016, two Of the amounts owed to SCP, $500,000 was converted into 400,000 shares of our common stock ($1.25 conversion rate). The remaining $1,756,646 owed to SCP was divided into two The first December 31, 2019. The second December 31, 2019. not December 31, 2019. On September 30, 2019, one December 31, 2022. September 30, 2019. Accrued interest on the note was $4,303 and $26,246 at September 30, 2021 September 30, 2020, At September 30, 2021 2020, $581,646. During the year ended September 30, 2021, September 30, 2021, September 30, 2020, September 30, 2020. |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 6. RELATED PARTY TRANSACTIONS BASK. April 7, 2016, one Pursuant to the agreements, we agreed to provide BASK with financing for construction and working capital required for BASK’s approved dispensary and cultivation center in Fairhaven, MA. On August 15, 2018, September 30, 2021 2020, On July 26, 2019, 1 September 1, 2019 September 30, 2021, Tim Keogh, our Chief Executive Officer, is a Board Member of BASK. |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 7. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted net loss per share: Year Ended September 30, 2021 2020 Net (loss) income attributable to common stockholders $ (862,893 ) $ (709,343 ) Basic weighted average outstanding shares of common stock 23,867,543 23,504,820 Dilutive effects of common share equivalents - - Dilutive weighted average outstanding shares of common stock 23,867,543 23,504,820 Basic and diluted net (loss) income per share of common stock $ (0.04 ) $ (0.03 ) As of September 30, 2021, September 30, 2020, |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8. INCOME TAXES Deferred income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses. These loss carryovers are limited under the Internal Revenue Code should a significant change in ownership occur. The Company accounts for income taxes pursuant to ASC Topic 740. 2015 17 Deferred income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses and other items. Loss carryovers are limited under the Internal Revenue Code should a significant change in ownership occur. The components of the deferred income tax assets and liabilities arising under ASC Topic 740 September 30, 2021 2020 Deferred tax assets $ 3,586,062 $ 2,838,966 Deferred tax liabilities - - Valuation allowance (3,586,062 ) (2,838,966 ) Net deferred tax assets/(liabilities) - - The types of temporary differences between the tax basis of assets and their financial reporting amounts that give rise to a significant portion of the deferred assets and liabilities are as follows: September 30, 2021 2020 Temporary Difference Tax Effect Temporary Difference Tax Effect Deferred tax assets Net operating loss $ 862,893 $ 266,720 $ 709,343 $ 174,144 Tax impact true up - - # 20,927 Other temporary differences (507,485 ) $ (156,864 ) 835,040 205,002 Net deferred tax assets 355,408 109,856 1,544,383 # 400,073 Valuation allowance (355,408 ) (109,856 ) (1,544,383 ) (400,073 ) Total deferred tax asset - - - - Deferred tax liabilities Total deferred liability - - - - Total net deferred tax asset $ - $ - $ - $ - Deferred income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses. These loss carryovers are limited under the Internal Revenue Code should a significant change in ownership occur. At September 30, 2021 September 30, 2020, 2034. September 30, 2021 September 30, 2020 A reconciliation of the U.S. statutory federal income tax rate to the effective tax rate is as follows: September 30, 2021 2020 U.S. Federal statutory graduated rate 21.00 % 21.00 % State income tax rate, net of federal benefit 9.91 % 3.55 % Total rate 30.91 % 24.55 % Less: Net operating loss for which no benefit is currently available (30.91 )% (24.55 )% Net effective rate 0.00 % 0.00 % The Company’s income tax filings are subject to audit by various taxing authorities. The Company’s open audit periods are September 30, 2018, 2019, 2020. |
Note 9 - Equity
