Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

COMMISSION FILE NUMBER: 000-55753

Can B Corp.

(Exact name of registrant as specified in its charter)

Florida

20-3624118

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

960 South Broadway, Suite 120

Hicksville, NY 11801

(Address of principal executive offices)

516-595-9544

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the Act:

Tile of each class		Trading Symbol(s)		Name of each exchange on which registered
None		CANB		N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging Growth Company	☐
(Do not check if smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The number of shares of the registrant’s only class of common stock issued and outstanding as of May 19, 2024 is 54,584,230.

Can B Corp.

FORM 10-Q

March 31, 2024

TABLE OF CONTENTS

		Page
		No.
	PART I. - FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Balance Sheets – March 31, 2024 and December 31, 2023	3
	Consolidated Statements of Operations – Three Months Ended March 31, 2024 and 2023	4
	Consolidated Statement of Stockholders’ Equity Three Months Ended March 31, 2024 and 2023	5
	Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and 2023	6
	Condensed Notes to Unaudited Consolidated Financial Statements.	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	20
Item 3	Quantitative and Qualitative Disclosures About Market Risk.	21
Item 4	Controls and Procedures.	21
	PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	21
Item A.	Risk Factors	22
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 3.	Defaults Upon Senior Securities	22
Item 4.	Mine Safety Disclosures	22
Item 5.	Other Information	23
Item 6.	Exhibits	23

PART 1 – FINANCIAL INFORMATION

Item 1. Financial Statements

INTRODUCTORY NOTE

The consolidated financial statements of Can B Corp. (the “Company”) and its subsidiaries included in this Report have not been reviewed by an independent registered public accounting firm as required by Regulation S-X. On May 3, 2024, the Securities and Exchange Commission (the “Commission’) issued an order providing that BF Borgers CPA PC (“BF Borgers”), the Company’s then independent registered public accounting firm, is currently not permitted to appear or practice before the Commission for reasons described in the Commission’s order. As a result, the Company dismissed BF Borgers as its independent registered public accounting firm effective May 6, 2024. The Company is in the process of engaging a new independent registered public accounting firm but as of the date of this Report such engagement had not been finalized.

Can B̅ Corp. and Subsidiaries

Consolidated Balance Sheets

	2024			2023
	(Unaudited and Not Reviewed)
	March 31,			December 31,
	2024			2023
Assets
Current assets:
Cash and cash equivalents	$	26,582		$	34,006
Accounts receivable, less allowance for doubtful accounts of $2,818,395 and $2,818,395 respectively		3,599,026			3,723,344
Inventory		593,375			1,619,542
Note receivable		-			-
Prepaid expenses and other current assets		10,137			4,137
Total current assets		4,229,120			5,381,029

Other assets:
Deposits		235,787			235,418
Intangible assets, net		3,416			95,144
Property and equipment, net		649,079			4,106,283
Right of use assets, net		192,087			295,151
Other noncurrent assets		13,139			13,139
Total other assets		1,093,508			4,745,135

Total assets	$	5,322,259		$	10,126,164

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	2,264,972		$	1,945,243
Accrued expenses		-			-
Due to related party		366,243			357,243
Notes and loans payable, net		7,611,233			8,569,489
Warrant liabilities		1,766			1,766
Operating lease liability - current		150,679			254,391
Total current liabilities		10,394,893			11,128,132

Long-term liabilities:
Notes and loans payable, net		-			-
Operating lease liability - noncurrent		-			-
Total long-term liabilities		-			-

Total liabilities	$	10,394,893		$	11,128,132

Commitments and contingencies (Note 11)		-			-

Stockholders’ equity:
Preferred stock, authorized 5,000,000 shares:
Series A Preferred stock, no par value: 20 shares authorized, 5 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		5,320,000			5,320,000
Series B Preferred stock, $0.001 par value: 500,000 shares authorized, 0 issued and outstanding		-			-
Series C Preferred stock, $0.001 par value: 2,000 shares authorized, 1,100 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		2,900,039			2,900,039
Series D Preferred stock, $0.001 par value: 4,000 shares authorized, 4,000 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively		4			4
Preferred stock, value
Common stock, no par value; 1,500,000,000 shares authorized, 44,798,583 and 5,381,976 issued and outstanding at March 31, 2024 and December 31, 2023, respectively		84,242,372			83,263,105
Common stock issuable, no par value; 36,248 shares at March 31, 2024 and December 31, 2023, respectively		119,586			119,586
Treasury stock		(572,678	)		(572,678	)
Additional paid-in capital		10,396,274			10,396,274
Accumulated deficit		(107,478,231	)		(102,428,298	)
Total stockholders’ equity		(5,072,634	)		(1,001,968	)

Total liabilities and stockholders’ equity	$	5,322,259		$	10,126,164

See notes to consolidated financial statements

Can B̅ Corp. and Subsidiaries

Consolidated Statement of Operations

	2024			2023
	Three Months Ended
	March 31,
	(Unaudited and Not Reviewed) 2024			2023
Revenues
Product sales	$	-		$	808,748
Service revenue		316,696			130,557
Total revenues		316,696			939,305
Cost of revenues		1,193,161			524,577
Gross profit		(876,465	)		414,727

Operating expenses		3,667,191			1,849,630

Loss from operations		(4,543,656	)		(1,434,903	)

Other income (expense):
Other income		-			-
Change in fair value of warrant liability		-			79,418
Gain on debt extinguishment		-			-
Interest expense		(506,182	)		(333,967	)
Other expense		(95	)		(39,990	)
Other expense		(506,277	)		(294,539	)

Loss before provision for income taxes		(5,049,933	)		(1,729,442	)

Provision for (benefit from) income taxes		-			9,596

Net loss	$	(5,049,933	)	$	(1,739,038	)

Loss per share - basic and diluted	$	(0.13	)	$	(0.36	)
Weighted average shares outstanding - basic and diluted		38,973,748			4,896,524

See notes to consolidated financial statements

Can B̅ Corp. and Subsidiaries

Consolidated Statement of Stockholders’ Equity

Three Months Ended March 31, 2024 (Unaudited and Not Reviewed) and 2023

	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Issuable		Shares		Amount			Capital		Deficit			Total
	Series A				Series B				Series C				Series D								Common		Treasury					Additional
	Preferred Stock				Preferred Stock				Preferred Stock				Preferred Stock				Common Stock				Stock		Stock					Paid-in		Accumulated
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Issuable		Shares		Amount			Capital		Deficit			Total
Three months ended March 31, 2023

Balance, January 1, 2023		5	$	5,320,000		-	$	-		1,100	$	2,900,039		4,000	$	4		4,422,584	$	79,614,986	$	119,586		36,248	$	(572,678	)	$	8,006,822	$	(92,690,834	)	$	2,697,925

Issuance of common stock for services rendered		-		-		-		-		-		-		-		-		577,850		521,557		-		-		-			-		-			521,557

Warrants issued in connection with the issuance of convertible note		-		-		-		-		-		-		-		-		-		-		-		-		-			937,787		-			937,787

Issuance of common stock in lieu of interest payments		-		-		-		-		-		-		-		-		360,000		36,005		-		-		-			-		-			36,005

Net loss		-		-		-		-		-		-		-		-		-		-		-		-		-			-		(1,739,038	)		(1,739,038	)

Balance, March 31, 2023		5	$	5,320,000		-	$	-		1,100	$	2,900,039		4,000	$	4		5,360,434	$	80,172,548	$	119,586		36,248	$	(572,678	)	$	8,944,609	$	(94,429,872	)	$	2,454,236

Three months ended March 31, 2024

Balance, January 1, 2024		5	$	5,320,000		-	$	-		1,100	$	2,900,039		4,000	$	4		32,753,196	$	83,263,105	$	119,586		36,248	$	(572,678	)	$	10,396,274	$	(102,428,298	)	$	(1,001,968	)
Balance, value		5	$	5,320,000		-	$	-		1,100	$	2,900,039		4,000	$	4		32,753,196	$	83,263,105	$	119,586		36,248	$	(572,678	)	$	10,396,274	$	(102,428,298	)	$	(1,001,968	)

Issuance of common stock in lieu of note repayments		-		-		-		-		-		-		-		-		11,866,995		964,764		-		-		-			-		-			964,764

Issuance of common stock in lieu of interest payments		-		-		-		-		-		-		-		-		178,392		14,503		-		-		-			-		-			14,503

Net loss		-		-		-		-		-		-		-		-		-		-		-		-		-			-		(5,049,933	)		(5,049,933	)

Balance, March 31, 2024		5	$	5,320,000		-	$	-		1,100	$	2,900,039		4,000	$	4		44,798,583	$	80,172,548	$	119,586		36,248	$	(572,678	)	$	10,396,274	$	(107,478,231	)	$	(5,072,634	)
Balance, value		5	$	5,320,000		-	$	-		1,100	$	2,900,039		4,000	$	4		44,798,583	$	80,172,548	$	119,586		36,248	$	(572,678	)	$	10,396,274	$	(107,478,231	)	$	(5,072,634	)

See notes to consolidated financial statements

Can B̅ Corp. and Subsidiaries

Consolidated Statement of Cash Flows

	2024			2023
	Three Months Ended
	March 31,
	(Unaudited and not Reviewed) 2024			2023
Operating activities:
Net loss	$	(5,049,933	)	$	(1,739,038	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		-			-
Depreciation		314,435			346,887
Amortization of intangible assets		-			3,000
Amortization of original-issue-discounts		239,782			218,146
Impairment of intangible assets		91,728			-
Loss on sale of property and equipment		3,142,769			-
Bad debt expense		-			86,365
Change in fair value of warrant liability		-			(79,418	)
Stock-based interest expense		14,503			36,005
Stock-based consulting expense		-			521,557
Changes in operating assets and liabilities:
Accounts receivable		124,318			(392,669	)
Inventory		1,026,167			(8,122	)
Prepaid expenses		(6,000	)		(7,448	)
Operating lease right-of-use asset		(648	)		142
Accounts payable		319,730			108,316
Accrued expenses		144			144
Net cash provided by (used in) operating activities		216,995			(906,133	)

Investing activities:
Purchase of property and equipment		-			(15,000	)
Deposits paid		-			(70,000	)
Net cash used in investing activities		-			(85,000	)

Financing activities:
Net proceeds received from notes and loans payable		100,000			1,730,000
Proceeds from sale of common stock		-			-
Repayments of notes and loans payable		(333,275	)		(507,813	)
Deferred financing costs		-			(143,000	)
Amounts received from/repaid to related parties, net		9,000			35,000
Net cash (used in) provided by financing activities		(224,275	)		1,114,187

(Decrease)/Increase in cash and cash equivalents		(7,424	)		123,054
Cash and cash equivalents, beginning of period		34,006			73,194
Cash and cash equivalents, end of period	$	26,582		$	196,248

Supplemental Cash Flow Information:
Income taxes paid	$	-		$	-
Interest paid	$	-		$	-
Non-cash Investing and Financing Activities:
Issuance of common stock in lieu of repayment of notes payable	$	964,764		$	-
Issuance of common stock in asset acquisitions	$	-		$	-
Issuance of common stock for property and equipment	$	-		$	-
Debt discount associated with convertible note	$	-		$	273,529
Conversion of Series A Preferred stock to common stock	$	-		$	-
Issuance of common stock warrants in connection with convertible promissory note	$	-		$	937,787

See notes to consolidated financial statements

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

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% of the membership interests in Pure Health Products, LLC, a New York limited liability company (“PHP” or “Pure Health Products”) effective December 28, 2018. The Company runs it manufacturing operations through PHP and holds and sells several of its brands through PHP as well. The Company’s durable equipment products, such as Sam® units are marketed and sold through its wholly-owned subsidiaries, Duramed Inc. (incorporated on November 29, 2018) and Duramed MI LLC (fka DuramedNJ, LLC) (incorporated on May 29, 2019) (collectively, “Duramed”). Duramed began operating on or about February 1, 2019. Most of the Company’s consumer products include hemp derived cannabidiol (“CBD”) are available online. Additional hemp derived isolate is available for wholesale to third-parties looking to incorporate such compounds into their products through the Company’s wholly owned subsidiary CO Botanicals LLC (incorporated in August 2021). In February of 2024, Can B̅ Corp’s 67% owned subsidiary, Nascent Pharma, LLC, acquired certain Patents using liquid formulations containing cannabinoids which are used in such products as vape cartridges, edibles, pills, gummies, tinctures, oils, concentrates and more.

Today, 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. 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 a 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. Can B̅ also plans to commercialize and enforce the patents recently acquired by Nascent Pharma, LLC.

Note 2 – Going Concern

The condensed 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 March 31, 2024, the Company had cash and cash equivalents of $26,582 and negative working capital of $6,165,773. For the three months ended March 31, 2024 and 2023, the Company had incurred losses of $5,049,933 and $1,739,038, respectively. These factors raise substantial doubt as to the Company’s ability to continue as a going concern.

