Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 15, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-55753 | |
Entity Registrant Name | Can B Corp. | |
Entity Central Index Key | 0001509957 | |
Entity Tax Identification Number | 20-3624118 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 960 South Broadway | |
Entity Address, Address Line Two | Suite 120 | |
Entity Address, City or Town | Hicksville | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11801 | |
City Area Code | 516 | |
Local Phone Number | 595-9544 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CANB | |
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 Common Stock, Shares Outstanding | 16,943,010 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,093,156 | $ 457,798 |
Accounts receivable, less allowance for doubtful accounts of $533,300 and $485,848, respectively | 2,159,886 | 2,003,064 |
Inventory | 320,243 | 344,954 |
Note receivable | 2,898 | 2,898 |
Operating lease right-of-use-asset - current | 37,535 | 35,790 |
Prepaid expenses | 632,750 | 1,209,126 |
Total current assets | 4,246,468 | 4,053,630 |
Property and equipment, net | 1,089,113 | 994,979 |
Other assets: | ||
Deposits | 23,287 | 21,287 |
Intangible assets, net | 734,732 | 523,009 |
Goodwill | 55,849 | 55,849 |
Operating lease right-of-use-asset - noncurrent | 22,384 | |
Other noncurrent assets | 12,968 | 20,315 |
Total other assets | 826,836 | 642,844 |
Total assets | 6,162,417 | 5,691,453 |
Current liabilities: | ||
Accounts payable | 384,195 | 153,640 |
Accrued expenses | 157,610 | 200,495 |
Notes and loans payable, net | 2,626,315 | 1,827,531 |
Operating lease liability - current | 37,786 | 43,506 |
Total current liabilities | 3,205,906 | 2,225,172 |
Long-term liabilities: | ||
Notes and loans payable, net | 194,940 | |
Operating lease liability - noncurrent | 15,492 | |
Total long-term liabilities | 210,432 | |
Total liabilities | 3,205,906 | 2,435,604 |
Stockholders’ equity: | ||
Preferred Stock Value | ||
Common stock, no par value; 1,500,000,000 shares authorized, 16,943,010 and 5,544,590 issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 30,070,447 | 26,111,978 |
Treasury stock | (572,678) | (572,678) |
Additional paid-in capital | 3,225,461 | 2,563,399 |
Accumulated deficit | (35,305,895) | (30,386,024) |
Total stockholders’ equity | 2,956,511 | 3,255,849 |
Total liabilities and stockholders’ equity | 6,162,417 | 5,691,453 |
Series A Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred Stock Value | 5,539,174 | 5,539,174 |
Total stockholders’ equity | 5,539,174 | 5,539,174 |
Series B Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred Stock Value | ||
Total stockholders’ equity | ||
Series C Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred Stock Value | ||
Total stockholders’ equity | ||
Series D Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred Stock Value | 2 | |
Total stockholders’ equity | $ 2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts | $ 533,300 | $ 485,848 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 1,500,000,000 | 1,500,000,000 |
Common stock, shares issued | 16,943,010 | 5,544,590 |
Common stock, shares outstanding | 16,943,010 | 5,544,590 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 20 | 20 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares issued | 20 | 20 |
Preferred stock, shares outstanding | 20 | 20 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series C Preferred Stock [Member] | ||
Preferred stock, shares authorized | 2,000 | 2,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 50 | 50 |
Preferred stock, shares outstanding | 50 | 50 |
Series D Preferred Stock [Member] | ||
Preferred stock, shares authorized | 4,000 | 4,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 1,950 | 1,950 |
Preferred stock, shares outstanding | 1,950 | 1,950 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Total revenues | $ 401,766 | $ 205,084 | $ 708,706 | $ 774,791 |
Cost of revenues | 258,612 | 48,045 | 335,407 | 169,594 |
Gross profit | 143,154 | 157,039 | 373,299 | 605,197 |
Operating expenses | 2,728,998 | 1,276,512 | 4,751,677 | 2,836,663 |
Loss from operations | (2,585,844) | (1,119,473) | (4,378,378) | (2,231,466) |
Other income (expense): | ||||
Other income | 221 | 3,582 | 441 | |
Gain on debt extinguishment | 196,889 | 196,889 | ||
Interest expense | (348,008) | (68,898) | (740,795) | (82,782) |
Other expense | (1,982) | (42,500) | (50,000) | |
Other expense | (153,101) | (111,177) | (540,324) | (132,341) |
Loss before provision for income taxes | (2,738,945) | (1,230,650) | (4,918,702) | (2,363,807) |
Provision for income taxes | 1,044 | 275 | 1,169 | 1,225 |
Net loss | $ (2,739,989) | $ (1,230,925) | $ (4,919,871) | $ (2,365,032) |
Loss per share - basic and diluted | $ (0.12) | $ (0.33) | $ (0.26) | $ (0.65) |
Weighted average shares outstanding - basic and diluted | 23,387,935 | 3,745,915 | 18,935,976 | 3,614,610 |
Product Sales [Member] | ||||
Revenues | ||||
Total revenues | $ 362,101 | $ 204,684 | $ 605,796 | $ 774,091 |
Service Revenue [Member] | ||||
Revenues | ||||
Total revenues | $ 39,665 | $ 400 | $ 102,910 | $ 700 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 5,539,174 | $ 23,113,077 | $ 1,075,176 | $ (23,361,223) | $ 6,366,204 | ||||
Beginning balance, shares at Dec. 31, 2019 | 20 | 2,680,937 | |||||||
Issuance of common stock for services rendered | $ 315,615 | 315,615 | |||||||
Issuance of common stock for services rendered, shares | 190,888 | ||||||||
Issuance of common stock pursuant to note agreements | $ 88,927 | 88,927 | |||||||
Issuance of common stock presuant to note agreements, shares | 162,545 | ||||||||
Issuance of common stock for acquisition of intangible assets | $ 201,187 | 201,187 | |||||||
Issuance of common stock for acqusition of intangible assets, shares | 235,000 | ||||||||
Issuance of common stock for compensation | $ 41,625 | 41,625 | |||||||
Issuance of common stock for compensation, shares | 30,000 | ||||||||
Issuance of common stock - reverse stock split rounding | 2,460 | ||||||||
Issuance of common stock pursuant to FirstFire note agreement | $ 295,780 | 295,780 | |||||||
Issuance of common stock pursuant to FirstFire note agreement, shares | 119,508 | ||||||||
Net loss | (2,365,032) | (2,365,032) | |||||||
Ending balance, value at Jun. 30, 2020 | $ 5,539,174 | $ 24,056,211 | 1,075,176 | (25,726,255) | 4,944,306 | ||||
Ending balance, shares at Jun. 30, 2020 | 20 | 3,421,338 | |||||||
Beginning balance, value at Dec. 31, 2019 | $ 5,539,174 | $ 23,113,077 | 1,075,176 | (23,361,223) | 6,366,204 | ||||
Beginning balance, shares at Dec. 31, 2019 | 20 | 2,680,937 | |||||||
