BlueBird, CPAs - NIGA Cannabis Series
3/12/23
MYTHICAL SKY TRIBAL CANNABIS CORPORATION STATEMENT OF NET POSITION DECEMBER 31, 202X
202X
ASSETS CURRENT ASSETS: Cash and cash equivalents Related-party receivables
$
750,000 25,000 355,000 10,000
Inventories
Prepaid expenses
Total current assets
1,140,000
NONCURRENT ASSETS: Depreciable capital assets, net Nondepreciable capital assets
1,500,000
250,000
Total noncurrent assets
1,750,000
Total assets
2,890,000
LIABILITIES CURRENT LIABILITIES: Accounts payable Accrued liabilities
20,000 55,000 175,000 50,000 300,000
Sales and excise taxes payable
Related-party payables
Total current liabilities
NONCURRENT LIABILITIES: Deferred management company fees
100,000 100,000
Total noncurrent liabilities
Total liabilities
400,000
NET POSITION Net investment in capital assets
1,750,000
Unrestricted
740,000
Total net position
$
2,490,000
9
MYTHICAL SKY TRIBAL CANNABIS CORPORATION STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION FOR THE YEAR ENDED DECEMBER 31, 202X
202X
OPERATING REVENUES: Cannabis sales
$
4,850,000
Non-cannabis sales
100,000 50,000
Other
Total operating revenues
5,000,000
OPERATING EXPENSES: Cost of goods sold
2,700,000 1,050,000
Contract labor and related
Other
330,000 400,000 150,000
Selling, general, and administrative
Depreciation
Total operating expenses
4,630,000
OPERATING INCOME
370,000
NONOPERATING EXPENSES: Loss on disposal of capital assets
(70,000) (70,000)
Total nonoperating expenses
INCOME BEFORE CONTRIBUTIONS
300,000
CONTRIBUTIONS: Contributions from Parent Corporation
2,190,000 2,190,000
Total contributions
CHANGE IN NET POSITION
2,490,000
NET POSITION, BEGINNING OF YEAR
-
NET POSITION, END OF YEAR
$
2,490,000
10
Audit and Accounting Considerations: Tribal Marijuana Related Businesses
5
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