After careful consideration and analysis of the economics, supply chain, processing logistics, and management of manpower the Company decided to consolidate operations in its CO operations in Mead and Ft. Morgan. The Company has very limited processing ability via 3^rd party vendors to process its owned biomass into isolate.

As a result of the consolidation of the Florida and Tennessee operations into Fort Morgan, Colorado and the subsequent Article 9 auction sale of the primary hemp division assets, the Colorado operation has limited ability to process any materials other than through third party operations.

The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

Note 3 – Basis of Presentation and Summary of Significant Accounting Policies

Basis of Financial Statement Presentation

The accompanying unaudited condensed 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, 2023 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, 2023 (“2023 Form 10-K”). The interim consolidated financial statements contained herein should be read in conjunction with the 2023 Form 10-K.

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

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.

Use of 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 2022 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 2023 Form 10-K.

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Segment reporting

As of March 31, 2024, 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.

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.

Note 4 – Fair Value Measurements

The carrying value and fair value of the Company’s financial instruments are as follows:

	Level 1		Level 2		Level 3		Total
March 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liabilities	$	—	$	—	$	1,766	$	1,766

	Level 1		Level 2		Level 3		Total
As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liabilities	$	—	$	—	$	1,766	$	1,766

The fair value of the warrants outstanding was estimated using the Black-Scholes model. The application of the Black-Scholes model requires the use of a number of inputs and significant assumptions including volatility. The following reflects the inputs and assumptions used:

Schedule of Fair Value Assumptions

As of
	March 31, 2024			December 31, 2023
Stock price	$	0.85		$	0.07
Exercise price	$	6.40		$	6.40
Remaining term (in years)		3.25			3.50
Volatility		165.2	%		171.8	%
Risk-free rate		3.9	%		3.84	%
Expected dividend yield		—	%		—	%
Warrant measurement input		—			—

The warrant liabilities will be remeasured at each reporting period with changes in fair value recorded in other income (expense), net on the consolidated statements of operations. The change in fair value of the warrant liabilities was as follows:

Warrant liabilities
Estimated fair value at December 31, 2022	$	203,043
Issuance of warrant liabilities		-
Change in fair value		(79,418	)
Estimated fair value at March 31, 2023	$	123,625

Estimated fair value at December 31, 2023	$	1,766
Estimated fair value at beginning balance	$	1,766
Change in fair value		-
Estimated fair value at March 31, 2024	$	1,766
Estimated fair value at ending balance	$	1,766

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Note 5 – Inventories

Inventories consist of:

Schedule of Inventories

	March 31,		December 31,
	2023		2022
Raw materials	$	221,030	$	1,196,112
Finished goods		372,345		423,430
Total	$	593,375	$	1,619,542

Note 6 – Property and Equipment

Property and equipment consist of:

Schedule of Property and Equipment

	March 31,			December 31,
	2024			2023
Furniture and fixtures	$	2,706		$	21,724
Office equipment		-			12,378
Manufacturing equipment		468,264			6,828,083
Medical equipment		776,396			776,396
Leasehold improvements		26,902			26,902
Total		1,274,268			7,665,483
Accumulated depreciation		(625,189	)		(3,559,200	)
Net	$	649,079		$	4,106,283

Depreciation expense related to property and equipment was $314,435 and $346,887 for the three months ended March 31, 2024 and 2024, respectively.

In connection with the sale of certain assets related to the Arena Notes, the Company recorded as loss on sales of property and equipment of $3,142,769 during the three months ended March 31, 2024.

Note 7 – Intangible Assets

Intangible assets consist of:

Schedule of Intangible Assets

	March 31,		December 31,
	2024		2023
Technology, IP and patents	$	-	$	119,998
Total		-		119,998
Accumulated amortization		-		(24,854	)
Intangible assets, net	$	3,416	$	95,144

Amortization expense was $3,000 for the three months ended March 31, 2023. During the three months ended March 31, 2024, the Company recorded impairment expense of $91,728 related to its intangible assets.

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

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 original principal amount of the note was $2,675,239 and the proceeds are to be utilized for working capital purposes. The note matured on January 31, 2022 and all principal, accrued and unpaid interest is due at maturity at a rate of 12% per annum. The conversion options contained in the convertible promissory note were evaluated for derivative accounting under ASC 815, Derivatives and Hedging, and determined not to be considered a derivative and therefore has been recorded in liabilities as part of the convertible promissory note and not bifurcated. In addition, the ASOP convertible promissory note was issued with 228,419 common stock warrants. The common stock purchase warrants entitle the holder to purchase an aggregate of up to 228,419 shares of the Company’s common stock at an exercise price of $6.75 per share. The common stock purchase warrants issued to ASOP are considered derivatives, but satisfied the criteria for classification as equity instruments, and were bifurcated from the host contract - convertible promissory note and recorded in equity at their relative fair values with a corresponding debt discount recorded to ASOP Note I. The principal balance outstanding at March 31, 2024 was $2,400,997.

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 and it is to be utilized for working capital purposes. The note matures on January 31, 2022 and all principal, accrued and unpaid interest is due at maturity at a rate of 12% per annum. The conversion options contained in the convertible promissory note were evaluated for derivative accounting under ASC 815, Derivatives and Hedging, and determined not to be considered a derivative and therefore has been recorded in liabilities as part of the convertible promissory note and not bifurcated. In addition, the ASOF convertible promissory note was issued with 8,755 common stock warrants. The common stock purchase warrants entitle the holder to purchase an aggregate of up to 8,755 shares of the Company’s common stock at an exercise price of $6.75 per share. The common stock purchase warrants issued to ASOF are considered derivatives, but satisfied the criteria for classification as equity instruments, and were bifurcated from the host contract - convertible promissory note and recorded in equity at their relative fair values with a corresponding debt discount recorded to ASOF Note I. The principal balance outstanding at March 31, 2024 was $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 and it is to be utilized for working capital purposes. The note matures on January 31, 2022 and all principal, accrued and unpaid interest is due at maturity at a rate of 12% per annum. The conversion options contained in the convertible promissory note were evaluated for derivative accounting under ASC 815, Derivatives and Hedging, and determined not to be considered a derivative and therefore has been recorded in liabilities as part of the convertible promissory note and not bifurcated. In addition, the ASOP convertible promissory note was issued with 101,978 common stock warrants. The common stock purchase warrants entitle the holder to purchase an aggregate of up to 101,978 shares of the Company’s common stock at an exercise price of $6.75 per share. The common stock purchase warrants issued to ASOP are considered derivatives, but satisfied the criteria for classification as equity instruments, and were bifurcated from the host contract - convertible promissory note and recorded in equity at their relative fair values with a corresponding debt discount recorded to ASOP Note II. The principal balance outstanding at March 31, 2024 was $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 and it is to be utilized for working capital purposes. The note matures on January 31, 2022 and all principal, accrued and unpaid interest is due at maturity at a rate of 12% per annum. The conversion options contained in the convertible promissory note were evaluated for derivative accounting under ASC 815, Derivatives and Hedging, and determined not to be considered a derivative and therefore has been recorded in liabilities as part of the convertible promissory note and not bifurcated. In addition, the ASOP convertible promissory note was issued with 26,228 common stock warrants. The common stock purchase warrants entitle the holder to purchase an aggregate of up to 26,228 shares of the Company’s common stock at an exercise price of $6.75 per share. The common stock purchase warrants issued to ASOF are considered derivatives, but satisfied the criteria for classification as equity instruments, and were bifurcated from the host contract - convertible promissory note and recorded in equity at their relative fair values with a corresponding debt discount recorded to ASOF Note II. The principal balance outstanding at March 31, 2024 was $276,750.

The maturity dates for the above notes were extended to April 30, 2022 on April 14, 2022 in exchange for the Company’s promise to pay the holders $300,000. The holders agreed to allow the Company to extend the notes for two additional 30-day periods for $100,000 per extension. The holders also waived certain defaults under the notes. The Company subsequently elected to extend the maturity date to May 31, 2022 for the promise to pay an additional $100,000. As discussed below under “Forbearance and Amendment of Outstanding Notes,” ASOP and ASOF have agreed to forbear from exercising remedies under the notes until December 31, 2023 provided that the Company does not default on its obligations under the Forbearance Agreement. In September 2023, Arena notified the Company that it was in default of certain obligations under the Forbearance Agreement but did not declare an acceleration of the indebtedness. In April 2024, Arena instituted a lawsuit seeking, among other things, a declaratory judgment that the Company is in breach of the Arena notes and Forbearance Agreement.

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

On January 1, 2022, the Company entered into a convertible promissory note (“Empire Note”) with Empire Properties, LLC (“Empire”). The principal balance of the note is $52,319 and it is to be utilized for working capital purposes. The note matured on December 31, 2022 or due on demand subsequently to any major funding received by the Company in excess of $5,000,000 and all principal, accrued and unpaid interest is due at maturity at a rate of 8% per annum. The conversion options contained in the convertible promissory note were evaluated for derivative accounting under ASC 815, Derivatives and Hedging, and determined not to be considered a derivative and therefore has been recorded in liabilities as part of the convertible promissory note and not bifurcated. The principal balance outstanding at March 31, 2024 was $52,319.

In March 2022, the Company entered into a convertible promissory note (“BL Note”) with Blue Lake Partners, LLC (“BL”). The original principal amount of the note was $250,000 and the proceeds are to be utilized for working capital purposes. The note had an original maturity date of March 22, 2023 and all principal, accrued and unpaid interest is due at maturity at a rate of 12% per annum. The conversion options contained in the convertible promissory note were evaluated for derivative accounting under ASC 815, Derivatives and Hedging, and determined not to be considered a derivative and therefore has been recorded in liabilities as part of the convertible promissory note and not bifurcated. In addition, the BL Note was issued with 39,062 common stock warrants. The common stock purchase warrants entitle the holder to purchase an aggregate of up to 39,062 shares of the Company’s common stock at an initial exercise price of $6.40 per share (subject to adjustment upon the occurrence of certain events, including the issuance of lower priced securities). The common stock purchase warrants issued to BL are considered derivatives and did not satisfy the criteria for classification as equity instruments and were bifurcated from the host contract - convertible promissory note and recorded as a liability at fair value with a corresponding debt discount recorded to the BL Note with subsequent changes in fair values recognized in the consolidated statement of operations at each reporting date. Effective February 27, 2023, in consideration of the Company repaying an aggregate of $66,667 under the BL Note, BL agreed to extend the maturity date of the BL Note until September 1, 2023 and reduce the percentage of the cash proceeds received by the Company from the issuance of equity or debt that BL can require the Company to apply to the repayment of the BL Note from 50% to 33%. The principal balance outstanding at March 31, 2024 was $102,623 and the BL Note is past due.

In March 2022, the Company entered into a convertible promissory note (“MH Note”) with Mast Hill Fund, LP (“MH”). The original principal amount of the note was $350,000 and the proceeds are to be utilized for working capital purposes. The note had an original maturity date of March 22, 2023 and all principal, accrued and unpaid interest is due at maturity at a rate of 12% per annum. The conversion options contained in the convertible promissory note were evaluated for derivative accounting under ASC 815, Derivatives and Hedging, and determined not to be considered a derivative and therefore has been recorded in liabilities as part of the convertible promissory note and not bifurcated. In addition, the MH Note was issued with 39,062 common stock warrants. The common stock purchase warrants entitle the holder to purchase an aggregate of up to 39,062 shares of the Company’s common stock at an initial exercise price of $6.40 per share (subject to adjustment upon the occurrence of certain events, including the issuance of lower priced securities). The common stock purchase warrants issued to MH are considered derivatives and did not satisfy the criteria for classification as equity instruments and were bifurcated from the host contract - convertible promissory note and recorded as a liability at fair value with a corresponding debt discount recorded to the MH Note with subsequent changes in fair values recognized in the consolidated statement of operations at each reporting date. Effective February 27, 2023, in consideration of the Company repaying an aggregate of $93,333 under the MH Note, MH agreed to extend the maturity date of the MH Note until September 1, 2023 and reduce the percentage of the cash proceeds received by the Company from the issuance of equity or debt that MH can require the Company to apply to the repayment of the MH Note from 50% to 33%. . The principal balance outstanding at March 31, 2024 was $256,667 and the MH Note is past due.