Ending balance, value at Dec. 31, 2020 | $ 5,539,174 | $ 26,111,978 | $ (572,678) | 2,563,399 | (30,386,024) | 3,255,849 | |||
Ending balance, shares at Dec. 31, 2020 | 20 | 5,544,590 | 543,715 | ||||||
Beginning balance, value at Mar. 31, 2020 | $ 5,539,174 | $ 23,541,249 | 1,075,176 | (24,495,330) | 5,660,269 | ||||
Beginning balance, shares at Mar. 31, 2020 | 20 | 2,861,740 | |||||||
Issuance of common stock for services rendered | $ 183,223 | 183,223 | |||||||
Issuance of common stock for services rendered, shares | 132,053 | ||||||||
Issuance of common stock pursuant to note agreements | $ 88,927 | 88,927 | |||||||
Issuance of common stock presuant to note agreements, shares | 162,545 | ||||||||
Issuance of common stock for acquisition of intangible assets | $ 201,187 | 201,187 | |||||||
Issuance of common stock for acqusition of intangible assets, shares | 235,000 | ||||||||
Issuance of common stock for compensation | $ 41,625 | 41,625 | |||||||
Issuance of common stock for compensation, shares | 30,000 | ||||||||
Net loss | (1,230,925) | (1,230,925) | |||||||
Ending balance, value at Jun. 30, 2020 | $ 5,539,174 | $ 24,056,211 | 1,075,176 | (25,726,255) | 4,944,306 | ||||
Ending balance, shares at Jun. 30, 2020 | 20 | 3,421,338 | |||||||
Beginning balance, value at Dec. 31, 2020 | $ 5,539,174 | $ 26,111,978 | $ (572,678) | 2,563,399 | (30,386,024) | 3,255,849 | |||
Beginning balance, shares at Dec. 31, 2020 | 20 | 5,544,590 | 543,715 | ||||||
Issuance of common stock for services rendered | $ 417,048 | 417,048 | |||||||
Issuance of common stock for services rendered, shares | 406,114 | ||||||||
Issuance of common stock warrants and commitment shares in connection with convertible promissory note | 662,062 | 662,062 | |||||||
Issuance of preferred stock | $ 2 | 2 | |||||||
Issuance of preferred stock, shares | 50 | 1,950 | |||||||
Conversion of Series C Preferred stock to Common stock | |||||||||
Conversion of Series C Preferred stock to Common stock, shares | 3,750,000 | ||||||||
Sale of common stock | $ 2,866,000 | 2,866,000 | |||||||
Sale of common stock, shares | 5,732,000 | ||||||||
Issuance of common stock in lieu of note repayments | $ 537,748 | 537,748 | |||||||
Issuance of common stock in lieu of note repayments, shares | 1,155,250 | ||||||||
Issuance of common stock for asset acquisition | $ 137,673 | 137,673 | |||||||
Issuance of common stock for asset acquisition, shares | 355,057 | ||||||||
Net loss | (4,919,871) | (4,919,871) | |||||||
Ending balance, value at Jun. 30, 2021 | $ 5,539,174 | $ 2 | $ 30,070,447 | $ (572,678) | 3,225,461 | (35,305,895) | 2,956,511 | ||
Ending balance, shares at Jun. 30, 2021 | 20 | 0 | 50 | 1,950 | 16,943,011 | 543,715 | |||
Beginning balance, value at Mar. 31, 2021 | $ 5,539,174 | $ 2 | $ 29,719,534 | $ (572,678) | 2,563,399 | (32,565,906) | 4,683,525 | ||
Beginning balance, shares at Mar. 31, 2021 | 20 | 50 | 1,950 | 16,667,655 | 543,715 | ||||
Issuance of common stock for services rendered | $ 350,913 | 350,913 | |||||||
Issuance of common stock for services rendered, shares | 275,356 | ||||||||
Issuance of common stock warrants and commitment shares in connection with convertible promissory note | 662,062 | 662,062 | |||||||
Net loss | (2,739,989) | (2,739,989) | |||||||
Ending balance, value at Jun. 30, 2021 | $ 5,539,174 | $ 2 | $ 30,070,447 | $ (572,678) | $ 3,225,461 | $ (35,305,895) | $ 2,956,511 | ||
Ending balance, shares at Jun. 30, 2021 | 20 | 0 | 50 | 1,950 | 16,943,011 | 543,715 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net loss | $ (4,919,871) | $ (2,365,032) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 975,787 | |
Depreciation | 72,342 | 61,510 |
Amortization of intangible assets | 103,480 | 277,158 |
Amortization of original-issue-discounts | 697,594 | 69,645 |
Unrealized loss on investment | 50,000 | |
Bad debt expense | 47,452 | 131,985 |
Forgiveness of PPP loan | (194,940) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (204,274) | (377,212) |
Inventory | 24,711 | 410,664 |
Prepaid expenses | 576,376 | (10,140) |
Deposits | (2,000) | |
Other noncurrent assets | 7,347 | 34,625 |
Operating lease right-of-use asset | (573) | 376 |
Accounts payable | 647,603 | 150,840 |
Accrued expenses | (42,885) | 63,376 |
Net cash used in operating activities | (3,187,638) | (526,418) |
Investing activities: | ||
Note receivable | 481 | |
Purchase of property and equipment | (166,476) | (16,787) |
Purchase of intangible assets | (177,530) | |
Investment in marketable security | (600,000) | |
Net cash used in investing activities | (344,006) | (616,306) |
Financing activities: | ||
Proceeds received from notes and loans payable | 1,525,000 | 1,657,840 |
Proceeds from issuance of Series D Preferred Stock | 2 | |
Proceeds from sale of common stock | 2,866,000 | |
Repayments of notes and loans payable | (224,000) | (70,000) |
Deferred financing costs | (101,455) | |
Net cash provided by financing activities | 4,167,002 | 1,486,385 |
Increase in cash and cash equivalents | 635,358 | 343,661 |
Cash and cash equivalents, beginning of period | 457,798 | 46,540 |
Cash and cash equivalents, end of period | 1,093,156 | 390,201 |
Supplemental Cash Flow Information: | ||
Income taxes paid | 1,169 | 950 |
Interest paid | 4,000 | 3,206 |
Non-cash Investing and Financing Activities: | ||
Issuance of common stock in lieu of repayments of notes payable | 537,748 | 384,707 |
Amortization of prepaid issuance of common stock for services rendered | 618,547 | |
Issuance of common stock in asset acquisitions | 137,673 | 201,187 |
Issuance of common stock for services rendered | 417,048 | |
Issuance of common stock warrants and commitment shares in connection with convertible promissory note | $ 662,062 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and Description of Business | Note 1 – Organization and Description of Business Can B̅ Corp. was originally incorporated as WrapMail, Inc. (“WRAP”) in Florida on October 11, 2005. On May 15, 2017, WRAP changed its name to Canbiola, Inc. On January 16, 2020 Canbiola, Inc. changed its name to Can B̅ Corp. (the “Company”, “we”, “us”, “our”, “CANB”, “Can B̅” or “Registrant”). The Company acquired 100% The Company is in the business of promoting health and wellness through its development, manufacture and sale of products containing cannabinoids derived from hemp biomass and the licensing of durable medical devises. Can B̅’s products include oils, creams, moisturizers, isolate, gel caps, spa products, and concentrates and lifestyle products. Can B̅ develops its own line of proprietary products as well seeks synergistic value through acquisitions in the hemp industry. Can B̅ aims to be the premier provider of the highest quality hemp derived products on the market through sourcing the best raw material and offering a variety of products we believe will improve people’s lives in a variety of areas. |
