ITEM 1A. RISK FACTORS
The risk factors in this section
describe the material risks to our business, prospects, results of operations, financial condition or cash flows, and should be
considered carefully. In addition, these factors constitute our cautionary statements under the Private Securities Litigation Reform
Act of 1995 and could cause our actual results to differ materially from those projected in any forward-looking statements (as
defined in such act) made in this Annual Report on Form 10-K. Investors should not place undue reliance on any such forward-looking
statements. Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs,
plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such
as "will likely result," "are expected to," "will continue," "is anticipated," "estimated,"
"intends," "plans," "believes" and "projects") may be forward-looking and may involve estimates
and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements.
Further, any
forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update
any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the
occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible
for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or
the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in
any forward-looking statements.
RISKS RELATING TO OUR FINANCIAL
CONDITION
We
hav
e
a
l
i
m
i
t
ed
o
p
e
r
at
i
n
g
h
i
s
to
r
y
,
wh
i
c
h
m
a
y
m
ak
e
i
t
d
i
ff
i
c
u
l
t
fo
r
i
nv
e
s
t
o
r
s
t
o
p
r
e
d
i
ct
futu
re
p
e
r
fo
r
m
a
n
c
e
b
a
s
ed
o
n
c
u
r
re
n
t
o
p
e
r
at
i
on
s.
W
e
h
a
v
e
a
l
i
m
i
t
ed
op
e
r
a
t
i
n
g
h
i
s
t
or
y
up
o
n
wh
i
ch
i
n
v
e
s
t
or
s
m
ay
b
ase
a
n
e
v
a
l
u
a
t
i
o
n
o
f
o
u
r
p
o
t
e
n
t
i
al
fu
t
ur
e
p
e
r
f
orm
a
n
c
e.
I
n
p
a
r
t
i
c
u
l
a
r
,
w
e
h
a
v
e
no
t
prov
en
t
h
a
t
w
e
c
an maintain and lease properties
associated with FutureLand grow operations, locations, leaseholds, placements, s
upp
l
y
hyd
r
opo
n
i
c
g
r
ow
i
n
g
e
q
u
i
pm
e
n
t
o
r
se
l
l
o
u
r
h
ydr
o
pon
i
c
pr
o
du
ce
i
n
a
m
a
nn
er
t
h
at
e
n
a
b
l
es
u
s
t
o
b
e
pr
o
f
i
t
a
b
l
e
a
n
d
m
e
et
c
u
s
t
om
er
r
e
qu
i
r
e
m
e
n
t
s
,
d
e
v
e
l
o
p
i
n
t
e
l
l
e
c
t
u
a
l
p
rop
e
r
t
y
t
o
e
n
h
a
n
c
e
FutureLand leased grow facilities
,
ob
t
a
i
n
t
h
e
n
e
c
ess
a
r
y
p
e
rm
i
t
s
a
n
d
/
o
r
a
c
h
i
e
v
e
c
e
r
t
a
i
n
m
i
l
e
s
t
on
es
t
o
d
e
v
e
l
o
p
leased facilities,
FutureLand’s
l
i
n
e
o
f
products
c
i
g
a
r
e
tt
es,
d
e
v
e
l
o
p
a
n
d
m
a
i
n
t
a
i
n
r
e
l
a
t
i
o
n
s
h
i
p
s
w
i
t
h
k
ey
m
a
nuf
ac
t
ur
e
r
s
a
n
d
s
t
r
a
t
e
g
i
c
p
a
r
t
n
e
r
s
t
o
e
x
t
r
act
v
a
l
u
e
fro
m
o
u
r
i
n
t
e
l
l
e
c
t
u
a
l
p
rop
e
r
t
y
,
r
a
i
se
s
u
f
f
i
c
i
e
n
t
ca
p
i
t
a
l
i
n
t
h
e
pub
l
i
c
a
n
d
/
o
r
p
r
i
v
a
t
e
m
a
rk
e
t
s,
o
r
r
e
s
p
on
d
e
f
f
e
c
t
i
v
e
l
y
t
o
c
omp
e
t
i
t
i
v
e
p
r
e
ss
ur
es.
A
s
a
r
es
u
l
t
,
t
h
e
r
e
c
an
b
e
n
o
as
s
u
r
a
n
c
e
t
h
at
w
e
w
i
l
l
b
e
a
b
l
e
t
o
d
e
v
e
l
o
p
o
r
m
a
i
n
t
a
i
n
c
o
n
s
i
s
t
e
n
t
r
e
v
e
nu
e
s
o
ur
c
e
s,
o
r
t
h
at
ou
r
o
p
e
r
a
t
i
on
s
w
i
l
l
b
e
p
rof
i
t
a
b
l
e
a
n
d
/
o
r
g
e
n
e
r
a
t
e
po
s
i
t
i
v
e
c
ash
f
l
ow
s.
An
y
f
o
r
e
ca
s
t
s
w
e
m
a
k
e
a
b
o
u
t
ou
r
o
p
e
r
a
t
i
on
s
m
a
y
p
r
ov
e
t
o
b
e
i
n
a
cc
ur
a
t
e.
W
e
mu
s
t
,
a
mon
g
o
t
h
er
t
h
i
ng
s,
d
e
t
e
rm
i
n
e
a
ppr
o
pr
i
a
t
e
r
i
s
k
s
,
r
e
w
a
r
d
s
,
a
n
d
l
e
v
e
l
o
f
i
n
v
e
s
t
m
e
n
t
i
n
ou
r
p
r
odu
ct
l
i
n
es,
r
es
pon
d
t
o
e
c
onom
i
c
a
n
d
m
a
rk
et
v
a
r
i
a
b
l
e
s
ou
t
s
i
d
e
o
f
ou
r
c
on
t
ro
l
,
r
e
s
p
on
d
t
o
c
omp
e
t
i
t
i
v
e
d
e
v
e
l
o
p
m
e
n
t
s
a
n
d
c
on
t
i
nu
e
t
o a
t
t
r
a
c
t
,
r
e
t
a
i
n
,
a
n
d
mo
t
i
v
a
t
e
qu
a
l
i
f
i
ed
e
mp
l
oy
ee
s
.
T
h
e
r
e
c
an
b
e
n
o
ass
ur
a
n
c
e
t
h
at
w
e
w
i
l
l
b
e
s
u
c
c
es
s
f
u
l
i
n
m
e
e
t
i
n
g
t
h
e
s
e
c
h
a
l
l
e
ng
es
a
n
d
a
ddr
ess
i
n
g
s
u
ch
r
i
s
k
s
a
n
d
t
h
e
f
a
i
l
ur
e
t
o
d
o
so
c
o
u
l
d
h
a
v
e
a
m
a
t
e
r
i
a
l
l
y
a
d
v
e
r
se
e
f
f
e
ct
o
n
o
u
r
bu
s
i
n
e
ss,
r
es
u
l
t
s
o
f
o
p
e
r
a
t
i
o
n
s,
a
n
d
f
i
n
a
n
c
i
al
c
ond
i
t
i
on
.