In April 2022, the Company entered into a convertible promissory note (“FM Note”) with Fourth Man, LLC (“FM”). The original principal amount of the note was $150,000 and the proceeds are to be utilized for working capital purposes. The note had an original maturity date of April 22, 2023 and all principal, accrued and unpaid interest is due at maturity at a rate of 12% per annum. The conversion options contained in the convertible promissory note were evaluated for derivative accounting under ASC 815, Derivatives and Hedging, and determined not to be considered derivatives and therefore have been recorded in liabilities as part of the convertible promissory note and not bifurcated. In addition, the FM Note was issued with 23,437 common stock warrants. The common stock purchase warrants entitle the holder to purchase an aggregate of up to 23,437 shares of the Company’s common stock at an initial exercise price of $6.40 per share (subject to adjustment upon the occurrence of certain events, including the issuance of lower priced securities). The common stock purchase warrants issued to FM are considered derivatives and did not satisfy the criteria for classification as equity instruments and were bifurcated from the host contract - convertible promissory note and recorded as a liability at fair value with a corresponding debt discount recorded to the FM Note with subsequent changes in fair values recognized in the consolidated statement of operations at each reporting date. Effective February 27, 2023, in consideration of the Company repaying an aggregate of $40,000 under the FM Note, FM agreed to extend the maturity date of the FM Note until September 1, 2023 and reduce the percentage of the cash proceeds received by the Company from the issuance of equity or debt that FM can require the Company to apply to the repayment of the FM Note from 50% to 33%. On June 30^th, 2023 the Company entered into a Settlement and Mutual Release Agreement to extinguish the $110,000 principal outstanding on the FM Note. As of March 31, 2024 the FM Note had been satisfied in full.

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

In June 2022, the Company entered into a convertible promissory note (“Alumni Note”) with Alumni Capital, LP (“Alumni”). The original principal amount of the note was $62,500 and the proceeds are to be utilized for working capital purposes. The note had an original maturity date of June 6, 2023 which was extended until September 1, 2023 effective February 27, 2023. All principal, accrued and unpaid interest is due at maturity at a rate of 12% per annum. The holder can require the full payment of the note if the Company completes an offering of its common stock that results in an uplisting of its common stock to a national securities exchange. The conversion options contained in the convertible promissory note were evaluated for derivative accounting under ASC 815, Derivatives and Hedging, and determined not to be considered derivatives and therefore have been recorded in liabilities as part of the convertible promissory note and not bifurcated. In addition, the Alumni Note was issued with 9,766 common stock warrants. The common stock purchase warrants entitle the holder to purchase an aggregate of up to 9,766 shares of the Company’s common stock at an exercise price of $6.40 per share. The common stock purchase warrants issued to Alumni are considered derivatives and did not satisfy the criteria for classification as equity instruments and were bifurcated from the host contract - convertible promissory note and recorded as a liability at fair value with a corresponding debt discount recorded to the Alumni Note with subsequent changes in fair values recognized in the consolidated statement of operations at each reporting date. The principal balance outstanding at March 31, 2024 was $62,500.

In August 2022, the Company entered into a convertible promissory note (“WN”) with Walleye Opportunities Master Fund Ltd. (“WOMF”). The original principal amount of the note was $385,000 and the proceeds are to be utilized for working capital purposes. The note originally matured on August 30, 2023 and all principal, accrued and unpaid interest is due at maturity at a rate of 12% per annum. The conversion options contained in the convertible promissory note were evaluated for derivative accounting under ASC 815, Derivatives and Hedging, and determined not to be considered derivatives and therefore have been recorded in liabilities as part of the convertible promissory note and not bifurcated. In addition, the WN Note was issued with 71,296 common stock warrants. The common stock purchase warrants entitle the holder to purchase an aggregate of up to 71,296 shares of the Company’s common stock at an exercise price of $5.40 per share. The common stock purchase warrants issued to WOMF are considered derivatives and did not satisfy the criteria for classification as equity instruments and were bifurcated from the host contract - convertible promissory note and recorded as a liability at fair value with a corresponding debt discount recorded to the WN with subsequent changes in fair values recognized in the consolidated statement of operations at each reporting date. The principal balance outstanding at March 31, 2024 was $385,000

In January 2023 the Company entered into a convertible promissory note (“Tysadco Note VI”) with Tysadco Partners, LLC (“Tysadco”). The original principal amount of the note was $100,000 and the proceeds are to be utilized for working capital purposes. The note had a maturity date of April 12, 2023, and all principal, accrued and unpaid interest is due at maturity at a rate of 12% per annum. Effective January 31, 2023, Tysadco agreed to exchange the Tysdaco Note VI and other notes held by Tysdaco in the aggregate principal amount of $752,000 having maturity dates between August 24, 2022 and March 19, 2023 for a single note that matured on September 1, 2023. Contemporaneous with this exchange, Tysadco assigned the combined note to ClearThink Capital Partners, LLC and the Company issued 130,000 shares of common stock to ClearThink Capital Partners, LLC. The conversion options contained in the combined note were evaluated for derivative accounting under ASC 815, Derivatives and Hedging, and determined not to be considered derivatives and therefore have been recorded in liabilities as part of the convertible promissory note and not bifurcated. The principal balance of the combined note at March 31, 2024 was $1,007,500 and the combined note is past due.

On March 2, 2023, the Company completed the sale of a promissory note (the “Note”) in the principal amount of $1,823,529 to WOMF pursuant to a Securities Purchase Agreement dated as of February 27, 2023. The purchase price of the Note was $1,550,000, representing a 15% original issue discount. The Note is non-interest bearing, except in the case of the event of a default, in which case interest will accrue from the date of the default at a rate equal to the lower of 18% per annum or the maximum rate permitted by law.

The Note is payable in nine (9) monthly installments of $232,500 each, consisting of a $227,941 principal reduction payment and a $4,559 redemption fee, commencing on April 27, 2023. The Company’s obligations under the note are secured by a security interest in the Company’s deposit accounts and the deposit accounts of the Company’s subsidiaries. In addition, each the Company’s subsidiaries has agreed that if an event of default occurs under the Note, the subsidiary will pay to WOMF an amount equal to 10% of revenues received during the prior month from the sale of goods or services or collections of accounts receivable.

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

The Note requires the Company to use reasonable commercial efforts to complete an offering which will result in an uplisting of its common stock to a national securities exchange within a reasonable time following the issuance of the Note. The Note contains certain negative covenants, including a prohibition on the incurrence of debt that is senior or pari passu to the indebtedness represented by the Note, the creation of liens on the Company’s assets, the payment of dividends and other distributions on the Company’s common stock, the repurchase of the Company’s common stock, the sale of a significant portion of the Company’s assets and the repayment of indebtedness other than existing indebtedness.

The Company may elect to pay all or a portion of a monthly installment due under the Note by converting such amount into shares of the Company’s common stock at a price of $4.00 per share, subject to adjustment in accordance with the terms of the Note. As of September 30, 2023, the adjusted conversion price was $.0772. If the Company does not pay an installment when due it is deemed an election by the Company to convert the installment payment into common stock at a price equal to the lower of $4.00 per share or 90% of the lowest daily volume weighted average price of the common stock during the five trading days preceding the conversion date. WOMF has the right to determine the timing of any such conversion. WOMF may elect at any time to convert amounts payable under the Note into shares of the Company’s common stock at a conversion price of $4.00 per share, subject to adjustment in accordance with the terms of the Note. The Company did not pay the installments due under the Note on April 27, 2023, May 1, 2023, June 1, 2023, July 1, 2023, August 1, 2023 and September 1, 2023 in cash. As a result, these installment payments will be converted into common stock at such time as WOMF elects to effect the conversions.

If the Company receives cash proceeds from any source, including payments from customers or from the issuance of equity or debt, WOMF can require the Company to apply 100% of such proceeds to the repayment of the Note.

If the Company completes a placement of securities, WOMF will have the right to accept such new securities in lieu of the Note and Warrant. For so long as the Note is outstanding, if the Company issues a security or amends the terms of a security issued before the issue date of the Note, and WOMF believes that terms of the new or amended security are more favorable to the holder than the terms provided to WOMF, WOMF may require that such terms become part of WOMF’s transaction documents with the Company.

In the event of a default under the Note, the Company shall be required to pay WOMF an amount equal to the amount determined by multiplying the principal amount then outstanding plus default interest by 135%, plus costs of collection. WOMF may elect to accept payment of any such amount in cash and/or shares of the Company’s common stock, valued for this purpose at the lower of the conversion price then in effect or a 60% discount to the lowest volume weighted average price of the common stock during the five trading days preceding the conversion date.

WOMF has been granted a right of first refusal to participate in future financing transactions conducted by the Company.

As additional consideration for the purchase of the Note, the Company issued WOMF a warrant (the “Warrant”) to purchase 1,307,190 shares of the Company’s common stock at an exercise price equal to 90% of the lowest volume weighted average price of the common stock during the five trading days preceding the date of exercise. The Warrant contains a cashless exercise provision and is exercisable at any time during the period beginning on August 27, 2023 and ending on August 27, 2028. In addition, a warrant issued by the Company to WOMF in August 2022 was amended to change the exercise price of the warrant from $5.40 per share to the lower of $5.40 per share or the lowest volume weighted average price of the common stock during the five trading days preceding its exercise.

The Company has entered into a Registration Rights Agreement with WOMF pursuant to which the Company has agreed to file a registration statement with the Securities and Exchange Commission to register the shares of common stock issuable upon the conversion of the Note and the exercise of the Warrant for public resale. The Company filed the registration statement on May 12, 2023 and it was declared effective on May 22, 2023. WOMF has also been granted piggyback registration rights with respect to the shares of common stock issuable upon the conversion of the Note and the exercise of the Warrant. Each of the Note and Warrant grants full ratchet anti-dilution protection to WOMF in the event that the Company issues common stock or rights to purchase common stock at a price less than the conversion or exercise price then in effect.

In May 2023, the Company issued a promissory note to WOMF in the principal amount of $437,500. The purchase price of the note was $350,000, representing a 20% original issue discount. The note is non-interest bearing except in the event of a default, in which case interest will accrue at a rate of 40% per annum in the event of a payment default and 18% per annum in the event of other defaults. The note became due on October 15, 2023. The principal balance outstanding at March 31, 2024 was $256,893.

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Forbearance and Amendment of Outstanding Notes.

Contemporaneous with the sale of the Note and Warrant to WOMF, ASOP and ASOF (collectively, “Arena”), who hold promissory notes with an unpaid principal balance of approximately $3,877,000 which became due on April 30, 2022 (the “Arena Notes”), entered into a Forbearance Agreement with the Company pursuant to which they agreed to forbear from exercising remedies under the Arena Notes until December 31, 2024 provided that the Company does not default on its obligations under the Forbearance Agreement. In September 2023, Arena notified the Company that it was in default of certain obligations under the Forbearance Agreement but did not declare an acceleration of the indebtedness.

The Forbearance Agreement requires the Company and/or Company’s subsidiaries, Duramed, Inc. and Duramed MI, LLC (together the “Duramed Subsidiaries”) to remit to Arena on a monthly basis certain accounts receivable collected by the Company and/or the Duramed Subsidiaries until the total amount collected is $5,700,000. After the amount collected is $5,700,000, additional collections of these receivables are shared equally between the Company and Arena. The Company and the Duramed Subsidiaries have assigned their rights to these receivables to Arena.

If Arena fully exercises warrants to purchase shares of the Company’s common stock that were previously issued to it, and the aggregate market value of the shares acquired is less than $1,500,000, the Company must pay to Arena an amount equal to such difference.

In December 2023 Arena notified the Company that it intended to conduct an auction of certain of the Company’s assets under Article 9 of the Uniform Commercial Code due to the alleged breaches of the Forbearance Agreement. The auction took place on March 14, 2024.

As a condition to the closing of the sale of the Note and Warrant to the WOMF, certain terms of certain promissory notes previously issued by the Company were amended, including the following:

	●	in consideration of an increase in the aggregate principal amount by $10,000 and an increase in the interest rate to 18% per annum, the holder of notes in the aggregate principal amount of $150,000 agreed to waive his right to require the Company to repay a $50,000 note upon the Company’s receipt of $1,500,000 of financing and extend maturity dates from November 18, 2021 and January 22, 2023 to September 1, 2023;

	●	in consideration of the Company’s agreement to provide a product credit for future orders of $50,000, the holder of a promissory note in the principal amount of $150,000 agreed to extend the maturity date from August 10, 2022 to September 1, 2023;

	●	the maturity date of a promissory note in the principal amount of $1,250,000 was extended from August 12, 2022 until the earlier of September 1, 2023 or the date that the Company completes an offering resulting in an uplisting of its common stock to the Nasdaq Capital Market; and

	●	in consideration of the repayment of a total of $232,500 under the notes, the holders of promissory notes in the aggregate principal amount of $435,000 issued in October and November 2022 that bore interest at 18% per annum and were past due agreed to exchange the notes for new notes that matured on September 1, 2023 and bear interest at 15% per annum;

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

TWS Note

On August 12, 2021, pursuant to an Equipment Acquisition Agreement, the Company entered into a twelve-month promissory note of $1,250,000 with payments of $100,000 per month and interest at 6% (See Note 5). As of March 31, 2024, the total amount outstanding was $1,050,000.

