UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒

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

For the fiscal year ended September 30, ~~2023~~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: 000-54231

AMERICANN, INC.

(Exact name of registrant as specified in its charter)

	Colorado	27-4336843
Delaware	27-4336843
(State or other jurisdiction of	(~~State~~I.R.S. ~~or other jurisdiction of~~Employer	~~(I.R.S. Employer~~
incorporation or organization)	~~incorporation~~Identification ~~or organization)~~Number

1555 Blake Street, Unit 502 Denver, CO 80202 (Address of Issuer's Principal Executive Offices, Zip Code) ~~Issuer’s telephone number, including area code: (303) 862-9000~~

Issuer’s telephone number, including area code: (303) 862-9000

Securities registered pursuant to Section 12(b) of the Act:

Title of each

class

Trading Symbol

Name of each

exchange on

which registered

N/A

Securities registered under Section 12(g) of the Exchange Act: Common Stock, ($0.001 Par Value)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports 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 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 such files). Yes ☒ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒

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 ☐

If an emerging growth company, indicate by check mark if the registrant ~~has~~ as 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

The aggregate market value of the voting stock held by non-affiliates of the registrant, based upon the closing sale price of the registrant’s common stock on March 31, ~~2023~~2024, was approximately $3903,~~256,~~000.

As of ~~December~~January 610, ~~2023~~2025, the registrant had 24,391,961 outstanding shares of common stock.

PART I

Forward-Looking Statements

This report contains or incorporates by reference forward-looking statements, concerning our financial condition, results of operations and business. These statements include, among others:

●

statements concerning the benefits that we expect will result from the business activities that we contemplate; and

●

statements of our expectations, beliefs, future plans and strategies, anticipated developments and other matters that are not historical facts.

You can find many of these statements by looking for words such as “believes”, “expects”, “anticipates”, “estimates” or similar expressions used in this report.

These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause our actual results to be materially different from any future results expressed or implied in those statements. Because the statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied. We caution you not to put undue reliance on these statements which speak only as of the date of this report.

ITEM 1. BUSINESS.

AmeriCann, Inc. (“AmeriCann”) designs, develops, leases and operates state-of-the-art cannabis cultivation, processing and manufacturing facilities. Our business plan is based on the continued growth of the regulated marijuana market in the United States.

AmeriCann’s team includes board members, consultants, engineers and architects who specialize in real estate development, traditional horticulture, lean manufacturing, medical research, facility construction, regulatory compliance, security, marijuana cultivation and genetics, extraction processes, and infused product development.

AmeriCann uses greenhouse technology which is superior to the current industry standard of growing cannabis in warehouse facilities under artificial lights. According to industry experts, by capturing natural sunlight, greenhouses use 25 percent fewer lights, and utility bills are up to 75 percent less than in typical warehouse cultivation facilities. As such, AmeriCann’s Canopy System enables cannabis to be produced with a greatly reduced carbon footprint, making the final product less expensive. Additionally, greenhouse construction costs can be nearly half of warehouse construction costs. AmeriCann’s business is committed to sustainable, clean cultivation of cannabis and to social and environmental ethics, transparency and accountability.

AmeriCann’s flagship project is the Massachusetts Cannabis Center. ~~The Massachusetts Cannabis Center~~ (“MCC”) ~~is being developed on a 52-acre parcel located in southeastern Massachusetts~~. AmeriCann’s ~~MCC~~may ~~project~~replicate isthe ~~permitted for over 800~~brands,~~000~~ ~~sq.~~technology ~~ft. of cannabis cultivation~~ and ~~processing~~innovations ~~infrastructure~~developed ~~which~~at isits ~~being~~MCC ~~developed~~project ~~in phases~~ to ~~support~~additional ~~both the existing medical cannabis and the newly emerging adult-use cannabis marketplace~~markets.

~~The first phase of the million square foot project, Building 1, a 30,000 square foot cultivation and processing facility, is fully-operational and is currently 100% leased by a vertically-integrated~~ Massachusetts ~~cannabis~~Cannabis ~~company. AmeriCann generates revenue through lease arrangements with the operators that includes base rent and turnover rent (i.e., a revenue participation fee).~~Center

~~AmeriCann,~~On ~~through~~October ~~a 100% owned subsidiary~~17, ~~AmeriCann Brands~~2016, ~~Inc.,~~we ~~has~~closed ~~received~~on ~~two licenses from~~ the ~~Massachusetts~~acquisition ~~Cannabis~~of ~~Control Commission to cultivate cannabis and provide extraction and product manufacturing support to~~ the ~~entire MCC project, as well as to other licensed cannabis farmers throughout regulated markets~~52.6-acre ~~AmeriCann~~parcel ~~Brands~~of ~~plans~~undeveloped toland ~~operate~~ in ~~Building~~Freetown, 2Massachusetts. atThe ~~the~~property ~~MCC.~~is Inlocated ~~addition~~approximately to47 ~~large-scale~~miles ~~extraction~~southeast of ~~cannabis~~Boston. ~~plant~~We ~~material,~~are ~~AmeriCann~~developing ~~Brands~~the ~~plans~~property toas ~~produce~~the ~~branded~~Massachusetts ~~consumer~~Cannabis ~~packaged~~Center ~~goods including cannabis beverages, vaporizer products, edible products, non-edible products and concentrates at the state-of-the-art facility~~(“MCC”).

~~AmeriCann~~As ~~may~~part ~~replicate~~of a simultaneous transaction, we assigned the ~~brands~~property rights to Massachusetts Medical Properties, ~~technology~~LLC (“MMP”) for a nominal fee and ~~innovations~~entered ~~developed~~a atlease ~~its~~agreement ~~MCC~~pursuant ~~project~~to which MMP agreed to lease the property to us for an initial term of fifty (50) years. We have the option to extend the term of the lease for four (4) additional ~~markets~~ten (10) year periods. The lease is a triple net lease. We pay all real estate taxes, repairs, maintenance and insurance. A portion of these expenses are reimbursed by the tenant.

~~See~~The ~~“Massachusetts~~lease ~~Cannabis~~payments ~~Center”~~were ~~below~~the ~~for~~greater ~~more~~of ~~information~~(a) $30,000 per month; (b) $0.38 per square foot per month of any structure built on the property; or (c) 1.5% of all gross monthly sales of products sold by the Company, any assignee of the Company, or any subtenant of the Company.

~~Massachusetts Cannabis Center~~3

OnBy ~~October~~agreement 17dated November 19, ~~2016~~2024, ~~we closed on~~ the ~~acquisition~~Company oftransferred the ~~52.6-acre~~undeveloped ~~parcel~~portion of ~~undeveloped~~the ~~land~~leased ~~in Freetown, Massachusetts. The~~ property isto ~~located~~MMP (approximately ~~47 miles southeast of Boston~~48.3 ~~We are developing the property as the Massachusetts Cannabis Center (“MCC”~~acres). for:

As● ~~part of a simultaneous transaction~~$650,000; ~~we assigned the property rights to Massachusetts Medical Properties, LLC (“MMP”) for a nominal fee~~ and entered a lease agreement pursuant to which MMP agreed to lease the property to us for an initial term of fifty (50) years. We have the option to extend the term of the lease for four (4) additional ten (10) year periods. The lease is a triple net lease. We pay all real estate taxes, repairs, maintenance and insurance. A portion of these expenses are reimbursed by the tenant.

~~The~~● ~~lease~~20% ~~payments are the greater~~ of ~~(a) $30,000 per month; (b) $0.38 per square foot per month of any structure built on~~ the ~~property;~~net ~~or (c) 1.5% of all gross monthly~~ sales ofprice ~~products sold by the Company, any assignee~~ of the ~~Company,~~transferred orportion ~~any subtenant~~ of the ~~Company.~~undeveloped ~~The~~leased ~~lease payments will be adjusted up (but not down) every five (5) years by any increase in the Consumer Price Index~~property.

3The net sales price will be increased by an amount equal to the Base Rent paid by the Company to MMP under a separate lease covering 4.29 acres from November 19, 2024 through the date of conveyance of the 4.29 acres to the Company by MMP and decreased by $1,722,000.

~~Plans~~The ~~for~~lease payments are now the ~~MCC~~greater ~~include~~of (a) $13,407 per month; or (b) 1.5% of all gross monthly sales of products sold by the ~~construction~~Company, any assignee of ~~sustainable~~the ~~greenhouse~~Company, ~~cultivation~~or ~~and~~any ~~processing~~subtenant ~~facilities~~of ~~that~~the ~~will~~Company. beThe ~~leased~~lease has an initial term of fifty (50) years. The Company has the option to ~~Registered~~extend ~~Marijuana~~the ~~Dispensaries~~term ~~under~~of the ~~Massachusetts~~lease ~~Medical~~for ~~Marijuana~~four ~~and~~(4) ~~Adult~~additional ~~Use~~ten ~~Programs~~(10) year periods. The lease is a triple net lease, with the Company paying all real estate taxes, repairs, maintenance and insurance.

The ~~Town~~description of ~~Freetown~~the ~~Planning~~terms ~~Board~~of ~~has~~the ~~approved~~November ~~our~~19, ~~site~~2024 ~~plan~~agreement ~~application~~between ~~for~~ the ~~MCC,~~Company ~~which~~and ~~includes~~MMP ~~824,449~~is ~~square~~qualified ~~feet~~in ofits ~~infrastructure~~entirety ~~for~~by ~~cannabis~~the ~~cultivation,~~agreement ~~processing,~~between ~~product~~the ~~manufacturing~~Company and ~~associated~~MMP ~~administration~~filed inas ~~Freetown'~~Exhibit 10.18 to the Company’s ~~Industrial~~8-K ~~Park~~report filed on December 13, 2024.

WeOn ~~are~~July ~~developing~~26, 2019 we entered into a Triple Net Lease for Building 1 with BASK, Inc. ("BASK"). Building 1, an Adult-Use and Medical cannabis cultivation and processing facility, is the first phase of the MCC. BASK commenced operations in ~~phases~~Building ~~that~~1 ~~will~~in ~~consist~~February of ~~eight~~2020 ~~different~~and ~~building~~is ~~sites.~~licensed ~~The~~by ~~buildings~~the ~~have~~Massachusetts ~~been~~Cannabis ~~approved~~Control ~~for~~Commission ~~the~~to ~~following~~cultivate, ~~approximate~~process ~~sizes:~~and sell cannabis.

The 15-year lease for Building 1: 30with BASK provided,~~862~~ ~~square~~in ~~feet~~addition to a monthly Base Rent, a Revenue Participation Fee whereby we will receive 15% of all gross monthly sales of cannabis, cannabis-infused products and non-cannabis products produced at Building 1.

~~Building~~On 2:May 6413,~~941~~ ~~square~~2024, ~~feet~~the Company and BASK mutually agreed to modify the lease effective August 31, 2024. AmeriCann and BASK have agreed that, for the last five months of the lease effective April 1 2024, the new monthly payment by BASK will be $57,588 per month, inclusive of property taxes and Host Community Agreement fees. After August 31, 2024, AmeriCann intends to operate the building as a regulated cannabis cultivation and manufacturing operator. Bask agreed to transfer to the Company its provisional Cultivation and provisional Product Manufacturing licenses. BASK will receive a credit of $40,000 for each license transferred. Any transfer of licenses is contingent upon approval from the Massachusetts Cannabis Control Commission. An application for the Change of Ownership and Control of the licenses was filed on June 19, 2024. BASK granted the Company the option to purchase any furniture and equipment located in the space currently occupied by BASK. A third-party valuation of the items to be purchased is expected to be finalized by the end of August 2024. In the event the amount of the past due rent exceeds the credit (or credits) for any licenses which may be transferred to the Company by BASK and the value of any furniture or equipment purchased by the Company, the remaining amount, plus the amount remaining due on the promissory note from BASK dated September 30, 2023 will be converted to a promissory note which will be paid in 24 equal monthly installments without interest.

Building 3:1 ~~172~~of the MCC,~~800~~ a state of the art 30,000 square ~~feet~~foot cultivation and processing facility, is fully-operational. Using Building 1 as its base of operations, AmeriCann plans to cultivate cannabis and provide extraction and product manufacturing support to other licensed cannabis farmers throughout regulated markets. In addition to large-scale extraction of cannabis plant material, AmeriCann Brands plans to produce branded consumer packaged goods including cannabis beverages, vaporizer products, edible products, non-edible products and concentrates at Building 1.

~~Building~~Market ~~4: 162,200 square feet~~Conditions

~~Building~~While 5:the ~~162~~industry is growing rapidly,~~200~~ ~~square~~the ~~feet~~cannabis industry faces several major obstacles that challenge its growth and profitability. First, the cultivation of cannabis is a very capital-intensive enterprise. Many cannabis entrepreneurs do not have access to the capital required to build the infrastructure required to meet growing demand and sales projections. Traditional sources of financing, such as banks, are not available currently to cannabis producers and retailers in the United States. Second, there is a significant shortage of knowledge related to virtually all areas of the cannabis business. When new states are added to the list of regulated cannabis markets, there is a scarcity of experience and expertise to serve the needs of cultivators, processors and retailers in these states. As explained below, marijuana is illegal under federal law. These obstacles to the cannabis industry require financial resources, expertise and dedicated advocacy to change regulations on the state level.

~~Building 6: 162,200 square feet~~4

~~Building~~Government ~~7: 59,246 square feet~~Regulation

~~Building~~Marijuana 8:is 10a Schedule-I controlled substance and is illegal under federal law. Even in those states in which the use of marijuana has been legalized,~~000~~ ~~square~~its ~~feet~~use remains a violation of federal law.

~~Building~~A 1Schedule I controlled substance is defined as a ~~fully-constructed~~substance that has no currently accepted medical use in the United States, a lack of safety for use under medical supervision and ~~operational~~a high potential for abuse. The Department of Justice defines Schedule 1 controlled substances as “the most dangerous drugs of all the drug schedules with potentially severe psychological or physical dependence.” If the federal government decides to enforce the Controlled Substances Act with respect to marijuana, ~~state-~~persons that are charged with distributing, possessing with intent to distribute, or growing marijuana could be subject to fines and terms of- imprisonment, the~~-art~~ ~~greenhouse~~maximum ~~cultivation~~being life imprisonment and ~~product~~a ~~manufacturing~~$50 ~~facility~~million fine.