Liquidity
Liquidity | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Note 2 – Liquidity The consolidated financial statements have been prepared on a “going concern” basis, which contemplates the realization of assets and liquidation of liabilities in a normal course of business. As of June 30, 2021, the Company had cash and cash equivalents of $ 1,093,156 and a working capital of $ 1,040,562. For the periods ended June 30, 2021 and 2020, the Company had net loss of $ 4,919,871 and $ 2,365,032 , respectively. These factors raise substantial doubt as to the Company’s ability to continue as a going concern. The Company plans to improve its financial condition by raising capital through sales of shares of its common stock. Also, the Company plans to expand its operation of CBD products to increase its profitability. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 3 – Basis of Presentation and Summary of Significant Accounting Policies Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, these interim consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of the management of the Company, as defined below, these unaudited consolidated financial statements include all adjustments necessary to present fairly the information set forth therein. Results for interim periods are not necessarily indicative of results to be expected for a full year. The consolidated balance sheet information as of December 31, 2020 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”). The interim consolidated financial statements contained herein should be read in conjunction with the 2020 Form 10-K. Principles of Consolidation The unaudited consolidated financial statements contained herein include the accounts of Can B Corp. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Can B̅ Corp. and Subsidiaries Notes to Consolidated Financial Statements June 30, 2021 Covid-19 Commencing in December 2019, the novel strain of coronavirus (“COVID-19”) began spreading throughout the world, including the first outbreak in the US in February 2020. On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide. COVID-19 has disrupted and continues to significantly disrupt local, regional, and global economies and businesses. The COVID-19 outbreak is disrupting supply chains and affecting production and sales across a range of industries. The extent of the impact of COVID-19 on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, impact on the Company’s customers, employees and vendors, all of which are uncertain and cannot be predicted. At this point, the extent to which COVID-19 may impact the Company’s financial condition and/or results of operations is uncertain. In response to COVID-19, the Company put into place certain restrictions, requirements and guidelines to protect the health of its employees and clients, including requiring that certain conditions be met before employees return to the Company’s offices. Also, to protect the health and safety of its employees, the Company’s daily execution has evolved into a largely virtual model. The Company plans to continue to monitor the current environment and may take further actions that may be required by federal, state or local authorities or that it determines to be in the interests of its employees, customers, and partners. Management Estimates The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses in those financial statements. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, inventory, goodwill, intangible assets and other long-lived assets, income taxes and deferred taxes. Descriptions of these policies are discussed in the Company’s 2020 Form 10-K. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and adjusts when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. Significant Accounting Policies The Company’s significant accounting policies are described in “Note 3: Summary of Significant Accounting Policies” of our 2020 Form 10-K. Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued the following accounting pronouncement which became effective for the Company in 2021, and which did not have a material impact on its condensed consolidated financial statements: In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Segment reporting As of June 30, 2021, the Company reports operating results and financial data in one operating and reportable segment. The Chief Executive Officer, who is the chief operating decision maker, manages the Company as a single profit center in order to promote collaboration, provide comprehensive service offerings across the entire customer base, and provide incentives to employees based on the success of the organization as a whole. Although certain information regarding selected products or services is discussed for purposes of promoting an understanding of the Company’s business, the chief operating decision maker manages the Company and allocates resources at the consolidated level. Can B̅ Corp. and Subsidiaries Notes to Consolidated Financial Statements June 30, 2021 Reclassifications Certain amounts in the prior year consolidated financial statements have been reclassified to conform to the current year presentation. These reclassification adjustments had no effect on the Company’s previously reported net loss. |
Asset Acquisitions
Asset Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Asset Acquisitions | Note 4 – Asset Acquisitions Botanical Biotech Asset Acquisition On March 11, 2021, Company entered into an Asset Acquisition Agreement, which was fully executed on March 17, 2021, with multiple sellers (each, a “Seller” and, collectively, the “Sellers”), pursuant to which the Sellers agreed to sell certain assets to Company, and to transfer such assets to Botanical Biotech, LLC, a newly-formed, wholly-owned subsidiary of the Company (“Transferee” or “BB”). The assets purchased (“BB Assets”) include certain materials and manufacturing equipment, marketing or promotional designs, brochures, advertisements, concepts, literature, books, media rights, rights against any other person or entity in respect of any of the foregoing and all other promotional properties, in each case primarily used, developed or acquired by the Sellers for use in connection with the ownership and operation of the BB Assets. In exchange for the BB Assets the Company will pay the Seller a maximum of $ 355,057 10 In conjunction with the BB asset acquisition, the Company entered into employment