WOMF October 2023 Note

On October 27, 2023, the Company completed the sale of a promissory note (the “Initial Note”) in the principal amount of $156,250 to WOMF pursuant to a Securities Purchase Agreement between the Company and the WOMF (the “Stock Purchase Agreement”). The purchase price of the Note was $125,000, representing a 20% original issue discount. The Initial Note is non-interest bearing, except in the case of the event of a default, in which case interest will accrue from the date of the default at a rate equal to the lower of 18% per annum or the maximum rate permitted by law. The Initial Note becomes due on October 27, 2024.

WOMF may elect to convert the principal amount of the Initial Note and default interest, if any, subject to adjustment at a price equal to 90% of the lowest daily volume weighted average price of the common stock during the fifteen trading days preceding the conversion date.

WOMF and/or investors introduced by WOMF may purchase up to an additional $1,693,750 aggregate principal amount of notes having terms substantially similar to the Initial Note (the “New Notes” and collectively with the Initial Note, the “Notes”). In addition to the principal and interest payment obligations under the Notes, the Company has agreed to pay and/or cause its newly formed 70% owned subsidiary, Nascent Pharma, LLC (“Nascent”,) to pay WOMF fifteen percent (15%) of all amounts that would otherwise be distributable to the Company by Nascent until WOMF receives distributions in the aggregate amount that equal the sum of (a) 200% of the purchase price of notes previously issued by the Company to WOMF plus (b) 200% of the principal amount of certain notes previously issued by the Company and acquired by WOMF from a third party plus (c) 100% of the purchase price of Notes purchased pursuant to the Stock Purchase Agreement; provided, however, if WOMF and/or other investors purchase $1,875,000 aggregate principal amount of Notes pursuant to the Stock Purchase Agreement, the obligation to pay 100% of the purchase price of the Notes shall be increased to 200% of the purchase price of such Notes. The amounts distributable by Nascent to the Company, if any, will represent the proceeds of Nascent’s enforcement of certain patents it is seeking to acquire. Nascent has not yet acquired such patents and no assurance can be given that it will be able to complete such acquisition. Under the terms of the Stock Purchase Agreement, the purchase of New Notes by WOMF and/or investors introduced by WOMF is subject to, among other things, Nascent’s acquisition of the patents. If Nascent does not complete the acquisition of the patents, the Company does not expect that any New Notes will be purchased and the Company will have no obligation to pay additional consideration to WOMF.

In the event of a default under a Note, the Company shall be required to pay the holder of the Note an amount equal to the amount determined by multiplying the principal amount of the Note then outstanding plus default interest by 135%, plus costs of collection. WOMF may elect to accept payment of any such amount in cash and/or shares of the Company’s common stock, valued for this purpose at the lower of the conversion price then in effect or a 60% discount to the lowest volume weighted average price of the common stock during the five trading days preceding the conversion date.

WOMF has been granted a right of first refusal to participate in future financing transactions conducted by the Company.

The Company has entered into a Registration Rights Agreement with WOMF pursuant to which the Company has agreed to file a registration statement with the Securities and Exchange Commission by December 11, 2023 to register for public resale the shares of common stock issuable upon the conversion of the Note and a consolidated note issued to WOMF in the principal amount of $1,354,210 (the “Consolidated Note”) which combined certain notes held by WOMF into a single Note. If the Company fails to file the registration statement by December 11, 2023 or have the registration statement declared effective by the deadlines set forth in the Registration Rights Agreement, the Company will be required to make a payment of 2% of the amount then owed under the Note and the Consolidated Note for each 30 day period after the applicable deadline that the Company does not file the registration statement or the registration statement is not declared effective. WOMF has also been granted piggyback registration rights with respect to the shares of common stock issuable upon the conversion of the Notes it acquires and the Consolidated Note. Each of the Initial Note and Consolidated Note grants full ratchet anti-dilution protection to WOMF in the event that the Company issues common stock or rights to purchase common stock at a price less than the conversion or exercise price then in effect.

The Initial Note contains and the New Notes will contain a provision which provides that the holder will not be converted if the conversion would result in the holder becoming the beneficial owner of more than 9.99% of the Company’s outstanding common stock.

ClearThink Notes

The Company issued a convertible note in the principal amount of $15,000 to ClearThink Capital Partners, LLC (“ClearThink”) in September 2023 for a purchase price of $10,000. The note has a six month term and is past due. A note in the principal amount of $75,000 was issued to ClearThink for a purchase price of $50,000 in December 2023. This note has a nine month term. Each of the notes bears interest at a rate of twelve percent (12%) per annum and is convertible into the Company’s common stock at a conversion price of $.0772 per share.

On February 29, 2024, the Company completed the sale of a promissory note in the principal amount of $75,000 to ClearThink. The purchase price of the note was $50,000, representing a 33.33% original issue discount. The note becomes due on November 29, 2024 and bears interest, payable upon maturity, at a rate of 12% per annum. ClearThink may convert the purchase price of the note and accrued and unpaid interest into shares of the Company’s common stock at any time at a conversion price of $0.0772 per share.

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Other Loans

On November 18, 2021, the Company entered into a $100,000 unsecured promissory note agreement with a lender. The promissory note accrued interest at a rate of 10% per annum and was due within twelve months of issuance or due on demand subsequent to any major funding received by the Company in excess of $3,000,000. As of March 31, 2024 there was no principal outstanding.

During the year ended December 31, 2022, the Company entered into various agreements relating to the sales of future receivables for an aggregate purchase amount of approximately $450,000. The aggregate principal amounts are payable in weekly installments ranging from $2,917 through $453 until such time the obligations are fully satisfied. As of March 31, 2024, the total amounts outstanding were approximately $95,000.

On February 11, 2022, the Company entered into a $175,000 unsecured promissory note agreement with a lender. The promissory note accrues interest at a rate of 16% per annum and is due within six months or due on demand subsequently to any major funding received by the Company in excess of $2,000,000. As of March 31, 2024the total amount outstanding was $175,000.

On August 18, 2022, the Company entered into a $250,000 unsecured promissory note agreement with a lender. The promissory note accrues interest at a rate of 16% per annum and is due within three months or due on demand subsequently to any major funding received by the Company in excess of $1,000,000. As of March 31, 2024 the note has been satisfied in full.

On October 14, 2022, the Company entered into a $115,000 unsecured promissory note agreement with a lender. The promissory note accrues interest at a rate of 18% per annum and was due on October 31, 2022. As of March 31, 2024 the total amount outstanding was $65,000.

On October 14, 2022, the Company entered into a $230,000 unsecured promissory note agreement with a lender. The promissory note accrues interest at a rate of 18% per annum and was due on October 31, 2022. As of March 31, 2024 no principal was outstanding.

On November 17, 2022, the Company entered into a $200,000 unsecured promissory note agreement with a lender. The promissory note accrues interest at a rate of 18% per annum and was due on December 17, 2022. As of March 31, 2024 the total amount outstanding was $125,000.

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Note 9 – Stockholders’ Equity

Preferred Stock

Each share of Series A Preferred Stock is convertible into 218 shares of CANB common stock and is entitled to 4,444 votes. All Preferred Shares shall rank senior to all shares of Common Stock of the Company with respect to liquidation preferences and shall rank pari passu to all current and future series of preferred stock, unless otherwise stated in the certificate of designation for such preferred stock. In the event of a Liquidation Event, whether voluntary or involuntary, each holder may elect (i) to receive, in preference to the holders of Common Stock, a one-time liquidation preference on a per-share amount equal to the per-share value of preferred shares on the issuance date, as recorded in the Company’s financial records, or (ii) to participate pari passu with the Common Stock on an as-converted basis. Subject to any adjustments, the Series A holders shall be entitled to receive such dividends paid and distributions made to the holders of shares of Common Stock on an as converted basis. During the year ended December 31, 2022, the Company converted 15 shares of Series A preferred stock to 33,345 shares of common stock.

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.

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 1,667 shares of common stock. The shares of Series C Preferred Stock have voting rights as if fully converted. During the year ended December 31, 2022 the Company issued 1,077 shares of Series C preferred stock.

Each share of Series D Preferred Stock has 667 shares of voting rights only pari passu to common shares voting with no conversion rights and no equity participation. The Company can redeem Series D Preferred Stock at any time for par value.

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 shares of a new Series D Preferred Stock with a par value of $0.001 each. All Series D Preferred Shares shall rank senior to all shares of Common Stock of the Company with respect to liquidation preferences and shall rank pari passu to all current and future series of preferred stock, unless otherwise stated in the certificate of designation for such preferred stock. Each Series D Preferred Share shall have voting rights equal to 667 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. The holders shall not be entitled to receive distributions made or dividends paid to the Company’s other stockholders. Except as otherwise required by law, for as long as any Series D Preferred Shares remain outstanding, the Company shall have the option to redeem any outstanding share of Series D Preferred Shares at any time for a purchase price of par value per share of Series D Preferred Shares (“Price per Share”). Should the Company desire to purchase Series D Preferred Shares, the Company shall provide the Holder with written notice and a check or cash in an amount equal to the number of shares of Series D Preferred Shares being purchased multiplied by the Price per Share. The shares of Series D Preferred Shares so purchased shall be deemed automatically cancelled and the Holder shall return the certificates for such share to the Corporation. During the year ended December 31, 2022 the Company issued 2,050 shares of Series D preferred stock.

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Note 10 – Income Taxes

The Company’s income tax provisions for the three months ended March 31, 2024 and 2023 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.

Note 11 – Commitments and Contingencies

Lease Agreements

The Company leases office space in numerous medical facilities offices under month-to-month agreements.

At March 31, 2024, the future minimum lease payments under non-cancellable operating leases were:


Nine months ended December 31, 2024	$	294,818
Fiscal year 2025		-
Total future minimum lease payments	$	294,818

Note 12 – 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. There were no subsequent events that required adjustment or disclosure in the consolidated financial statements.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Can B̅ Corp. was originally formed as a Florida corporation on October 11, 2005, under the name of WrapMail, Inc. Effective January 5, 2015, we acquired 100% ownership of Prosperity Systems, Inc., which the Company is in the process of dissolving. Effective December 28, 2018, we acquired 100% ownership of Pure Health Products. In November 2018, we formed Duramed as a wholly owned subsidiary. The Company is presently in the process of dissolving Prosperity.

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.

On March 14, 2024, an auction of the assets of our hemp division was conducted under Article 9 of the Uniform Commercial Code following allegations by Arena that we were in breach of our obligations under certain notes and a forbearance agreement. See “Item 3. Legal Proceedings.”

Following the auction, we have continued our hemp operations on a reduced scale using equipment provided by third parties and the services of third-party processors. Historically, revenues from our hemp division supported, in part, our durable medical equipment business conducted through Duramed. Due to reduced support from the hemp division, Duramed is operating with reduced staff which has adversely impacted revenues. While we plan to continue our hemp and durable medical equipment operations for the near term, our primary focus will be on protecting and commercializing the cannabis patents recently acquired by Nascent.

The consolidated financial statements include the accounts of CANB and its operational wholly owned subsidiaries.

Results of Operations

Three months ended March 31, 2024 compared to three months ended March 31, 2023.

Revenues decreased $622,609. The decrease largely due to the normalization of sales activity with 2022 positively impacted by the wind down of restrictions related to the Covid-19 Pandemic surrounding elective surgeries, enabling an increase in the usage of the Company’s Duramed product lines and ultrasound device associated with patient recovery.

Cost of product sales increased $668,584 due to inventory adjustments taken.

Operating expenses increased $1,817,561 as a result of loss on sale of property and equipment offset by decrease consulting fees, rent and other operating expenses.

Liquidity and Capital Resources

At March 31, 2024, the Company had cash and cash equivalents of $26,582 and negative working capital of $6,165,773. Cash and cash equivalents decreased $7,424. For the three months ended March 31, 2024, $216,851 was provided by operating activities and $224,275 was provided by operating activities

The Company currently has no agreements, arrangements or understandings with any person to obtain funds through bank loans, lines of credit or any other sources.

We have no off-balance sheet arrangements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

None.

ITEM 4. CONTROLS AND PROCEDURES

(A) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

As of March 31, 2024, our principal executive officer and principal financial officer conducted an evaluation regarding the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act). Based upon the evaluation of these controls and procedures, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this report.

(B) CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes in our internal control over financial reporting in our fiscal quarter for the period March 31, 2024 covered by this Quarterly Report on Form 10-Q, that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.

PART II- OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

On April 28, 2021, the Company was served with a commercial legal action against the Company and certain officers by David Weissberg and Donna Marino, who are investors in the Company (collectively, the “Investors”). The complaint was filed in the Supreme Court of the State of New York, County of Nassau, Index No. 605191/2021. The complaint alleges four causes of action.

The first cause of action alleges that the Company breached Securities Purchase Agreements with the Investors by failing to assist the Investors in getting opinion letters to remove the restrictive legends from their shares, even though the Company made introductions and requests to the Company’s counsel, provided supporting documents for the Investor’s shares, and ultimately the opinion letters could not be rendered because the Investors failed to submit required documentation to counsel.