Ou
r
pro
s
p
ec
t
s
m
u
s
t
b
e c
on
s
i
d
e
r
ed
i
n
l
i
g
h
t
o
f
t
h
e
r
i
s
k
s
,
e
x
p
e
n
s
es,
a
n
d
d
i
ff
i
c
u
l
t
i
e
s
fr
e
qu
e
n
t
l
y
e
n
c
o
un
t
e
r
ed
b
y
c
o
m
p
a
n
i
es
i
n
t
h
e
ea
r
l
y
s
t
a
g
e
o
f
d
e
v
e
l
opm
e
n
t
.
A
s
a
r
es
u
l
t
o
f
t
h
ese
r
i
s
k
s,
c
h
a
l
l
e
ng
es,
a
n
d
un
c
e
r
t
a
i
n
t
i
es,
t
h
e
v
a
l
u
e
o
f
yo
u
r
i
nv
es
t
m
e
n
t
c
ou
l
d
b
e
s
i
g
n
i
f
i
c
a
n
t
l
y
r
e
du
ced
o
r
c
omp
l
e
t
e
l
y
l
o
s
t
.
Ou
r
i
nd
e
p
e
nd
e
n
t
a
ud
i
to
r
’
s
r
e
po
rt
from inception to
th
e
f
i
sc
a
l
y
e
a
rs
e
nd
e
d
December
31
,
2
016
i
s
qua
l
i
f
i
e
d
a
s
t
o
ou
r
ab
i
l
i
t
y
t
o
c
o
n
t
i
nu
e
a
s a
go
i
n
g
c
on
ce
r
n
.
Du
e
t
o
t
h
e
un
c
e
r
t
a
i
n
t
y
o
f
ou
r
a
b
i
l
i
t
y
t
o
m
e
et
o
u
r
c
ur
r
e
n
t
op
e
r
a
t
i
n
g
a
n
d
c
a
p
i
t
a
l
e
xp
e
n
ses,
i
n
o
u
r
a
ud
i
t
ed
a
nnu
al
f
i
n
a
n
c
i
a
l
s
t
a
t
e
m
e
n
t
s
as
o
f
a
n
d
fo
r
t
h
e
y
e
a
r
e
nd
ed
December
31
,
2
016
,
ou
r
i
nd
e
p
e
nd
e
n
t
a
ud
i
t
o
r
s
i
n
c
l
ud
ed
a
no
t
e
t
o
ou
r
f
i
n
a
n
c
i
a
l
s
t
a
t
e
m
e
n
t
s
r
e
g
a
r
d
i
n
g
c
o
n
c
e
rn
s
a
b
ou
t
o
u
r a
b
i
l
i
t
y
t
o
c
on
t
i
nu
e
a
s a
go
i
n
g
c
on
c
e
r
n
.
R
ec
urr
i
n
g
l
o
sses
f
r
o
m
o
p
e
r
a
t
i
o
n
s
r
a
i
se
s
u
b
s
t
a
n
t
i
a
l
dou
b
t
a
b
o
u
t
o
u
r
a
b
i
l
i
t
y
t
o
c
on
t
i
n
u
e
as
a
g
o
i
n
g
c
on
ce
rn
. T
h
e
pr
es
e
n
c
e
o
f
t
h
e
go
i
n
g
c
o
n
c
e
r
n
no
t
e
t
o
o
u
r
f
i
n
a
n
c
i
a
l
s
t
a
t
e
m
e
n
t
s
m
a
y
h
a
v
e
an
a
d
v
e
r
se
i
mp
a
c
t
o
n
t
h
e
r
e
l
a
t
i
o
n
s
h
i
p
s
w
e
a
r
e
d
e
v
e
l
op
i
n
g
a
n
d
p
l
an
t
o
d
e
v
e
l
o
p
w
i
t
h
t
h
i
r
d
p
a
r
t
i
es
as
w
e
c
o
n
t
i
nu
e
t
h
e
c
om
me
r
c
i
a
l
i
z
a
t
i
o
n
o
f
o
u
r
p
rod
u
c
t
s
a
n
d
c
ou
l
d
m
a
k
e
i
t
c
h
a
l
l
e
ng
i
n
g
a
n
d
d
i
f
f
i
c
u
l
t
f
o
r
u
s
t
o
r
a
i
se
a
dd
i
t
i
on
al
f
i
n
a
n
c
i
ng
,
a
l
l
o
f
wh
i
c
h
c
ou
l
d
h
a
v
e
a
m
a
t
e
r
i
al
a
dv
e
r
se
i
mp
act
o
n
ou
r
b
u
s
i
n
ess
a
n
d
pro
s
p
e
c
t
s
a
n
d
r
e
s
u
l
t
i
n
a
s
i
gn
i
f
i
ca
n
t
o
r
c
omp
l
e
t
e
l
o
ss
o
f
you
r
i
nv
es
t
m
e
n
t
.
We
hav
e
i
n
c
u
r
r
ed
s
i
gn
i
f
i
c
an
t
l
o
s
ses
i
n
p
r
i
o
r
p
e
r
i
o
d
s
,
an
d
l
o
ss
e
s
i
n
th
e
fu
t
u
re
c
ou
l
d
c
au
se
th
e
quot
ed
p
r
i
c
e
o
f
o
u
r
Co
m
m
o
n
Sto
ck
t
o
d
e
c
l
i
n
e
o
r
hav
e
a m
at
er
i
a
l
a
dv
e
rse
e
ff
e
c
t
o
n
ou
r
f
i
nan
c
i
a
l
c
ond
i
t
i
on
,
ou
r
ab
i
l
i
t
y
t
o
pa
y
ou
r
d
e
bt
s
a
s
th
ey
b
ec
o
m
e
d
u
e,
an
d
o
n
ou
r
c
a
sh
f
l
ow
s.
We
have incurred significant losses in prior periods. The Company had a net loss and net cash used in operations of $1,263, for year
ended December 31, 2016 and a working capital deficit, stockholders' deficit, and deficit accumulated during the development stage
of $1,985,451, at December 31, 2016 and is in the development stage with limited revenues. These matters raise substantial doubt
about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent
on the Company's ability to further implement its business plan, raise additional capital, and generate revenues. The consolidated
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
We
w
i
l
l
l
i
k
e
l
y
n
e
ed
a
d
d
i
t
i
ona
l
c
ap
i
t
a
l
t
o
s
u
s
t
a
i
n
ou
r
o
p
er
at
i
on
s
an
d
w
i
l
l
l
i
k
e
l
y
n
e
ed
t
o
seek
fu
r
th
e
r
f
i
n
a
n
c
i
n
g
,
wh
i
ch
w
e
m
a
y
n
o
t
b
e
a
b
l
e
t
o
o
bta
i
n
o
n
a
c
c
e
ptab
l
e
t
e
r
ms
o
r
a
t
a
l
l
.
If
w
e
fa
i
l
t
o
r
a
i
se
a
dd
i
t
i
ona
l
c
ap
i
t
a
l
,
a
s
n
e
e
d
e
d
,
ou
r
a
b
i
l
i
t
y
t
o
i
m
p
l
em
e
n
t
ou
r
bu
s
i
n
ess
m
od
e
l
an
d
s
t
r
at
e
g
y
c
ou
l
d
b
e c
o
m
p
r
o
m
i
s
e
d
.