Note 9 - Equity | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9. EQUITY Preferred Stock The Company has authorized 20,000,000 shares of $.0001 September 30, 2021 2020. Common Stock During the year ended September 30, 2021, During the year ended September 30, 2020, Stock Options On August 18, 2017, may one The fair value of the options granted during the year ended September 30, 2020 ● Risk-free interest rate – 0.28% ● Expected term – 5.0 years ● Volatility – 118% Options Issuances in 2021 The Company did not September 30, 2021. Options Issuances in 2020 On September 30, 2020, two September 30, 2025. On September 30, 2020, two September 30, 2025. As these options were fully vested at grant date, the full value of $301,770 was recognized immediately as stock based compensation expense and no The following table shows the stock option activity for the years ended September 30, 2021 2020: Weighted Weighted Average Average Contractual Aggregate Number of Exercise Term Intrinsic Shares Price (Years) Value Outstanding as of September 30, 2019 1,050,000 $ 1.64 4.4 $ - Granted 1,000,000 $ 2.25 5.0 $ - Forfeited (200,000 ) $ 1.50 Outstanding as of September 30, 2020 1,850,000 $ 1.99 4.2 $ - Expired (150,000 ) $ 2.50 2.5 Outstanding as of September 30, 2021 1,700,000 $ 1.94 3.5 $ - Vested and expected to vest at September 30, 2021 1,700,000 $ 1.94 3.5 $ - Exercisable at September 30, 2021 1,700,000 $ 1.94 3.5 $ - Stock based compensation expense related to the options was $0 and $471,971 for the years ended September 30, 2021 2020, September 30, 2021, $0. September 30, 2021 2020, $0 Warrants Warrant Issuances in 2021 The Company did not September 30, 2021. Warrant Issuances in 2020 The Company did not September 30, 2020. The following table shows the warrant activity for the years ended September 30, 2021 2020: Weighted Average Average Contractual Aggregate Number of Exercise Term Intrinsic Shares Price (Years) Value Forfeited 11,238,650 $ 1.52 2.30 $ - Expired (1,600,000 ) $ 2.25 Outstanding as of September 30, 2020 9,638,650 $ 1.00 1.80 $ - Expired (1,472,000 ) $ - $ - Exercised (500,000 ) $ 1.00 1.00 $ - Outstanding as of September 30, 2021 7,666,650 $ 1.21 0.80 $ - Exercisable at September 30, 2021 7,666,650 $ 1.21 0.80 $ - |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10. COMMITMENTS AND CONTINGENCIES MCC. January 14, 2015, 47 may Between August 2015 September 2016, October 14, 2016. September 30, 2016, October 17, 2016, Operating Leases Land On October 17, 2016, 47 August 2019, 1 As part of a simultaneous transaction, the Company assigned the property rights to MMP for a nominal fee and entered a lease agreement pursuant to which MMP agreed to lease the property to the Company for an initial term of fifty four ten The lease payments will be the greater of (a) $30,000 per month; (b) $0.38 per square foot per month of any structure built on the property; or (c) 1.5% of all gross monthly sales of products sold by the Company, any assignee of the Company, or any subtenant of the Company. The lease payments will be adjusted up (but not five Effective October 1, 2019, 842 The Company constructed Building 1 September 1, 2019, 1 As of September 30, 2021, September 30, 2021, The table below presents lease related terms and discount rates as of September 30, 2021. As of September 30, 2021 Weighted average remaining lease term Operating leases 45 Weighted average discount rate Operating leases 7.9 % The reconciliation of the maturities of the operating leases to the lease liabilities recorded in the Consolidated Balance Sheet as of September 30, 2021 2022 341,500 2023 341,500 2024 341,500 2025 341,500 2026 341,500 Thereafter 13,660,001 Total lease payments 15,367,501 Less: Interest (11,129,191 ) $ 4,238,310 Less: operating lease liability, current portion (10,432 ) Operating lease liability, long term $ 4,227,878 Office space The Company leases its office space located at 1555 502, 80202 12 Lease expense for office space was $30,000 and $18,303 for the years ended September 30, 2021 2020, Aggregate rental expense under all leases totaled $429,459 and $401,021 for the years ended September 30, 2021 2020, |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 12 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11. SUBSEQUENT EVENTS On October 12, 2021 April 17, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of AmeriCann, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant estimates and assumptions made by management are valuation of equity instruments, deferred tax asset valuation and allowance and collectability of long-lived assets. Actual results could differ from those estimates as the current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents includes cash on hand, demand deposit accounts and temporary cash investments with maturities of ninety |