OnAlthough ~~July~~many ~~26,~~states ~~2019~~have welegalized ~~entered~~cannabis ~~into~~for amedical ~~Triple~~and ~~Net~~recreational ~~Lease~~use ~~for~~by ~~Building~~adults, 1the state laws are in conflict with ~~BASK,~~the ~~Inc.~~federal ~~("BASK").~~Controlled ~~Building~~Substances 1Act, anwhich ~~Adult-Use~~makes marijuana use and ~~Medical~~possession ~~cannabis~~illegal ~~cultivation~~on ~~and~~a ~~processing~~national ~~facility,~~level. isAlthough ~~the~~previous ~~first~~administrations ~~phase~~have ofindicated ~~the~~that ~~MCC.~~they ~~BASK~~are ~~commenced~~not ~~operations~~opposed into ~~Building~~the 1legalization of marijuana any change in ~~February~~the offederal ~~2020~~government’s ~~and~~enforcement isof ~~licensed~~current byfederal ~~the~~laws ~~Massachusetts~~could ~~Cannabis~~cause ~~Control~~significant ~~Commission~~financial damage to ~~cultivate,~~us ~~process~~ and ~~sell~~our ~~cannabis~~shareholders.

The 15-year lease for Building 1 with BASK provides, in addition to a monthly Base Rent, a Revenue Participation Fee whereby we will receive 15% of all gross monthly sales of cannabis, cannabis-infused products and non-cannabis products produced at Building 1.Competition

~~Building~~Currently, 2there isare ~~the~~a ~~next~~number ~~phase~~ of other companies that are involved in the ~~MCC~~cannabis ~~development~~industry, ~~where~~many of which we ~~plan~~consider to ~~occupy~~be ~~space~~our ~~for~~competition. ~~cannabis~~Many ~~cultivation~~of ~~and~~these ~~product~~companies ~~manufacturing~~provide services similar to those which we provide or plan to provide. We ~~Designs~~expect ~~for~~that ~~Building~~other 2companies ~~include~~will ~~64,941~~recognize ~~square~~the ~~feet~~value of ~~GMP~~serving ~~certified~~the ~~product~~cannabis ~~manufacturing~~industry and ~~extraction~~become ~~capabilities~~our competitors.

On November 19, 2020, AmeriCann received two licenses from the Massachusetts Cannabis Control Commission. The licenses are for Cannabis Cultivation and a license for Cannabis Product Manufacturing. The Cannabis Product Manufacturing licenses awarded to AmeriCann are designated to be operated in Building 2 of the MCC. The Cannabis Cultivation license awarded to AmeriCann are designed to be operated in Building 3 of the MCC.General

~~For~~We ~~the~~were ~~remainder~~incorporated ~~of the project, we intend to enter into agreements with other licensed cannabis businesses~~ in ~~Massachusetts~~Delaware toon ~~occupy~~June ~~space~~25, ~~in the MCC~~2010. WeThe ~~will~~Company ~~generate~~changed ~~revenue~~its ~~through~~corporate ~~lease~~domicile ~~arrangements with the operators that include base rents and revenue participation fee payments up~~ to ~~15%~~Colorado ofin ~~gross revenue generated from products produced at the MCC~~2022. ~~We plan to replicate the brands, technology and innovations developed at the MCC to new markets.~~

~~Market~~Our ~~Conditions~~offices are located at 1555 Blake Street, Unit 502, Denver, CO 80202. We lease this space on a month-to-month basis at a rate of $2,500 per month.

~~While~~As ~~the~~of ~~industry~~December is31, ~~growing rapidly~~2024, ~~the~~we ~~cannabis~~had ~~industry~~three ~~faces~~full ~~several~~time ~~major obstacles~~employees, that ~~challenge~~being ~~its~~Timothy ~~growth and profitability. First~~Keogh, ~~the~~our ~~cultivation~~Chief ~~of cannabis~~Executive is a very capital-intensive enterprise. Many cannabis entrepreneurs do not have access to the capital required to build the infrastructure required to meet growing demand and sales projections. Traditional sources of financingOfficer, ~~such~~Benjamin ~~as banks~~Barton, ~~are~~our ~~not available~~Chief ~~currently~~Financial toOfficer ~~cannabis producers~~ and ~~retailers~~our inOffice ~~the United States~~Manager. As ~~Second, there is a significant shortage~~ of ~~knowledge~~December ~~related~~31, to2024, ~~virtually all areas of the cannabis business~~Mr. ~~When~~Keogh ~~new~~was ~~states~~spending ~~are~~approximately ~~added~~90% ~~to the list~~ of ~~regulated~~his ~~cannabis~~time ~~markets, there~~on isour abusiness ~~scarcity of experience~~ and ~~expertise to serve the needs of cultivators, processors and retailers in these states~~Mr. As ~~explained~~Barton ~~below,~~was ~~marijuana~~spending isapproximately ~~illegal~~95% ~~under~~of ~~federal~~his ~~law.~~time ~~These obstacles to the cannabis industry require financial resources, expertise and dedicated advocacy to change regulations~~ on ~~the~~our ~~state level~~business.

~~Government~~ITEM ~~Regulation~~1A. RISK FACTORS

~~Marijuana~~We isare a ~~Schedule~~smaller reporting company as defined by Rule 12b-I2 ~~controlled~~of ~~substance~~the Securities Exchange Act of 1934 and isare ~~illegal~~not required to provide the information under ~~federal~~this ~~law~~item. ~~Even~~ inHowever, ~~those~~our ~~states~~activities inare ~~which~~subject ~~the~~to ~~use~~significant ofrisks ~~marijuana~~and ~~has~~uncertainties ~~been~~including ~~legalized,~~failure ~~its~~to ~~use~~secure ~~remains~~funding ato ~~violation~~properly offund ~~federal~~our ~~law~~business plan.

AITEM Schedule I controlled substance is defined as a substance that has no currently accepted medical use in the United States, a lack of safety for use under medical supervision and a high potential for abuse1B. ~~The~~ ~~Department~~UNRESOLVED ofSTAFF Justice defines Schedule 1 controlled substances as “the most dangerous drugs of all the drug schedules with potentially severe psychological or physical dependence.” If the federal government decides to enforce the Controlled Substances Act with respect to marijuana, persons that are charged with distributing, possessing with intent to distribute, or growing marijuana could be subject to fines and terms of imprisonment, the maximum being life imprisonment and a $50 million fine.COMMENTS

4Not applicable.

~~Although~~ITEM many states have legalized cannabis for medical and recreational use by adults, the state laws are in conflict with the federal Controlled Substances Act, which makes marijuana use and possession illegal on a national level1C. Although previous administrations have indicated that they are not opposed to the legalization of marijuana any change in the federal government’s enforcement of current federal laws could cause significant financial damage to us and our shareholders.CYBERSECURITY

~~Competition~~We recognize the importance of assessing, identifying, and managing material risks from cybersecurity threats. Our policies, standards and procedures for assessing, identifying, and managing material risks from cybersecurity threats are integrated into our overall risk management system. In this regard, we use various tools and processes to help prevent, identify, and resolve any identified vulnerabilities and security incidents in a timely manner. These include, but are not limited to, internal reporting and routine employee awareness updates.

~~Currently,~~Our ~~there~~management ~~are~~team aoversees ~~number~~efforts ofto ~~other~~prevent, ~~companies~~detect, ~~that are involved in the cannabis industry~~mitigate, ~~many~~and ofremediate ~~which~~cybersecurity werisks ~~consider~~and toincidents bethrough ~~our~~various ~~competition.~~means, ~~Many~~including ofmonitoring ~~these~~systems ~~companies provide services similar to those which we provide or plan to provide. We expect that other companies will recognize the value of serving the cannabis industry~~ and ~~become~~employee ~~our competitors~~engagement.

~~General~~5

WeOur ~~were~~board ~~incorporated~~of indirectors ~~Delaware~~is onresponsible ~~June~~for 25oversight over its risk management system, ~~2010~~including review and approval of the risk management system and processes implemented by management to identify, assess, manage and mitigate cybersecurity risks. The ~~Company~~Board ~~changed~~is ~~its~~responsible ~~corporate~~for ~~domicile~~monitoring and assessing material risk exposure to ~~Colorado~~cybersecurity inrisks, ~~2022~~and our management is responsible for the day-to-day supervision of the material risks we may face.

Our ~~offices~~risks ~~are~~from ~~located~~cybersecurity atthreats ~~1555~~have ~~Blake~~not ~~Street,~~affected ~~Unit~~or ~~502,~~are ~~Denver,~~reasonably COnot ~~80202.~~likely Weto ~~lease~~materially ~~this~~affect ~~space~~our onbusiness astrategy, ~~month-to-month~~results ~~basis at a rate~~ of $2operations,~~500~~ ~~per~~or ~~month~~financial condition.

AsITEM ~~of November 30, 2023, we had three full time employees, that being Timothy Keogh, our Chief Executive Officer, Benjamin Barton, Chief Financial Officer and our Office Manager~~2. As ~~of November 30, 2023, Mr~~PROPERTIES. ~~Keogh was spending approximately 90% of his time on our business and Mr. Barton was spending approximately 95% of his time on our business.~~

~~COVID-19~~See ~~Pandemic~~Item 1. Business.

~~The~~ITEM ~~Company~~3. ~~believes~~LEGAL that the COVID- 19 pandemic has had certain impacts on its business, but management does not believe there has been a material long-term impact from the effects of the pandemic on the Company’s business and operations, results of operations, financial condition, cash flows, liquidity or capital and financial resourcesPROCEEDINGS.

~~ITEM 1A~~None. ~~RISK FACTORS~~

WeITEM ~~are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item~~4. ~~However,~~MINE ~~our~~SAFETY ~~activities are subject to significant risks and uncertainties including failure to secure funding to properly fund our business plan~~DISCLOSURES.

~~ITEM~~Not 1Bapplicable. ~~UNRESOLVED STAFF COMMENTS~~

~~Not~~PART ~~applicable.~~II

ITEM 25. ~~PROPERTIES~~MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

~~See~~Our ~~Item~~common 1.stock ~~Business~~is quoted on the OTCQB under the trading symbol “ACAN”. Shown below is the range of high and low closing prices for our common stock as reported by the OTCQB for the periods presented:

ITEM 3. LEGAL PROCEEDINGS.

Quarter Ended	High		Low

December 31, 2022	$	0.74	$	0.44
March 31, 2023	$	0.74	$	0.38
June 30, 2023	$	0.55	$	0.31
September 30, 2024	$	0.45	$	0.28

December 31, 2023	$	0.14	$	0.051
March 31, 2024	$	0.10	$	0.053
June 30, 2024	$	0.07	$	0.027
September 30, 2024	$	0.04	$	0.015

~~None~~Holders of our common stock are entitled to receive dividends as may be declared by the Board of Directors. Our Board of Directors is not restricted from paying any dividends but is not obligated to declare a dividend. No cash dividends have ever been declared and it is not anticipated that cash dividends will ever be paid. We currently intend to retain any future earnings to finance future growth. Any future determination to pay dividends will be at the discretion of our directors and will depend on our financial condition, results of operations, capital requirements and other factors the board of directors considers relevant.

~~ITEM~~Our 4Articles of Incorporation authorize the Board of Directors to issue up to 20,000,000 shares of preferred stock. The ~~MINE~~provisions ~~SAFETY~~in ~~DISCLOSURES~~the Articles of Incorporation relating to the preferred stock allow our directors to issue preferred stock with multiple votes per share and dividend rights, which would have priority over any dividends paid to the holders of our common stock. The issuance of preferred stock with these rights may make the removal of management difficult even if the removal would be considered beneficial to shareholders generally, and will have the effect of limiting shareholder participation in certain transactions such as mergers or tender offers if these transactions are not favored by management.

~~Not~~As ~~applicable~~of December 31, 2024, we had approximately 120 shareholders of record and 24,391,961 outstanding shares of common stock.

~~PART~~ITEM 6. SELECTED IIFINANCIAL DATA.

~~ITEM~~Not 5applicable. ~~MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.~~

~~Our~~ITEM ~~common stock is quoted on the OTCQB under the trading symbol “ACAN”~~7. ~~Shown~~MANAGEMENT'S ~~below~~DISCUSSION isAND ~~the~~ANALYSIS ~~range~~OF ofFINANCIAL ~~high~~CONDITION ~~and~~AND ~~low~~RESULTS ~~closing~~OF ~~prices for our common stock as reported by the OTCQB for the periods presented:~~OPERATIONS.

Quarter Ended	High		Low
December 31, 2021	$	0.74	$	0.44
March 31, 2022	$	0.74	$	0.38
June 30, 2022	$	0.55	$	0.31
September 30, 2022	$	0.45	$	0.28
December 31, 2022	$	0.32	$	0.09
March 31, 2023	$	0.29	$	0.09
June 30, 2023	$	0.24	$	0.16
September 30, 2023	$	0.34	$	0.18

Material changes in the line items in our Statement of Operations for the year ended September 30, 2024 as compared to the same period last year, are discussed below:

Holders of our common stock are entitled to receive dividends as may be declared by the Board of Directors. Our Board of Directors is not restricted from paying any dividends but is not obligated to declare a dividend. No cash dividends have ever been declared and it is not anticipated that cash dividends will ever be paid. We currently intend to retain any future earnings to finance future growth. Any future determination to pay dividends will be at the discretion of our directors and will depend on our financial condition, results of operations, capital requirements and other factors the board of directors considers relevant.

Item	Increase (I) or Decrease (D)	Reason

Rental Income	D	The decrease in revenue is primarily due to the modification of the lease with our tenant that was effective May of 2024.

Professional fees	I	The increase in professional fees is primarily due to an increase in legal, accounting, auditing and consulting fees.

Interest income	I	The increase in interest income is a result of loan payments received by the Company.

Interest expense	D	The decrease is primarily attributable to amortization of debt discounts in prior period.