W
e
h
a
v
e
l
i
m
i
t
ed
ca
p
i
t
a
l
r
e
s
o
u
r
c
e
s
a
n
d
o
p
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l
d
b
e
i
nd
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p
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nd
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n
t
l
y
d
i
s
c
o
v
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r
ed
b
y
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omp
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t
i
t
or
s,
i
n
wh
i
c
h
c
a
se
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l
d
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t
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ch
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r
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se
c
r
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t
s
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o
u
r
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omp
e
t
i
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or
s.
T
h
e
e
n
f
or
c
e
m
e
n
t
o
f
a
c
l
a
i
m
a
l
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p
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r
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g
a
l
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o
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t
a
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d
a
n
d
w
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s
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ou
r
t
r
a
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ec
r
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t
s
c
ou
l
d
b
e
d
i
ff
i
c
u
l
t
,
e
x
p
e
n
s
i
v
e,
a
n
d
t
i
m
e
c
on
s
um
i
n
g
a
n
d
t
h
e
o
u
t
c
om
e
wou
l
d
b
e
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n
pr
e
d
i
c
t
a
b
l
e
.
I
n
a
d
d
i
t
i
o
n
,
c
our
t
s
o
u
t
s
i
d
e
t
h
e
Un
i
t
ed
S
t
a
t
es
m
a
y
b
e
l
ess
w
i
l
l
i
n
g
t
o
pro
t
e
ct
t
r
a
d
e
s
e
c
r
e
t
s.
T
h
e
f
a
i
l
u
r
e
t
o
o
b
t
a
i
n
o
r
m
a
i
n
t
a
i
n
m
ea
n
i
n
gfu
l
t
r
a
d
e
se
c
r
et
pr
o
t
e
c
t
i
o
n
c
o
u
l
d
a
d
v
e
r
s
e
l
y
a
f
f
e
ct
ou
r
c
omp
e
ti
t
i
v
e
po
s
i
t
i
on
.
Ou
r
bu
s
i
n
e
s
s,
f
i
nan
c
i
a
l
c
o
n
d
i
t
i
o
n
,
r
es
u
l
t
s
o
f
op
e
r
a
t
i
o
n
s,
an
d
c
a
sh
f
l
ow
s
hav
e
b
ee
n
,
an
d
m
a
y
i
n
th
e
f
utu
r
e
b
e,
n
e
gat
i
v
e
l
y
i
m
pa
c
t
ed
b
y
c
h
a
l
l
e
ng
i
n
g
g
l
oba
l
e
c
o
no
m
i
c
c
ond
i
t
i
on
s.
T
h
e
r
ec
e
n
t
g
l
o
b
a
l
ec
onom
i
c
s
l
ow
d
ow
n
h
as
c
a
u
sed
d
i
s
r
up
t
i
on
s
a
n
d
e
x
t
r
e
m
e
vo
l
a
t
i
l
i
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y
i
n
g
l
ob
al
f
i
n
a
n
c
i
a
l
m
a
rk
e
t
s,
i
n
c
r
e
as
e
d
r
a
t
e
s
o
f
d
e
f
a
u
l
t
a
n
d
b
a
nkr
u
p
t
c
y
,
a
n
d
d
e
c
l
i
n
i
n
g
c
on
s
um
e
r
a
n
d
bu
s
i
n
e
s
s
c
onf
i
d
e
n
c
e,
w
h
i
ch
h
a
s
l
ed
t
o
d
ec
r
e
as
e
d
l
e
v
e
l
s
o
f
c
on
s
um
er
s
p
e
n
d
i
n
g
.
T
h
e
se
m
a
c
r
o
e
c
on
o
m
i
c
d
e
v
e
l
o
pm
e
n
t
s
h
a
v
e
a
n
d c
ou
l
d
c
o
n
ti
n
u
e
t
o
n
e
g
a
t
i
v
e
l
y
i
mp
a
ct
o
u
r
b
u
s
i
n
ess,
wh
i
c
h
d
e
p
e
nd
s
o
n
t
h
e
g
e
n
e
r
a
l
ec
onom
i
c
e
n
v
i
r
onm
e
n
t
a
n
d
l
e
v
e
l
s
o
f
c
on
s
u
m
er
s
p
e
n
d
i
n
g
.
A
s
a
r
e
s
u
l
t
,
w
e
m
a
y
n
o
t
b
e a
b
l
e
t
o
m
a
i
n
t
a
i
n
ou
r
e
x
i
s
t
i
n
g
c
u
s
t
o
m
e
r
s
o
r
a
t
t
r
a
c
t
n
e
w
c
u
s
t
o
m
e
r
s,
o
r
w
e
m
ay
b
e
f
o
r
c
ed
t
o
r
e
du
ce
t
h
e
p
r
i
ce
o
f
ou
r
p
r
odu
c
t
s
and not be able to source new grow operations in selected states or expand such abilities.
W
e
a
r
e
un
a
b
l
e
t
o
pr
e
d
i
c
t
t
h
e
l
i
k
e
l
i
h
o
o
d
o
f
t
h
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o
c
c
u
r
r
e
n
c
e,
d
u
r
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t
i
o
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o
r
se
v
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t
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o
f
s
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c
h
d
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s
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p
t
i
on
s
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n
t
h
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r
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d
i
t
a
n
d
f
i
n
a
n
c
i
a
l
m
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rk
e
t
s
a
n
d
a
dv
e
r
se
g
l
ob
al
e
c
o
nom
i
c
c
ond
i
t
i
on
s.
A
n
y
g
e
n
e
r
al
o
r
m
a
r
k
e
t
-
s
p
e
c
i
f
i
c
e
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on
o
m
i
c
d
o
wn
t
u
r
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c
o
u
l
d
h
a
v
e a
m
a
t
e
r
i
a
l
a
dv
e
r
se
e
ff
ect
o
n
ou
r
bu
s
i
n
es
s
,
f
i
n
a
n
c
i
al
c
ond
i
t
i
on
,
r
e
s
u
lt
s
o
f
op
e
r
a
t
i
on
s,
a
n
d
c
a
sh
f
l
ow
s.
Ou
r
futu
re
s
u
c
c
e
ss
d
e
p
e
nd
s
o
n
ou
r
k
ey
e
x
e
c
ut
i
v
e
off
i
c
ers
an
d
ou
r
ab
i
l
i
t
y
t
o
at
t
r
a
c
t
,
re
ta
i
n
,
an
d
m
ot
i
vat
e
q
u
a
l
i
f
i
ed
p
er
s
o
nn
e
l
.
Ou
r
f
u
t
ur
e
s
u
c
ce
s
s
l
a
rg
e
l
y
d
e
p
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n
d
s
up
o
n
t
h
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c
o
n
t
i
nu
ed
s
e
rv
i
c
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o
f
ou
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x
e
c
u
t
i
v
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off
i
c
e
r
s
a
n
d
m
a
n
a
g
e
m
e
n
t
t
ea
m
.
I
f
o
n
e
o
r
mor
e
o
f
ou
r
e
x
e
c
u
t
i
v
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off
i
c
e
r
s
a
r
e
un
a
b
l
e
o
r
unw
i
l
l
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n
g
t
o
c
o
n
t
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nu
e
i
n
t
h
e
i
r
p
r
e
se
n
t
p
o
s
i
t
i
on
s,
w
e
m
ay
no
t
b
e a
b
l
e
t
o
r
e
p
l
a
ce
t
h
em
r
e
a
d
i
l
y
,
i
f
at
a
l
l
.