agreements with two sellers. The Company and BB entered into an employment agreement with Lebsock dated March 11, 2021 (the “Lebsock Agreement”) pursuant to which Lebsock will serve as the President of BB for a term of three (3) years. The term of the Lebsock Agreement will automatically renew for an additional 3-year term unless other terminated by either party. Lebsock will receive a base salary equal to $ 120,000 3% 100,000 Effective March 16, 2021, BB entered into a Consulting Agreement (the “Schlosser Agreement”) with Schlosser pursuant to which Schlosser has agreed to provide consulting services to BB for a period of 3 months in exchange for compensation equal to $ 10,000 Can B̅ Corp. and Subsidiaries Notes to Consolidated Financial Statements June 30, 2021 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5 – Inventories Inventories consist of: Schedule of Inventories Inventory June 30, December 31, 2021 2020 Raw materials $ 273,333 $ 294,522 Finished goods 46,910 50,432 Total $ 320,243 $ 344,954 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6 – Property and Equipment Property and equipment consist of: Summary of Property, Plant and Equipment June 30, December 31, 2021 2020 Furniture and fixtures $ 21,724 $ 21,727 Office equipment 12,378 12,378 Manufacturing equipment 561,328 397,230 Medical equipment 776,396 776,392 Leasehold improvements 26,902 26,902 Total 1,398,728 1,234,629 Accumulated depreciation (309,615 ) (239,650 ) Net $ 1,089,113 $ 994,979 Depreciation expense was $ 72,342 and $ 61,510 for the six month periods ending June 30, 2021 and 2020, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 7 – Goodwill and Intangible Assets Intangible assets consist of: Schedule of Intangible Assets June 30, December 31, 2021 2020 Technology, IP and patents $ 989,443 $ 674,240 Hemp processing registration 85,200 85,200 Total 1,074,643 759,440 Accumulated amortization (339,911 ) (236,431 ) Intangible assets, net $ 734,732 $ 523,009 Amortization expense was $ 103,480 277,158 Amortization expense for the balance of 2021, and for each of the next five years and thereafter is estimated to be as follows: Schedule of Estimated Future Amortization Expense 2021 Six months ended December 31, 2021 $ 48,556 Fiscal year 2022 97,112 Fiscal year 2023 97,112 Fiscal year 2024 97,112 Fiscal year 2025 86,970 Thereafter 307,870 Intangible assets, net $ 734,732 There was no goodwill activity during the six months ended June 30, 2021 and 2020. Can B̅ Corp. and Subsidiaries Notes to Consolidated Financial Statements June 30, 2021 |
Notes and Loans Payable
Notes and Loans Payable | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Notes and Loans Payable | Note 8 – Notes and Loans Payable Convertible Promissory Notes In December 2020, the Company entered into a convertible promissory note (“ASOP Note I”) with Arena Special Opportunities Partners I, LP (“ASOP”). The principal balance of the note is $ 2,675,239 January 31, 2022 12% 3,426,280 3,426,280 0.45 533,000 0 2,286,792 In December 2020, the Company entered into a convertible promissory note (“ASOF Note I”) with Arena Special Opportunities Fund, LP (“ASOF”). The principal balance of the note is $ 102,539 January 31, 2022 12% 131,325 131,325 22,000 0 87,773 In May 2021, the Company entered into a convertible promissory note (“ASOP Note II”) with Arena Special Opportunities Partners I, LP. The principal balance of the note is $ 1,193,135 January 31, 2022 12% 1,529,670 1,529,670 0.45 90,000 0 1,073,250 In May 2021, the Company entered into a convertible promissory note (“ASOF Note II”) with Arena Special Opportunities Fund, LP. The principal balance of the note is $ 306,865 January 31, 2022 12% 393,417 393,417 23,000 0 276,750 Can B̅ Corp. and Subsidiaries Notes to Consolidated Financial Statements June 30, 2021 PPP Loan In 2020, the Company received a loan under the U.S. Small Business Administration’s Paycheck Protection Program established under the Coronavirus Aid Relief and Economic Security Act (“CARES act”) and related rules and regulations (the “PPP loan”) of $ 194,940 Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of such loans after eight weeks, if the loan is used for eligible purposes, including to fund payroll costs, mortgage interest, rent and/or utility costs, and meet certain other requirements, including, the maintenance of employment and compensation levels. The Company plans to use the entire PPP Loan for qualifying expenses and expects to qualify for full or partial forgiveness under the program. In May 2021, the Company received notice of forgiveness of the PPP loan in whole, including all accrued unpaid interest. In fiscal year 2021, the Company recorded the forgiveness of $ 194,940 1,949 196,889 Related Party Loan In 2020, the Company entered into a loan payable to a director of the Company with a principal balance of $ 224,000 12% |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 9 – Stockholders’ Equity Preferred Stock Each share of Series A Preferred Stock is convertible into 33,334 pari passu pari passu Each share of Series B Preferred Stock has the first preference to dividends, distributions and payments upon liquidation, dissolution and winding-up of the Company, and is entitled to an accrued cumulative but not compounding dividend at the rate of 5% The shares of Series B Preferred Stock have no voting rights. Each share of Series C Preferred Stock has preference to payment of dividends, if and when declared by the Company, compared to shares of our common stock. Each Preferred Series C share is convertible into 25,000 Each share of Series D Preferred Stock has 10,000 shares of voting rights only pari passu to common shares voting with no conversion rights and no equity participation Can B̅ Corp. and Subsidiaries Notes to Consolidated Financial Statements June 30, 2021 On February 8, 2021, the Company’s Board of Directors approved the designation of the Series D Preferred Shares and the number of shares constituting such series, and the rights, powers, preferences, privileges and restrictions relating to such series. On March 27, 2021, the Company filed an amendment to its articles of incorporation to authorize 4,000 pari passu Each Series D Preferred Share shall have voting rights equal to 10,000 shares of Common Stock, adjustable at any recapitalization of the Company’s stock. In the event of a liquidation event, whether voluntary or involuntary, each holder shall have a liquidation preference on a per-share amount equal to the par value of such holder’s Series D Preferred Shares. 600 150 collectively representing 19,500,000 voting shares. Common Stock For the six months ended June 30, 2021, the Company issued an aggregate of 5,732,000 |