~~Our~~LIQUIDITY ~~Articles~~AND ofCAPITAL Incorporation authorize the Board of Directors to issue up to 20,000,000 shares of preferred stock. The provisions in the Articles of Incorporation relating to the preferred stock allow our directors to issue preferred stock with multiple votes per share and dividend rights, which would have priority over any dividends paid to the holders of our common stock. The issuance of preferred stock with these rights may make the removal of management difficult even if the removal would be considered beneficial to shareholders generally, and will have the effect of limiting shareholder participation in certain transactions such as mergers or tender offers if these transactions are not favored by management.RESOURCES

~~As of November 30, 2023, we had approximately 120 shareholders of record and 24,391,961 outstanding shares of common stock.~~Loans

~~ITEM~~On 6August 2, 2019 we secured a $4,000,000 loan from an unrelated third party. ~~SELECTED~~The ~~FINANCIAL~~loan ~~DATA~~was evidenced by a note which bears interest at the rate of 11% per year. On December 4, 2020, the loan was increased by $500,000 and the maturity date was extended from August 2, 2022 to August 1, 2023. In July 2023, the maturity date was further extended to December 1, 2023 while all other provisions of the original loan remained the same. On November 30, 2023, the maturity date was extended to January 31, 2024 while all other provisions of the original loan remained the same. On December 1, 2024 the maturity date of the loan was extended to April 30, 2025 while all other provisions of the original loan remained the same. The loan is secured by a first lien on Building 1 at the MCC.

~~Not~~The ~~applicable~~note holder also received a warrant which allows the holder to purchase 600,000 shares of the Company’s common stock at a price of $1.50 per share. The warrant will expire on the earlier of (i) August 2, 2024 or (ii) twenty days after written notice to the holder that the daily Volume Weighted Average Price of the Company’s common stock was at least $4.00 for twenty consecutive trading days and the average daily volume of trades of the Company’s common stock during the twenty trading days was at least 150,000 shares.

6Sale of Common Stock and Warrants

~~ITEM~~Currently 7the company has 1,500,000 warrants issued and outstanding with exercise prices of $1.25 ~~MANAGEMENT'S~~and ~~DISCUSSION~~an ~~AND~~expiration ~~ANALYSIS~~date OFof ~~FINANCIAL~~December ~~CONDITION~~31, ~~AND~~2024 ~~RESULTS~~associated OFwith ~~OPERATIONS~~transactions prior to October 1, 2019.

~~Results~~Contractual ~~of Operations~~obligations

~~Year~~Prior ~~Ended~~to ~~September~~November 3019, ~~2023~~2024, ~~compared~~the Company leased approximately 52.6 acres from MMP under an operating lease commencing October 17, 2016. By agreement dated November 19, 2024, the Company transferred the undeveloped portion of the leased property (approximately 48.3 acres) to MMP. (See Item 1 of this report). The lease payments are now the ~~Year~~greater ~~Ended~~of ~~September~~(a) 30$13,407 ~~2022~~per month; or (b) 1.5% of all gross monthly sales of products sold by the Company, any assignee of the Company, or any subtenant of the Company. The lease has an initial term of fifty (50) years. The Company has the option to extend the term of the lease for four (4) additional ten (10) year periods. The lease is a triple net lease, with the Company paying all real estate taxes, repairs, maintenance and insurance.

~~Total Revenues~~7

~~During~~Analysis the year ended September 30, 2023, we generated $2,552,200 in revenue, as compared to $2,927,819 for the year ended September 30, 2022. The $375,619 decrease in revenue is primarily due to supply chain disruptions for packaging and non-cannabis inputs for packaged goods produced at the MCC during the 4th quarter of ~~the~~Cash year ended September 30, 2023. The Massachusetts market has experienced pricing compression for flower products during the year ended September 30, 2023 which also contributed to the decrease in revenue.Flows

~~Cost~~Our sources and (uses) of ~~Revenues~~cash for the years ended September 30, 2024 and 2023 are shown below:

During the year ended September 30, 2023, we incurred $16,170 of costs of revenue, as compared to $45,950 for the year ended September 30, 2022. The decrease in cost is due to the conclusion of a facilities maintenance agreement.

	2024			2023

Cash (used) provided by operations	$	(1,170,000	)	$	579,860

Construction costs		(956	)		(32,705	)

Acquisition of property and equipment		--			(246,461	)

Payments received from notes receivable		84,857			43,185

Advances to third parties		--			(400,000	)

Repayment of notes		--			(150,000	)

~~Advertising~~Going ~~and Marketing Expenses~~concern

~~Advertising~~The ~~and~~accompanying ~~marketing~~consolidated ~~expenses~~unaudited ~~were~~financial ~~$9,743~~statements ~~for~~have been prepared assuming the ~~year~~Company ~~ended~~will ~~September~~continue ~~30,~~as ~~2023~~a going concern, aswhich ~~compared~~contemplates, toamong ~~$37~~other things,~~731~~ ~~for~~the realization of assets and satisfaction of liabilities in the ~~year~~normal ~~ended~~course of business. The Company had an accumulated deficit of $(21,107,773) and $(19,853,444) at September 30, ~~2022.~~2024 ~~The~~and ~~decrease~~2023, isrespectively, ~~due~~and tohad a ~~decrease~~net inloss ~~marketing~~of ~~and~~$(1,254,329) ~~social~~for ~~media~~the ~~costs~~year ended September 30, 2024.

~~Professional~~Management ~~Fees~~believes that the actions presently being taken to further implement the Company’s business plan and generate additional revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate additional revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company's ability to further implement its business plan and generate additional revenues. The consolidated unaudited financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Professional fees were $359,669 for the year ended September 30, 2023, as compared to $343,829 for the year ended September 30, 2022. The increase in professional fees is primarily due to an increase in accounting and auditing and consulting fees.8

~~General and Administrative Expenses~~Trends

~~General~~The ~~and~~factors ~~administrative~~that ~~expenses~~will ~~were~~most ~~$1,554,948~~significantly ~~for~~affect ~~the~~our ~~year~~future ~~ended~~operating ~~September 30~~results, ~~2023,~~liquidity asand ~~compared~~capital toresources ~~$2,017,582~~will ~~for the year ended September 30, 2022. The decrease is primarily a result of a decrease in stock compensation costs.~~be:

~~Interest~~● ~~Income~~Government regulation of the cannabis industry;

~~Interest~~● ~~income~~Revision ~~was~~of ~~$3,440~~Federal ~~for~~banking ~~the~~regulations ~~year ended September 30, 2023, as compared to $11,504~~ for the ~~year~~cannabis ~~ended~~industry; ~~September 30, 2022.~~ and

~~Interest~~● ~~Expense~~Legalization of the use of cannabis for medical or recreational use in other states.

~~Interest~~Other ~~expense~~than ~~was~~the ~~$709~~foregoing,~~865~~ ~~for~~we ~~the~~do ~~year~~not ~~ended~~know ~~September~~of ~~30,~~any ~~2023~~trends, asevents ~~compared~~or touncertainties ~~$667,475 for~~that ~~the~~have ~~year ended September 30~~had, ~~2022.~~or ~~The~~are ~~increase~~reasonably isexpected ~~primarily attributable~~ to ~~amortization~~have, ofa ~~debt~~material ~~discounts.~~impact on:

7● revenues or expenses;

~~Net~~● ~~Loss~~any material increase or decrease in liquidity; or

We● ~~had~~expected asources ~~net~~and ~~loss~~uses of ~~$94,755 for the year ended September 30, 2023, as compared to a net loss of $173,244 for the year ended September 30, 2022~~cash. ~~The decrease in net loss is primarily the result of a decrease in stock compensation expense offset by a decrease in revenues.~~

~~LIQUIDITY~~RECENT ~~AND~~ACCOUNTING ~~CAPITAL RESOURCES~~PRONOUNCEMENTS

~~Loans~~Recent accounting pronouncements which may be applicable to us are described in Note 1 to the Consolidated Financial Statements included as part of this report.

OnSIGNIFICANT ~~August~~ACCOUNTING 2, 2019 we secured a $4,000,000 loan from an unrelated third party. The loan was evidenced by a note which bears interest at the rate of 11% per year. On December 4, 2020, the loan was increased by $500,000 and the maturity date was extended from August 2, 2022 to August 1, 2023. In July 2023, the maturity date was further extended to December 1, 2023 while all other provisions of the original loan remained the same. On November 30, 2023, the maturity date was extended to January 31, 2024 while all other provisions of the original loan remained the same. The loan is secured by a first lien on Building 1 at the MCC.POLICIES

~~The~~Our ~~note~~significant ~~holder~~accounting ~~also~~policies ~~received~~are aset ~~warrant~~forth ~~which allows the holder to purchase 600,000 shares of the Company’s common stock at a price of $1~~below.50 ~~per~~We ~~share.~~have ~~The~~consistently ~~warrant~~applied ~~will~~these ~~expire~~policies onin ~~the~~all ~~earlier~~material ~~of (i) August 2, 2024 or (ii) twenty days after written notice to the holder that the daily Volume Weighted Average Price of the Company’s common stock was at least $4~~respects.~~00 for twenty consecutive trading days and the average daily volume of trades of the Company’s common stock during the twenty trading days was at least 150,000 shares.~~

~~Sale~~Use of ~~Common Stock and Warrants~~Estimates

~~Currently~~The ~~the~~preparation ~~company~~of ~~has~~consolidated ~~2,148,000~~unaudited ~~warrants~~financial ~~issued~~statements ~~and~~in ~~outstanding~~conformity with ~~exercise~~U.S. ~~prices~~generally ~~ranging~~accepted ~~from~~accounting ~~$1.25~~principles requires management to $1make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated unaudited financial statements and the reported amounts of revenues and expenses during the reporting period.50 The more significant estimates and ~~expiration~~assumptions ~~dates~~made ~~ranging~~by ~~from~~management ~~August~~are 2valuation of equity instruments, ~~2024~~deferred totax ~~December~~asset ~~31,~~valuation ~~2024~~and ~~associated~~allowance ~~with~~and ~~transactions~~collectability ~~prior~~of toaccounts ~~October~~receivable 1,and ~~2019~~long-lived assets. Actual results could differ from those estimates as the current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions.

~~During~~Cash ~~the~~and ~~year~~Cash ~~ended September 30, 2023, we did not issue any stock for services.~~Equivalents

~~During~~Cash ~~the~~and ~~year~~cash ~~ended~~equivalents ~~September~~include ~~30,~~cash ~~2022~~on hand, wedemand ~~issued~~deposit ~~195,651~~accounts ~~shares~~and temporary cash investments with maturities of ~~stock~~ninety ~~for~~days ~~services~~or ~~valued~~less ~~$90,000~~at the date of purchase.

~~Contractual~~Income ~~obligations~~Taxes

The Company ~~leases~~follows ~~land~~FASB ~~under~~Codification anTopic ~~operating~~740-10-25 ~~lease~~(ASC ~~commencing~~740-10-25) ~~October 17, 2016,~~ for anrecording ~~initial~~the ~~term~~provision offor ~~fifty~~income ~~(50) years~~taxes. WeDeferred ~~have~~tax ~~the~~assets ~~option~~and toliabilities ~~extend~~are ~~the~~computed ~~term~~based ofupon the ~~lease~~difference ~~for~~between ~~four~~the ~~(4)~~financial ~~additional~~statement ~~ten~~and ~~(10)~~income ~~year~~tax ~~periods.~~basis ~~The~~of ~~lease~~assets isand aliabilities ~~triple~~using ~~net lease, with~~ the ~~Company~~enacted ~~paying~~marginal ~~all~~tax ~~real~~rate ~~estate~~applicable ~~taxes,~~when ~~repairs,~~the ~~maintenance~~related ~~and~~asset ~~insurance.~~or ~~The~~liability ~~lease~~is ~~payments~~expected ~~are~~to ~~the~~be ~~greater~~realized ofor ~~(a)~~settled. ~~$30,000~~Deferred ~~per~~income ~~month;~~tax ~~(b)~~expenses ~~$0.38~~or ~~per~~benefits ~~square~~are ~~foot~~based ~~per~~on ~~month~~the ofchanges ~~any~~in ~~structure built on~~ the ~~property;~~asset or ~~(c)~~liability 1each period.5% ofIf ~~all~~available ~~gross~~evidence ~~monthly~~suggests ~~sales~~that ofit ~~products~~is ~~sold~~more bylikely ~~the~~than ~~Company,~~not ~~any~~that ~~assignee~~some ofportion ~~the Company,~~ or ~~any~~all ~~subtenant~~ of the ~~Company.~~deferred ~~The~~tax ~~Company~~assets ~~received~~will not be realized, a ~~credit~~valuation ~~for~~allowance ~~the~~is ~~$925,000~~required ~~paid~~to ~~towards~~reduce the ~~purchase~~deferred ~~price~~tax ofassets to the ~~land~~amount inthat ~~the~~is ~~form~~more oflikely ~~discounted~~than ~~lease~~not ~~payments~~to be realized. ~~For~~Future ~~the~~changes ~~initial~~in ~~fifty~~such ~~(50)~~valuation ~~year~~allowance ~~term~~are ofincluded in the ~~lease,~~provision ~~the~~for ~~lease~~deferred ~~payments~~income ~~are~~taxes ~~reduced~~in bythe ~~$1,542~~period ~~each~~of ~~month~~change.

~~Analysis~~We expect to recognize the financial statement benefit of ~~Cash~~an ~~Flows~~uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a "more-likely-than-not" threshold, the amount to be recognized in the consolidated unaudited financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. As of September 30, 2024 and 2023, we had no uncertain tax positions. We recognize interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently have no federal or state tax examinations nor have we had any federal or state examinations since our inception. To date, we have not incurred any interest or tax penalties.

During the year ended September 30, 2023, cash flows provided by operations were $579,860 as compared to net cash flows provided by operations of $848,738 for the year ended September 30, 2022. The decrease is primarily due to a decrease in stock-based compensation and timing of working capital payments.9

~~Cash~~For ~~flows~~federal ~~used~~tax ~~in investing activities were $635~~purposes,~~981~~ ~~for~~our ~~the~~2021 ~~year~~through ~~ended September 30,~~ 2023, ~~consisting~~tax ~~primarily~~years ofremain aopen ~~new~~for ~~note~~examination ~~receivable, additions to property and equipment and construction in progress, offset~~ by ~~payments~~the ~~received~~tax onauthorities ~~notes~~under ~~receivable. Cash flows used in investing activities was $204,013 for~~ the normal three-year ~~ended~~statute ~~September 30, 2022, consisting primarily~~ of ~~additions to construction in progress~~limitations.

~~Cash~~Concentration ~~flows used in financing activities were $150,000 for the year ended September 30, 2023, consisting~~ of ~~payments~~Credit onRisks ~~note~~and ~~payable.~~Significant ~~Cash flows provided by financing activities was $0 for the year ended September 30, 2022.~~ Customers

~~Going~~Financial ~~concern~~instruments that potentially subject us to concentrations of credit risk consist principally of cash, notes receivables, deposits, and tenant receivables. We place our cash with high credit quality financial institutions. As of September 30, 2024, we had outstanding notes receivable of $315,143 and a tenant receivable of $57,588 with a customer, previously a related party.