Add
i
t
i
on
a
l
l
y
,
w
e
m
ay
i
n
c
u
r
a
dd
i
t
i
on
al
e
x
p
e
n
s
e
s
t
o
r
e
c
r
u
i
t
a
n
d
r
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t
a
i
n
n
e
w
e
x
e
c
u
t
i
v
e
o
ff
i
c
e
r
s.
I
f
a
n
y
o
f
ou
r
e
x
e
c
u
t
i
v
e
off
i
c
e
r
s
j
o
i
n
s
a
c
o
m
p
e
t
i
t
o
r
o
r
form
s
a
c
o
m
p
e
t
i
n
g
c
omp
a
ny
,
w
e
m
ay
l
o
s
e
s
o
m
e
o
r
a
l
l
o
f
ou
r
c
u
s
t
o
m
e
r
s.
F
i
n
a
l
l
y
,
w
e
d
o
n
o
t
m
a
i
n
t
a
i
n
“
k
ey
p
e
r
s
on
”
l
i
f
e
i
n
s
ur
a
n
ce
o
n a
n
y
o
f
ou
r
e
x
e
c
u
t
i
v
e
of
f
i
c
e
r
s.
B
e
ca
u
se
o
f
t
h
e
se
f
a
c
t
o
r
s,
t
h
e
l
o
ss
o
f
t
h
e
s
e
r
v
i
c
e
s
o
f
a
n
y
o
f
t
h
ese
k
ey
p
e
r
s
on
s
c
o
u
l
d
a
dv
e
r
s
e
l
y
a
f
f
e
ct
ou
r
bu
s
i
n
es
s
,
f
i
n
a
n
c
i
al
c
ond
i
t
i
on
,
a
n
d
r
e
s
u
l
t
s
o
f
op
e
r
a
t
i
on
s,
a
n
d
t
h
e
r
e
b
y
an
i
nv
es
t
m
e
n
t
i
n
o
u
r
C
ommo
n
S
t
o
c
k
.
Ou
r
c
on
t
i
n
u
i
n
g
a
b
i
li
t
y
t
o
a
t
t
r
a
ct
a
n
d
r
e
t
a
i
n
h
i
gh
l
y
qu
a
l
i
f
i
ed
p
e
r
s
onn
el
w
i
l
l
a
l
so
b
e
c
r
i
t
i
c
al
t
o
o
u
r
s
u
c
ce
s
s
b
e
c
a
u
se
w
e
w
il
l
n
e
ed
t
o
h
i
r
e
a
n
d
r
e
t
a
i
n
a
dd
i
t
i
on
al
p
e
r
s
on
n
e
l
as
o
u
r
bu
s
i
n
e
ss
grow
s.
T
h
e
r
e
can
b
e
n
o
as
s
u
r
a
n
c
e
t
h
at
w
e
w
i
l
l
b
e
a
b
l
e
t
o
a
t
t
r
act
o
r
r
e
t
a
i
n
h
i
gh
l
y
q
u
a
li
f
i
ed
p
e
r
s
o
nn
e
l
.
W
e
f
a
ce
s
i
gn
i
f
i
c
a
n
t
c
omp
e
t
i
t
i
o
n
f
o
r
s
k
i
l
l
ed
p
e
r
s
onn
el
i
n
o
u
r
i
n
d
u
s
t
r
y
.
T
h
i
s
c
omp
e
t
it
i
o
n
m
a
y
m
a
k
e
i
t
m
o
r
e
d
i
ff
i
c
u
l
t
a
n
d
e
x
p
e
n
s
i
v
e
t
o
a
t
t
r
ac
t
,
h
i
r
e,
a
n
d
r
e
t
a
i
n
q
u
a
l
i
f
i
e
d
m
a
n
a
g
e
r
s
a
n
d
e
mp
l
oy
e
e
s.
Be
ca
u
se
o
f
t
h
e
se
f
a
c
t
o
r
s,
w
e
m
a
y
n
o
t
b
e
a
b
l
e
t
o
e
ff
e
c
t
i
v
e
l
y
m
a
n
a
g
e
o
r
g
r
o
w
ou
r
bu
s
i
n
e
ss,
w
h
i
ch
c
o
u
l
d
a
dv
e
r
s
e
l
y
a
f
f
e
ct
o
u
r
f
i
n
a
n
c
i
al
c
ond
i
t
i
o
n
o
r
bu
s
i
n
e
s
s.
A
s
a
r
es
u
l
t
,
t
h
e
v
a
l
u
e
o
f
y
o
u
r
i
n
v
e
s
t
m
e
n
t
c
ou
l
d
b
e
s
i
g
n
i
f
i
c
a
n
tl
y
r
e
d
u
c
ed
o
r
c
o
m
p
l
e
t
e
l
y
l
o
s
t
.
Ou
r
s
u
c
c
e
ss
d
e
p
e
nd
s,
i
n
pa
r
t
,
o
n
th
e
adop
t
i
o
n
o
f
FutureLand
T
e
c
hno
l
og
y
,
facilities and
p
r
odu
c
t
s
b
y
se
v
e
r
a
l
segments,
i
n
c
l
ud
i
n
g
local available licensed cannabis or hemp
f
a
r
m
e
r
s,
a
n
d
g
r
e
e
nhou
se
g
r
ow
e
r
s,
an
d
i
f
th
e
se segments
d
o
no
t
adop
t
ou
r
p
r
odu
c
t
s
and plans,
th
en
ou
r
re
v
e
n
u
e
w
i
l
l
b
e se
v
e
r
e
l
y
l
im
i
t
e
d
.
T
h
e
m
a
j
o
r
gr
o
up
s
t
o
who
m
w
e
b
e
l
i
e
v
e
may hire
FutureLand
for leases, leaseholds, operations, and business plan
m
a
y
n
o
t
c
o
n
t
i
nu
e
t
o
e
mb
r
a
ce
i
t
s
p
rod
u
c
t
s.
A
c
c
e
p
t
a
n
ce
o
f
FutureLand
grow operations
w
i
l
l
d
e
p
e
n
d
o
n
s
e
v
e
r
al
f
a
c
t
or
s,
i
n
c
l
u
d
i
n
g
c
o
s
t
,
e
ase
o
f
u
se,
f
a
m
il
i
a
r
i
t
y
o
f
u
s
e
,
c
o
n
v
e
n
i
e
n
c
e
,
t
i
m
e
l
i
n
ess,
s
t
r
a
t
e
g
i
c
p
a
r
t
n
e
r
s
h
i
p
s,
a
n
d
r
e
l
i
a
b
i
l
i
t
y
.
I
f
w
e
f
a
i
l
t
o
m
e
e
t
FutureLand
’
s c
u
s
t
o
me
r
s’
n
e
e
d
s
a
n
d
e
x
p
e
c
t
a
t
i
on
s
a
d
e
q
u
a
t
e
l
y
,
i
t
s
pr
o
du
ct
off
e
r
i
ng
s
may
no
t
b
e
c
omp
e
t
i
t
i
v
e
a
n
d
ou
r
a
b
i
l
i
t
y
t
o
c
o
m
m
e
n
c
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o
r
c
o
n
t
i
nu
e
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e
r
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t
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n
g
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v
e
nu
es
c
ou
l
d
b
e
r
e
du
ce
d
.