Income Tax, Policy [Policy Text Block] | Income Taxes In accordance with ASC Topic 740, not not We expect to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a "more-likely-than- not" not no September 30, 2021 2020, no not For federal tax purposes, our 2018 2020 three |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risks and Significant Customers Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash, notes receivable, deposits tenant receivables and notes receivable. We place our cash with high credit quality financial institutions. As of September 30, 2021 2020, For the year ended September 30, 2021, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments and Fair Value of Financial Instruments We adopted ASC Topic 820, 820 ASC Topic 820 820 Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. We had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. We had no financial assets or liabilities carried and measured on a recurring basis during the reporting periods. The carrying value of short-term financial instruments, including cash and cash equivalents, tenant and notes receivable, accounts payable and accrued expenses, and short-term borrowings approximate fair value due to the relatively short period to maturity for these instruments. The long-term borrowings approximate fair value since the related rates of interest approximates current market rates. |
Derivatives, Policy [Policy Text Block] | Derivative Liabilities We evaluate stock options, stock warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815 40, 815 40 none September 30, 2021 2020. |
Lessee, Leases [Policy Text Block] | Operating leases Effective October 1, 2019, 842 Right of Use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Variable lease payments are not not may Under the available practical expedient, we account for the lease and non-lease components as a single lease component for all classes of underlying assets as both a lessee and lessor. Further, we elected a short-term lease exception policy on all classes of underlying assets, permitting us to not 12 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets Our long-lived assets consisted of property, plant and equipment and are reviewed for impairment in accordance with the guidance of the Topic ASC Topic 360, may not third September 30, 2021 2020. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment begins in the month following the month when the asset is placed into service and is provided using the straight-line method for financial reporting purposes at rates based on the estimated useful lives of the assets. Estimated useful lives range from three twenty September 30, 2021 September 30, 2020 Buildings and improvements $ 7,608,087 $ 7,608,087 Computer equipment 349,576 349,576 Furniture and equipment 2,764 2,764 Total 7,960,427 7,960,427 Accumulated depreciation (898,543 ) (448,006 ) Propertyand equipment, net $ 7,061,884 $ 7,512,421 Depreciation expense for the years ended September 30, 2021 2020 |
Commissions Expense, Policy [Policy Text Block] | Equity Instruments Issued to Non-Employees for Acquiring Goods or Services Effective October 1, 2019, 2018 07, 718 not |
Business Combinations and Other Purchase of Business Transactions, Policy [Policy Text Block] | Non-Cash Equity Transactions Shares of equity instruments issued for noncash consideration are recorded at the estimated fair market value of the consideration granted based on the estimated fair market value of the equity instrument, or at the estimated fair market value of the goods or services received, whichever is more readily determinable. |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based Compensation The Company accounts for share-based awards to employees in accordance with ASC Topic 718, October 1, 2019, 2018 07, 718 |
Collaborative Arrangement, Accounting Policy [Policy Text Block] | Related Parties A party is considered to be related to us if the party directly or indirectly or through one may one one one one |
Revenue [Policy Text Block] | Revenue Recognition Effective October 1, 2018, 2014 09, 606 not 606. September 30, 2021 2020. 842. |
Advertising Cost [Policy Text Block] | Advertising Expense Advertising, promotional and selling expenses consist of sales and marketing expenses, and promotional activity expenses. Expenses are recognized when incurred. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | General and Administrative Expense General and administrative expenses consist of professional service fees, rent and utility expenses, meals, travel and entertainment expenses, and other general and administrative overhead costs. Expenses are recognized when incurred. |