Stock Options
Stock Options | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Options | Note 10 – Stock Options A summary of stock options activity for the six months ended June 30, 2021 is as follows: Summary of Stock Options Activity Option Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, January 1, 2021 1,197,199 $ 0.36 4.42 Granted 561,920 $ 0.46 4.82 Exercised - - - Forfeited - - - Expired - - - Outstanding, June 30, 2021 1,759,119 $ 0.39 4.53 Schedule of Non-Vested Option Option Shares Weighted Average Grant-Date Fair Value Non-vested options, January 1, 2021 1,197,199 $ 0.35 Granted 561,920 $ 0.46 Vested - - Forfeited - - Non-vested options, June 30, 2021 $ 1,759,119 $ 0.36 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 – Income Taxes The Company’s income tax provisions for the six and three months ended June 30, 2021 and 2020 reflect the Company’s estimates of the effective rates expected to be applicable for the respective full years, adjusted for any discrete events, which are recorded in the period that they occur. These estimates are reevaluated each quarter based on the Company’s estimated tax expense for the full year. The estimated effective tax rate includes the impact of valuation allowances in various jurisdictions. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 12 – Related Party Transactions For the six months ended June 30, 2021 and 2020, the Company paid fees to a service provider that is a relative of a director for professional services in the amount of $9,900 $42,600 Can B̅ Corp. and Subsidiaries Notes to Consolidated Financial Statements June 30, 2021 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 – Commitments and Contingencies Employment Agreements On December 28, 2020, the Company entered into new three-year Employment Agreements with CEO Marco Alfonsi, CFO Stanley Teeple, and Pure Health Products LLC Pasquale Ferro. Under these agreements, they are to receive a i) base salary of fifteen thousand dollars ( $15,000.00 $100,000 200 $100,000 20 Consulting Agreements On July 15, 2020, we engaged an advisor to provide consulting services under an Investor Relations and Advisory Agreement (the “Advisory Agreement”). Pursuant to the Advisory Agreement, we agreed to pay the Consulting Firm a restricted common stock monthly fee of $5,000 $6,250 $7,500 Lease Agreements We determine if a contract contains a lease at inception. Our material operating lease is office space. Our leases generally have remaining terms of 1 3 Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease assets represent our right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease payments not yet paid, we estimate incremental secured borrowing rates corresponding to the maturities of the leases. Our leases typically contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. The Company leases office space in numerous medical facilities offices under month-to-month agreements. Rent expense for the six months ended June 30, 2021 and 2020 was $84,724 $121,652 At June 30, 2021, the future minimum lease payments under non-cancellable operating leases were: Schedule of Future Minimum Lease Payments Under Non-cancellable Operating Leases 2021 Six months ended December 31, 2021 $ 23,527 Fiscal year 2022 14,259 Total $ 37,786 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14 – Subsequent Events The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the condensed consolidated financial statements are issued and as of that date, except as reported below, there were no subsequent events that required adjustment or disclosure in the consolidated financial statements. On August 12, 2021 the Company entered into an Equipment Acquisition Agreement with TWS Pharma, LLC, a Wisconsin limited liability company and L7 TWS Pharma, LLC, a Wisconsin limited liability company (collectively, “TWS”) pursuant to which the Company agreed to purchase certain equipment and inventory from TWS for a total purchase price equal to $ 5,316,774 1,250,000 6 100,000 4,066,774 0.62 the Company will withhold $1,750,000 of the shares for a period of ninety (90) days from the closing date. The first $500,000 of payments of the promissory note will be secured by 1,000,000 shares of CANB’s common stock On August 13, 2021 the Company entered into an Asset Purchase Agreement with Music City Botanicals, LLC, a Wisconsin limited liability company (“MCB”) pursuant to which the Company agreed to purchase certain equipment, inventory, and intellectual property from MCB for a total purchase price equal to $ 1,394,324 498,259 896,065 0.62 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, these interim consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of the management of the Company, as defined below, these unaudited consolidated financial statements include all adjustments necessary to present fairly the information set forth therein. Results for interim periods are not necessarily indicative of results to be expected for a full year. The consolidated balance sheet information as of December 31, 2020 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”). The interim consolidated financial statements contained herein should be read in conjunction with the 2020 Form 10-K. |
Principles of Consolidation | Principles of Consolidation The unaudited consolidated financial statements contained herein include the accounts of Can B Corp. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Can B̅ Corp. and Subsidiaries Notes to Consolidated Financial Statements June 30, 2021 |
Covid-19 | Covid-19 Commencing in December 2019, the novel strain of coronavirus (“COVID-19”) began spreading throughout the world, including the first outbreak in the US in February 2020. On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic and recommended containment and mitigation measures worldwide. COVID-19 has disrupted and continues to significantly disrupt local, regional, and global economies and businesses. The COVID-19 outbreak is disrupting supply chains and affecting production and sales across a range of industries. The extent of the impact of COVID-19 on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, impact on the Company’s customers, employees and vendors, all of which are uncertain and cannot be predicted. At this point, the extent to which COVID-19 may impact the Company’s financial condition and/or results of operations is uncertain. In response to COVID-19, the Company put into place certain restrictions, requirements and guidelines to protect the health of its employees and clients, including requiring that certain conditions be met before employees return to the Company’s offices. Also, to protect the health and safety of its employees, the Company’s daily execution has evolved into a largely virtual model. The Company plans to continue to monitor the current environment and may take further actions that may be required by federal, state or local authorities or that it determines to be in the interests of its employees, customers, and partners. |