~~The~~Financial ~~accompanying~~Instruments ~~consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets~~ and ~~satisfaction~~Fair ofValue ~~liabilities in the normal course~~ of ~~business.~~Financial ~~The Company had an accumulated deficit of $19,853,444 and $19,758,689 at September 30, 2023 and 2022, respectively, and had a net loss of $94,755 for the year ended September 30, 2023.~~Instruments

~~Management~~We ~~believes~~adopted ~~that~~ASC ~~the~~Topic ~~actions~~820, ~~presently~~Fair ~~being~~Value ~~taken~~Measurements, tofor ~~further~~assets ~~implement the Company’s business plan~~ and ~~generate~~liabilities ~~additional~~measured ~~revenues~~at ~~provide~~fair ~~the~~value ~~opportunity~~on ~~for the Company to continue as~~ a ~~going~~recurring ~~concern~~basis. ~~While~~ASC ~~the~~Topic ~~Company~~820 ~~believes~~requires in the ~~viability~~use of ~~its~~fair ~~strategy~~value ~~to generate additional revenues and in its ability to raise additional funds~~measurements, ~~there~~establishes ~~can be no assurances to that effect. The ability of the Company to continue as~~ a ~~going~~framework ~~concern~~for ismeasuring ~~dependent~~fair ~~upon~~value ~~the Company's ability to further implement its business plan~~ and ~~generate~~expands ~~additional~~disclosure ~~revenues.~~concerning ~~The~~such ~~consolidated~~fair ~~financial~~value ~~statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern~~measurements.

8ASC Topic 820 defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Topic 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

~~Trends~~Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities

~~The~~Level ~~factors~~2: ~~that~~Observable ~~will~~market-based ~~most~~inputs ~~significantly~~or ~~affect~~unobservable ~~our~~inputs ~~future~~that ~~operating~~are ~~results,~~corroborated ~~liquidity~~by ~~and~~market ~~capital resources will be:~~data

●Level ~~Government~~3: ~~regulation~~Unobservable ofinputs ~~the~~for ~~cannabis~~which ~~industry;~~there ●is ~~Revision~~little ofor ~~Federal~~no ~~banking~~market ~~regulations~~data, ~~for~~which ~~the~~require ~~cannabis industry; and ● Legalization of~~ the use of ~~cannabis~~the ~~for~~reporting ~~medical~~entity’s orown ~~recreational use in other states~~assumptions.

~~Other~~The ~~than~~carrying ~~the~~value ~~foregoing,~~of wefinancial doassets ~~not~~and ~~know~~liabilities ofrecorded ~~any~~at ~~trends,~~fair ~~events~~value is measured on a recurring or ~~uncertainties~~nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that ~~have~~are adjusted to fair value when a significant event occurs. We had, no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are ~~reasonably~~those ~~expected~~that are adjusted to ~~have,~~fair value each time a ~~material~~financial ~~impact~~statement is prepared. We had no financial assets or liabilities carried and measured on: a recurring basis during the reporting periods. The carrying value of short-term financial instruments, including cash, tenant and notes receivable, accounts payable and accrued expenses, and short-term borrowings approximate fair value due to the relatively short period to maturity for these instruments. The long-term borrowings approximate fair value since the related rates of interest approximates current market rates.

●Derivative ~~revenues or expenses; ● any material increase or decrease in liquidity; or ● expected sources and uses of cash.~~Liabilities

~~RECENT~~We ~~ACCOUNTING~~evaluate ~~PRONOUNCEMENTS~~stock options, stock warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, Derivative Instruments and Hedging: Contracts in Entity’s Own Equity. The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each consolidated unaudited balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the consolidated unaudited statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date. We determined that none of our financial instruments meet the criteria for derivative accounting as of September 30, 2024 and 2023.

~~Recent accounting pronouncements which may be applicable to us are described in Note 1 to the Consolidated Financial Statements included as part of this report.~~10

~~SIGNIFICANT~~Operating ~~ACCOUNTING POLICIES~~leases

~~Our~~Effective ~~significant~~October ~~accounting~~1, ~~policies~~2019, ~~are~~we ~~set~~adopted ~~forth~~ASC ~~below~~842 Lease Accounting using the effective date method. Under the method, periods prior to adoption remain unchanged. We ~~have~~determine ~~consistently~~if ~~applied~~an ~~these~~arrangement ~~policies~~is ina ~~all~~lease ~~material~~at ~~respects~~inception.

Right of Use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of ~~Estimates~~lease payments over the lease term. Variable lease payments are not included in the calculation of the right-of-use asset and lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

~~The~~Under ~~preparation~~the ofavailable ~~consolidated~~practical ~~financial~~expedient, ~~statements~~we inaccount ~~conformity~~for ~~with~~the ~~U.S.~~lease ~~generally accepted accounting principles requires management to make estimates~~ and ~~assumptions~~non-lease ~~that~~components ~~affect the~~as ~~reported~~a ~~amounts~~single oflease ~~assets~~component ~~and~~for ~~liabilities~~all ~~and~~classes ~~disclosure~~ of ~~contingent~~underlying assets ~~and~~as ~~liabilities~~both ata ~~the~~lessee ~~date of the consolidated financial statements~~ and ~~the reported amounts of revenues and expenses during the reporting period~~lessor. ~~The~~Further, ~~more~~we ~~significant~~elected ~~estimates~~a ~~and~~short-term ~~assumptions~~lease ~~made~~exception bypolicy ~~management~~on ~~are~~all ~~valuation~~classes of ~~equity~~underlying ~~instruments~~assets, ~~deferred~~permitting ~~tax~~us ~~asset~~to ~~valuation~~not ~~and~~apply ~~allowance~~the ~~and~~recognition ~~collectability~~ requirements of ~~accounts~~this ~~receivable~~standard ~~and~~to ~~long~~short-~~lived~~term ~~assets~~leases (i.e. ~~Actual~~leases ~~results~~with ~~could~~terms ~~differ from those estimates as the current economic environment has increased the degree~~ of ~~uncertainty~~12 ~~inherent~~months inor ~~these estimates and assumptions~~less).

~~Cash~~Long-lived ~~and Cash Equivalents~~assets

~~Cash~~Our long-lived assets consist of property and equipment and are reviewed for impairment in accordance with the guidance of the Topic ASC Topic 360, Property, Plant, and Equipment. We test for impairment losses on long-lived assets used in operations whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash ~~equivalents~~flows ~~include~~expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management's estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on ~~hand~~our reporting results and financial positions. Fair value is determined through various valuation techniques including discounted cash flow models, ~~demand~~quoted ~~deposit~~market ~~accounts~~values and ~~temporary~~third-party ~~cash~~independent ~~investments~~appraisals, ~~with~~as ~~maturities~~considered ofnecessary. There ~~ninety~~were ~~days~~no orimpairment ~~less~~losses atrecognized for the ~~date~~years ofended ~~purchase~~September 30, 2024 and 2023.

~~Income~~Property, ~~Taxes~~Plant and Equipment

~~The~~Property, ~~Company~~plant ~~follows FASB Codification Topic 740-10-25 (ASC 740-10-25) for recording the provision for income taxes. Deferred tax assets~~ and ~~liabilities~~equipment are ~~computed~~stated ~~based~~at ~~upon~~cost. ~~the~~Depreciation ~~difference~~of ~~between~~property, ~~the~~plant ~~financial statement~~ and ~~income~~equipment ~~tax~~begins ~~basis~~in ofthe ~~assets~~month ~~and~~following ~~liabilities using~~ the ~~enacted~~month ~~marginal tax rate applicable~~ when the ~~related~~ asset oris ~~liability~~placed isinto ~~expected~~service toand beis ~~realized~~provided orusing ~~settled.~~the ~~Deferred~~straight-line ~~income~~method ~~tax~~for ~~expenses~~financial orreporting ~~benefits~~purposes ~~are~~at rates based on the ~~changes~~estimated inuseful ~~the~~lives ~~asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all~~ of the ~~deferred tax~~ assets. ~~will~~Estimated ~~not~~useful belives ~~realized,~~range afrom ~~valuation~~three ~~allowance is required~~ to ~~reduce~~twenty ~~the deferred tax assets to the amount that is more likely than not to be realized~~years. ~~Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change.~~

We expect to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a "moreNon-~~likely-than-not"~~Cash ~~threshold,~~Equity the amount to be recognized in the consolidated financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. As of September 30, 2023 and 2022, we had no uncertain tax positions. We recognize interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently have no federal or state tax examinations nor have we had any federal or state examinations since our inception. To date, we have not incurred any interest or tax penalties.Transactions

~~For~~Shares ~~federal~~of ~~tax~~equity ~~purposes,~~instruments ~~our~~issued ~~2020~~for ~~through~~noncash ~~2022~~consideration ~~tax~~are ~~years~~recorded ~~remain~~at ~~open~~the ~~for~~estimated ~~examination~~fair bymarket value of the ~~tax~~consideration ~~authorities~~granted ~~under~~based on the ~~normal~~estimated ~~three-year~~fair ~~statute~~market value of ~~limitations~~the equity instrument, or at the estimated fair market value of the goods or services received, whichever is more readily determinable.

9Stock-Based Compensation

~~Concentration~~We account for share-based awards to employees in accordance with ASC Topic 718, Stock Compensation. Under this guidance, stock compensation expense is measured at the grant date, based on the fair value of ~~Credit~~the ~~Risks~~award, and ~~Significant~~is ~~Customers~~recognized as an expense over the estimated service period (generally the vesting period) on the straight-line attribute method. Share-based awards to non-employees are accounted for in accordance with ASU 2018-07 Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting, which aligns the accounting for nonemployee share-based payments with accounting of share-based payments to employees.

~~Financial~~Related instruments that potentially subject us to concentrations of credit risk consist principally of cash, notes receivables, deposits, and tenant receivables. We place our cash with high credit quality financial institutions. As of September 30, 2023, we had outstanding notes receivable of $400,000 and a tenant receivable of $103,450 with a customer, previously a related party.Parties

~~Financial~~A ~~Instruments~~party is considered to be related to us if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include our principal owners, our management, members of the immediate families of our principal owners and ~~Fair~~our ~~Value~~management and other parties with which we may deal if one party controls or can significantly influence the management or operating policies of ~~Financial~~the ~~Instruments~~other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties, or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party.

We adopted ASC Topic 820, Fair Value Measurements, for assets and liabilities measured at fair value on a recurring basis. ASC Topic 820 requires the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure concerning such fair value measurements. 11

~~ASC~~Revenue Topic 820 defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Topic 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:Recognition

	Level 1:	Observable inputs such as quoted market prices in active markets for identical assets or liabilities
	Level 2:	Observable market-based inputs or unobservable inputs that are corroborated by market data
	Level 3:	Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

Property lease revenue is earned through annual leases for facilities used in agricultural/manufacturing activities and the Company records revenues on a straight-line basis over the term of these leases. Property lease revenues from these sources are recurring on an annual basis. Unearned property lease revenues were $0 at both September 30, 2024 and 2023.

The ~~carrying~~Company ~~value~~also ofreceives ~~financial~~a ~~assets~~revenue ~~and~~participation ~~liabilities~~fee ~~recorded~~which ~~at fair value~~ is ~~measured~~considered on a ~~recurring~~variable orpayment ~~nonrecurring basis. Financial assets~~ and ~~liabilities~~thus measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. We had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is ~~prepared.~~recorded Wein ~~had no financial assets or liabilities carried and measured on a recurring basis during~~ the reporting periods. The carrying value of short-term financial instruments, including cash, tenant and notes receivable, accounts payable and accrued expenses, and short-term borrowings approximate fair value due to the relatively short period toearned ~~maturity~~in ~~for~~accordance ~~these~~with ~~instruments.~~ASC ~~The long-term borrowings approximate fair value since the related rates of interest approximates current market rates~~842.

~~Derivative~~Advertising ~~Liabilities~~Expense

~~We evaluate stock options~~Advertising, ~~stock~~promotional warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, Derivative Instruments and ~~Hedging:~~selling ~~Contracts~~expenses inconsist ~~Entity’s Own Equity. The result~~ of ~~this~~sales ~~accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument~~ and ismarketing ~~marked-to-market at each consolidated balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability~~expenses, the change in fair value is recorded in the consolidated statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and ~~then~~promotional ~~that~~activity ~~fair value is reclassified to equity~~expenses. ~~Financial~~Expenses ~~instruments that~~ are ~~initially~~recognized ~~classified~~when ~~as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date~~incurred. ~~We determined that none of our financial instruments meet the criteria for derivative accounting as of September 30, 2023 and 2022.~~

~~Operating~~General ~~leases~~and Administrative Expense

~~Effective~~General ~~October~~and 1,administrative ~~2019,~~expenses weconsist ~~adopted~~of ~~ASC~~professional ~~842~~service ~~Lease~~fees, ~~Accounting~~rent ~~using~~and ~~the~~utility ~~effective~~expenses, ~~date~~meals, ~~method.~~travel ~~Under~~and ~~the~~entertainment ~~method~~expenses, ~~periods~~and ~~prior~~other togeneral ~~adoption~~and ~~remain~~administrative ~~unchanged~~overhead costs. WeExpenses ~~determine~~are ifrecognized anwhen ~~arrangement is a lease at inception~~incurred.

~~Right~~Loss ofper Use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Variable lease payments are not included in the calculation of the right-of-use asset and lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.Share

~~Under~~We ~~the~~compute ~~available~~net ~~practical~~loss ~~expedient,~~per weshare ~~account~~in ~~for~~accordance with the ~~lease~~ASC ~~and~~Topic ~~non-lease components as a single lease component for all classes of underlying assets as both a lessee and lessor~~260. ~~Further,~~The weASC ~~elected~~specifies athe ~~short-term lease exception policy on all classes of underlying assets~~computation, ~~permitting~~presentation usand todisclosure ~~not apply the recognition~~ requirements of ~~this~~for ~~standard~~loss toper ~~short-term~~share ~~leases~~for ~~(i.e.~~entities ~~leases~~ with ~~terms~~publicly ofheld 12common ~~months or less)~~stock.

10Basic loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Shares issuable upon the exercise of equity instruments such as warrants and options were not included in the loss per share calculations for 2024 and 2023 because the inclusion would have been anti-dilutive.