Earnings Per Share, Policy [Policy Text Block] | Loss per Share We compute net loss per share in accordance with the ASC Topic 260. Basic loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Shares issuable upon the exercise of equity instruments such as warrants and options were not 2021 2020 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In August 2020, No. 2020 06, 470 20 815 40 470 20, 470 20 not 815 40 not 260, may 2020 06 December 15, 2023, In December 2019, 2019 12 740 740 December 15, 2020 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, 2021 September 30, 2020 Buildings and improvements $ 7,608,087 $ 7,608,087 Computer equipment 349,576 349,576 Furniture and equipment 2,764 2,764 Total 7,960,427 7,960,427 Accumulated depreciation (898,543 ) (448,006 ) Propertyand equipment, net $ 7,061,884 $ 7,512,421 |
Note 3 - Cash and Cash Equiva_2
Note 3 - Cash and Cash Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash [Table Text Block] | September 30, 2021 September 30, 2020 Cash and cash equivalents $ 696,380 $ 183,009 Restricted cash 9,989 10,150 Total cash, cash equivalents, and restricted cash shown in the cash flow statement $ 706,369 $ 193,159 |
Note 4 - Notes Receivable (Tabl
Note 4 - Notes Receivable (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2021 September 30, 2020 Related party note receivable from BASK, interest rate of 18.0 4,422 84,749 119,512 84,749 119,512 Less: Current portion (41,564 ) (37,165 ) $ 43,185 $ 82,347 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended September 30, 2021 2020 Net (loss) income attributable to common stockholders $ (862,893 ) $ (709,343 ) Basic weighted average outstanding shares of common stock 23,867,543 23,504,820 Dilutive effects of common share equivalents - - Dilutive weighted average outstanding shares of common stock 23,867,543 23,504,820 Basic and diluted net (loss) income per share of common stock $ (0.04 ) $ (0.03 ) |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 30, 2021 2020 Deferred tax assets $ 3,586,062 $ 2,838,966 Deferred tax liabilities - - Valuation allowance (3,586,062 ) (2,838,966 ) Net deferred tax assets/(liabilities) - - |
Schedule of Temporary Differences of Deferred Tax Assets and Liabilities [Table Text Block] | September 30, 2021 2020 Temporary Difference Tax Effect Temporary Difference Tax Effect Deferred tax assets Net operating loss $ 862,893 $ 266,720 $ 709,343 $ 174,144 Tax impact true up - - # 20,927 Other temporary differences (507,485 ) $ (156,864 ) 835,040 205,002 Net deferred tax assets 355,408 109,856 1,544,383 # 400,073 Valuation allowance (355,408 ) (109,856 ) (1,544,383 ) (400,073 ) Total deferred tax asset - - - - Deferred tax liabilities Total deferred liability - - - - Total net deferred tax asset $ - $ - $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | September 30, 2021 2020 U.S. Federal statutory graduated rate 21.00 % 21.00 % State income tax rate, net of federal benefit 9.91 % 3.55 % Total rate 30.91 % 24.55 % Less: Net operating loss for which no benefit is currently available (30.91 )% (24.55 )% Net effective rate 0.00 % 0.00 % |
Note 9 - Equity (Tables)
Note 9 - Equity (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Average Contractual Aggregate Number of Exercise Term Intrinsic Shares Price (Years) Value Outstanding as of September 30, 2019 1,050,000 $ 1.64 4.4 $ - Granted 1,000,000 $ 2.25 5.0 $ - Forfeited (200,000 ) $ 1.50 Outstanding as of September 30, 2020 1,850,000 $ 1.99 4.2 $ - Expired (150,000 ) $ 2.50 2.5 Outstanding as of September 30, 2021 1,700,000 $ 1.94 3.5 $ - Vested and expected to vest at September 30, 2021 1,700,000 $ 1.94 3.5 $ - Exercisable at September 30, 2021 1,700,000 $ 1.94 3.5 $ - |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Weighted Average Average Contractual Aggregate Number of Exercise Term Intrinsic Shares Price (Years) Value Forfeited 11,238,650 $ 1.52 2.30 $ - Expired (1,600,000 ) $ 2.25 Outstanding as of September 30, 2020 9,638,650 $ 1.00 1.80 $ - Expired (1,472,000 ) $ - $ - Exercised (500,000 ) $ 1.00 1.00 $ - Outstanding as of September 30, 2021 7,666,650 $ 1.21 0.80 $ - Exercisable at September 30, 2021 7,666,650 $ 1.21 0.80 $ - |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lease Related Terms and Discount Rates [Table Text Block] | As of September 30, 2021 Weighted average remaining lease term Operating leases 45 Weighted average discount rate Operating leases 7.9 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 341,500 2023 341,500 2024 341,500 2025 341,500 2026 341,500 Thereafter 13,660,001 Total lease payments 15,367,501 Less: Interest (11,129,191 ) $ 4,238,310 Less: operating lease liability, current portion (10,432 ) Operating lease liability, long term $ 4,227,878 |
Note 1 - Description of Busin_3
Note 1 - Description of Business and Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jan. 17, 2014 | |
Ownership Percentage, Transfered | 93.00% | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | ||