Management Estimates | Management Estimates The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses in those financial statements. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, inventory, goodwill, intangible assets and other long-lived assets, income taxes and deferred taxes. Descriptions of these policies are discussed in the Company’s 2020 Form 10-K. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and adjusts when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies are described in “Note 3: Summary of Significant Accounting Policies” of our 2020 Form 10-K. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued the following accounting pronouncement which became effective for the Company in 2021, and which did not have a material impact on its condensed consolidated financial statements: In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Segment reporting | Segment reporting As of June 30, 2021, the Company reports operating results and financial data in one operating and reportable segment. The Chief Executive Officer, who is the chief operating decision maker, manages the Company as a single profit center in order to promote collaboration, provide comprehensive service offerings across the entire customer base, and provide incentives to employees based on the success of the organization as a whole. Although certain information regarding selected products or services is discussed for purposes of promoting an understanding of the Company’s business, the chief operating decision maker manages the Company and allocates resources at the consolidated level. Can B̅ Corp. and Subsidiaries Notes to Consolidated Financial Statements June 30, 2021 |
Reclassifications | Reclassifications Certain amounts in the prior year consolidated financial statements have been reclassified to conform to the current year presentation. These reclassification adjustments had no effect on the Company’s previously reported net loss. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of: Schedule of Inventories Inventory June 30, December 31, 2021 2020 Raw materials $ 273,333 $ 294,522 Finished goods 46,910 50,432 Total $ 320,243 $ 344,954 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property and equipment consist of: Summary of Property, Plant and Equipment June 30, December 31, 2021 2020 Furniture and fixtures $ 21,724 $ 21,727 Office equipment 12,378 12,378 Manufacturing equipment 561,328 397,230 Medical equipment 776,396 776,392 Leasehold improvements 26,902 26,902 Total 1,398,728 1,234,629 Accumulated depreciation (309,615 ) (239,650 ) Net $ 1,089,113 $ 994,979 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consist of: Schedule of Intangible Assets June 30, December 31, 2021 2020 Technology, IP and patents $ 989,443 $ 674,240 Hemp processing registration 85,200 85,200 Total 1,074,643 759,440 Accumulated amortization (339,911 ) (236,431 ) Intangible assets, net $ 734,732 $ 523,009 |
Schedule of Estimated Future Amortization Expense | Amortization expense for the balance of 2021, and for each of the next five years and thereafter is estimated to be as follows: Schedule of Estimated Future Amortization Expense 2021 Six months ended December 31, 2021 $ 48,556 Fiscal year 2022 97,112 Fiscal year 2023 97,112 Fiscal year 2024 97,112 Fiscal year 2025 86,970 Thereafter 307,870 Intangible assets, net $ 734,732 |
Stock Options (Tables)
Stock Options (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Options Activity | A summary of stock options activity for the six months ended June 30, 2021 is as follows: Summary of Stock Options Activity Option Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Outstanding, January 1, 2021 1,197,199 $ 0.36 4.42 Granted 561,920 $ 0.46 4.82 Exercised - - - Forfeited - - - Expired - - - Outstanding, June 30, 2021 1,759,119 $ 0.39 4.53 |
Schedule of Non-Vested Option | Schedule of Non-Vested Option Option Shares Weighted Average Grant-Date Fair Value Non-vested options, January 1, 2021 1,197,199 $ 0.35 Granted 561,920 $ 0.46 Vested - - Forfeited - - Non-vested options, June 30, 2021 $ 1,759,119 $ 0.36 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments Under Non-cancellable Operating Leases | At June 30, 2021, the future minimum lease payments under non-cancellable operating leases were: Schedule of Future Minimum Lease Payments Under Non-cancellable Operating Leases 2021 Six months ended December 31, 2021 $ 23,527 Fiscal year 2022 14,259 Total $ 37,786 |
Organization and Description _2
Organization and Description of Business (Details Narrative) | Dec. 28, 2018 |
Pure Health Products, LLC [Member] | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Business acquisition, percentage | 100.00% |
Liquidity (Details Narrative)
Liquidity (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Cash and Cash Equivalents, at Carrying Value | $ 1,093,156 | $ 1,093,156 | $ 457,798 | ||
Working capital | 1,040,562 | 1,040,562 | |||
Net Income (Loss) Attributable to Parent | $ 2,739,989 | $ 1,230,925 | $ 4,919,871 | $ 2,365,032 |
Asset Acquisitions (Details Nar
Asset Acquisitions (Details Narrative) | Mar. 17, 2021USD ($)Integer | Mar. 16, 2021USD ($) | Mar. 11, 2021USD ($) |
President [Member] | Company's Incentive Stock Option Plan [Member] | |||
Entity Listings [Line Items] | |||
Stock bonus | $ 100,000 | ||
Asset Acquisition Agreement [Member] | Botanical Biotech, LLC, [Member] | Maximum [Member] | |||
Entity Listings [Line Items] | |||
Maximum amount paid | $ 355,057 | ||
Number of trading days | Integer | 10 | ||
Lebsock Agreement [Member] | President [Member] | |||
Entity Listings [Line Items] | |||
Base salary per year | $ 120,000 | ||
Lebsock Agreement [Member] | Maximum [Member] | President [Member] | |||
Entity Listings [Line Items] | |||
Percentage of annual increase | 3.00% | ||
Schlosser Agreement [Member] | |||
Entity Listings [Line Items] | |||
Consulting fees | $ 10,000 |
Schedule of Inventories (Detail
Schedule of Inventories (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 273,333 | $ 294,522 |
Finished goods | 46,910 | 50,432 |
Total | $ 320,243 | $ 344,954 |
Summary of Property, Plant and
Summary of Property, Plant and Equipment (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Furniture and fixtures | $ 21,724 | $ 21,727 |