~~Long~~OFF-~~lived~~BALANCE ~~assets~~SHEET ARRANGEMENTS

~~Our~~As ~~long-lived assets consist~~ of ~~property~~September ~~and equipment and are reviewed for impairment in accordance with the guidance of the Topic ASC Topic 360~~30, ~~Property~~2024, ~~Plant,~~we ~~and~~did ~~Equipment. We test for impairment losses on long-lived assets used in operations whenever events or changes in circumstances indicate that the carrying amount of the asset may~~ not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management's estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have aany ~~material effect on our reporting results and financial positions. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third~~off-~~party~~consolidated ~~independent~~unaudited ~~appraisals,~~balance assheet ~~considered necessary~~arrangements. ~~There were no impairment losses recognized for the years ended September 30, 2023 and 2022.~~

~~Property,~~ITEM ~~Plant~~7A. ~~and~~QUANTITATIVE ~~Equipment~~AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKS

~~Property,~~Not ~~plant and equipment are stated at cost~~applicable. Depreciation of property, plant and equipment begins in the month following the month when the asset is placed into service and is provided using the straight-line method for financial reporting purposes at rates based on the estimated useful lives of the assets. Estimated useful lives range from three to twenty years.

~~Non-Cash~~ITEM ~~Equity~~8. ~~Transactions~~FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Shares of equity instruments issued for noncash consideration are recorded at the estimated fair market value of the consideration granted based on the estimated fair market value of the equity instrument, or at the estimated fair market value of the goods or services received, whichever is more readily determinableAttached.

~~Stock-Based~~ITEM ~~Compensation~~9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

~~We account for share-based awards to employees in accordance with ASC Topic 718, Stock Compensation~~None. Under this guidance, stock compensation expense is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the estimated service period (generally the vesting period) on the straight-line attribute method. Share-based awards to non-employees are accounted for in accordance with ASU 2018-07 Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting, which aligns the accounting for nonemployee share-based payments with accounting of share-based payments to employees.

~~Related Parties~~12

AITEM ~~party is considered to be related to us if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us~~9A. ~~Related~~CONTROLS ~~parties~~AND also include our principal owners, our management, members of the immediate families of our principal owners and our management and other parties with which we may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interestsPROCEDURES. A party which can significantly influence the management or operating policies of the transacting parties, or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party.

~~Revenue~~Disclosure ~~Recognition~~Controls and Procedures

~~Property~~An ~~lease~~evaluation ~~revenue~~was iscarried ~~earned~~out ~~through~~under ~~annual~~the ~~leases~~supervision ~~for~~and ~~facilities~~with ~~used~~the inparticipation ~~agricultural/manufacturing~~of ~~activities~~our management, including our Principal Executive Officer and Principal Financial Officer, of the ~~Company~~effectiveness ~~records~~of ~~revenues~~our disclosure controls and procedures as of the end of the period covered by this report on aForm ~~straight~~10-~~line~~K. Disclosure ~~basis~~controls ~~over~~and procedures are procedures designed with the ~~term~~objective of ~~these~~ensuring ~~leases. Property~~that ~~lease~~information ~~revenues~~required ~~from~~to ~~these~~be ~~sources~~disclosed ~~are~~in ~~recurring~~our onreports anfiled ~~annual~~under ~~basis~~the Securities Exchange Act of 1934, such as this Form 10-K, is recorded, processed, summarized and reported within the time period specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and is communicated to our management, including our Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. ~~Unearned~~ Based ~~property~~on ~~lease~~that ~~revenues~~evaluation, ~~were~~our $0management atconcluded ~~both~~that, as of September 30, ~~2023~~2024, our disclosure controls and ~~2022~~procedures were not effective for the same reasons that our internal control over financial reporting was not adequate.

~~The~~Management’s ~~Company~~Report ~~also~~on ~~receives~~Internal aControl ~~revenue~~Over ~~participation~~Financial ~~fee which is considered a variable payment and thus is recorded in the period earned in accordance with ASC 842.~~Reporting

~~Advertising~~Our ~~Expense~~management is responsible for establishing and maintaining adequate internal control over financial reporting as required by Sarbanes-Oxley Act, Section 404.A. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated unaudited financial statements in accordance with generally accepted accounting principles in the United States and includes those policies and procedures that:

~~Advertising,~~(1) ~~promotional~~Pertain ~~and~~to ~~selling~~the ~~expenses~~maintenance ~~consist~~ of ~~sales~~records ~~and~~that ~~marketing~~in ~~expenses,~~reasonable detail accurately and ~~promotional~~fairly ~~activity~~reflect ~~expenses.~~the ~~Expenses~~transactions ~~are~~and ~~recognized~~dispositions ~~when~~of ~~incurred.~~assets;

~~General~~(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and ~~Administrative~~that ~~Expense~~receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors; and

~~General~~(3) ~~and~~Provide ~~administrative~~reasonable ~~expenses~~assurance ~~consist~~regarding ofprevention ~~professional~~or ~~service~~timely ~~fees,~~detection ~~rent~~of ~~and~~unauthorized ~~utility expenses~~acquisition, ~~meals,~~use ~~travel~~or ~~and~~disposition ~~entertainment~~of ~~expenses,~~the ~~and~~issuer's ~~other~~assets ~~general~~that ~~and~~could ~~administrative~~have ~~overhead~~a ~~costs.~~material ~~Expenses~~effect ~~are~~on ~~recognized~~the ~~when~~issuer’s ~~incurred~~financial statements.

11We carried out an evaluation under the supervision and with the participation of management, including our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our internal control over financial reporting as of September 30, 2024. In making this evaluation, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework, published in 2013. Based on that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our internal control over financial reporting was not effective as of September 30, 2024 at the reasonable assurance level, as a result of material weaknesses related to a lack of a sufficient number of personnel with appropriate training and experience in accounting principles generally accepted in the United States of America, or GAAP, limited or no segregation of duties, and lack of independent directors. As a result, we did not adequately document or test whether our financial activity level controls or our information technology general controls were operating sufficiently to identify a deficiency, or combination of deficiencies, that may result in a reasonable possibility that a material misstatement of the consolidated unaudited financial statements would not be prevented or detected on a timely basis. While management has reviewed the consolidated unaudited financial statements and underlying information included in this Annual Report on Form 10-K in detail and believes the procedures performed are adequate to fairly present our financial position, results of operations and cash flows for the periods presented in all material respects, the material weaknesses that existed in fiscal 2023 could have led to an error in the original accounting of the estimated fair market value of certain equity instruments.

~~Loss~~Remediation ~~per~~of ~~Share~~Material Weaknesses

WeA ~~compute~~material ~~net~~weakness ~~loss~~is ~~per~~a ~~share~~control deficiency (within the meaning of the Public Company Accounting Oversight Board (“PCAOB”) Auditing Standard No. 2201), or combination of control deficiencies, that result in ~~accordance~~more ~~with~~than a remote likelihood that a material misstatement of the ~~ASC~~annual ~~Topic~~or ~~260~~interim consolidated unaudited financial statements will not be prevented or detected. ~~The~~While ~~ASC~~management ~~specifies~~believes that the ~~computation~~Company’s consolidated unaudited financial statements previously filed in the Company’s SEC reports have been properly recorded and disclosed in accordance with US GAAP, ~~presentation~~we have designed and ~~disclosure~~plan ~~requirements~~to ~~for~~implement, ~~loss~~or ~~per~~in ~~share~~some ~~for~~cases ~~entities~~have ~~with~~already ~~publicly~~implemented, ~~held~~the ~~common~~specific ~~stock.~~remediation initiatives described below:

~~Basic~~We ~~loss~~plan ~~per~~to ~~share~~obtain ~~amounts~~and ishire ~~computed~~additional byaccounting ~~dividing the net loss by the weighted average number of common shares outstanding. Shares issuable upon the exercise of equity instruments such as warrants~~ personnel, and ~~options~~continue ~~were~~to ~~not~~enhance ~~included~~our ininternal ~~the~~finance ~~loss per share calculations for 2023~~ and ~~2022~~accounting ~~because~~organizational ~~the inclusion would have been anti-dilutive~~structure.

~~OFF-BALANCE SHEET ARRANGEMENTS~~13

AsWe ofhave ~~September~~hired ~~30,~~a ~~2023,~~third-party weconsultant ~~did~~who ~~not~~has ~~have~~the ~~any~~required ~~off-consolidated~~background ~~balance~~and ~~sheet~~experience ~~arrangements~~in accounting principles generally accepted in the United States of America and with SEC rules and regulations.

~~ITEM~~We 8.are ~~FINANCIAL~~in ~~STATEMENTS~~the ~~AND~~process ~~SUPPLEMENTARY~~of ~~DATA~~further enhancing the supervisory procedures to include additional levels of analysis and quality control reviews within the accounting and financial reporting functions.

~~Attached~~We are in the process of strengthening our internal policies and ensuring that the consistent validation of our conclusions regarding significant accounting policies and their application to our business transactions are carried out by personnel with an appropriate level of accounting knowledge, experience and training.

~~ITEM~~While 9.we ~~CHANGES~~have INnot ~~AND~~yet ~~DISAGREEMENTS~~remediated ~~WITH~~these ~~ACCOUNTANTS~~material ONweaknesses, ~~ACCOUNTING~~we ~~AND~~will ~~FINANCIAL~~continue ~~DISCLOSURE~~our remediation efforts during fiscal 2025.

~~None~~This Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to such attestation pursuant to rules of the Securities and Exchange Commission that permits us to provide only management’s report in this Annual Report.

~~ITEM~~Changes ~~9A.~~in ~~CONTROLS~~Internal ~~AND~~Control ~~PROCEDURES.~~over Financial Reporting

~~Disclosure~~No ~~Controls~~changes ~~and~~in ~~Procedures~~our internal control over financial reporting have come to management's attention during our last fiscal quarter that have materially affected, or are likely to materially affect, our internal control over financial reporting.

AnITEM evaluation was carried out under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report on Form 10-K9B. ~~Disclosure~~ ~~controls~~OTHER and procedures are procedures designed with the objective of ensuring that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, such as this Form 10-K, is recorded, processed, summarized and reported within the time period specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and is communicated to our management, including our Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on that evaluation, our management concluded that, as of September 30, 2023, our disclosure controls and procedures were not effective for the same reasons that our internal control over financial reporting was not adequate.INFORMATION

~~Management~~During the three months ended September 30, 2024, none of the Company’s ~~Report~~directors onor ~~Internal~~officers ~~Control~~adopted ~~Over~~or ~~Financial~~terminated ~~Reporting~~a “Rule 10b5-1 trading arrangement” or adopted or terminated a “non-Rule 10b5-1 trading arrangement.

~~Our~~ITEM ~~management is responsible for establishing and maintaining adequate internal control over financial reporting as required by Sarbanes-Oxley Act, Section 404~~9C.A. ~~Our~~DISCLOSURE ~~internal~~REGARDING ~~control~~FOREIGN ~~over~~JURISDICTIONS ~~financial~~THAT ~~reporting~~PREVENT is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements in accordance with generally accepted accounting principles in the United States and includes those policies and procedures that:INSPECTIONS

	(1)	Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets;
	(2)	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors; and
	(3)	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer's assets that could have a material effect on the issuer’s financial statements.

Not applicable.

WePART carried out an evaluation under the supervision and with the participation of management, including our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our internal control over financial reporting as of September 30, 2023. In making this evaluation, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework, published in 2013. Based on that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our internal control over financial reporting was not effective as of September 30, 2023 at the reasonable assurance level, as a result of material weaknesses related to a lack of a sufficient number of personnel with appropriate training and experience in accounting principles generally accepted in the United States of America, or GAAP, limited or no segregation of duties, and lack of independent directors. As a result, we did not adequately document or test whether our financial activity level controls or our information technology general controls were operating sufficiently to identify a deficiency, or combination of deficiencies, that may result in a reasonable possibility that a material misstatement of the consolidated financial statements would not be prevented or detected on a timely basis. While management has reviewed the consolidated financial statements and underlying information included in this Annual Report on Form 10-K in detail and believes the procedures performed are adequate to fairly present our financial position, results of operations and cash flows for the periods presented in all material respects, the material weaknesses that existed in fiscal 2023 could have led to an error in the original accounting of the estimated fair market value of certain equity instruments.III

12ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

Remediation of Material Weaknesses

Name	Age	Position
Timothy Keogh	45	Chief Executive Officer and a Director
Benjamin J. Barton	60	Chief Financial and Accounting Officer and a Director

AThe ~~material~~following ~~weakness~~ is a ~~control~~brief ~~deficiency~~summary ~~(within the meaning~~ of the ~~Public~~background ~~Company Accounting Oversight Board (“PCAOB”) Auditing Standard No. 2201), or combination~~ of ~~control~~each ~~deficiencies,~~officer ~~that~~and ~~result~~director inincluding ~~more~~their ~~than~~principal aoccupations ~~remote~~during ~~likelihood that a material misstatement of~~ the ~~annual~~past orseveral ~~interim~~years. All ~~consolidated~~directors ~~financial statements~~ will ~~not~~serve beuntil ~~prevented~~their orsuccessors ~~detected.~~are ~~While~~elected ~~management believes that the Company’s consolidated financial statements previously filed in the Company’s SEC reports have been properly recorded~~ and ~~disclosed~~qualified ~~in accordance with US GAAP, we have designed and plan to implement,~~ or inuntil ~~some~~they ~~cases~~are ~~have already implemented, the specific remediation initiatives described below:~~removed.

WeTimothy ~~plan~~Keogh towas ~~obtain~~appointed our Chief Executive Officer and ~~hire~~a ~~additional~~director ~~accounting~~on ~~personnel~~March 25, 2014. As our Chief Executive Officer, Mr. Keogh has developed sustainable practices and ~~continue~~traditional horticultural approaches to ~~enhance~~the ~~our~~production ~~internal~~of ~~finance~~cannabis to benefit patients and ~~accounting~~adults ~~organizational~~(21+) ~~structure~~in regulated markets. Prior to joining AmeriCann, Mr. Keogh was the Chief Executive Officer and a director of Bask, Inc (f/k/a Coastal Compassion, Inc.), a non-profit corporation that has entered the medical marijuana business in Massachusetts. BASKS’s efforts began in September of 2012 and was formalized under Massachusetts G.L. Chapter 180 in August of 2013. Under the direction of Mr. Keogh, Bask, Inc. received a limited number Final Certificates for cultivation, processing and dispensing of cannabis in Massachusetts.