The second cause of action is similar to the first but related to alleged misrepresentations regarding removing the restrictive legends from shares that were issued for services rather than purchased.

The third cause of action alleges that the Company mislead the Investors to invest $500,000. The final cause of action alleges that officers of the Company made misrepresentations regarding the value of the Company’s stock, which caused David Weissberg to owe more in taxes than he was expecting.

We have consulted with attorneys and believe the Investors’ claims are meritless, factually inaccurate, and frivolous. We intend to vigorously defend ourselves against the aforementioned legal action and will likely bring counterclaims against the Investors.

Approximately November 24, 2021, a vendor of the Company filed amended suit against the Company in Florida, Case No. 2021 CA 001797, for monies allegedly owed and civil theft relating to such monies and related products and fraud in the inducement. We do not believe we owe such vendor any amount. The court has entered a default judgement against the Company for our failure to timely answer the complaint, which default has since been overturned. Subsequently the case has been set for interrogatories and document production which activities are being fulfilled.

On or about August 11, 2022, a Complaint was filed by Evexia Plus, LLC against Can B Corp. in a product payment trade dispute. Case Number 63-CV-2022-900692.00 in the Circuit Court of Tuscaloosa County, AL. On 1-26-2023 the court ordered a Summary Judgement in the amount of $336,924. The parties are trying to work out a payment schedule tied to production to satisfy the judgement.

On December 1, 2023,the Company, received a notice from Arena Special Opportunities Partners I, LP, Arena Special Opportunities Fund, LP and Arena Investors, LP (collectively, the “Arena Entities” or “Arena”) advising that by virtue of defaults in the performance of the obligations of the Company and its subsidiaries to the Arena Entities, the Arena Entities intended to conduct a public auction of certain assets of the Company and its subsidiaries under Article 9 of the Uniform Commercial Code.

The Arena Entities collectively hold approximately $3,838,770 aggregate principal amount of Convertible Notes (the “Arena Notes”) issued by the Company. The Arena Entities previously notified the Company and its subsidiaries that they were in default of certain obligations under the Forbearance Agreement dated February 27, 2023 among the Company, its subsidiaries and the Arena Entities pursuant to which the Arena Entities agreed to forbear from exercising remedies under the Arena Notes until December 31, 2024 provided that no defaults occurred under the Arena Notes or the Forbearance Agreement. The alleged defaults include a failure to deliver account control agreements, failure to enter into a servicing agreement, failure to timely make certain payments and the unauthorized use and misuse of receivable assigned to the Arena Entities.

On February 27, 2024, the Supreme Court, County of New York (the “Court”), denied a motion made by the Company seeking a temporary restraining order and preliminary injunction to halt the proposed sale. As a result of the decision, the Arena Entities proceeded with its proposed auction of the Company’s hemp division assets and the auction took place on March 14, 2024. Approximately $300,000 of proceeds were generated by the sale.

On April 7, 2024, Arena filed a complaint in the Court against the Company, it subsidiaries and certain officers of the Company and its subsidiaries alleging tortious interference with the auction and seeking a declaratory judgment that the Company is in breach of the Arena Notes and the Forbearance Agreement and that Arena has the right to auction certain equipment held at a Company facility that is not owned by the Company or any of its subsidiaries. The Company believes that Arena’s claims are without merit and intends to vigorously defend Arena’s claims.

Other than above, we are not aware of any pending or threatened legal proceedings in which we are involved.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on April 15, 2024 except as described below.

An auction of the assets of our hemp division was conducted under Article 9 of the Uniform Commercial Code following allegations by certain affiliated creditors that we were in breach of our obligations under certain notes and a forbearance agreement. See “Item 1. Legal Proceedings.”

Following the auction, we have continued our hemp operations on a reduced scale using equipment provided by third parties and the services of third-party processors. Historically, revenues from our hemp division supported, in part, our durable medical equipment business conducted through Duramed, Inc. Due to reduced support from the hemp division, Duramed, Inc. is operating with reduced staff which has adversely impacted revenues. While we plan to continue our hemp and durable medical equipment operations for the near term, our primary focus will be on protecting and commercializing the cannabis patents recently acquired by Nascent; however the impact of the auction on hemp and Duramed divisions increases the risk that we will not be able to continue as a going concern.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

In February 2024, the Company issued options to purchase 25,264,463 shares of it common stock at an exercise price of $.05 per share to officers, directors, employees and consultants. The Company relied upon the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), in connection with these issuances.

In February 2024, the Company completed the sale of a promissory note in the principal amount of $75,000 to a creditor. The purchase price of the note was $50,000, representing a 33.33% original issue discount. The note becomes due on November 29, 2024 and bears interest, payable upon maturity, at a rate of 12% per annum. The holder may convert the purchase price of the note and accrued and unpaid interest into shares of the Company’s common stock at any time at a conversion price of $0.07743 per share. The Company relied upon the exemption provided by Section 4(a)(2) of the Securities Act in connection with this transaction.

During the three months ended March 31, 2024, the Company issued 11,045,387 shares of common stock upon the conversion of outstanding notes The Company relied upon the exemption provided by Section 3(a)(9) of the Securities Act of 1933 in connection with these issuances.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

In September 2023, Arena Special Opportunities Partners I, LP and Arena Special Opportunities Fund, LP provided notice to the Company that it is in default of certain terms of their Forbearance Agreement with the Company dated as of February 27, 2023 and thus have right to accelerate the payment of the Company’s obligations under the $3.8 million aggregate principal of notes held by them. In April 2024, the Arena entities filed a lawsuit seeking a declaratory judgment that the Company is in breach of the Arena Notes and the Forbearance Agreement

As of March 31, 2023, notes payable in the aggregate principal amount of approximately $7.8 million were past due.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Item 15.

Exhibits, Financial Statement Schedules.

Exhibits Schedule

The following exhibits are filed with this Annual Report:

Exhibit		Description
2.1		Share Purchase Agreement with Prosperity Systems, Inc., dated January 5, 2015(2)
2.2		Membership Purchase Agreement with Pure Health Products(6)
2.3		Green Grow Stock Purchase Agreement(4)
2.4		Green Grow Modification Agreement(1)
3.1		Articles of Incorporation, as amended(1)
3.2		Bylaws(2)
4.1		Articles of Amendment designating Series A Preferred Stock rights, as amended(9)
4.2		Articles of Amendment designating Series B Preferred Stock rights(1)
4.3		Articles of Amendment designating Series C Preferred Stock rights(7)
4.4		Articles of Amendment designating Series D Preferred Stock rights(10)
10.1		Employment Agreement with Marco Alfonsi dated December 29, 2020(10)
10.2		Employment Agreement with Stanley L. Teeple dated December 29, 2020(10)
10.3		Employment Agreement with Pasquale Ferro dated December 29, 2020(10)
10.4		Employment Agreement with Phil Scala dated December 29, 2020(10)
10.5		Commission Agreement with Andrew Holtmeyer(10)
10.6		Employment Agreement with Bradley Lebsock(10)
10.7		Memorandum of Understanding with Sam International and ZetrOZ Systems LLC(3)
10.8		Can B̅ Corp. 2020 Incentive Stock Option Plan(8)
10.9		Arena Securities Purchase Agreement(10)
10.10		ASOF Original Issue Discount Senior Secured Convertible Promissory Note(10)
10.11		ASOF Warrant to Purchase Common Stock(10)
10.12		ASOP Original Issue Discount Senior Secured Convertible Promissory Note(10)
10.14		ASOP Warrant to Purchase Common Stock(10)
10.15		Arena Security Agreement(10)
10.16		Arena Intellectual Property Security Agreement(10)
10.17		Arena Registration Rights Agreement(10)
10.18		Arena Holding Escrow Agreement(10)
10.19		Arena Guaranty Agreement from Company Subsidiaries(10)
10.20		Amendment to 2020 ASOF Promissory Note(11)
10.21		Amendment to 2020 ASOP Promissory Note(11)
10.22		2021 Arena Securities Purchase Agreement(11)
10.23		2021 ASOF Original Issue Discount Senior Secured Convertible Promissory Note(11)
10.24		2021 ASOF Warrant to Purchase Common Stock(11)
10.25		2021 ASOP Original Issue Discount Senior Secured Convertible Promissory Note(11)
10.26		2021 ASOP Warrant to Purchase Common Stock(11)
10.27		2021 Arena Registration Rights Agreement(11)
10.28		2021 Addendum to Arena Security Agreement(11)
10.29		2021 Addendum to Arena Intellectual Property Security Agreement(11)
10.30		2021 Addendum to Arena Guaranty Agreement from Company Subsidiaries(11)

10.31		Asset Acquisition Agreement with Imbibe(10)
10.32		Equipment Acquisition Agreement with TWS(12)
10.33		Promissory Note to TWS(12)
10.34		Asset Purchase Agreement with MCB(12)
10.35		Commercial Lease with Makers Developments LLC(13)
10.36		Single-Tenant NNN Lease Agreement with CS2 Real Estate Holdings, LLC(13)
10.37		Commercial Lease with Red Road Business Park(13)
10.38		Asset Acquisition Agreement with various Sellers (Botanical Biotech)(10)
10.39		PrimeX Distribution Agreement(15)
10.40		American Development Partners development agreement(15)
10.41		Mast Hill Securities Purchase and Related Agreements(14)
10.42		Blue Lake Partners Securities Purchase and Related Agreements(14)
10.43		Fourth Man Securities Purchase and Related Agreements(16)
10.44		Extension and Amendment to Arena Transactional Documents(16)
10.45		Amended Placement Agent Agreement(18)
10.46		Alumni Capital Securities Purchase and Related Documents(19)
10.47		Arena Exchange Agreement(20)
10.48		Agreement with Forever Bradst(21)
10.49		Promissory Note Modification Agreement with TWS Pharma LLC(22)
10.50		Walleye Securities Purchase Agreement(22)
10.51		Walleye Promissory Note(22)
10.52		Walleye Revenue Pledge and Security Agreement(22)
10.53		Walleye Common Stock Purchase Warrant(22)
10.54		Amendment to Walleye Common Stock Purchase Agreement(22)
10.55		Walleye Registration Rights Agreement(22)
10.56		Intercreditor Agreement among Can B Corp., Walleye and Arena(22)
10.57		Arena Forbearance Agreement(22)
10.58		Amendment No. 2 to Blue Lake Partners Promissory Note and Amendment to Securities Purchase Agreement, Consent and Waiver Agreement(22)
10.59		Amendment No. 2 to Mast Hill Fund Promissory Note, Amendment to Securities Purchase Agreement, Consent and Waiver Agreement(22)
10.60		Amendment No. 2 to Fourth Man Promissory Note, Amendment to Securities Purchase Agreement, Consent and Waiver Agreement(22)
10.61		Walleye May 2023 Promissory Note(23)
10.62		Securities Purchase Agreement dated as of October 26, 2023 between Can B Corp. and Walleye Opportunities Master Fund Ltd.(24)
10.63		Promissory Note dated October 27, 2023 issued by Can B Corp. to Walleye Opportunities Master Fund Ltd.(24)
10.64		Consolidated Note dated October 27, 2023 issued by Can B Corp. to Walleye Opportunities Master Fund Ltd.(24)
10.65		Distribution and Assignment Agreement dated as of October 27, 2023 among Can B Corp, Nascent Pharma, LLC and Walleye Opportunities Master Fund Ltd.(24)
10.66		Registration Rights Agreement dated as of October 27, 2023 between Can B Corp and Walleye Opportunities Master Fund Ltd.(24)
10.67		Employment Agreement with Marco Alfonsi dated February 8, 2024(25)
10.68		Employment Agreement with Stanley Teeple dated February 8, 2024(25)
10.69		Amendment Modification to Convertible Promissory Note dated August 7, 2023 between Can B Corp. and ClearThink Capital Partners, LLC(25)
10.70		Promissory Note dated September 22, 2023 issued by Can B Corp. to ClearThink Capital Partners, LLC(25)
10.71		Promissory Note dated December 20, 2023 issued by Can B Corp. to ClearThink Capital Partners, LLC(25)
10.72		Promissory Note dated February 29, 2024 issued by Can B Corp. to ClearThink Capital Partners, LLC(25)
14.1		Code of Ethics(1)
21.1		List of Subsidiaries(10)
31.1		Chief Executive Officer certification under Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Chief Financial Officer certification under Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Chief Executive Officer certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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101.CAL		Inline XBRL Taxonomy Extension Calculation
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101.LAB		Inline XBRL Taxonomy Extension Labels
101.PRE		Inline XBRL Taxonomy Extension Presentation
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