Tenant Receivable, Current | 258,854 | $ 124,617 | |
Impairment of Long-Lived Assets to be Disposed of | 0 | ||
Depreciation, Total | 450,537 | $ 446,854 | |
Property Lease, Unearned Revenue | 0 | ||
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||
Fair Value, Nonrecurring [Member] | |||
Assets, Fair Value Disclosure | 0 | ||
Fair Value, Recurring [Member] | |||
Assets, Fair Value Disclosure | $ 0 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number of Major Customers | 1 | ||
BASK [Member] | |||
Financing Receivable, after Allowance for Credit Loss, Noncurrent, Total | $ 84,749 | $ 119,512 | |
Tenant Receivable, Current | $ 258,854 | $ 124,617 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Open Tax Year | 2018 2019 2020 |
Note 1 - Description of Busin_4
Note 1 - Description of Business and Significant Accounting Policies - Property, Plant and Equipment, Net (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Property, plant and equipment, gross | $ 7,960,427 | $ 7,960,427 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 7,608,087 | 7,608,087 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 349,576 | 349,576 |
Furniture and Equipment 1[Member] | ||
Property, plant and equipment, gross | 2,764 | 2,764 |
Property Plant and Equipment Excluding Construction in Progress [Member] | ||
Accumulated depreciation | (898,543) | (448,006) |
Propertyand equipment, net | $ 7,061,884 | $ 7,512,421 |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Working Capital (Deficit) | $ 505,483 | $ (232,158) |
Retained Earnings (Accumulated Deficit), Ending Balance | (19,585,445) | (18,722,552) |
Net Income (Loss) Attributable to Parent, Total | $ (862,893) | $ (709,343) |
Note 3 - Cash and Cash Equiva_3
Note 3 - Cash and Cash Equivalents and Restricted Cash - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Cash and cash equivalents | $ 696,380 | $ 183,009 |
Restricted cash | 9,989 | 10,150 |
Total cash, cash equivalents, and restricted cash shown in the cash flow statement | $ 706,369 | $ 193,159 |
Note 4 - Notes Receivable - Sch
Note 4 - Notes Receivable - Schedule of Notes Receivable (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 | Aug. 15, 2018 |
Notes and Other Receivables, Net | $ 84,749 | $ 119,512 | |
Less: Current portion | (41,564) | (37,165) | |
Notes Receivable, Related Parties, Noncurrent | 43,185 | 82,347 | |
BASK [Member] | |||
Notes Receivable, Related Parties | $ 84,749 | $ 119,512 | $ 129,634 |
Note 4 - Notes Receivable - S_2
Note 4 - Notes Receivable - Schedule of Notes Receivable (Details) (Parentheticals) - BASK [Member] - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Aug. 15, 2018 | |
Periodic payment | $ 4,422 | $ 4,422 | |
Interest rate | 18.00% | 18.00% | 18.00% |
Note 5 - Notes Payable (Details
Note 5 - Notes Payable (Details Textual) - USD ($) | Feb. 25, 2021 | Dec. 04, 2020 | Aug. 25, 2020 | Aug. 02, 2019 | Jul. 14, 2016 | Feb. 28, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Feb. 12, 2018 | May 01, 2016 | Feb. 01, 2016 |
Amortization of Debt Discount (Premium) | $ 304,727 | $ 311,370 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.21 | $ 1 | ||||||||||
Notes Payable, Noncurrent, Total | $ 4,230,494 | $ 3,578,517 | ||||||||||
Notes Payable, Current, Total | 150,000 | 150,250 | ||||||||||
Interest Payable, Related Party, Current | 4,303 | 26,246 | ||||||||||
Notes Amendment [Member] | ||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 977,110 | |||||||||||
Unrelated Party [Member] | Promissory Notes [Member] | ||||||||||||
Average Closing Price per Share (in dollars per share) | $ 4 | |||||||||||
Average Daily Volume Of Shares Trades (in shares) | 150,000 | |||||||||||
Payments of Debt Issuance Costs | $ 320,000 | |||||||||||
Strategic Capital Partners [Member] | ||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1.25 | |||||||||||
Line of Credit Outstanding Amount Assumed by Related Party | $ 521,297 | |||||||||||
Notes Payable, Related Parties | $ 2,431,646 | $ 1,756,646 | ||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 400,000 | |||||||||||
Strategic Capital Partners [Member] | Consulting Services [Member] | ||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 180,000 | |||||||||||
Related Party Transaction, Amounts of Transaction | 147,500 | 180,000 | ||||||||||
Due to Related Parties, Total | 97,500 | 65,000 | ||||||||||
Strategic Capital Partners [Member] | Debt Converted into Common Stock [Member] | ||||||||||||
Debt Conversion, Original Debt, Amount | $ 500,000 | |||||||||||