Office equipment | 12,378 | 12,378 |
Manufacturing equipment | 561,328 | 397,230 |
Medical equipment | 776,396 | 776,392 |
Leasehold improvements | 26,902 | 26,902 |
Total | 1,398,728 | 1,234,629 |
Accumulated depreciation | (309,615) | (239,650) |
Net | $ 1,089,113 | $ 994,979 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 72,342 | $ 61,510 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Technology, IP and patents | $ 989,443 | $ 674,240 |
Hemp processing registration | 85,200 | 85,200 |
Total | 1,074,643 | 759,440 |
Accumulated amortization | (339,911) | (236,431) |
Intangible assets, net | $ 734,732 | $ 523,009 |
Schedule of Estimated Future Am
Schedule of Estimated Future Amortization Expense (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Six months ended December 31, 2021 | $ 48,556 | |
Fiscal year 2022 | 97,112 | |
Fiscal year 2023 | 97,112 | |
Fiscal year 2024 | 97,112 | |
Fiscal year 2025 | 86,970 | |
Thereafter | 307,870 | |
Intangible assets, net | $ 734,732 | $ 523,009 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 103,480 | $ 277,158 |
Notes and Loans Payable (Detail
Notes and Loans Payable (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
May 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||||||
Aggregate amortization of the original issue discount | $ 697,594 | $ 69,645 | ||||
Gain on extinguishment of debt | $ 196,889 | $ 196,889 | ||||
Director [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Debt instrument, interest rate | 12.00% | |||||
Loan payable related party | $ 224,000 | |||||
Common Stock [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Number of shares issued | 5,732,000 | |||||
Arena Special Opportunities Partners I, LP [Member] | Convertible Notes Payable [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Debt instrument, maturity date | Jan. 31, 2022 | |||||
Debt instrument, interest rate | 12.00% | |||||
Exercise price | $ 0.45 | |||||
Aggregate amortization of the original issue discount | $ 533,000 | 0 | ||||
Principal balance outstanding | $ 1,193,135 | 2,286,792 | 2,286,792 | |||
Arena Special Opportunities Partners I, LP [Member] | Convertible Notes Payable [Member] | Warrant [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Number of shares issued | 1,529,670 | 3,426,280 | ||||
Arena Special Opportunities Partners I, LP [Member] | Convertible Notes Payable [Member] | Common Stock [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Number of shares issued | 1,529,670 | 3,426,280 | ||||
Exercise price | $ 0.45 | |||||
Arena Special Opportunities Partners I, LP [Member] | Convertible Notes Payable One [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Aggregate amortization of the original issue discount | 90,000 | 0 | ||||
Principal balance outstanding | 1,073,250 | 1,073,250 | ||||
Arena Special Opportunities Fund, LP [Member] | Convertible Notes Payable [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Debt instrument, maturity date | Jan. 31, 2022 | Jan. 31, 2022 | ||||
Debt instrument, interest rate | 12.00% | 12.00% | ||||
Aggregate amortization of the original issue discount | 22,000 | 0 | ||||
Principal balance outstanding | $ 306,865 | 87,773 | 87,773 | $ 102,539 | ||
Arena Special Opportunities Fund, LP [Member] | Convertible Notes Payable [Member] | Warrant [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Number of shares issued | 393,417 | 131,325 | ||||
Arena Special Opportunities Fund, LP [Member] | Convertible Notes Payable [Member] | Common Stock [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Number of shares issued | 393,417 | 131,325 | ||||
Arena Special Opportunities Fund, LP [Member] | Convertible Notes Payable Two [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Aggregate amortization of the original issue discount | 23,000 | $ 0 | ||||
Principal balance outstanding | $ 276,750 | $ 276,750 | ||||
Notes Payable [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Total notes and loans payable | $ 2,675,239 | |||||
Debt instrument, maturity date | Jan. 31, 2022 | |||||
Debt instrument, interest rate | 12.00% | |||||
Paycheck Protection Program Cares Act [Member] | ||||||
Short-term Debt [Line Items] | ||||||
Loan received | $ 194,940 | |||||
Debt forgiveness | $ 194,940 | |||||
Accrued interest | 1,949 | |||||
Gain on extinguishment of debt | $ 196,889 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | Mar. 27, 2021 | Feb. 08, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||||
Preferred stock share authorized | 5,000,000 | 5,000,000 | ||
Stock issued during the period, value | $ 2,866,000 | |||
Common Stock One [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during the period, value | $ 5,732,000 | |||
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, voting rights | Each share of Series A Preferred Stock is convertible into 33,334 shares of CANB common stock and is entitled to 66,666 votes. | |||
Number of convertible shares | 33,334 | |||
Preferred stock share authorized | 20 | 20 | ||
Stock issued during the period | ||||
Stock issued during the period, value | ||||
Series B Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, voting rights | The shares of Series B Preferred Stock have no voting rights. | |||
Dividend, description | Each share of Series B Preferred Stock has the first preference to dividends, distributions and payments upon liquidation, dissolution and winding-up of the Company, and is entitled to an accrued cumulative but not compounding dividend at the rate of 5% per annum whether or not declared. After six months of the issuance date, such share and any accrued but unpaid dividends can be converted into common stock at the conversion price which is the lower of (i) $0.0101; or (ii) the lower of the dollar volume weighted average price of CANB common stock on the trading day prior to the conversion day or the dollar volume weighted average price of CANB common stock on the conversion day. The shares of Series B Preferred Stock have no voting rights. | |||
Preferred stock, dividend rate, percentage | 5.00% | |||
Preferred stock share authorized | 500,000 | 500,000 | ||
Stock issued during the period, value | ||||
Series C Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Number of convertible shares | 25,000 | |||
Preferred stock share authorized | 2,000 | 2,000 | ||
Stock issued during the period | ||||
Stock issued during the period, value | ||||