(1)	Filed with the Annual Report on Form 10-K filed with the SEC on April 2, 2020 and incorporated herein by reference.
(2)	Filed with the Form S-1 Registration Statement filed with the SEC on December 2, 2015 and incorporated herein by reference.
(3)	Filed with the Current Report on Form 8-K filed with the SEC on January 30, 2019 and incorporated herein by reference.
(4)	Filed with the Current Report on Form 8-K filed with the SEC on December 6, 2019 and incorporated herein by reference.
(5)	Filed with the Current Report on Form 8-K filed with the SEC on February 18, 2020 and incorporated herein by reference.
(6)	Filed with the Current Report on Form 8-K filed with the SEC on January 15, 2019 and incorporated herein by reference.
(7)	Filed with the Form 1-A/A, Part II, filed with the SEC on July 17, 2020 and incorporated herein by reference.
(8)	Filed with the Form 1-A POS, Part II, filed with the SEC on September 11, 2020 and incorporated herein by reference.
(9)	Filed with the Current Report on Form 8-K filed with the SEC on November 23, 2020 and incorporated herein by reference.
(10)	Filed with the Annual Report on Form 10-K filed with the SEC on April 15, 2022 and incorporated herein by reference.
(11)	Filed with the Quarterly Report on Form 10-Q filed with the SEC on May 21, 2021 and incorporated herein by reference.
(12)	Filed with the Current Report on Form 8-K filed with the SEC on August 17, 2021 and incorporated herein by reference.
(13)	Filed with the Current Report on Form 8-K filed with the SEC on September 1, 2021 and incorporated herein by reference.
(14)	Filed with the Current Report on Form 8-K filed with the SEC on March 31, 2022 and incorporated herein by reference.
(15)	Filed with the Form 10-K filed with the SEC on April 15, 2022 and incorporated herein by reference.
(16)	Filed with the Current Report on Form 8-K filed with the SEC on April 29, 2022 and incorporated herein by reference.
(17)	Filed with Form S-1/A filed with the SEC on February 14, 2022 and incorporated herein by reference.
(18)	Filed with Form S-1/A filed with the SEC on May 25, 2022 and incorporated herein by reference.
(19)	Filed with the Current Report on Form 8-K filed with the SEC on June 15, 2022 and incorporated herein by reference.
(20)	Filed with Form S-1/A filed with the SEC on May 25, 2022 and incorporated herein by reference.
(21)	Filed with the Current Report on Form 8-K filed with the SEC on July 25, 2022 and incorporated herein by reference.
(22)	Filed with the Annual Report on Form 10-K filed with the SEC on April 17, 2023 and incorporated herein by reference.
(23)	Filed with the Quarterly Report on Form 10-Q filed with the SEC on May 22, 2023 and incorporated herein by reference.
(24)	Filed with the Current Report on Form 8-K filed with the SEC on November 3, 2023 and incorporated herein by reference.
(25)	Filed with the Annual Report on Form 10-K filed with the SEC on April 15, 2024 and incorporated herein by reference

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Can B Corp.

Date: May 20, 2024	By:	/s/ Marco Alfonsi
		Marco Alfonsi,
		Chief Executive Officer

Date: May 20, 2024	By:	/s/ Stanley L. Teeple
		Stanley L. Teeple,
		Chief Financial Officer

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Marco Alfonsi, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Can B Corp.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

	a)	all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Dated: May 20, 2024	By:	/s/ Marco Alfonsi
		Marco Alfonsi,
		Chief Executive Officer (Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Stanley L. Teeple, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Can B Corp.;

	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

	a)	all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Dated: May 20, 2024	By:	/s/ Stanley L. Teeple
		Stanley L. Teeple,
		Chief Financial Officer (Principal Financial Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Can B Corp. (the “Company”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Marco Alfonsi, Chief Executive Officer of the Company, certifies, pursuant to 18 U.S.C. section 1350 of the Sarbanes-Oxley Act of 2002, that:

	(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 20, 2024	By:	/s/ Marco Alfonsi
		Marco Alfonsi
		Chief Executive Officer
		(Principal Executive Officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Can B Corp. (the “Company”) on Form 10-Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Marco Alfonsi, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350 of the Sarbanes-Oxley Act of 2002, that:

	(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 20, 2024	By:	/s/ Stanley L. Teeple
		Stanley L. Teeple,
		Chief Financial Officer
		(Principal Financial Officer)

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 19, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
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
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		54,584,230

Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 26,582	$ 34,006
Accounts receivable, less allowance for doubtful accounts of $2,818,395 and $2,818,395 respectively	3,599,026	3,723,344
Inventory	593,375	1,619,542
Note receivable
Prepaid expenses and other current assets	10,137	4,137
Total current assets	4,229,120	5,381,029
Other assets:
Deposits	235,787	235,418
Intangible assets, net	3,416	95,144
Property and equipment, net	649,079	4,106,283
Right of use assets, net	192,087	295,151
Other noncurrent assets	13,139	13,139
Total other assets	1,093,508	4,745,135
Total assets	5,322,259	10,126,164
Current liabilities:
Accounts payable	2,264,972	1,945,243
Accrued expenses
Notes and loans payable, net	7,611,233	8,569,489
Warrant liabilities	1,766	1,766
Operating lease liability - current	150,679	254,391
Total current liabilities	10,394,893	11,128,132
Long-term liabilities:
Notes and loans payable, net
Operating lease liability - noncurrent
Total long-term liabilities
Total liabilities	10,394,893	11,128,132
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock, no par value; 1,500,000,000 shares authorized, 44,798,583 and 5,381,976 issued and outstanding at March 31, 2024 and December 31, 2023, respectively	84,242,372	83,263,105
Common stock issuable, no par value; 36,248 shares at March 31, 2024 and December 31, 2023, respectively	119,586	119,586
Treasury stock	(572,678)	(572,678)
Additional paid-in capital	10,396,274	10,396,274
Accumulated deficit	(107,478,231)	(102,428,298)
Total stockholders’ equity	(5,072,634)	(1,001,968)
Total liabilities and stockholders’ equity	5,322,259	10,126,164
Series A Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value	5,320,000	5,320,000
Series B Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value
Series C Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value	2,900,039	2,900,039
Series D Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value	4	4
Related Party [Member]
Current liabilities:
Due to related party	$ 366,243	$ 357,243

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 2,818,395	$ 2,818,395
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued	44,798,583	5,381,976
Common stock, shares outstanding	44,798,583	5,381,976
Common stock issuable, no par value	$ 0	$ 0
Common stock, issuable shares	$ 36,248	$ 36,248
Series A Preferred Stock [Member]
Preferred stock, shares authorized	20	20
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares issued	5	5
Preferred stock, shares outstanding	5	5
Series B Preferred Stock [Member]
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Preferred stock, par value	$ 0.001	$ 0.001
Series C Preferred Stock [Member]
Preferred stock, shares authorized	2,000	2,000
Preferred stock, shares issued	1,100	1,100
Preferred stock, shares outstanding	1,100	1,100
Preferred stock, par value	$ 0.001	$ 0.001
Series D Preferred Stock [Member]
Preferred stock, shares authorized	4,000	4,000
Preferred stock, shares issued	4,000	4,000
Preferred stock, shares outstanding	4,000	4,000
Preferred stock, par value	$ 0.001	$ 0.001

Consolidated Statement of Operations - USD ($)	3 Months Ended
Consolidated Statement of Operations - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues	$ 316,696	$ 939,305
Cost of revenues	1,193,161	524,577
Gross profit	(876,465)	414,727
Operating expenses	3,667,191	1,849,630
Loss from operations	(4,543,656)	(1,434,903)
Other income (expense):
Other income
Change in fair value of warrant liability		79,418
Gain on debt extinguishment
Interest expense	(506,182)	(333,967)
Other expense	(95)	(39,990)
Other expense	(506,277)	(294,539)
Loss before provision for income taxes	(5,049,933)	(1,729,442)
Provision for (benefit from) income taxes		9,596
Net loss	$ (5,049,933)	$ (1,739,038)
Loss per share - basic	$ (0.13)	$ (0.36)
Loss per share - dIluted	$ (0.13)	$ (0.36)
Weighted average shares outstanding - basic	38,973,748	4,896,524
Weighted average shares outstanding - diluted	38,973,748	4,896,524
Product [Member]
Revenues
Total revenues		$ 808,748
Service [Member]
Revenues
Total revenues	$ 316,696	$ 130,557

Consolidated Statement of Stockholders' Equity - USD ($)	Preferred Stock [Member] Series A Preferred Stock [Member]	Preferred Stock [Member] Series C Preferred Stock [Member]	Preferred Stock [Member] Series D Preferred Stock [Member]	Common Stock [Member]	Common Stock Issuable [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance, value at Dec. 31, 2022	$ 5,320,000	$ 2,900,039	$ 4	$ 79,614,986	$ 119,586	$ (572,678)	$ 8,006,822	$ (92,690,834)	$ 2,697,925
Balance, shares at Dec. 31, 2022	5	1,100	4,000	4,422,584		36,248
Issuance of common stock for services rendered				$ 521,557					521,557
Issuance of common stock for services rendered, shares				577,850
Warrants issued in connection with the issuance of convertible note							937,787		937,787
Issuance of common stock in lieu of interest payments				$ 36,005					36,005
Issuance of common stock in lieu of interest payments, shares				360,000
Net loss								(1,739,038)	(1,739,038)
Balance, value at Mar. 31, 2023	$ 5,320,000	$ 2,900,039	$ 4	$ 80,172,548	119,586	$ (572,678)	8,944,609	(94,429,872)	2,454,236
Balance, shares at Mar. 31, 2023	5	1,100	4,000	5,360,434		36,248
Balance, value at Dec. 31, 2023	$ 5,320,000	$ 2,900,039	$ 4	$ 83,263,105	119,586	$ (572,678)	10,396,274	(102,428,298)	(1,001,968)
Balance, shares at Dec. 31, 2023	5	1,100	4,000	32,753,196		36,248
Issuance of common stock in lieu of interest payments				$ 14,503					14,503
Issuance of common stock in lieu of interest payments, shares				178,392
Net loss								(5,049,933)	(5,049,933)
Issuance of common stock in lieu of note repayments				$ 964,764					964,764
Issuance of common stock in lieu of note repayments, shares				11,866,995
Balance, value at Mar. 31, 2024	$ 5,320,000	$ 2,900,039	$ 4	$ 80,172,548	$ 119,586	$ (572,678)	$ 10,396,274	$ (107,478,231)	$ (5,072,634)
Balance, shares at Mar. 31, 2024	5	1,100	4,000	44,798,583		36,248

Consolidated Statement of Cash Flows - USD ($)	3 Months Ended
Consolidated Statement of Cash Flows - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net loss	$ (5,049,933)	$ (1,739,038)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation
Depreciation	314,435	346,887
Amortization of intangible assets		3,000
Amortization of original-issue-discounts	239,782	218,146
Impairment of intangible assets	91,728
Loss on sale of property and equipment	3,142,769
Bad debt expense		86,365
Change in fair value of warrant liability		(79,418)
Stock-based interest expense	14,503	36,005
Stock-based consulting expense		521,557
Changes in operating assets and liabilities:
Accounts receivable	124,318	(392,669)
Inventory	1,026,167	(8,122)
Prepaid expenses	(6,000)	(7,448)
Operating lease right-of-use asset	(648)	142
Accounts payable	319,730	108,316
Accrued expenses	144	144
Net cash provided by (used in) operating activities	216,995	(906,133)
Investing activities:
Purchase of property and equipment		(15,000)
Deposits paid		(70,000)
Net cash used in investing activities		(85,000)
Financing activities:
Net proceeds received from notes and loans payable	100,000	1,730,000
Proceeds from sale of common stock
Repayments of notes and loans payable	(333,275)	(507,813)
Deferred financing costs		(143,000)
Amounts received from/repaid to related parties, net	9,000	35,000
Net cash (used in) provided by financing activities	(224,275)	1,114,187
(Decrease)/Increase in cash and cash equivalents	(7,424)	123,054
Cash and cash equivalents, beginning of period	34,006	73,194
Cash and cash equivalents, end of period	26,582	196,248
Supplemental Cash Flow Information:
Income taxes paid
Interest paid
Non-cash Investing and Financing Activities:
Issuance of common stock in lieu of repayment of notes payable	964,764
Issuance of common stock in asset acquisitions
Issuance of common stock for property and equipment
Debt discount associated with convertible note		273,529
Conversion of Series A Preferred stock to common stock
Issuance of common stock warrants in connection with convertible promissory note		$ 937,787

Organization and Description of Business

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Organization and Description of Business

Note 1 – Organization and Description of Business

Going Concern

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern

Note 2 – Going Concern

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 Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

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

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Principles of Consolidation

Use of Estimates

Significant Accounting Policies

The Company’s significant accounting policies are described in “Note 3: Summary of Significant Accounting Policies” of our 2023 Form 10-K.