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e
a
l
so
c
a
n
n
o
t
e
n
s
ur
e
t
h
at
ou
r
b
u
s
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n
ess
mod
el
w
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l
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i
n
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a
c
ce
p
t
a
n
ce
am
o
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l
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t
a
rg
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t
ed
gr
o
up
s.
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f
t
h
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m
a
r
k
e
t
f
a
i
l
s
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o
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on
t
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e
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e
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o
p
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o
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d
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v
e
l
o
p
s
mor
e
s
l
ow
l
y
t
h
an
w
e
e
xp
e
c
t
,
ou
r
a
b
i
l
i
t
y
t
o c
om
me
n
ce
o
r
c
on
t
i
n
u
e
g
e
n
e
r
a
t
i
n
g
r
e
v
e
nu
es
c
o
u
l
d
b
e
r
e
d
u
c
e
d
.
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d
r
o
p
i
n
th
e
re
ta
i
l
p
r
i
ce
o
f
c
o
m
m
e
r
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a
l
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r
o
w
n
p
r
odu
c
e
m
a
y
n
e
gat
i
v
e
l
y
i
m
pa
ct
FutureLand
’
s
bu
s
i
n
e
ss.
T
h
e
d
e
m
a
n
d
f
o
r
FutureLand
grown
pro
d
u
c
e
d
e
p
e
n
d
s
i
n
p
a
r
t
o
n
t
h
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pr
i
c
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o
f
c
omm
e
r
c
i
a
l
l
y
g
r
ow
n
pro
d
u
c
e
and crops to be produced on such land, and for such products produced.
F
l
u
c
t
u
a
t
i
on
s
i
n e
c
o
nom
i
c
a
n
d
m
a
r
k
e
t
c
o
n
d
i
t
i
o
n
s
t
h
a
t
i
mp
a
c
t
t
h
e
p
r
i
c
e
s
o
f
c
o
m
m
e
r
c
i
a
l
l
y
g
row
n
pr
o
du
c
e
,
s
u
c
h
as
i
n
c
r
e
as
e
s
i
n
t
h
e
s
u
p
p
l
y
o
f
s
u
ch
pro
d
u
ce
a
n
d
t
h
e
d
e
c
r
e
a
se
i
n
t
h
e
pr
i
ce
o
f c
om
m
e
r
c
i
a
l
l
y
grow
n
p
r
odu
c
e
,
c
o
u
l
d
c
a
u
s
e
t
h
e
d
e
m
a
n
d
fo
r
h
y
dro
p
on
i
c
grow
n
p
rodu
ce
t
o
d
e
c
l
i
n
e,
wh
i
c
h
w
o
u
l
d
h
a
v
e
a
n
e
g
a
t
i
v
e
i
mp
a
c
t
o
n
ou
r
bu
s
i
n
e
s
s.
We
m
a
y
no
t
b
e
a
b
l
e
t
o
e
ff
e
c
t
i
v
e
l
y
m
anag
e
ou
r
g
r
owt
h
o
r
i
m
p
r
ov
e
ou
r
op
e
r
a
t
i
on
a
l
,
f
i
nan
c
i
a
l
,
an
d
m
an
a
g
e
me
n
t
i
nfo
r
m
a
t
i
o
n
s
y
s
t
e
m
s,
wh
i
c
h
wou
l
d
i
m
pa
i
r
ou
r
r
e
s
u
l
t
s
o
f
o
p
e
r
at
i
on
s.
I
n
t
h
e
n
e
a
r
t
e
r
m
,
w
e
i
n
t
e
n
d
t
o
e
xp
a
n
d
t
h
e
s
c
o
p
e
o
f
ou
r
o
p
e
r
a
t
i
o
n
s
a
c
t
i
v
i
t
i
e
s
s
i
g
n
i
f
i
c
a
n
t
l
y
.
I
f
w
e
a
r
e
s
u
c
c
ess
fu
l
i
n
e
x
ec
u
t
i
n
g
ou
r
b
u
s
i
n
ess
p
l
a
n
,
w
e
w
i
l
l
e
xp
e
r
i
e
n
ce
gr
o
w
t
h
i
n
o
u
r
bu
s
i
n
e
ss
t
h
at
c
ou
l
d
p
l
a
c
e
a
s
i
g
n
i
f
i
c
a
n
t
s
t
r
a
i
n
o
n
ou
r
b
u
s
i
n
ess
o
p
e
r
a
t
i
o
n
s
,
f
i
n
a
n
ce
s
,
m
a
n
a
g
e
m
e
n
t
a
n
d
o
t
h
er
r
e
s
o
u
r
c
es.
T
h
e
f
ac
t
o
r
s
t
h
a
t
m
ay
p
l
ace
s
t
r
a
i
n
o
n
o
u
r
r
e
s
o
u
r
c
e
s
i
n
c
l
u
d
e
,
bu
t
a
r
e
n
o
t
l
i
m
i
t
e
d
t
o
,
t
h
e
fo
l
l
o
w
i
n
g
:
|
|
·
|
T
h
e
n
eed
f
o
r
c
o
n
t
i
nu
ed
d
e
v
e
l
opm
e
n
t
o
f
ou
r
f
i
n
a
n
c
i
al
a
n
d
i
nf
o
rm
a
t
i
o
n
m
a
n
a
g
e
m
e
n
t
s
y
s
t
e
m
s;
|
|
|
·
|
T
h
e
n
eed
t
o
m
a
n
a
g
e
s
t
r
a
t
e
g
i
c
r
e
l
a
t
i
o
n
s
h
i
p
s
a
n
d
a
g
r
e
e
m
e
n
t
s
w
i
t
h
m
a
nuf
ac
t
u
r
e
r
s,
c
u
s
t
om
e
r
s
a
n
d
p
a
r
t
n
e
r
s;
a
n
d
|
|
|
·
|
D
i
ff
i
c
u
l
t
i
e
s
i
n
h
i
r
i
n
g
a
n
d
r
e
t
a
i
n
i
n
g
s
k
i
l
l
e
d
m
a
n
a
g
e
m
e
n
t
,
t
e
c
h
n
i
c
a
l
,
a
n
d
o
t
h
e
r
p
e
r
s
onn
el
n
e
c
es
s
a
r
y
t
o
s
uppo
r
t
a
n
d
m
a
n
a
g
e
ou
r
bu
s
i
n
es
s
.
|
|
|
·
|
Financial abilities to accumulate additional grow properties for
cultivation facilities.
|
Ad
d
it
i
on
a
l
l
y
,
o
u
r
s
t
r
a
t
e
g
y
e
nv
i
s
i
on
s
a
p
e
r
i
o
d
o
f
r
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p
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d
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r
ow
t
h
t
h
at
m
ay
i
mp
o
s
e
a
s
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g
n
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f
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c
a
n
t
b
urd
en
o
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dm
i
n
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s
t
r
a
t
i
v
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a
n
d
o
p
e
r
a
t
i
on
al
r
es
our
ce
s
.