Strategic Capital Partners [Member] | Debt Converted into Promissory Notes [Member] | ||||||||||||
Debt Conversion, Original Debt, Amount | $ 1,756,646 | |||||||||||
Strategic Capital Partners [Member] | Promissory Notes [Member] | ||||||||||||
Notes Payable, Related Parties | 581,646 | 581,646 | ||||||||||
Interest Payable, Related Party, Current | 4,303 | 26,246 | ||||||||||
Strategic Capital Partners [Member] | Promissory Note One [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | |||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1.25 | |||||||||||
Notes Payable, Related Parties | $ 1,000,000 | |||||||||||
Strategic Capital Partners [Member] | Promissory Note Two [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 9.00% | ||||||||||
Notes Payable, Related Parties | $ 756,646 | |||||||||||
Warrants Issued to Unrelated Parties Lenders [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 600,000 | |||||||||||
Warrants Issued to Unrelated Parties Lenders [Member] | Promissory Notes [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 600,000 | |||||||||||
Warrants and Rights Outstanding | $ 562,762 | |||||||||||
Warrants to Purchase Additional Shares [Member] | ||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1.50 | |||||||||||
Warrants Issued to Placement Agent [Member] | Promissory Notes [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 48,000 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.50 | |||||||||||
Warrants Issued for Notes Amendment [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,500,000 | |||||||||||
Unrelated Party [Member] | ||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 300,000 | $ 153,000 | $ 4,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | 10.00% | 11.00% | |||||||||
Repayments of Long-term Debt, Total | $ 153,000 | |||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 47,941 | |||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 3,000 | |||||||||||
Amortization of Debt Discount (Premium) | 2,750 | |||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000,000 | $ 200,000 | ||||||||||
Unrelated Party [Member] | Promissory Notes [Member] | ||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 500,000 | |||||||||||
Amortization of Debt Discount (Premium) | 301,977 | 311,370 | ||||||||||
Debt Instrument, Unamortized Discount, Total | $ 52,392 | 269,506 | ||||||||||
Notes Payable, Noncurrent, Total | 4,500,000 | |||||||||||
Unrelated Party [Member] | Promissory Notes [Member] | Broker [Member] | ||||||||||||
Debt Instrument, Fee Amount | $ 40,000 | |||||||||||
Accredited Investors [Member] | February 2018 Convertible Notes [Member] | Convertible Debt [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||||
Debt Instrument, Face Amount | $ 810,000 | |||||||||||
Notes Payable, Current, Total | $ 150,000 | $ 150,000 |
Note 6 - Related Party Transa_2
Note 6 - Related Party Transactions (Details Textual) - USD ($) | Jul. 26, 2019 | Aug. 15, 2018 | Sep. 30, 2021 | Sep. 30, 2020 |
Lessee, Operating Lease, Term of Contract (Year) | 45 years | |||
Tenant Receivable, Current | $ 258,854 | $ 124,617 | ||
BASK [Member] | ||||
Notes Receivable, Related Parties | $ 129,634 | $ 84,749 | $ 119,512 | |
Interest Receivable | $ 44,517 | |||
Note Receivable, Term (Year) | 5 years | |||
Note Receivable, Interest Rate | 18.00% | 18.00% | 18.00% | |
Tenant Receivable, Current | $ 258,854 | $ 124,617 | ||
BASK [Member] | Lease Agreement [Member] | ||||
Lessee, Operating Lease, Term of Contract (Year) | 15 years | |||
Annual Base Rent | $ 135,000 | |||
Operating Lease, Percentage of Leassee's Gross Revenue | 15.00% | |||
Tenant Receivable, Current | $ 258,854 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,700,000 | 1,850,000 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 7,666,650 | 9,638,650 |
Convertible Debt Securities [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 100,000 | 100,000 |
Note 7 - Earnings Per Share - S
Note 7 - Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Net (loss) income attributable to common stockholders | $ (862,893) | $ (709,343) |
Basic weighted average outstanding shares of common stock (in shares) | 23,867,543 | 23,504,820 |
Dilutive effects of common share equivalents (in shares) | 0 | 0 |
Dilutive weighted average outstanding shares of common stock (in shares) | 23,867,543 | 23,504,820 |
Basic and diluted (loss) income per common share (in dollars per share) | $ (0.04) | $ (0.03) |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Loss Carryforwards, Total | $ 11,919,394 | $ 11,564,017 |
Deferred Tax Assets, Tax Effect, Net Operating Loss and Other Temporary Differences | $ 109,857 | 379,146 |