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Segment reporting

Reclassifications

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4 – Fair Value Measurements

The carrying value and fair value of the Company’s financial instruments are as follows:

	Level 1		Level 2		Level 3		Total
March 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liabilities	$	—	$	—	$	1,766	$	1,766

	Level 1		Level 2		Level 3		Total
As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liabilities	$	—	$	—	$	1,766	$	1,766

Schedule of Fair Value Assumptions

As of
	March 31, 2024			December 31, 2023
Stock price	$	0.85		$	0.07
Exercise price	$	6.40		$	6.40
Remaining term (in years)		3.25			3.50
Volatility		165.2	%		171.8	%
Risk-free rate		3.9	%		3.84	%
Expected dividend yield		—	%		—	%
Warrant measurement input		—			—

Warrant liabilities
Estimated fair value at December 31, 2022	$	203,043
Issuance of warrant liabilities		-
Change in fair value		(79,418	)
Estimated fair value at March 31, 2023	$	123,625

Estimated fair value at December 31, 2023	$	1,766
Estimated fair value at beginning balance	$	1,766
Change in fair value		-
Estimated fair value at March 31, 2024	$	1,766
Estimated fair value at ending balance	$	1,766

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Note 5 – Inventories

Inventories consist of:

Schedule of Inventories

	March 31,		December 31,
	2023		2022
Raw materials	$	221,030	$	1,196,112
Finished goods		372,345		423,430
Total	$	593,375	$	1,619,542

Property and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 6 – Property and Equipment

Property and equipment consist of:

Schedule of Property and Equipment

	March 31,			December 31,
	2024			2023
Furniture and fixtures	$	2,706		$	21,724
Office equipment		-			12,378
Manufacturing equipment		468,264			6,828,083
Medical equipment		776,396			776,396
Leasehold improvements		26,902			26,902
Total		1,274,268			7,665,483
Accumulated depreciation		(625,189	)		(3,559,200	)
Net	$	649,079		$	4,106,283

Depreciation expense related to property and equipment was $314,435 and $346,887 for the three months ended March 31, 2024 and 2024, respectively.

In connection with the sale of certain assets related to the Arena Notes, the Company recorded as loss on sales of property and equipment of $3,142,769 during the three months ended March 31, 2024.

Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 7 – Intangible Assets

Intangible assets consist of:

Schedule of Intangible Assets

	March 31,		December 31,
	2024		2023
Technology, IP and patents	$	-	$	119,998
Total		-		119,998
Accumulated amortization		-		(24,854	)
Intangible assets, net	$	3,416	$	95,144

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Notes and Loans Payable

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Notes and Loans Payable

Note 8 – Notes and Loans Payable

Convertible Promissory Notes

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

WOMF has been granted a right of first refusal to participate in future financing transactions conducted by the Company.

The Company has entered into a Registration Rights Agreement with WOMF pursuant to which the Company has agreed to file a registration statement with the Securities and Exchange Commission to register the shares of common stock issuable upon the conversion of the Note and the exercise of the Warrant for public resale. The Company filed the registration statement on May 12, 2023 and it was declared effective on May 22, 2023. WOMF has also been granted piggyback registration rights with respect to the shares of common stock issuable upon the conversion of the Note and the exercise of the Warrant. Each of the Note and Warrant grants full ratchet anti-dilution protection to WOMF in the event that the Company issues common stock or rights to purchase common stock at a price less than the conversion or exercise price then in effect.

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Forbearance and Amendment of Outstanding Notes.

As a condition to the closing of the sale of the Note and Warrant to the WOMF, certain terms of certain promissory notes previously issued by the Company were amended, including the following:

	●	in consideration of an increase in the aggregate principal amount by $10,000 and an increase in the interest rate to 18% per annum, the holder of notes in the aggregate principal amount of $150,000 agreed to waive his right to require the Company to repay a $50,000 note upon the Company’s receipt of $1,500,000 of financing and extend maturity dates from November 18, 2021 and January 22, 2023 to September 1, 2023;

	●	in consideration of the Company’s agreement to provide a product credit for future orders of $50,000, the holder of a promissory note in the principal amount of $150,000 agreed to extend the maturity date from August 10, 2022 to September 1, 2023;

	●	the maturity date of a promissory note in the principal amount of $1,250,000 was extended from August 12, 2022 until the earlier of September 1, 2023 or the date that the Company completes an offering resulting in an uplisting of its common stock to the Nasdaq Capital Market; and

	●	in consideration of the repayment of a total of $232,500 under the notes, the holders of promissory notes in the aggregate principal amount of $435,000 issued in October and November 2022 that bore interest at 18% per annum and were past due agreed to exchange the notes for new notes that matured on September 1, 2023 and bear interest at 15% per annum;

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

TWS Note

WOMF October 2023 Note

WOMF has been granted a right of first refusal to participate in future financing transactions conducted by the Company.

The Company has entered into a Registration Rights Agreement with WOMF pursuant to which the Company has agreed to file a registration statement with the Securities and Exchange Commission by December 11, 2023 to register for public resale the shares of common stock issuable upon the conversion of the Note and a consolidated note issued to WOMF in the principal amount of $1,354,210 (the “Consolidated Note”) which combined certain notes held by WOMF into a single Note. If the Company fails to file the registration statement by December 11, 2023 or have the registration statement declared effective by the deadlines set forth in the Registration Rights Agreement, the Company will be required to make a payment of 2% of the amount then owed under the Note and the Consolidated Note for each 30 day period after the applicable deadline that the Company does not file the registration statement or the registration statement is not declared effective. WOMF has also been granted piggyback registration rights with respect to the shares of common stock issuable upon the conversion of the Notes it acquires and the Consolidated Note. Each of the Initial Note and Consolidated Note grants full ratchet anti-dilution protection to WOMF in the event that the Company issues common stock or rights to purchase common stock at a price less than the conversion or exercise price then in effect.

ClearThink Notes

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Other Loans

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Stockholders’ Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders’ Equity

Note 9 – Stockholders’ Equity

Preferred Stock

Can B̅ Corp. and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2024

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 10 – Income Taxes

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 11 – Commitments and Contingencies

Lease Agreements

The Company leases office space in numerous medical facilities offices under month-to-month agreements.

At March 31, 2024, the future minimum lease payments under non-cancellable operating leases were:


Nine months ended December 31, 2024	$	294,818
Fiscal year 2025		-
Total future minimum lease payments	$	294,818

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 12 – Subsequent Events

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Financial Statement Presentation	*Basis of Financial Statement Presentation* The accompanying unaudited condensed 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, 2023 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, 2023 (“2023 Form 10-K”). The interim consolidated financial statements contained herein should be read in conjunction with the 2023 Form 10-K. Can B̅ Corp. and Subsidiaries Notes to Consolidated Financial Statements March 31, 2024
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.
Use of Estimates	*Use of 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 2022 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 2023 Form 10-K. Can B̅ Corp. and Subsidiaries Notes to Consolidated Financial Statements March 31, 2024
Segment reporting	*Segment reporting* As of March 31, 2024, 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.
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.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Value and Fair Value

The carrying value and fair value of the Company’s financial instruments are as follows:

	Level 1		Level 2		Level 3		Total
March 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liabilities	$	—	$	—	$	1,766	$	1,766

	Level 1		Level 2		Level 3		Total
As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities
Warrant liabilities	$	—	$	—	$	1,766	$	1,766

Schedule of Fair Value Assumptions

As of
	March 31, 2024			December 31, 2023
Stock price	$	0.85		$	0.07
Exercise price	$	6.40		$	6.40
Remaining term (in years)		3.25			3.50
Volatility		165.2	%		171.8	%
Risk-free rate		3.9	%		3.84	%
Expected dividend yield		—	%		—	%
Warrant measurement input		—			—

Schedule of Change in Fair Value of the Warrant Liabilities

Warrant liabilities
Estimated fair value at December 31, 2022	$	203,043
Issuance of warrant liabilities		-
Change in fair value		(79,418	)
Estimated fair value at March 31, 2023	$	123,625

Estimated fair value at December 31, 2023	$	1,766
Estimated fair value at beginning balance	$	1,766
Change in fair value		-
Estimated fair value at March 31, 2024	$	1,766
Estimated fair value at ending balance	$	1,766

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of:

Schedule of Inventories

	March 31,		December 31,
	2023		2022
Raw materials	$	221,030	$	1,196,112
Finished goods		372,345		423,430
Total	$	593,375	$	1,619,542

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of:

Schedule of Property and Equipment

	March 31,			December 31,
	2024			2023
Furniture and fixtures	$	2,706		$	21,724
Office equipment		-			12,378
Manufacturing equipment		468,264			6,828,083
Medical equipment		776,396			776,396
Leasehold improvements		26,902			26,902
Total		1,274,268			7,665,483
Accumulated depreciation		(625,189	)		(3,559,200	)
Net	$	649,079		$	4,106,283

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

Intangible assets consist of:

Schedule of Intangible Assets

	March 31,		December 31,
	2024		2023
Technology, IP and patents	$	-	$	119,998
Total		-		119,998
Accumulated amortization		-		(24,854	)
Intangible assets, net	$	3,416	$	95,144

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Maturities of Lease Liabilities

At March 31, 2024, the future minimum lease payments under non-cancellable operating leases were:


Nine months ended December 31, 2024	$	294,818
Fiscal year 2025		-
Total future minimum lease payments	$	294,818

Going Concern (Details Narrative) - USD ($)	3 Months Ended
Going Concern (Details Narrative) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 26,582		$ 34,006
Working capital	6,165,773
Net loss	$ 5,049,933	$ 1,739,038

Schedule of Carrying Value and Fair Value (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	$ 1,766	$ 1,766	$ 123,625	$ 203,043
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	$ 1,766	$ 1,766

Schedule of Fair Value Assumptions (Details) - Warrant [Member]	Mar. 31, 2024 Segment	Dec. 31, 2023 Segment
Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	0.85	0.07
Measurement Input, Exercise Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	6.40	6.40
Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Remaining term (in years)	3 years 3 months	3 years 6 months
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	165.2	171.8
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input	3.9	3.84
Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant measurement input

Schedule of Change in Fair Value of the Warrant Liabilities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Estimated fair value at beginning balance	$ 1,766	$ 203,043
Issuance of warrant liabilities
Change in fair value		(79,418)
Estimated fair value at ending balance	$ 1,766	$ 123,625

Schedule of Inventories (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 221,030	$ 1,196,112
Finished goods	372,345	423,430
Total	$ 593,375	$ 1,619,542

Schedule of Property and Equipment (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Furniture and fixtures	$ 2,706	$ 21,724
Office equipment		12,378
Manufacturing equipment	468,264	6,828,083
Medical equipment	776,396	776,396
Leasehold improvements	26,902	26,902
Total	1,274,268	7,665,483
Accumulated depreciation	(625,189)	(3,559,200)
Net	$ 649,079	$ 4,106,283

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 314,435	$ 346,887
Loss on sale of property and equipment	$ 3,142,769

Schedule of Intangible Assets (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Technology, IP and patents		$ 119,998
Total		119,998
Accumulated amortization		(24,854)
Intangible assets, net	$ 3,416	$ 95,144

Intangible Assets (Details Narrative) - USD ($)	3 Months Ended
Intangible Assets (Details Narrative) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense		$ 3,000
Impairment of intangible assets	$ 91,728