WeBetween ~~have~~November ~~hired~~2010 and November 2013 Mr. Keogh owned and managed Dock Promotions, LLC, a ~~third-party~~company ~~consultant~~which ~~who~~provided ~~has~~consulting ~~the~~services ~~required~~to ~~background~~waterfront developments and ~~experience~~marinas in ~~accounting~~the ~~principles~~areas ~~generally~~of ~~accepted~~design, inconstruction, ~~the~~and ~~United~~operations. Between ~~States~~2003 and 2010, Mr. Keogh was the Director of ~~America~~Business Services for Marina Management Services, Inc., a corporation which provided management and ~~with~~consulting ~~SEC~~solutions ~~rules~~to waterfront developments, marinas and ~~regulations~~boatyards throughout the Americas and the Caribbean.

~~We are in the process of further enhancing the supervisory procedures to include additional levels of analysis and quality control reviews within the accounting and financial reporting functions.~~14

WeMr. ~~are~~Keogh inwas ~~the~~recognized ~~process~~by ofMarijuana ~~strengthening~~Business ~~our~~Daily ~~internal~~as ~~policies~~one ~~and~~of ~~ensuring~~the ~~that~~top entrepreneurs in the ~~consistent~~cannabis ~~validation~~industry ofand ~~our~~continues ~~conclusions~~to ~~regarding~~be ~~significant~~an ~~accounting~~invited ~~policies~~speaker at investment and ~~their~~cannabis ~~application~~industry toevents ~~our~~throughout ~~business~~the ~~transactions~~United ~~are~~States. Mr. ~~carried~~Keogh ~~out~~holds bya ~~personnel~~Bachelor ~~with~~of anScience ~~appropriate~~in ~~level~~Business ofAdministration ~~accounting~~from ~~knowledge,~~Mount ~~experience~~St. ~~and~~Mary’s ~~training~~College.

~~While~~Ben weBarton ~~have~~was ~~not~~appointed ~~yet~~a ~~remediated~~director ~~these~~on ~~material~~January ~~weaknesses~~14, we2014 ~~will~~and ~~continue~~Chief ~~our~~Financial ~~remediation~~Officer ~~efforts~~on ~~during~~January ~~fiscal~~22, ~~2024~~2014. Since 1986, Mr. Barton has been active in all aspects of venture capital and public stock offerings. Since 2005, Mr. Barton has been the Managing Director of Strategic Capital Partners, LLC, a private investment company specializing in emerging companies. Mr. Barton was one of the founders of SRC Energy, Inc., an energy company that traded on the NYSE. Prior to earning an MBA in Finance from UCLA, Mr. Barton received his Bachelor of Science degree in Political Science from Arizona State University.

~~This~~In ~~Annual~~March ~~Report~~25, ~~does~~2014, ~~not~~we ~~include~~entered into an ~~attestation~~employment ~~report~~agreement ofwith ~~our~~Mr. ~~independent~~Keogh. The ~~registered~~agreement ~~public~~with ~~accounting~~Mr. ~~firm~~Keogh ~~regarding~~has ~~internal~~since ~~control over financial reporting~~expired. ~~Management’s~~Pursuant ~~report~~to ~~was~~the ~~not~~employment ~~subject~~agreement, toStrategic ~~such~~Capital ~~attestation~~Partners, ~~pursuant~~LLC, toour ~~rules~~largest ofshareholder, ~~the~~sold ~~Securities~~1,200,000 ~~and~~shares ~~Exchange~~of ~~Commission~~our ~~that~~common ~~permits~~stock us to ~~provide~~Mr. ~~only~~Keogh ~~management’s~~at ~~report~~a inprice ~~this~~of ~~Annual~~$0.001 ~~Report~~per share.

~~Changes~~See inItem ~~Internal~~12 ~~Control~~of ~~over~~this ~~Financial~~report ~~Reporting~~for information concerning options granted to Mr. Keogh.

NoOur ~~changes~~directors inserve ~~our~~until ~~internal~~the ~~control~~next ~~over~~annual ~~financial~~meeting ~~reporting~~of ~~have~~our ~~come~~shareholders toand ~~management's~~until ~~attention~~their ~~during~~successors ~~our~~have ~~last~~been ~~fiscal~~duly ~~quarter~~elected ~~that~~and ~~have~~qualified. Our ~~materially~~officers ~~affected,~~serve orat ~~are~~the ~~likely~~discretion toof ~~materially affect,~~ our ~~internal control over financial reporting~~directors.

~~ITEM~~We ~~9B.~~believe ~~OTHER~~our ~~INFORMATION.~~directors are qualified to act as such for the following reasons:

~~None.~~ Timothy Keogh – experience in cannabis industry

~~PART~~Benjamin ~~III~~J. Barton – experience in the capital markets

~~ITEM~~Timothy 10Keogh and Benjamin J. ~~DIRECTORS,~~Barton ~~EXECUTIVE~~are ~~OFFICERS~~not ~~AND~~independent ~~CORPORATE~~as ~~GOVERNANCE~~that term is defined in Section 803 of the NYSE American Company Guide.

Name	Age	Position
Timothy Keogh	44	Chief Executive Officer and a Director
Benjamin J. Barton	59	Chief Financial and Accounting Officer and a Director
J. Tyler Opel	35	Director

We do not have a financial expert as that term is defined by the Securities and Exchange Commission.

~~The~~Our ~~following~~Board isof aDirectors ~~brief~~does ~~summary~~not ofhave ~~the~~standing ~~background~~audit, ofnominating ~~each~~or ~~officer~~compensation ~~and~~committees, ~~director~~committees ~~including~~performing ~~their~~similar ~~principal~~functions, ~~occupations~~or ~~during~~charters for such committees. Instead, the ~~past~~functions ~~several~~that ~~years~~might be delegated to such committees are carried out by our Board of Directors, to the extent required. ~~All~~ ~~directors~~Our ~~will~~Board ~~serve~~of ~~until~~Directors ~~their~~believes ~~successors~~that these committees are ~~elected~~not ~~and~~needed ~~qualified~~since orwe ~~until~~only ~~they~~have ~~are~~three ~~removed~~directors.

~~Timothy~~Our ~~Keogh~~Board ~~was~~of ~~appointed~~Directors ~~our~~believes ~~Chief~~that ~~Executive~~its ~~Officer~~current ~~and~~members ahave ~~director~~sufficient onknowledge ~~March~~and ~~25,~~experience ~~2014.~~to Asfulfill ~~our~~the ~~Chief~~duties ~~Executive Officer, Mr. Keogh has developed sustainable practices~~ and ~~traditional~~obligations ~~horticultural~~of ~~approaches~~an toaudit ~~the~~committee. ~~production~~None of ~~cannabis~~the tocurrent ~~benefit~~Board ~~patients~~members ~~and~~is ~~adults~~an ~~(21+)~~“audit incommittee ~~regulated~~financial ~~markets.~~expert” ~~Prior~~within tothe ~~joining~~meaning ~~AmeriCann,~~of ~~Mr. Keogh was~~ the ~~Chief~~rules ~~Executive Officer~~ and aregulations ~~director~~ of ~~Bask,~~the ~~Inc~~Securities ~~(f/k/a~~and ~~Coastal~~Exchange ~~Compassion, Inc~~Commission.), aThe ~~non-profit~~Board ~~corporation~~has determined that ~~has~~each ~~entered~~of ~~the~~its ~~medical~~members ~~marijuana~~is ~~business~~able into ~~Massachusetts.~~read ~~BASKS’s~~and ~~efforts~~understand ~~began~~fundamental inconsolidated ~~September~~unaudited offinancial ~~2012~~statements and ~~was~~has ~~formalized~~substantial ~~under~~business ~~Massachusetts~~experience ~~G.L.~~that ~~Chapter~~results ~~180~~ in ~~August~~that ofmember’s ~~2013. Under~~financial ~~the direction of Mr~~sophistication. ~~Keogh, Bask, Inc. received a limited number Final Certificates for cultivation, processing and dispensing of cannabis in Massachusetts.~~

13Our Board of Directors does not have a “leadership structure” since each board member is free to introduce any resolution at any meeting of our directors and is entitled to one vote at any meeting.

~~Between~~Holders ~~November~~of ~~2010~~our ~~and~~common ~~November~~stock ~~2013~~may ~~Mr.~~send ~~Keogh~~written ~~owned~~communications ~~and~~to ~~managed~~our ~~Dock~~entire ~~Promotions,~~board ~~LLC~~of directors, aor ~~company~~to ~~which~~one ~~provided~~or ~~consulting~~more ~~services~~board tomembers, ~~waterfront~~by ~~developments~~addressing ~~and~~the ~~marinas~~communication into “the ~~areas~~Board of ~~design~~Directors” or to one or more directors, ~~construction~~specifying the director or directors by name, and ~~operations. Between~~sending ~~2003~~the ~~and~~communication ~~2010~~to our offices in Denver, MrColorado. Communications ~~Keogh~~addressed ~~was~~to the ~~Director~~Board of ~~Business~~Directors ~~Services~~as ~~for~~whole ~~Marina~~will ~~Management~~be ~~Services,~~delivered ~~Inc.,~~to aeach ~~corporation~~board ~~which~~member. Communications ~~provided~~addressed ~~management~~to ~~and~~a ~~consulting~~specific ~~solutions~~director to(or ~~waterfront~~directors) ~~developments,~~will ~~marinas~~be ~~and~~delivered ~~boatyards~~to ~~throughout~~ the ~~Americas~~director ~~and~~(or ~~the~~directors) ~~Caribbean~~specified.

~~Mr.~~Security ~~Keogh~~holder ~~was~~communications ~~recognized~~not bysent ~~Marijuana~~to ~~Business~~the ~~Daily~~Board ~~as one~~ of ~~the~~Directors ~~top~~as ~~entrepreneurs~~a inwhole ~~the~~or ~~cannabis industry and continues~~ to bespecified anboard ~~invited~~members ~~speaker~~will atnot ~~investment~~be ~~and~~relayed ~~cannabis~~to ~~industry~~other ~~events~~board ~~throughout the United States~~members. ~~Mr. Keogh holds a Bachelor of Science in Business Administration from Mount St. Mary’s College.~~

Ben Barton was appointed a director on January 14, 2014 and Chief Financial Officer on January 22, 2014. Since 1986, Mr. Barton has been active in all aspects of venture capital and public stock offerings. Since 2005, Mr. Barton has been the Managing Director of Strategic Capital Partners, LLC, a private investment company specializing in emerging companies. Mr. Barton was one of the founders of SRC Energy, Inc., an energy company that traded on the NYSE. Prior to earning an MBA in Finance from UCLA, Mr. Barton received his Bachelor of Science degree in Political Science from Arizona State University.15

J.ITEM ~~Tyler Opel was appointed a director in January of 2019~~11. ~~Prior~~EXECUTIVE ~~to joining AmeriCann, Mr~~COMPENSATION. Opel received his business administration degree from the University of Missouri. After working as a financial analyst in the bulk commodity industry, Mr. Opel received his Juris Doctorate from the Southern Illinois School of Law with a specialization in Business and Transactional Law. Mr. Opel is licensed to practice law in Colorado and Missouri and has represented clients in various real estate, construction, administrative, and transactional proceedings.

InDuring ~~March~~the ~~25,~~years ~~2014,~~ended weSeptember ~~entered~~30, ~~into~~2024 anand ~~employment~~2023 ~~agreement with Mr. Keogh. The agreement with Mr. Keogh has since expired. Pursuant to~~ the ~~employment~~following ~~agreement,~~amounts ~~Strategic~~were ~~Capital~~earned ~~Partners,~~by ~~LLC,~~ our ~~largest shareholder, sold 1,200,000 shares of our common stock to Mr. Keogh at a price of $0.001 per share.~~officers:

See Item 12 of this report for information concerning options granted to Mr. Keogh.

Name and Principal Position	Fiscal Year	Salary		Bonus		Stock Awards ()		Option Awards		All Other Compensation (1)		Total
		$		$		$		$		$		$

Timothy Keogh	2024	$	180,000									$	180,000
Chief Executive Officer	2023	$	180,000		-		-		-		-	$	180,000

Benjamin J. Barton	2024									$	180,000		180,000
Chief Financial Officer	2023		-		-		-		-	$	180,000	$	180,000

~~Our~~(1) ~~directors~~Consulting ~~serve~~fees ~~until~~earned ~~the~~by ~~next~~Strategic ~~annual~~Capital ~~meeting~~Partners, ofLLC, ~~our~~an ~~shareholders~~entity ~~and~~controlled ~~until~~by ~~their successors have been duly elected and qualified~~Mr. ~~Our~~ ~~officers serve at the discretion of our directors~~Barton.

WeOur ~~believe~~executive ~~our~~officers ~~directors~~ are ~~qualified~~compensated tothrough ~~act as such for~~ the following ~~reasons~~three components:

~~Timothy~~● ~~Keogh~~base ~~– experience in cannabis industry~~salary;

~~Benjamin~~● J.long-term ~~Barton~~incentives –(stock ~~experience~~options inand/or ~~the~~grants ~~capital~~of ~~markets~~stock); and

J.● ~~Tyler Opel – experience in business and transaction law~~benefits.

~~Timothy~~These ~~Keogh~~components provide a balanced mix of base compensation and ~~Benjamin~~compensation Jthat is contingent upon the executive officer’s individual performance. ~~Barton~~A ~~are~~goal ~~not~~of ~~independent~~the ascompensation program is to provide executive officers with a reasonable level of security through base salary and benefits. We want to ensure that ~~term~~our compensation program is ~~defined~~appropriately designed to encourage executive officer retention and motivation to create shareholder value. Salaries generally have been targeted to be competitive when compared to the salary levels of persons holding similar positions in ~~Section~~other ~~803~~publicly traded companies of ~~the~~comparable ~~NYSE~~size. ~~American~~The ~~Company~~executive ~~Guide~~officer’s responsibilities, experience, expertise and individual performance are also considered.

WeThe doCompany ~~not~~has ~~have~~ a ~~financial~~Stock ~~expert~~Incentive asPlan (“the plan”) that ~~term~~provides isfor ~~defined~~the bygrant of Incentive Stock Options, Non-Qualified Stock Options or Stock Bonuses to persons who are employees of the ~~Securities~~Company, employees of subsidiaries of the Company, directors, officers, and ~~Exchange~~consultants. ~~Commission~~Under the plan, the Company may grant stock bonuses or options (up to a combined maximum of 2,500,000 shares or options). Each option allows for the purchase of one share of common stock, subject to an exercise price and vesting schedule to be established by the board of directors at the time of the grant.

