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Our financial instruments carried on the annual audited consolidated statement of financial position are carried at amortized cost with the exception of cash, which is carried at fair value.
−Removed: There are no significant differences between the carrying value of financial instruments and their estimated fair values as of December 31, 2021, or December 31, 2020 due to the immediate or short-term maturities of the financial instruments.
+Added: There are no significant differences between the carrying value of financial instruments and their estimated fair values as of December 31, 2022, or December 31, 2021, due to the immediate or short-term maturities of the financial instruments.
Fair values of financial assets and liabilities
Our financial instruments include cash, deposits, accounts payable and accrued expenses and note payable.
−Removed: At December 31, 2021, the carrying value of cash is fair value.
+Added: On December 31, 2022, the carrying value of cash is fair value.
Financial instruments classified as loans and receivables and other financial liabilities are carried at amortized cost using the effective interest method.
1 unchanged sentence
Accounts payable and other liabilities, notes payable, and notes payable related parties have been classified as other financial liabilities.
−Removed: Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss.
−Removed: It is management’s opinion that we are not exposed to significant credit risk arising from these financial instruments.
−Removed: A portion of our revenue utilizes third-party payment platforms.
−Removed: These platforms batch process several days’ worth of activity before funds are remitted to us.
−Removed: A failure of such platforms, or the inability of the platform provider to remit funds in a timely manner to us could have a material impact on our financial position.
−Removed: We limit credit risk by entering into business arrangements with high credit-quality counterparties.
−Removed: Thus, the credit risk associated with other receivables is also considered to be negligible.
+Added: Credit risk is the risk that a third party might fail to discharge its obligations under the terms of a financial instrument.
+Added: Credit risk arises from cash with banks and financial institutions.
+Added: It is management's opinion that the Company is not exposed to significant credit risk arising from these financial instruments.
+Added: The Company limits credit risk by entering into business arrangements with high credit-quality counterparties.
+Added: The Company evaluates the collectability of its accounts receivable and maintains an allowance for credit losses at an amount sufficient to absorb losses inherent in the existing accounts receivable portfolio as of the reporting dates based on the estimate of expected net credit losses.
Interest Rate Risk
−Removed: Interest rate risk is the risk of losses that arise as a result of changes in contracted interest rates.
−Removed: We are not exposed to significant interest rate risk.
+Added: Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. 
+Added: The Company currently does not carry variable interest-bearing debt. 
+Added: It is management’s opinion that the Company is not exposed to significant interest rate risk.
Currency Risk
−Removed: We are exposed to foreign exchange risk arising from various currency exposures.
−Removed: We primarily operate in Canada and the United States and incur certain expenditures and obtain financing in both Canadian and US dollars.
−Removed: Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the functional currency of the Company or the subsidiary that holds the financial asset or liability.
−Removed: Our risk management policy is to review our exposure to non-US dollar forecast operating costs on a case-by-case basis.
−Removed: The majority of our forecast operating costs are in US dollars and Canadian dollars.
−Removed: The risk is measured using sensitivity analysis and cash flow forecasting.
−Removed: The carrying amount of foreign currency financial assets and liabilities in US dollars as at December 31, 2021, is as follows:
−Removed: US Dollar amounts of foreign currency assets and liabilities
−Removed: Canadian Dollars
−Removed: Based on the financial instruments held as at December 31, 2021, we would have recognized an additional unrealized foreign exchange loss of $56,565 had the US dollar shifted by 10% as a result of foreign exchange effect on translation of non-US dollar denominated financial instruments.
−Removed: As at December 31, 2021, we have no hedging agreements in place with respect to foreign exchange rates.
−Removed: We have not entered into any agreements or purchased any instruments to hedge possible currency risks at this time.
+Added: As at December 31, 2022, a portion of the Company’s financial assets and liabilities held in Canadian dollars consist of cash of $1,172,859 (2021 - $165,943).
+Added: The Company’s objective in managing its foreign currency risk is to minimize its net exposure to foreign currency cash flows by transacting, to the greatest extent possible, with third parties in the functional currency.
+Added: The Company does not currently use foreign exchange contracts to hedge its exposure of its foreign currency cash flows as management has determined that this risk is not significant at this point in time.