Notes and Loans Payable (Details Narrative) - USD ($)												1 Months Ended								3 Months Ended		12 Months Ended
Notes and Loans Payable (Details Narrative) - USD ($)	Feb. 29, 2024	Oct. 27, 2023	Sep. 30, 2023	Mar. 02, 2023	Feb. 27, 2023	Aug. 18, 2022	Apr. 14, 2022	Feb. 11, 2022	Jan. 01, 2022	Nov. 18, 2021	Aug. 12, 2021	May 31, 2023	Jan. 31, 2023	Aug. 31, 2022	Jun. 30, 2022	Apr. 30, 2022	Mar. 31, 2022	May 31, 2021	Dec. 31, 2020	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Nov. 17, 2022	Oct. 14, 2022
Short-Term Debt [Line Items]
Debt instrument, face amount		$ 1,354,210																		$ 95,000
Purchase amount of future receivables																							$ 450,000
Repayments of debt																				333,275	$ 507,813
Percentage of outstanding common stock		9.99%
Forbearance Agreement [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount												$ 3,877,000
Equipment Acquisition Agreement [Member]
Short-Term Debt [Line Items]
Total notes and loans payable											$ 1,250,000
Interest rate											6.00%
Debt instrument, face amount																				1,050,000
Debt instrument periodic payment											$ 100,000
Stock Purchase Agreement [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount		$ 1,875,000
Debt instrument description		In addition to the principal and interest payment obligations under the Notes, the Company has agreed to pay and/or cause its newly formed 70% owned subsidiary, Nascent Pharma, LLC (“Nascent”,) to pay WOMF fifteen percent (15%) of all amounts that would otherwise be distributable to the Company by Nascent until WOMF receives distributions in the aggregate amount that equal the sum of (a) 200% of the purchase price of notes previously issued by the Company to WOMF plus (b) 200% of the principal amount of certain notes previously issued by the Company and acquired by WOMF from a third party plus (c) 100% of the purchase price of Notes purchased pursuant to the Stock Purchase Agreement; provided, however, if WOMF and/or other investors purchase $1,875,000 aggregate principal amount of Notes pursuant to the Stock Purchase Agreement, the obligation to pay 100% of the purchase price of the Notes shall be increased to 200% of the purchase price of such Notes.
Unsecured Promissory Note Agreement [Member] \| Due within Six Months [Member] \| Lender [Member]
Short-Term Debt [Line Items]
Interest rate								16.00%
Proceeds received from debt								$ 2,000,000
Unsecured promissory note								$ 175,000
Debt instrument, face amount																				175,000
Unsecured Promissory Note Agreement [Member] \| Due within Three Months [Member] \| Lender [Member]
Short-Term Debt [Line Items]
Interest rate						16.00%
Proceeds received from debt						$ 1,000,000
Unsecured promissory note						$ 250,000
Unsecured Promissory Note Agreement [Member] \| Due on October 31, 2022 [Member] \| Lender [Member]
Short-Term Debt [Line Items]
Interest rate																									18.00%
Unsecured promissory note																									$ 115,000
Debt instrument, face amount																				65,000
Unsecured Promissory Note Agreement [Member] \| Due on December 17, 2022 [Member] \| Lender [Member]
Short-Term Debt [Line Items]
Interest rate																								18.00%
Unsecured promissory note																								$ 200,000
Debt instrument, face amount																				125,000
Unsecured Promissory Note Agreement [Member] \| Lender [Member] \| Due within Twelve Months [Member]
Short-Term Debt [Line Items]
Proceeds received from debt										$ 3,000,000
Interest rate										10.00%
Unsecured promissory note										$ 100,000
Unsecured Promissory Note Agreement [Member] \| Due on October 31, 2022 [Member] \| Lender [Member]
Short-Term Debt [Line Items]
Interest rate																									18.00%
Unsecured promissory note																									$ 230,000
Debt instrument, face amount																				0
Maximum [Member]
Short-Term Debt [Line Items]
Debt instrument periodic payment																							2,917
Minimum [Member]
Short-Term Debt [Line Items]
Debt instrument periodic payment																							$ 453
Investor [Member]
Short-Term Debt [Line Items]
Interest rate				135.00%
Debt instrument convertible percentage				60.00%
Stock repurchased during period shares				1,307,190
Percentage of volume weighted average price				90.00%
Investor [Member] \| Securities Purchase Agreement [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount		$ 156,250
Interest rate		20.00%
Debt instrument repurchase amount		$ 125,000
Investor [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Exercise price				$ 5.40
Investor [Member] \| Maximum [Member] \| Securities Purchase Agreement [Member]
Short-Term Debt [Line Items]
Interest rate				18.00%
Investor [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Exercise price				$ 5.40
Empire Properties, LLC [Member] \| Convertible Notes Payable [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date									Dec. 31, 2022
Interest rate									8.00%
Debt instrument principal reduction payment																				52,319
Debt instrument, face amount									$ 52,319
Proceeds received from debt									$ 5,000,000
WOMF [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount												$ 1,250,000
WOMF [Member] \| Securities Purchase Agreement [Member]
Short-Term Debt [Line Items]
Debt instrument principal reduction payment				$ 227,941
Debt instrument, face amount				1,823,529
Debt instrument purchase amount				$ 1,550,000
Original debt, interest rate				15.00%
Debt instrument periodic payment				$ 232,500
Redemption fee				$ 4,559
Revenue, percentage				10.00%
WOMF [Member] \| Securities Purchase Agreement [Member] \| Common Stock [Member]
Short-Term Debt [Line Items]
Debt instrument conversion price			$ 0.0772	$ 4.00
Debt instrument convertible percentage				90.00%
WOMF [Member] \| Minimum [Member] \| Securities Purchase Agreement [Member] \| Common Stock [Member]
Short-Term Debt [Line Items]
Debt instrument conversion price				$ 4.00
WOMF [Member] \| Holder [Member]
Short-Term Debt [Line Items]
Interest rate												18.00%
Debt instrument, face amount			$ 15,000									$ 10,000										$ 75,000
Repayments of principal amount												150,000
Repayments of debt												50,000
Debt default longterm debt amount												1,500,000
Duramed MI, LLC [Member] \| Forbearance Agreement [Member]
Short-Term Debt [Line Items]
Proceeds from issuance of debt												5,700,000
Proceeds from collection of notes receivable												5,700,000
Stock issued during period value acquisitions												1,500,000
ClearThink Capital Partners, LLC [Member] \| Holder [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount	$ 75,000
ASOP Note I [Member] \| Arena Special Opportunities Partners I, LP [Member]
Short-Term Debt [Line Items]
Total notes and loans payable																			$ 2,675,239
Debt instrument, maturity date																			Jan. 31, 2022
Interest rate																			12.00%
Number of shares issued																			228,419
Warrants to purchase common stock																			228,419
Exercise price																			$ 6.75
Debt instrument principal reduction payment																				2,400,997
ASOF Note I [Member] \| Arena Special Opportunities Fund, LP [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date																			Jan. 31, 2022
Interest rate																			12.00%
Number of shares issued																			8,755
Warrants to purchase common stock																			8,755
Debt instrument principal reduction payment																				87,773
Debt instrument, face amount																			$ 102,539
Exercise price																			$ 6.75
ASOP Note II [Member] \| Arena Special Opportunities Partners I, LP [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date																		Jan. 31, 2022
Interest rate																		12.00%
Number of shares issued																		101,978
Warrants to purchase common stock																		101,978
Debt instrument principal reduction payment																				1,073,250
Debt instrument, face amount																		$ 1,193,135
Exercise price																		$ 6.75
ASOF Note II [Member] \| Holders [Member]
Short-Term Debt [Line Items]
Repayments of related party debt							$ 300,000
Debt instrument, payment terms							The holders agreed to allow the Company to extend the notes for two additional 30-day periods for $100,000 per extension. The holders also waived certain defaults under the notes.
Repayments of related party debt additional, description							The Company subsequently elected to extend the maturity date to May 31, 2022 for the promise to pay an additional $100,000.
ASOF Note II [Member] \| Arena Special Opportunities Fund, LP [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date																		Jan. 31, 2022
Interest rate																		12.00%
Number of shares issued																		26,228
Warrants to purchase common stock																		26,228
Debt instrument principal reduction payment																				276,750
Debt instrument, face amount																		$ 306,865
Exercise price																		$ 6.75
BL Note [Member] \| Blue Lake Partners, LLC [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date																	Mar. 22, 2023
Interest rate																	12.00%
Number of shares issued																	39,062
Warrants to purchase common stock																	39,062
Debt instrument principal reduction payment																				102,623
Debt instrument, face amount																	$ 250,000
Exercise price																	$ 6.40
Repayments of debt					$ 66,667
BL Note [Member] \| Blue Lake Partners, LLC [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Debt Instrument, percentage					50.00%
BL Note [Member] \| Blue Lake Partners, LLC [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Debt Instrument, percentage					33.00%
MH Note [Member] \| Mast Hill Fund, LP [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date																	Mar. 22, 2023
Interest rate																	12.00%
Number of shares issued																	39,062
Warrants to purchase common stock																	39,062
Debt instrument principal reduction payment																				256,667
Debt instrument, face amount																	$ 350,000
Exercise price																	$ 6.40
Repayments of debt					$ 93,333
MH Note [Member] \| Mast Hill Fund, LP [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Debt Instrument, percentage					50.00%
MH Note [Member] \| Mast Hill Fund, LP [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Debt Instrument, percentage					33.00%
FM Note [Member] \| Fourth Man, LLC [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date																Apr. 22, 2023
Interest rate																12.00%
Number of shares issued																23,437
Warrants to purchase common stock																23,437
Debt instrument principal reduction payment																				110,000
Debt instrument, face amount																$ 150,000
Exercise price																$ 6.40
Repayments of debt					$ 40,000
FM Note [Member] \| Fourth Man, LLC [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Debt Instrument, percentage					50.00%
FM Note [Member] \| Fourth Man, LLC [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Debt Instrument, percentage					33.00%
Alumni Note [Member] \| Alumni Capital, LP [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date															Jun. 06, 2023
Interest rate															12.00%
Number of shares issued															9,766
Warrants to purchase common stock															9,766
Debt instrument principal reduction payment																				62,500
Debt instrument, face amount															$ 62,500
Exercise price															$ 6.40
Walleye Opportunities Master Fund Note [Member] \| Walleye Opportunities Master Fund [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date														Aug. 30, 2023
Interest rate														12.00%
Number of shares issued														71,296
Warrants to purchase common stock														71,296
Debt instrument principal reduction payment																				385,000
Debt instrument, face amount														$ 385,000
Exercise price														$ 5.40
Tysadco Note VI [Member] \| Tysadco Partners, LLC [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date													Apr. 12, 2023
Interest rate													12.00%
Number of shares issued													130,000
Debt instrument principal reduction payment																				1,007,500
Debt instrument, face amount													$ 100,000
Debt exchange amount													$ 752,000
Promissory Note [Member]
Short-Term Debt [Line Items]
Interest rate	12.00%																					12.00%
Debt instrument principal reduction payment																				$ 256,893
Debt instrument, face amount												$ 437,500
Debt Instrument, percentage												18.00%
Debt instrument conversion price	$ 0.0772																					$ 0.0772
Purchase amount of future receivables	$ 50,000		$ 10,000									$ 350,000										$ 50,000
Debt instrument discount percentage	33.33%											20.00%
Debt instrument, interest rate												40.00%
Promissory Note [Member] \| WOMF [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount												$ 150,000
Line of credit												$ 50,000
Promissory Note [Member] \| WOMF [Member] \| Holder [Member]
Short-Term Debt [Line Items]
Interest rate												18.00%
Debt instrument, face amount												$ 435,000
Repayments of debt												$ 232,500
Debt instrument, interest rate												15.00%
Initial Note [Member] \| Stock Purchase Agreement [Member]
Short-Term Debt [Line Items]
Interest rate		135.00%
Debt instrument convertible percentage		60.00%
Initial Note [Member] \| Stock Purchase Agreement [Member] \| Common Stock [Member]
Short-Term Debt [Line Items]
Debt instrument convertible percentage		90.00%
Initial Note [Member] \| Maximum [Member] \| Stock Purchase Agreement [Member]
Short-Term Debt [Line Items]
Interest rate		18.00%
Notes [Member] \| Investor [Member]
Short-Term Debt [Line Items]
Debt instrument, face amount		$ 1,693,750
Consolidated Note [Member]
Short-Term Debt [Line Items]
Debt instrument periodic payment		the Company will be required to make a payment of 2% of the amount then owed under the Note and the Consolidated Note for each 30 day period after the applicable deadline that the Company does not file the registration statement or the registration statement is not declared effective.

Stockholders’ Equity (Details Narrative) - $ / shares		3 Months Ended	12 Months Ended
Stockholders’ Equity (Details Narrative) - $ / shares	Feb. 08, 2021	Mar. 31, 2024	Dec. 31, 2022	Dec. 31, 2023	Mar. 27, 2021
Class of Stock [Line Items]
Preferred stock shares authorized		5,000,000		5,000,000
Common Stock [Member]
Class of Stock [Line Items]
Conversion of stock			33,345
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, voting rights		Each share of Series A Preferred Stock is convertible into 218 shares of CANB common stock and is entitled to 4,444 votes.
Number of convertible shares		4,444
Conversion of stock			15
Preferred stock shares authorized		20		20
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.
Preferred stock shares authorized		500,000		500,000
Preferred stock, par value		$ 0.001		$ 0.001
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Number of convertible shares		1,667
Preferred stock shares authorized		2,000		2,000
Preferred stock, par value		$ 0.001		$ 0.001
Series C Preferred Stock [Member] \| Preferred Stock [Member]
Class of Stock [Line Items]
Stock issued during the period			1,077
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, voting rights	Each Series D Preferred Share shall have voting rights equal to 667 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. The holders shall not be entitled to receive distributions made or dividends paid to the Company’s other stockholders. Except as otherwise required by law, for as long as any Series D Preferred Shares remain outstanding, the Company shall have the option to redeem any outstanding share of Series D Preferred Shares at any time for a purchase price of par value per share of Series D Preferred Shares (“Price per Share”).	Each share of Series D Preferred Stock has 667 shares of voting rights only pari passu to common shares voting with no conversion rights and no equity participation. The Company can redeem Series D Preferred Stock at any time for par value.
Preferred stock shares authorized		4,000		4,000	4,000
Preferred stock, par value		$ 0.001		$ 0.001	$ 0.001
Series D Preferred Stock [Member] \| Preferred Stock [Member]
Class of Stock [Line Items]
Stock issued during the period			2,050

Schedule of Future Maturities of Lease Liabilities (Details)	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Nine months ended December 31, 2024	$ 294,818
Fiscal year 2025
Total future minimum lease payments	$ 294,818