Ou
r a
b
i
l
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t
y
t
o
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ff
e
c
t
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v
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l
y
m
a
n
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g
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o
w
t
h
w
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l
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qu
i
r
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s
t
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b
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t
a
n
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n
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p
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b
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t
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o
f
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dm
i
n
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s
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r
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t
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v
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n
d
op
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r
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t
i
on
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our
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e
s
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n
d
t
o
a
t
t
r
a
c
t
,
t
r
a
i
n
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m
a
n
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g
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n
d
r
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t
a
i
n
q
u
a
l
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f
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m
a
n
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g
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m
e
n
t
a
n
d
o
t
h
e
r
p
e
r
s
o
n
n
e
l
.
T
h
e
r
e
c
a
n
b
e
n
o
a
ss
u
r
a
n
ce
t
h
at
w
e
w
i
l
l
b
e s
u
c
c
e
ss
fu
l
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n
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r
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i
t
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n
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a
n
d
r
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t
a
i
n
i
n
g
n
ew e
m
p
l
o
y
e
es,
o
r
r
e
t
a
i
n
i
n
g
e
x
i
s
t
i
n
g
e
mp
l
o
y
e
es.
W
e
c
a
n
no
t
p
r
ov
i
d
e
a
s
s
u
r
a
n
c
es
t
h
at
ou
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m
a
n
a
g
e
m
e
n
t
w
i
l
l
b
e
a
b
l
e
t
o
m
a
n
a
g
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t
h
i
s
g
row
t
h
e
ff
ec
t
i
v
e
l
y
.
O
u
r
f
a
i
l
u
r
e
t
o
s
u
c
c
ess
fu
l
l
y
m
a
n
a
g
e
grow
t
h
c
o
u
l
d
r
es
u
l
t
i
n
o
u
r
s
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l
e
s
no
t
i
n
c
r
e
as
i
n
g
c
omm
e
n
s
u
r
a
t
e
l
y
w
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t
h
c
a
p
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t
al
i
n
v
e
s
t
m
e
n
t
s
o
r
o
t
h
e
rw
i
se
m
a
t
e
r
i
a
l
l
y
a
dv
e
r
s
e
l
y
a
f
f
e
c
t
i
n
g
ou
r
b
u
s
i
n
ess,
f
i
n
a
n
c
i
a
l
c
on
d
i
t
i
o
n
,
o
r
r
es
u
l
t
s
o
f
o
p
e
r
a
t
i
o
n
s.
If
w
e
a
re
unab
l
e
t
o
adop
t
o
r
i
n
c
o
r
po
r
at
e
t
e
c
hno
l
og
i
c
a
l
a
dvan
c
e
s
i
nt
o
FutureLand p
r
o
d
u
c
t
s,
ou
r
b
u
s
i
n
e
ss
c
ou
l
d
b
e
c
o
me
l
e
ss
c
o
m
p
e
t
i
t
i
v
e
,
un
c
o
m
p
e
t
i
t
i
v
e,
o
r
ob
s
o
l
e
t
e
an
d
w
e
m
a
y
n
o
t
b
e
ab
l
e
t
o
c
o
m
p
e
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e
f
f
e
c
t
i
v
e
l
y
w
i
t
h
c
o
m
p
e
t
i
t
o
r
s
’
p
r
odu
c
t
s
.
W
e
e
xp
e
c
t
t
h
at
t
ec
hno
l
og
i
c
al
a
dv
a
n
c
e
s
i
n
t
h
e
pr
o
c
ess
e
s
a
n
d
p
ro
c
e
d
u
r
e
s
fo
r
h
y
dro
p
on
i
c
grow
i
n
g
e
qu
i
pm
e
n
t
w
i
l
l
c
o
n
t
i
nu
e
t
o
o
c
c
u
r
.
A
s
a
r
e
s
u
l
t
,
t
h
e
r
e
a
r
e
r
i
s
k
s
t
h
at
pro
d
u
c
t
s
t
h
at
c
o
m
p
e
t
e
w
i
t
h
FutureLand grow operations
c
ou
l
d
b
e
i
m
p
rov
ed
o
r
d
e
v
e
l
op
e
d
.
I
f
w
e
a
r
e
un
a
b
l
e
t
o
a
do
p
t
o
r
i
n
c
or
p
or
a
t
e
t
ec
hno
l
og
i
c
al
a
dv
a
n
c
e
s,
FutureLand grow operations
c
ou
l
d
b
e
l
ess
e
ff
i
c
i
e
n
t
o
r
c
o
s
t
-
e
ff
e
c
t
i
v
e
t
h
an
m
e
t
hod
s
d
e
v
e
l
o
p
e
d
a
n
d
s
o
l
d
b
y
i
t
s
c
o
m
p
e
t
i
t
or
s,
wh
i
c
h
c
ou
l
d
c
a
u
se
FutureLand grow operations
t
o
b
ec
om
e
l
ess
c
omp
e
t
i
ti
v
e
,
un
c
omp
e
t
i
t
i
v
e
o
r
ob
s
o
l
e
t
e,
wh
i
c
h
wo
u
l
d
h
a
v
e a
m
a
t
e
r
i
a
l
a
dv
e
r
se
e
ff
e
c
t
o
n
FutureLand
Te
c
h
no
l
o
gy’
s
f
i
n
a
n
c
i
a
l
c
on
d
i
t
i
o
n
,
a
n
d
t
o
a
mu
ch
l
esser
e
x
t
e
n
t
,
o
n
ou
r
f
i
n
a
n
c
i
a
l
c
o
n
d
i
t
i
o
n
.
Co
m
p
e
t
i
n
g
fo
r
m
s
o
f
s
p
ec
i
a
l
i
zed
a
g
r
i
c
u
l
tu
r
a
l
e
qu
i
p
m
e
n
t
m
a
y
b
e
m
o
r
e
d
es
i
r
ab
l
e
t
o
c
on
s
u
me
r
s
o
r
m
ak
e
FutureLand grow operations
ob
s
o
l
e
t
e
.
T
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ay s
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|
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:
|
|
·
|
D
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bu
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;
|
|
|
·
|
R
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;
|
|
|
·
|
D
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|
|
|
·
|
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dr
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;
|
|
|
·
|
Gro
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|
|
|
·
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Pr
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|
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h
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DO
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n
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s
p
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c
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a
l
l
y
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n
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e
s
p
e
ct
o
f
FutureLand
.
We
m
a
y
no
t
o
b
t
a
i
n
o
r
m
a
i
n
t
a
i
n
th
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ess
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y
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r
m
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t
s
an
d
autho
r
i
z
at
i
on
s
t
o
op
e
r
at
e
licensed
m
a
r
i
juan
a
grow
bu
s
i
n
ess
e
s.
FutureLand
m
a
y
n
o
t
b
e
a
b
l
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t
o
o
b
t
a
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n
o
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m
a
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h
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ce
s
sa
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y
l
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c
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n
ses,
p
e
rm
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t
s
,
a
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t
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r
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z
a
t
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a
y
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at
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ess.
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n
a
d
d
i
t
i
o
n
,
w
e
m
ay
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t
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a
b
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a
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l
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omp
l
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t
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n
ses,
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ch
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ss.
If
w
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n
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r
s
ub
s
tant
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ab
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li
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nt
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ce
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on
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r
f
i
nan
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l
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o
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d s
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r
.