+Added: The Company’s exposure to a 10% change in the foreign exchange conversion rate at December 31, 2022 equals $117,286.
Liquidity Risk
−Removed: Prudent liquidity risk management implies maintaining at all times sufficient cash and liquid investments to meet our commitments as they arise.
+Added: The Company’s approach to managing risk is to ensure that it will have sufficient cash and liquid investments to meet our commitments as they arise. 
We manage liquidity risk by maintaining adequate cash reserves and by continuously monitoring forecast and actual cash flows.
−Removed: Where insufficient liquidity may exist, we may pursue various debt and equity instruments for short or long-term financing of our operations.
−Removed: As at December 31, 2021, we had working capital of $68,274,639 (December 31, 2020 - $81,492,200) and anticipate that revenue from operations will provide sufficient funds to cover all our operating expenditures for the next 12 months and available cash on hand will be sufficient to fund any and all capital expenditure requirements for the build-out of operations in the State of Florida and carry out other corporate initiatives over the next 12 months.
−Removed: Planned expansion of our cultivation facilities, production and manufacturing facilities and retail distribution facilities will require us to raise additional capital from outside sources.
+Added: Where insufficient liquidity may exist, we may pursue various debt and equity instruments for short or long-term financing of our operations. As of December 31, 2022, the Company’s financial liabilities consist of accounts payable, accrued liabilities, obligations under operating leases and taxes. 
+Added: As of December 31, 2022, we had working capital of $55,124,236 (December 31, 2021 - $68,274,639) and anticipate that revenue from operations will provide sufficient funds to cover all our operating expenditures for the next 12 months and available cash on hand will be sufficient to fund any and all capital expenditure requirements for the build-out of operations in the State of Florida and carry out other corporate initiatives over the next 12 months.
+Added: Further expansion of our cultivation facilities, production and manufacturing facilities and retail distribution facilities may require us to raise additional capital from outside sources.
We will consider financing alternatives while contemplating minimal shareholder dilution.
+Added: The Company manages liquidity risk by reviewing its capital requirements on an ongoing basis. 
+Added: Historically, the Company’s main source of funding has been the public issuance of common shares. 
+Added: The Company’s access to financing is always uncertain. 
+Added: There can be no assurance of continued access to significant equity financing.
Our potential sources of cash flow in the upcoming year will be from the proceeds of the sale of cannabis and cannabis related products and possible equity financings, loans, lease financing and entering into joint venture agreements, or any combination thereof.
−Removed: Price risk is the risk of variability in fair value due to movements in equity or market prices.
+Added: Price risk is the risk that the trading price of the Company's shares will fluctuate and result in an increase or decrease in the fair value of the warrant liability.
+Added: The Company is not exposed to significant price risk.
Concentration Risk
−Removed: We currently operate exclusively in Southern Nevada and Southern California.
−Removed: Should economic conditions deteriorate within those regions, our results of operations and financial position would be negatively impacted.
+Added: The Company operates primarily in Southern Nevada and Southern California.
+Added: Should economic conditions deteriorate within those regions, its results of operations and financial position would be negatively impacted.
+Added: Notwithstanding that a majority of states have legalized medical marijuana, there has been no change in US federal banking laws related to the deposit and holding of funds derived from activities related to the marijuana industry.
+Added: Given that US federal law provides that the production and possession of cannabis is illegal, there is a strong argument that banks cannot accept for deposit funds from businesses involved with the marijuana industry.
+Added: Consequently, businesses involved in the marijuana industry often have difficulty accessing the US banking system and traditional financing sources.
+Added: The inability to open bank accounts with certain institutions may make it difficult to operate the business of the Company and leaves their cash holdings vulnerable.
+Added: Asset Forfeiture Risk
+Added: Because the cannabis industry remains illegal under US federal law, any property owned by participants in the cannabis industry which are either used in the course of conducting such business, or are the proceeds of such business, could be subject to seizure by law enforcement and subsequent civil asset forfeiture.
+Added: Even if the owner of the property was never charged with a crime, the property in question could still be seized and subject to an administrative proceeding by which with minimal due process, it could be subject to forfeiture.
Financial Statements and Supplementary Data.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.