Deferred Tax Assets, Valuation Allowance, Percent Offset | 100.00% | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (747,096) | $ (400,073) |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Deferred tax assets | $ 3,586,062 | $ 2,838,966 |
Deferred tax liabilities | 0 | 0 |
Valuation allowance | (3,586,062) | (2,838,966) |
Net deferred tax assets/(liabilities) | $ 0 | $ 0 |
Note 8 - Income Taxes - Tempora
Note 8 - Income Taxes - Temporary Differences Between Basis and Reported Deferred Tax Assets (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Net operating loss | $ 862,893 | $ 709,343 |
Net operating loss, tax effect | 266,720 | 174,144 |
Tax impact true up, temporary difference | 0 | |
Tax impact true up, tax effect | 0 | 20,927 |
Other temporary differences, temporary difference | (507,485) | 835,040 |
Other temporary differences, tax effect | (156,864) | 205,002 |
Net deferred tax assets, temporary difference | 355,408 | 1,544,383 |
Net deferred tax assets, tax effect | 109,856 | 400,073 |
Valuation allowance, temporary difference | (355,408) | (1,544,383) |
Valuation allowance, tax effect | (109,856) | (400,073) |
Total deferred tax asset | 0 | 0 |
Deferred tax liabilities | 0 | 0 |
Net deferred tax assets/(liabilities) | $ 0 | $ 0 |
Note 8 - Income Taxes - Schedul
Note 8 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
U.S. Federal statutory graduated rate | 21.00% | 21.00% |
State income tax rate, net of federal benefit | 9.91% | 3.55% |
Total rate | 30.91% | 24.55% |
Less: Net operating loss for which no benefit is currently available | (30.91%) | (24.55%) |
Net effective rate | 0.00% | 0.00% |
Note 9 - Equity (Details Textua
Note 9 - Equity (Details Textual) - USD ($) | 12 Months Ended | 37 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Aug. 18, 2017 | |
Preferred Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | |
Stock Issued During Period, Shares, Warrants Exercised (in shares) | 500,000 | |||
Class of Warrant or Right, Exercised During Period (in shares) | 500,000 | 1,600,000 | ||
Class of Warrant or Right, Exercised During Period, Exercise Price (in dollars per share) | $ 1 | |||
Stock Issued During Period, Shares, Issued for Services (in shares) | 191,490 | |||
Stock Issued During Period, Value, Issued for Services | $ 90,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 1,000,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.25 | |||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Expense | $ 0 | |||
Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,500,000 | |||
Share-based Payment Arrangement, Expense, after Tax | $ 471,971 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 0 | |||
Proceeds from Stock Options Exercised | $ 0 | $ 0 | ||
Stock Incentive Plan [Member] | Consultants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 500,000 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.50 | |||
Stock Incentive Plan [Member] | Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 500,000 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 3 | |||
Share-based Payment Arrangement, Expense, after Tax | $ 301,770 | |||
Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.28% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 118.00% |
Note 9 - Equity - Stock Option
Note 9 - Equity - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Shares Outstanding (in shares) | 1,850,000 | 1,050,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.99 | $ 1.64 | |
Outstanding, weighted average contractual term (Year) | 3 years 6 months | 4 years 2 months 12 days | 4 years 4 months 24 days |
Shares Granted (in shares) | 0 | 1,000,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 2.25 | ||
Granted, weighted average contractual term (Year) | 5 years | ||
Shares Forfeited (in shares) | (200,000) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 1.50 | ||
Shares Expired (in shares) | (150,000) | ||
Expired, weighted average exercise price (in dollars per share) | $ 2.50 | ||
Expired, weighted average contractual term (Year) | 2 years 6 months | ||
Shares Outstanding (in shares) | 1,700,000 | 1,850,000 | 1,050,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.94 | $ 1.99 | $ 1.64 |
Shares Vested and expected to vest (in shares) | 1,700,000 | ||
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 1.94 | ||
Vested and expected to vest, weighted average contractual term (Year) | 3 years 6 months | ||
Shares Exercisable (in shares) | 1,700,000 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 1.94 | ||
Exercisable, weighted average contractual term (Year) | 3 years 6 months |