Our Board of Directors does not have standing audit, nominating or compensation committees, committees performing similar functions, or charters for such committees. Instead, the functions that might be delegated to such committees are carried out by our Board of Directors, to the extent required. Our Board of Directors believes that these committees are not needed since we only have three directors.16

~~Our~~The ~~Board~~Plan ofis ~~Directors~~administered ~~believes~~by ~~that~~our ~~its~~Board ~~current~~of ~~members~~Directors ~~have~~which ~~sufficient~~has ~~knowledge~~the ~~and~~authority ~~experience~~ to ~~fulfill~~determine the ~~duties~~number ~~and obligations~~ of anshares ~~audit~~to ~~committee.~~be ~~None~~issued ofas ~~the~~a ~~current~~stock ~~Board~~bonus, ~~members~~and isthe annumber ~~“audit~~of ~~committee~~shares ~~financial~~issuable ~~expert”~~upon ~~within~~ the ~~meaning~~exercise of ~~the~~options, ~~rules and regulations of~~ the ~~Securities~~exercise price and ~~Exchange~~expiration ~~Commission.~~date ~~The Board has determined that each~~ of ~~its~~options, ~~members~~and iswhen, ~~able to read~~ and ~~understand~~upon ~~fundamental~~what ~~consolidated~~conditions ~~financial~~options ~~statements~~granted ~~and~~under ~~has~~the ~~substantial~~Plan ~~business~~will ~~experience~~vest ~~that~~or ~~results~~otherwise inbe ~~that~~subject ~~member’s~~to ~~financial~~forfeiture ~~sophistication~~and cancellation.

~~Our~~The ~~Board~~following oftable ~~Directors~~shows ~~does~~the ~~not~~weighted ~~have~~average aexercise ~~“leadership~~price ~~structure”~~of ~~since~~the ~~each~~outstanding ~~board~~options ~~member~~granted ispursuant ~~free~~ to ~~introduce~~the ~~any~~Company’s ~~resolution~~Stock atIncentive ~~any~~Plan ~~meeting~~as of ~~our~~September ~~directors~~30, ~~and~~2024, isthe ~~entitled~~Company’s torecently ~~one~~completed fiscal ~~vote at any meeting.~~year:

Holders of our common stock may send written communications to our entire board of directors, or to one or more board members, by addressing the communication to “the Board of Directors” or to one or more directors, specifying the director or directors by name, and sending the communication to our offices in Denver, Colorado. Communications addressed to the Board of Directors as whole will be delivered to each board member. Communications addressed to a specific director (or directors) will be delivered to the director (or directors) specified.

Plan

Total Shares

Reserved

Under the Plan

Number of
Securities to

be Issued Upon
Exercise

of Outstanding
Options

Weighted-

Average

Exercise Price
of Outstanding
Options

Number of Securities

Remaining Available
for Future Issuances
Under Equity
Compensation

Plans (Excluding

Securities Reflected in

Column (a))

(a)

(b)

(c)

Stock Incentive Plan

2,500,000

1,000,000

2.25

1,500,000

~~Security~~The ~~holder~~Company’s ~~communications~~Stock ~~not~~Incentive ~~sent~~Plan tohas ~~the Board of Directors as a whole or to specified board members will~~ not bebeen ~~relayed~~approved toby ~~other~~the ~~board~~Company’s ~~members~~shareholders.

14The following shows certain information as of December 31, 2024 concerning the stock options and stock bonuses granted pursuant to the Stock Incentive Plan. Each option represents the right to purchase one share of our common stock.

The Company’s directors received the following compensation during the years ended September 30, 2023 and September 30, 2022:

Total Shares

Reserved

Under the

Plan

Shares Reserved for

Outstanding Options

Shares Issued As

Stock

Bonus

Remaining

Options/Shares Under

the Plan

2,500,000

1,000,000

1,50,000

				Stock Awards		Options Awards		All Other
	Name	Paid in Cash		(1)		(2)		Compensation
2023
	Timothy Keogh	$	-	$	-	$	-	$	-
	Benjamin J. Barton	$	-	$	-	$	-	$	-
	J. Tyler Opel	$	-	$	-	$	-	$	-
2022
	Timothy Keogh	$	-	$	30,000	$	-	$	-
	Benjamin J. Barton	$	-	$	30,000	$	-	$	-
	J. Tyler Opel	$	-	$	30,000	$	-	$	-

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

~~(1)~~ The ~~fair~~following ~~value~~table shows the ownership, as of ~~stock~~December ~~issued~~31, ~~for~~2024, ~~services~~of ~~computed~~those onpersons owning beneficially 5% or more of our common stock and the ~~date~~number and percentage of ~~grant~~outstanding shares owned by each of our directors and officers and by all officers and directors as a group. Each owner has sole voting and investment power over their shares of common stock.

(2) The fair value of options granted computed on the date of grant.

Name	Shares Owned (2)		Percentage of Outstanding shares

Timothy Keogh		1,365,625		5.6	%
Benjamin J. Barton		160,625		0.7	%
Strategic Capital Partners, LLC (1)		8,966,665		36.8	%
All officers and directors as a group (two persons)		10,492,915		43.1	%

15(1) Strategic Capital Partners, LLC is controlled by Mr. Barton.

~~ITEM~~(2) ~~11.~~Does ~~EXECUTIVE~~not ~~COMPENSATION~~include shares issuable upon the exercise of the warrants and options listed below, all of which were exercisable as of December 31, 2024.

~~During the years ended September 30, 2023 and 2022 the following amounts were earned by our officers:~~17

Name	Date of Issuance	~~Year~~	Shares upon exercise of warrants or options	~~Salary~~		Exercise Price	~~Bonus~~		Expiration Date	~~Stock Awards (1)~~		~~Option Awards~~		~~All Other Compensation (2)~~		~~Total~~
Timothy Keogh		2023		$	180,000		$	-		$	-	$	-	$	-	$	180,000
Strategic Capital Partners, LLC (1)	9/30/2019			1,500,000		$	1.25		12/31/2024
Chief Executive Officer		2022		$	180,000		$	-		$	30,000	$	-	$	-	$	210,000
Timothy Keogh
Benjamin J. Barton		2023		$	-		$	-		$	-	$	-	$	180,000	$	180,000
	9/30/2020			250,000		$	1.50		9/30/2025
Chief Financial Officer		2022		$	-		$	-		$	30,000	$	-	$	180,000	$	210,000
	9/30/2020			250,000		$	3.00		9/30/2025
Ben Barton
	9/30/2020			250,000		$	1.50		9/30/2025
	9/30/2020			250,000		$	3.00		9/30/2025

(1) ~~The~~Strategic ~~value~~Capital ofPartners, ~~all~~LLC, ~~stock~~is ~~awarded~~controlled ~~during the periods covered~~ by ~~the~~Mr. ~~table calculated according to ASC 718-10-30-3, which represented the grant date fair value~~Barton.

~~(2)~~ITEM ~~Consulting~~13. ~~fees~~CERTAIN ~~earned~~RELATIONSHIPS byAND ~~Strategic~~RELATED ~~Capital Partners, LLC, an entity controlled by Mr~~TRANSACTIONS. ~~Barton.~~

16On September 30, 2019, we amended and modified two notes payable due to Strategic Capital Partners, LLC a company controlled by Benjamin J. Barton, one of our officers and directors with balances of $1,000,000 and $756,646, into one note, in the principal amount of $1,756,646, bearing interest of 9% per year and maturing on December 31, 2022. Additionally, the conversion option in the first note was eliminated. As additional consideration for the modification of the notes we issued SCP warrants to purchase 1,500,000 shares of our common stock. The warrants are exercisable at a price of $1.25 per share at any time on or before December 31, 2024.

~~The~~On ~~following~~April ~~shows~~7, ~~the~~2016, ~~amounts~~ we ~~expect~~signed toagreements ~~pay~~with toBASK ~~our~~(formerly ~~officers~~Coastal ~~during~~Companion, ~~the~~Inc). ~~year~~BASK ~~ended September~~is ~~30,~~one ~~2024~~of ~~and~~a ~~the~~limited ~~amount~~number of ~~time~~organizations ~~these~~that ~~persons~~has ~~expect~~received toa ~~devote~~provisional or final registration to ~~our~~cultivate, ~~business~~process and sell medical cannabis by the Massachusetts Cannabis Control Commission.

Name	Projected Compensation			Percentage of time to be devoted to the Company's business
Timothy Keogh	$	180,000			90	%
Benjamin J. Barton	$	180,000	(1)		95	%

Pursuant to the agreements, we provided BASK with financing for construction and working capital required for BASK’s approved dispensary and cultivation center in Fairhaven, MA.

~~(1)~~On ~~represents~~August ~~amounts~~15, to2018, bethe ~~paid~~Company tocombined ~~Strategic~~the ~~Capital~~construction ~~Partners~~and working capital advances of $129,634 ~~LLC~~and accrued interest of $44,517 asinto ~~consulting~~a ~~fees~~new loan with payments over 5 years with 18% interest. As of September 30, 2024, the outstanding loan balance was $0.

~~Our~~BASK ~~executive~~has ~~officers~~entered ~~are~~into ~~compensated~~a ~~through~~15-Year NNN lease of Building 1 of the ~~following~~MCC. ~~three~~The ~~components:~~lease commenced on September 1, 2019 and includes a base rent and a revenue participation fee. As of September 30, 2024, the BASK tenant receivable balance was $103,450.

●Tim ~~base~~Keogh, ~~salary;~~our Chief Executive Officer, was a Board Member of BASK between August 2013 and November 2021. Effective December 1, 2021, BASK was no longer classified as a related party.

●ITEM 14. PRINCIPAL ~~long-term~~ACCOUNTING ~~incentives~~FEES ~~(stock~~AND ~~options and/or grants of stock); and~~SERVICES.

●For ~~benefits~~the year ended September 30, 2023, MaloneBailey, LLP served as our independent registered public accounting firm.

The ~~Company~~following ~~has~~table asets ~~Stock~~forth ~~Incentive~~the ~~Plan~~aggregate ~~(“the~~fees ~~plan”)~~paid ~~that~~or ~~provides~~accrued for ~~the~~professional ~~grant~~services ofrendered ~~Incentive~~by ~~Stock~~our ~~Options,~~independent ~~Non-Qualified~~accountants ~~Stock~~for ~~Options~~the oraudit ~~Stock~~of ~~Bonuses~~our toannual ~~persons~~consolidated ~~who~~financial ~~are~~statements ~~employees~~for of the ~~Company,~~year ~~employees~~ended ofSeptember ~~subsidiaries of the Company~~30, ~~directors~~2023, ~~officers,~~ and ~~consultants. Under~~ the ~~plan,~~aggregate ~~the~~fees ~~Company~~paid ~~may grant stock bonuses~~ or ~~options~~accrued ~~(up to a combined maximum of 2,500,000 shares or options). Each option allows~~ for ~~the~~audit-related ~~purchase~~services ~~of one share of common stock, subject to an exercise price~~ and ~~vesting~~all ~~schedule~~other toservices berendered ~~established~~ by ~~the~~our ~~board~~independent ofaccountants ~~directors~~for atthose ~~the time of the grant~~years.

The Plan is administered by our Board of Directors which has the authority to determine the number of shares to be issued as a stock bonus, and the number of shares issuable upon the exercise of options, the exercise price and expiration date of options, and when, and upon what conditions options granted under the Plan will vest or otherwise be subject to forfeiture and cancellation.18

The following table shows the weighted average exercise price of the outstanding options granted pursuant to the Company’s Stock Incentive Plan as of September 30, 2023, the Company’s recently completed fiscal year:

	Year Ended September 30,
	2024		2023

Audit fees	$	92,700	$	88,310
Tax fees
Other
Total	$	92,700	$	88,310

Plan

Total Shares Reserved Under the Plan

Number of Securities to be Issued Upon Exercise of Outstanding Options

Weighted- Average Exercise Price of Outstanding Options

Number of Securities Remaining Available for Future Issuances Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))

(a)

(b)

(c)

Stock Incentive Plan

2,500,000

1,700,000

1.94

800,000

The category of “Audit fees” includes fees for our annual audit, quarterly reviews of our 10-Q reports, and services rendered in connection with statutory or regulatory filings with the SEC.

~~The~~Our ~~Company’s~~Board ~~Stock~~of ~~Incentive~~Directors, ~~Plan~~which ~~has~~serves ~~not~~as ~~been~~our ~~approved~~audit bycommittee, pre-approves the ~~Company’s~~scope ~~shareholders~~and estimated costs of all services rendered by our Principal Accountants.

1719

~~The following shows certain information as of November 30~~AMERICANN, ~~2023 concerning the stock options and stock bonuses granted pursuant to the Stock Incentive Plan~~INC. ~~Each option represents the right to purchase one share of our common stock.~~

Total Shares Reserved Under the Plan			Shares Reserved for Outstanding Options				Shares Issued As Stock Bonus				Remaining Options/Shares Under the Plan
2,500,000				1,700,000				-				800,000

CONSOLIDATED FINANCIAL STATEMENTS

~~ITEM~~AS ~~12. SECURITY OWNERSHIP~~ OF ~~CERTAIN BENEFICIAL OWNERS~~ AND ~~MANAGEMENT~~FOR ~~AND~~THE ~~RELATED~~YEARS ~~STOCKHOLDER MATTERS.~~ENDED

~~The~~SEPTEMBER ~~following table shows the ownership, as of November~~ 30, ~~2023,~~2024 ofAND those persons owning beneficially 5% or more of our common stock and the number and percentage of outstanding shares owned by each of our directors and officers and by all officers and directors as a group. Each owner has sole voting and investment power over their shares of common stock.2023

Name	Shares Owned (2)		Percentage of Outstanding shares
Timothy Keogh		1,365,625		5.6	%
Benjamin J. Barton		160,625		0.7	%
J. Tyler Opel		160,625		0.7	%
Strategic Capital Partners, LLC (1)		8,966,665		36.8	%
All officers and directors as a group (three persons)		10,653,540		43.8	%

Consolidated Unaudited Financial Statements

(1) Strategic Capital Partners, LLC is controlled by Mr. Barton.