FutureLand
p
a
r
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c
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p
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y
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t
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on
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o
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l
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nf
o
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al
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omp
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n
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on
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n
d
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n
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y
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al
a
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a
i
n
s
t
t
h
ese s
ub
s
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d
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a
r
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e
s.
L
i
t
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g
a
t
i
o
n
,
c
omp
l
a
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n
t
s,
a
n
d
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n
for
ce
m
e
n
t
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c
t
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s
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nv
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l
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on
s
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m
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mou
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al
a
n
d
o
t
h
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r
c
orp
o
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a
t
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es
our
ces,
wh
i
c
h
c
ou
l
d
h
a
v
e
a
n
e
g
a
t
i
v
e
i
m
p
act
o
n
ou
r
sa
l
es,
r
e
v
e
n
u
e,
pro
f
i
t
a
b
i
l
i
t
y
,
a
n
d
grow
t
h
pro
s
p
ec
t
s.
A
s
FutureLand
,
we
a
r
e
dependent upon existing license
holders as lessees on their properties in Colorado, or other states in the future and will itself only be able to start the
pr
o
c
ess
o
f
o
b
t
a
i
n
i
n
g
f
i
n
al
l
i
c
e
n
ses
t
o
c
u
l
t
i
v
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t
e
a
n
d
s
e
l
l
m
e
d
i
c
a
l
m
a
r
i
j
u
a
n
a
i
n
Colorado
,
a
n
d
a
r
e
no
t
as s
u
ch
pr
es
e
n
t
l
y
e
n
g
a
g
ed
i
n
t
h
e
c
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l
t
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v
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t
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o
r
d
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s
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bu
t
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o
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m
a
r
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a
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,
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s
ub
s
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a
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a
v
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o
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n
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n
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a
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a
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t
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t
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on
,
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o
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p
l
a
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n
t
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e
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r
c
e
m
e
n
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t
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o
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g
a
rd
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g
m
a
r
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j
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a
n
a
(
o
r
o
t
h
e
rw
i
s
e
)
b
r
oug
h
t
b
y
a
n
y
f
e
d
e
r
a
l
,
s
t
a
t
e,
o
r
l
o
c
al
go
v
e
r
n
m
e
n
t
a
l
a
u
t
hor
i
t
y
.
We
m
a
y
ha
v
e
d
i
f
f
i
c
u
l
t
y
a
cc
e
ss
i
n
g
th
e
s
er
v
i
ce
o
f
bank
s,
wh
i
c
h
m
a
y
m
ak
e
i
t
d
i
ff
i
c
u
l
t
fo
r
u
s
t
o
op
e
r
at
e.
S
i
n
c
e
t
h
e
u
se
o
f
m
a
r
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j
u
a
n
a
i
s
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l
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l
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nd
er
f
e
d
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al
l
a
w
,
t
h
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s
a
s
t
ron
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a
rg
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m
e
n
t
t
h
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t
b
a
n
k
s
ca
nno
t
ac
c
e
p
t
f
o
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p
o
s
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t
f
u
nd
s
fro
m
bu
s
i
n
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ss
e
s
i
n
vo
l
v
e
d
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n
t
h
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m
a
r
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j
u
a
n
a
i
n
d
u
s
t
r
y
.
C
o
n
s
e
q
u
e
n
tl
y
,
bu
s
i
n
e
s
ses
i
nv
o
l
v
ed
i
n
t
h
e
m
a
r
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a
n
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du
s
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r
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v
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ff
i
c
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lt
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f
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nd
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a
b
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k
w
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t
o
a
c
c
e
p
t
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s
i
n
e
s
s.
T
h
e
i
n
a
b
i
l
i
t
y
t
o
op
en
b
a
n
k
a
c
c
o
un
t
s
m
ay
m
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Properties
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growing and leasing land
b
u
s
i
n
ess.
FutureLand business activities in
some states is dependent upon obtaining certain licenses for grow operations.
FutureLand’s business model includes helping licensees get their licenses from both the county and the state in order to
grow on our land. In the state of Colorado, in order to be able to grow cannabis you must be a two year resident and be approved
both from the county in which you want to grow and also at the state level. The county and state have non-refundable costs associated
with applying to get a license. They vary some from county to county. In Huerfano County there is a $1,300 fee due at the time
of application and a $10,000 refundable retainer that is given back in a year’s time, with the assumption that they don’t
need to use it for some legal purpose. At the state level there is a $5,000 fee associated with making an application. Other factors
include potential moratoriums instituted from time to time either from the state or the counties for getting licenses in certain
areas. Currently you cannot be a convicted felon and get a grow license. Additionally, the individual grow licenses need to be
attached to a particular location. It is possible, however, to get a locational license transferred to a different property but
there is an application process that goes along with the request that may or may not get approved.
We are dependent on appropriate
zoning and variances for our grow operations. The lack of such zoning and needed variances could materially impact our business
and production.
The zoning for being able to grow cannabis
seems to be a bit of a moving target right now. On the one hand it is agricultural so you might expect it to be able to be grown
on agricultural permitted land, but there seems to be push backs at the county level to have cannabis properties designated as
commercial to keep them from being able to reach out for special grants and subsidies typically only offered only to agriculturally
zoned products. There seems
to be resistance from farmers to not allow
cannabis an agricultural designation which could cause some zoning problems going forward.
We are dependent upon Water supplies
and sourcing. The lack of water from grow facilities could materially impact our business
.
The entire state of Colorado is over-appropriated
for water. This means that every ounce of water, even water that does not exist yet, from say a future flood, is already accounted
for by people making claim to the water and having been given those claims by the state. The state reserves the right to make modifications
regularly concerning these matters for things like priority of the water, abatement of water to other users of water, and reallocation
of water to different parties or expanding area allotments for water and many other such determinations. This often involves water
consultants, water attorneys, water selling, and lengthy water courts. However, while growers of cannabis will often need to go
down this path, the state has provided a substitutionary water plan application to allow for growing during the period the licensee
must go through the courts. That being said, there are still risks associated with getting approval for the amount of water needed.
The amount will vary too whether there is a hydroponic grow versus a potted grow. In Colorado water is calculated on acre feet
of water, which come up to approximately 325,000 gallons per year per acre. It is important to attach your ballot to the right
race horse going in.
FL is arranging to purchase water from
the city of Walsenburg who already has a very large supply of water rights. They are parceling out a portion of those rights and
will be applying to the state to expand its allocation out to our 240 acres along with many other properties. It makes sense to
attach our ticket alongside the goals of a municipality that already has ample water rights available, and desires to sell a portion
of those rights to us. This minimizes our risk to get them, on the one hand, and increases the chance for us to get more water
from an abundant and ready supply while not needing to go back to water court in order to obtain such sourcing.
R
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IN
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UR
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S
We may allocate net proceeds from this
offering in ways which differ from our estimates based on our current plans and assumptions discussed in the section entitled “Use
of Proceeds” and with which you may not agree.