Series D Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, voting rights | collectively representing 19,500,000 voting shares. | Each Series D Preferred Share shall have voting rights equal to 10,000 shares of Common Stock, adjustable at any recapitalization of the Company’s stock. In the event of a liquidation event, whether voluntary or involuntary, each holder shall have a liquidation preference on a per-share amount equal to the par value of such holder’s Series D Preferred Shares. | Each share of Series D Preferred Stock has 10,000 shares of voting rights only pari passu to common shares voting with no conversion rights and no equity participation | |
Preferred stock share authorized | 4,000 | 4,000 | 4,000 | |
Stock issued during the period | ||||
Stock issued during the period, value | ||||
Series D Preferred Stock [Member] | Marco Alfonsi [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during the period | 600 | |||
Series D Preferred Stock [Member] | Pasquale Ferro [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during the period | 600 | |||
Series D Preferred Stock [Member] | Stanley L. Teeple [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during the period | 600 | |||
Series D Preferred Stock [Member] | Philip Scala [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during the period | 150 |
Summary of Stock Options Activi
Summary of Stock Options Activity (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Option Shares, Outstanding Beginning | shares | 1,197,199 |
Weighted Average Exercise Price, Outstanding Beginning | $ / shares | $ 0.36 |
Weighted Average Remaining Contractual Life (Years), Outstanding Beginning | 4 years 5 months 1 day |
Option Shares, Granted | shares | 561,920 |
Weighted Average Exercise Price, Granted | $ / shares | $ 0.46 |
Weighted Average Remaining Contractual Life (Years), Granted | 4 years 9 months 25 days |
Option Shares, Exercised | shares | |
Weighted Average Exercise Price, Exercised | $ / shares | |
Option Shares, Forfeited | shares | |
Weighted Average Exercise Price, Forfeited | $ / shares | |
Option Shares, Expired | shares | |
Weighted Average Exercise Price, Expired | $ / shares | |
Option Shares, Outstanding Ending | shares | 1,759,119 |
Weighted Average Exercise Price, Outstanding Ending | $ / shares | $ 0.39 |
Weighted Average Remaining Contractual Life (Years), Outstanding Ending | 4 years 6 months 10 days |
Schedule of Non-Vested Option (
Schedule of Non-Vested Option (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Option Shares, Non-vested options, Beginning | shares | 1,197,199 |
Weighted Average Grant-Date Fair Value, Non-vested options, Beginning | $ / shares | $ 0.35 |
Option Shares, Granted | shares | 561,920 |
Weighted Average Grant-Date Fair Value, Granted | $ / shares | $ 0.46 |
Option Shares, Vested | shares | |
Weighted Average Grant-Date Fair Value, Vested | $ / shares | |
Option Shares, Forfeited | shares | |
Weighted Average Grant-Date Fair Value, Forfeited | $ / shares | |
Option Shares, Non-vested options, Ending | shares | 1,759,119 |
Weighted Average Grant-Date Fair Value, Non-vested options, Ending | $ / shares | $ 0.36 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Director [Member] | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Professional fees | $ 9,900 | $ 42,600 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments Under Non-cancellable Operating Leases (Details) | Jun. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Six months ended December 31, 2021 | $ 23,527 |
Fiscal year 2022 | 14,259 |
Total | $ 37,786 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) - USD ($) | Dec. 28, 2020 | Jul. 15, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | |||||
Rent expense | $ 84,724 | $ 121,652 | |||
Minimum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Lease remaining terms | 1 year | ||||
Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Lease remaining terms | 3 years | ||||
Series C Preferred Stock [Member] | |||||
Loss Contingencies [Line Items] | |||||
Preferred stock, shares issued | 50 | 50 | |||
Executive Employment Agreement [Member] | Series C Preferred Stock [Member] | |||||
Loss Contingencies [Line Items] | |||||
Preferred stock, shares issued | 200 | ||||
Executive Employment Agreement [Member] | Chief Financial Officer [Member] | |||||
Loss Contingencies [Line Items] | |||||
Base salary per month | $ 15,000 | ||||
Incentive stock option plan | 100,000 | ||||
Executive Employment Agreement [Member] | Pasquale Ferro [Member] | |||||
Loss Contingencies [Line Items] | |||||
Base salary per month | 15,000 | ||||
Incentive stock option plan | 100,000 | ||||
Executive Employment Agreement [Member] | Chief Executive Officer [Member] | |||||
Loss Contingencies [Line Items] | |||||
Base salary per month | 15,000 | ||||
Incentive stock option plan | 100,000 | ||||
Executive Employment Agreement [Member] | Philip Scala [Member] | |||||
Loss Contingencies [Line Items] | |||||
Employee cash compensation per month | $ 100,000 | ||||
Executive Employment Agreement [Member] | Philip Scala [Member] | Series C Preferred Stock [Member] | |||||
Loss Contingencies [Line Items] | |||||
Preferred stock, shares issued | 20 | ||||
Investor Relations and Advisory Agreement [Member] | Restricted Stock [Member] | Initial 3 Months [Member] | |||||
Loss Contingencies [Line Items] | |||||
Professional fees | $ 5,000 | ||||
Investor Relations and Advisory Agreement [Member] | Restricted Stock [Member] | 4-6 Months [Member] | |||||
Loss Contingencies [Line Items] | |||||
Professional fees | 6,250 | ||||
Investor Relations and Advisory Agreement [Member] | Restricted Stock [Member] | 7 Months and After [Member] | |||||
Loss Contingencies [Line Items] | |||||
Professional fees | $ 7,500 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - USD ($) | Aug. 13, 2021 | Aug. 12, 2021 |
Equipment Acquisition Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Purchase price | $ 5,316,774 | |
Long-term Debt, Gross | $ 1,250,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |
Debt Instrument, Periodic Payment | $ 100,000 | |
Shares Issued, Price Per Share | $ 0.62 | |
Equipment Acquisition Agreement [Member] | Common Stock [Member] | ||
Subsequent Event [Line Items] | ||
Long-term Debt, Gross | $ 4,066,774 | |
Debt Instrument, Description | the Company will withhold $1,750,000 of the shares for a period of ninety (90) days from the closing date. The first $500,000 of payments of the promissory note will be secured by 1,000,000 shares of CANB’s common stock | |
Asset Purchase Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Purchase price | $ 1,394,324 | |
Long-term Debt, Gross | 498,259 | |
Asset Purchase Agreement [Member] | Common Stock [Member] | ||
Subsequent Event [Line Items] | ||
Long-term Debt, Gross | $ 896,065 | |
Shares Issued, Price Per Share | $ 0.62 |