Note 9 - Equity - Warrant Activ
Note 9 - Equity - Warrant Activity (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Forfeited, warrants (in shares) | 11,238,650 | |
Forfeited, warrants, weighted average exercise price (in dollars per share) | $ 1.52 | |
Forfeited, warrants, weighted average remaining contract term (Year) | 2 years 3 months 18 days | |
Expired, warrants (in shares) | (500,000) | (1,600,000) |
Expired, warrants, weighted average exercise price (in dollars per share) | $ 0 | $ 2.25 |
Outstanding, warrants (in shares) | 9,638,650 | |
Outstanding, warrants, weighted average exercise price (in dollars per share) | $ 1 | |
Outstanding, warrants, weighted average remaining contract term (Year) | 9 months 18 days | 1 year 9 months 18 days |
Expired, warrants (in shares) | (1,472,000) | |
Exercised, warrants, weighted average exercise price (in dollars per share) | $ 1 | |
Exercised, warrants, weighted average remaining contract term (Year) | 1 year | |
Outstanding, warrants (in shares) | 7,666,650 | 9,638,650 |
Outstanding, warrants, weighted average exercise price (in dollars per share) | $ 1.21 | $ 1 |
Exercisable, warrants (in shares) | 7,666,650 | |
Exercisable, warrants, weighted average exercise price (in dollars per share) | $ 1.21 | |
Exercisable, warrants, weighted average remaining contract term (Year) | 9 months 18 days |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) | Sep. 01, 2019 | Oct. 17, 2016USD ($)a | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Oct. 01, 2019USD ($) | Jan. 14, 2015USD ($)a |
Lessee, Operating Lease, Term of Contract (Year) | 45 years | |||||||
Operating Lease, Right-of-Use Asset | $ 6,846,476 | $ 6,914,080 | $ 6,980,957 | |||||
Operating Lease, Liability, Total | 4,238,310 | 4,256,869 | ||||||
Operating Lease, Liability, Current | 10,432 | 4,728 | ||||||
Operating Lease, Liability, Noncurrent | 4,227,878 | 4,243,224 | ||||||
Operating Lease, Expense | 429,459 | 401,021 | ||||||
Office Space in Denver, CO [Member] | ||||||||
Operating Cash Flows from Operating Leases | 341,450 | |||||||
Operating Leases, Monthly Payment | 2,500 | |||||||
Operating Lease, Expense | $ 30,000 | $ 18,303 | ||||||
BASK [Member] | ||||||||
Lessee, Operating Sublease, Term (Year) | 15 years | |||||||
Lessee, Operating Sublease, Percentage of Gross Revenues | 15.00% | |||||||
Sale Leaseback to MMP [Member] | ||||||||
Lessee, Operating Lease, Term of Contract (Year) | 50 years | |||||||
Lessee Leasing Arrangements, Operating Leases, Number of Renewal Periods | 4 | |||||||
Lessee, Operating Lease, Renewal Term (Year) | 10 years | |||||||
Sale Leaseback Transaction, Monthly Rental Payments | $ 30,000 | |||||||
Sale Leaseback Transaction, Monthly Rental Payments, Per Square Foot | 0.38 | |||||||
Sale Leaseback Transaction, Monthly Rental Payments, Percentage of Gross Monthly Sales | 1.50% | |||||||
Sale Leaseback Transaction, Monthly Rental Payments, Adjustment Period (Year) | 5 years | |||||||
Sale Leaseback to MMP [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||
Operating Lease, Right-of-Use Asset | 2,724,088 | |||||||
Prepaid Rent | $ (2,724,088) | |||||||
Massachusetts Land Purchase [Member] | ||||||||
Area of Land (Acre) | a | 52.6 | 52.6 | ||||||
Deposits on Land | $ 100,000 | |||||||
Land, Selling Price | $ 4,475,000 | $ 4,325,000 | ||||||
Payments to Acquire Land | $ 725,000 | $ 925,000 | ||||||
Payments to Acquire Land Held-for-use | $ 3,550,000 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Lease Related Terms and Discount Rates (Details) | Sep. 30, 2021 |
Operating leases (Year) | 45 years |
Operating leases | 7.90% |
Note 10 - Commitments and Con_5
Note 10 - Commitments and Contingencies - Future Rental Payments Under Operating Leases (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 | Oct. 01, 2019 |
2022 | $ 341,500 | ||
2023 | 341,500 | ||
2024 | 341,500 | ||
2025 | 341,500 | ||
2026 | 341,500 | ||
Thereafter | 13,660,001 | ||
Total lease payments | 15,367,501 | ||
Less: Interest | (11,129,191) | ||
Operating Lease, Liability, Total | 4,238,310 | $ 4,256,869 | |
Less: operating lease liability, current portion | (10,432) | $ (4,728) | |
Operating Lease, Liability, Noncurrent | $ 4,227,878 | $ 4,243,224 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - shares | Oct. 12, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Class of Warrant or Right, Outstanding (in shares) | 7,666,650 | 9,638,650 | |
Warrants Issued to Massachusetts Medical Properties [Member] | Subsequent Event [Member] | |||
Class of Warrant or Right, Outstanding (in shares) | 3,640,000 |