The allocation of net proceeds of the offering
set forth in the “Use of Proceeds” section below represents our estimates based upon our current plans and assumptions
regarding industry and general economic conditions, our future revenues and expenditures. The amounts and timing of our actual
expenditures will depend on numerous factors, including access to new business ventures, land deals, success of our FutureLand
for Business initiatives, cash generated by our operations and business developments. We may find it necessary or advisable to
use portions of the proceeds from this offering for other purposes. Circumstances that may give rise to a change in the use of
proceeds and the alternate purposes for which the proceeds may be used are discussed in the section entitled “Use of Proceeds”
below. You may not have an opportunity to evaluate the information on which we base our decisions on how to use the proceeds and
may not agree with the decisions made. Additional information is available in the “Use of Proceeds” section of this
Registration Statement of which this Prospectus is a part of.
We
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The market price for our common stock
will be particularly volatile given our status as a relatively unknown company, with a limited operating history and lack of profits
which could lead to wide fluctuations in our share price. You may be unable to sell your common stock at or above your purchase
price, which may result in substantial losses to you.
Our stock price will be particularly volatile
when compared to the shares of larger, more established companies that trade on a national securities exchange and have large public
floats. The volatility in our share price will be attributable to a number of factors. First, our common stock will
be compared to the shares of such larger, more established companies, sporadically and thinly traded. As a consequence of
this limited liquidity, the trading of relatively small quantities of shares by our shareholders may disproportionately influence
the price of those shares in either direction. The price for our shares could decline precipitously in the event that a large
number of our common stock are sold on the market without commensurate demand. Secondly, we are a speculative or “risky”
investment due to our limited operating history and lack of profits to date, and uncertainty of future market acceptance for our
potential products. As a consequence of this enhanced risk, more risk-adverse investors may, under the fear of losing all
or most of their investment in the event of negative news or lack of progress, be more inclined to sell their shares on the market
more quickly and at greater discounts than would be the case with the stock of a larger, more established company that trades on
a national securities exchange and has a large public float. Many of these factors are beyond our control and may decrease
the market price of our common stock, regardless of our operating performance. We cannot make any predictions or projections
as to what the prevailing market price for our common stock will be at any time. Moreover, the OTC MARKET is not a liquid market
in contrast to the major stock exchanges. We cannot assure you as to the liquidity or the future market prices of our common stock
if a market does develop. If an active market for our common stock does not develop, the fair market value of our common stock
could be materially adversely affected.
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We are classified as an “emerging
growth company” as well as a “smaller reporting company” and we cannot be certain if the reduced disclosure requirements
applicable to emerging growth companies and smaller reporting companies will make our common stock less attractive to investors.
We are an "emerging growth company,"
as defined in the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies, including, but not limited to, not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports
and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and
shareholder approval of any golden parachute payments not previously approved. We cannot predict if investors will find our
common stock less attractive because we may rely on these exemptions. If some investors find our common stock less attractive
as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.
Section 107 of the JOBS Act provides that an
“emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the
Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company”
can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We
have irrevocably opted out of the extended transition period for complying with new or revised accounting standards pursuant to
Section 107(b) of the JOBS Act.
We could remain an “emerging growth company”
for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our annual gross revenues exceed
$1 billion, (ii) the date that we become a “large accelerated filer” as defined in Rule 12b-2 under the Exchange Act,
which would occur if the market value of our common stock that is held by non-affiliates exceeds $700 million as of the last business
day of our most recently completed second fiscal quarter, or (iii) the date on which we have issued more than $1 billion in non-convertible
debt during the preceding three-year period.
Notwithstanding the above, we are also currently
a “smaller reporting company.” Specifically, similar to “emerging growth companies,” “smaller reporting
companies” are able to provide simplified executive compensation disclosures in their filings; are exempt from the provisions
of Section 404(b) of the Sarbanes-Oxley Act requiring that independent registered public accounting firms provide an attestation
report on the effectiveness of internal control over financial reporting; and have certain other decreased disclosure obligations
in their SEC filings.
Decreased disclosures in our SEC filings due
to our status as an “emerging growth company” or “smaller reporting company” may make it harder for investors
to analyze our results of operations and financial prospects.
The application of Rule 144 creates
some investment risk to potential investors; for example, existing shareholders may be able to rely on Rule 144 to sell some of
their holdings, driving down the price of the shares you purchased.
The SEC adopted amendments
to Rule 144 which became effective on February 15, 2008 that apply to securities acquired both before and after that date. Under
these amendments, a person who has beneficially owned restricted shares of our common stock for at least six months would be entitled
to sell their securities provided that: (i) such person is not deemed to have been one of our affiliates at the time of, or at
any time during the three months preceding a sale, (ii) we are subject to the Exchange Act periodic reporting requirements for
at least 90 days before the sale and (iii) if the sale occurs prior to satisfaction of a one-year holding period, we provide current
information at the time of sale.
Persons who have
beneficially owned restricted shares of our common stock for at least six months but who are our affiliates at the time of, or
at any time during the three months preceding a sale, would be subject to additional restrictions, by which such person would be
entitled to sell within any three-month period only a number of securities that does not exceed the greater of either of the following:
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1% of the total number of securities of the same class then outstanding (32,397,930 shares of common stock as of the date of this Report); or
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the average weekly trading volume of such securities during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale;
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provided, in each
case, that we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale. Such sales
by affiliates must also comply with the manner of sale, current public information and notice provisions of Rule 144.
NOTE ABOUT FORWARD-LOOKING
STATEMENTS
Statements under,
“Prospectus Summary,” “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition
and Results of Operations,” “Description of Business” and elsewhere in this prospectus may be "forward-looking
statements." Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs,
expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions.
These statements include, among other things, statements regarding:
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the growth of our business and revenues and our expectations about the factors that influence our success;
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our plans to continue to invest in systems, facilities, and infrastructure, increase our hiring and grow our business;
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our plans for FutureLand to purchase more lands for lease to the cultivators;
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our ability to attain funding and the sufficiency of our sources of funding;
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our expectation that our cost of revenues, development expenses, sales and marketing expenses, and general and administrative expenses will increase;
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fluctuations in our capital expenditures;
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our plans for potential business partners and any acquisition plans;
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as well as other
statements regarding our future operations, financial condition and prospects, and business strategies. These statements are based
on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These
statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking
statements due to numerous factors, including those described above and those risks discussed from time to time in this registration
statement, of which this prospectus is a part, including the risks described under "Risk Factors.” Any forward- looking
statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking
statement to reflect events or circumstances that occur in the future.
If
one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual
results may vary materially from what we may have projected. Any forward-looking statements you read in this prospectus reflect
our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating
to our operations, results of operations, financial condition, growth strategy and liquidity. You should specifically consider
the factors identified in this prospectus that could cause actual results to differ before making an investment decision.
TAX
CONSIDERATIONS
We are not providing
any tax advice as to the acquisition, holding or disposition of the securities offered herein. In making an investment decision,
investors are strongly encouraged to consult their own tax advisor to determine the U.S. Federal, state and any applicable foreign
tax consequences relating to their investment in our securities.
GENERAL RISK STATEMENT
Based on all of the foregoing, we
believe it is possible for future revenue, expenses and operating results to vary significantly from quarter to quarter and year
to year. As a result, quarter-to-quarter and year-to-year
comparisons of operating results are not necessarily
meaningful or indicative of future performance. Furthermore, we believe that it is possible that in any given quarter or fiscal
year our operating results could differ from the expectations of public market analysts or investors.