Consolidated Unaudited Balance Sheets	F-1
Consolidated Unaudited Statements of Operations	F-2
Consolidated Unaudited Statement of Changes in Stockholders' Equity	F-3
Consolidated Unaudited Statements of Cash Flows	F-4
Notes to the Consolidated Unaudited Financial Statements	F-5

~~(2) Does not include shares issuable upon the exercise of the warrants and options listed below, all of which were exercisable as of November 30, 2023.~~20

18AMERICANN, INC.

Name	Date of Issuance	Shares upon exercise of warrants or options		Exercise Price		Expiration Date
Strategic Capital Partners, LLC (1)	9/30/2019		1,500,000	$	1.25	12/31/2024
Timothy Keogh	9/30/2019		300,000	$	1.50	8/2/2024
	9/30/2020		250,000	$	1.50	9/30/2025
	9/30/2020		250,000	$	3.00	9/30/2025
Ben Barton	9/30/2019		300,000	$	1.50	8/2/2024
	9/30/2020		250,000	$	1.50	9/30/2025
	9/30/2020		250,000	$	3.00	9/30/2025

CONSOLIDATED UNAUDITED BALANCE SHEETS

(1) Strategic Capital Partners, LLC, is controlled by Mr. Barton.

	September 30, 2024			September 30, 2023

Assets
Current Assets:
Cash and cash equivalents	$	48,841		$	1,135,006
Restricted cash		9,967			9,967
Tenant receivable		57,588			103,450
Prepaid expenses and other current assets		128,226			23,415
Current portion of note receivable		171,896			62,116
Total current assets		416,518			1,333,954

Note receivable		143,247			337,884
Construction in progress		372,638			371,682
Property and Equipment, net		6,492,085			6,402,531
Operating lease - right-of-use asset		6,638,679			6,708,843
Total assets	$	14,063,167		$	15,154,894

Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses	$	140,578		$	87,247
Accounts payable - related party		-			15,000
Interest payable (including $8,749 and $0 to related parties)		174,201			40,686
Other payables		9,325			6,365
Operating lease liability, short term		13,201			12,204
Note payable - related party		581,646			581,646
Notes payable (net of unamortized discounts of $0)		4,500,000			4,500,000
Total current liabilities		5,418,951			5,243,148

Operating lease liability, long term		4,191,188			4,204,389

Total liabilities		9,610,139			9,447,537

Commitments and contingencies - see Note 10

Stockholders' Equity:
Preferred stock, $0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding		-			-
Common stock, $0.0001 par value; 100,000,000 shares authorized; 24,391,961 shares issued and outstanding as of September 30, 2024 and 2023		2,439			2,439
Additional paid in capital		25,558,362			25,558,362
Accumulated deficit		(21,107,773	)		(19,853,444	)
Total stockholders' equity		4,453,028			5,707,357

Total liabilities and stockholders' equity	$	14,063,167		$	15,154,894

~~ITEM~~See ~~13.~~accompanying ~~CERTAIN~~notes ~~RELATIONSHIPS~~to ~~AND~~consolidated ~~RELATED~~unaudited ~~TRANSACTIONS~~financial statements.

On September 30, 2019, we amended and modified two notes payable due to Strategic Capital Partners, LLC a company controlled by Benjamin J. Barton, one of our officers and directors with balances of $F-1,000,000 and $756,646, into one note, in the principal amount of $1,756,646, bearing interest of 9% per year and maturing on December 31, 2022. Additionally, the conversion option in the first note was eliminated. As additional consideration for the modification of the notes we issued SCP warrants to purchase 1,500,000 shares of our common stock. The warrants are exercisable at a price of $1.25 per share at any time on or before December 31, 2024.

~~On April 7~~AMERICANN, ~~2016, we signed agreements with BASK (formerly Coastal Companion, Inc)~~INC. ~~BASK is one of a limited number of organizations that has received a provisional or final registration to cultivate, process and sell medical cannabis by the Massachusetts Cannabis Control Commission.~~

~~Pursuant~~CONSOLIDATED toUNAUDITED ~~the~~STATEMENTS ~~agreements,~~OF ~~we provided BASK with financing for construction and working capital required for BASK’s approved dispensary and cultivation center in Fairhaven, MA.~~OPERATIONS

On August 15, 2018, the Company combined the construction and working capital advances of $129,634 and accrued interest of $44,517 into a new loan with payments over 5 years with 18% interest. As of September 30, 2023, the outstanding loan balance was $0.

	Year Ended September 30,
	2024			2023


Rental income	$	1,274,810			2,552,200
Cost of revenues		2,354			16,170
Gross profit		1,272,456			2,536,030

Operating expenses:
Advertising and marketing		5,741			9,743
Professional fees		412,234			359,669
General and administrative expenses		1,600,089			1,554,948
Total operating expenses		2,018,064			1,924,360

(Loss) income from operations		(745,608	)		611,670

Other income (expense):
Interest income		41,223			3,440
Interest expense		(497,452	)		(657,517	)
Interest expense - related party		(52,492	)		(52,348	)
Total other income (expense)		(508,721	)		(706,425	)

Net (loss)/income	$	(1,254,329	)	$	(94,755	)

Basic and diluted (loss)/income per common share	$	(0.05	)	$	0.00

Weighted average common shares outstanding		24,391,961			24,391,961

~~BASK~~See ~~has~~accompanying ~~entered~~notes ~~into~~to aconsolidated ~~15-Year~~unaudited ~~NNN~~financial ~~lease of Building 1 of the MCC~~statements. ~~The lease commenced on September 1, 2019 and includes a base rent and a revenue participation fee. As of September 30, 2023, the BASK tenant receivable balance was $103,450.~~

~~Tim Keogh, our Chief Executive Officer, was a Board Member of BASK between August 2013 and November 2021. Effective December 1, 2021, BASK was no longer classified as a related party.~~F-2

~~ITEM~~AMERICANN, 14INC. ~~PRINCIPAL ACCOUNTING FEES AND SERVICES.~~

~~For~~CONSOLIDATED ~~the~~UNAUDITED ~~years~~STATEMENTS ~~ended~~OF ~~September~~CHANGES ~~30,~~IN ~~2023~~STOCKHOLDERS' ~~and 2022, MaloneBailey, LLP served as our independent registered public accounting firm.~~EQUITY

The following table sets forth the aggregate fees paid or accrued for professional services rendered by our independent accountants for the audit of our annual consolidated financial statements for the years ended September 30, 2023 and 2022, and the aggregate fees paid or accrued for audit-related services and all other services rendered by our independent accountants for those years.

									Additional
	Preferred Stock				Common Stock				Paid In		Accumulated
	Shares		Amount		Shares		Amount		Capital		Deficit			Total
Balances, September 30, 2022		-	$	-		24,391,961		2,439		25,558,362		(19,758,689	)		5,802,112
Net loss		-		-		-		-		-		(94,755	)		(94,755	)
Balances, September 30, 2023		-	$	-		24,391,961	$	2,439	$	25,558,362	$	(19,853,444	)	$	5,707,357
Net loss		-		-		-		-		-		(1,254,329	)		(1,254,329	)
Balances, September 30, 2024		-	$	-		24,391,961	$	2,439	$	25,558,362	$	(21,107,773	)	$	4,453,028

	Year Ended September 30,
	2023		2022
Audit fees	$	88,310	$	67,000
Tax fees		-		-
Other		-		-
Total	$	88,310	$	67,000

See accompanying notes to consolidated unaudited financial statements.

~~The category of “Audit fees” includes fees for our annual audit, quarterly reviews of our 10~~F-~~Q reports, and services rendered in connection with statutory or regulatory filings with the SEC.~~3

~~Our Board of Directors~~AMERICANN, ~~which serves as our audit committee, pre-approves the scope and estimated costs of all services rendered by our Principal Accountants~~INC.

19CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS

PART IV

	Year Ended
	2024			2023
Cash flows from operating activities:
Net (loss)/income	$	(1,254,329	)	$	(94,755	)
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation and amortization		462,246			455,891
Amortization of right of use assets		70,164			69,242
Amortization of debt discount		-			162,353
Changes in operating assets and liabilities:
Tenant receivable		(505,938	)		148,012
Prepaid expenses		(104,811	)		39,351
Accounts payable and accrued expenses		53,331			(105,923	)
Operating lease liability		(12,204	)		(11,286	)
Accounts payable - related party		(15,000	)		(67,500	)
Interest payable		133,515			(13,278	)
Other payables		2,960			(2,247	)
Net cash flows (used in)/provided by operations		(1,170,066	)		579,860

Cash flows from investing activities:
Additions to construction in progress		(956	)		(32,705	)
Additions to property and equipment		-			(246,461	)
Payments received on notes receivable		84,857			43,185
Advances made on notes receivable		-			(400,000	)
Net cash flows provided by/(used in) investing activities		83,901			(635,981	)

Cash flows from financing activities:
Principal payments on notes payable		-			(150,000	)
Net cash flows (used in) financing activities		-			(150,000	)

Net change in cash, cash equivalents, and restricted cash		(1,086,165	)		(206,121	)

Cash, cash equivalents, and restricted cash at beginning of period		1,144,973			1,351,094

Cash, cash equivalents, and restricted cash at end of period	$	58,808		$	1,144,973




Supplementary Disclosure of Cash Flow Information:

Cash paid for interest	$	416,428		$	560,790
Cash paid for income taxes	$	-		$	-

~~ITEM~~See ~~15.~~accompanying ~~EXHIBITS~~notes ~~AND~~to ~~FINANCIAL~~consolidated ~~STATEMENT~~unaudited ~~SCHEDULES~~financial statements.

~~Consolidated Financial Statements~~F-4

Report of Independent Registered Public Accounting Firm (PCAOB ID 206)	F-1
Consolidated Balance Sheets	F-2
Consolidated Statements of Operations	F-3
Consolidated Statement of Changes in Stockholders' Equity	F-4
Consolidated Statements of Cash Flows	F-5
Notes to the Consolidated Financial Statements	F-6

AMERICANN, INC.

~~Item~~NOTES ~~16.~~TO ~~Exhibits~~CONSOLIDATED ~~and~~UNAUDITED ~~Financial~~FINANCIAL ~~Statement Schedules~~STATEMENTS

~~The~~NOTE ~~following~~1. ~~exhibits~~DESCRIPTION ~~are~~OF ~~filed~~BUSINESS ~~with~~AND ~~this~~SIGNIFICANT ~~Report:~~ACCOUNTING POLICIES

3.1.1	Certificate of Incorporation (1)
3.1.2	Certificate of Ownership and Merger (name change to AmeriCann) (2)
3.2	Bylaws (2)
4.1	Form of Series I Warrant (2)
4.2	Form of Series II Warrant (2)
4.3	Form of Series III Warrant (2)
4.4	Form of Series IV Warrant. See Exhibit 10.4
4.5	Form of Series V Warrant (2)
4.6	Form of Series VI Warrant (2)
4.7	Form of Series VII Warrant (2)
4.8	Form of Series VIII Warrant (3)
4.9	Form of Series IX Warrant (4)
4.10	Form of Series X Warrant (4)
4.11	Form of Series XI Warrant (5)
4.12	Form of Series XII Warrant (5)
10.1	Agreements with Wellness Group Pharms (2)
10.2	Loan Modification Agreement with Strategic Capital Partners, LLC, together with Warrants and Promissory Notes (2)
10.3	Agreements with Coastal Compassion, Inc. (2)
10.4	Share Purchase Agreement with Massachusetts Medical Properties, LLC, together with Warrant (Series IV) and Ground Lease (2)
10.5	Investment Agreement with Mountain States Capital, LLC (2)
10.6	First Amendment to Ground Lease (2)
10.7	Loan Agreement, including form of warrant (Series CL) ($800,000) (2)
10.8	Loan Agreement ($128,000) (2)
10.9	Loan Agreement ($68,000) (2)
10.10	Form of Convertible Note (December 2017 financing) (2)
10.11	Form of Convertible Note (February 2018 financing) (3)
10.12	Second Amendment to Ground Lease (3)
10.13	Third Amendment to Ground Lease (3)
10.14	Promissory Note (5)
10.15	Mortgage and Security Agreement (5)
31.1	Rule 13a-14(a) Certifications
31.2	Rule 13a-14(a) Certifications
32	Section 1350 Certifications

Description of Business

101.INS	Inline XBRL Instance Document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

AmeriCann, Inc. ("the Company", “we”, “our”, or "the Issuer") was organized under the laws of the State of Delaware on June 25, 2010. The Company changed its corporate domicile to Colorado in 2022.

~~(1)~~On ~~Incorporated~~January by17, ~~reference~~2014, toa ~~Exhibit~~privately ~~3.1~~held ~~filed~~limited ~~with~~liability company acquired approximately 93% of the Company’'s ~~Registration~~outstanding ~~Statement~~shares onof ~~Form~~common 10stock from several of the Company's shareholders which resulted in a change in control of the Company.

~~(2)~~The ~~Incorporated~~Company's bybusiness ~~reference~~plan is to ~~same~~design, ~~exhibit~~develop, ~~filed~~lease ~~with~~and ~~Amendment~~operate ~~No.~~state-of-the-art 1cultivation, toprocessing ~~the~~and ~~Company’s~~manufacturing ~~Registration~~facilities ~~Statement~~for onlicensed ~~Form~~cannabis ~~S-1~~businesses ~~(File~~throughout ~~#333-222207)~~the United States.

~~(3)~~Summary ~~Incorporated~~of bySignificant ~~reference~~Accounting ~~to same exhibit filed with the Company’s Registration Statement on Form S-1 (File #333-224256).~~Policies

~~(4)~~This ~~Incorporated~~summary byof ~~reference~~significant accounting policies of the Company is presented to assist in understanding the ~~same~~Company’s ~~exhibit~~consolidated ~~filed~~unaudited ~~with~~financial statements. The consolidated unaudited financial statements and notes are representations of the Company’s ~~Registration~~management, ~~Statement~~which onis ~~Form~~responsible ~~S-1~~for ~~(File~~their ~~#333-227388)~~integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States and have been consistently applied in the preparation of the consolidated unaudited financial statements.

~~(5)~~Principles ~~Incorporated~~of ~~by reference to the same exhibit filed with the Company’s Registration Statement on Form S-1 (File # 333-233981).~~Consolidation

20The consolidated unaudited financial statements include the accounts of AmeriCann, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated unaudited financial statements.

~~REPORT~~All OFsignificant ~~INDEPENDENT~~intercompany ~~REGISTERED~~balances ~~PUBLIC~~and ~~ACCOUNTING~~transactions ~~FIRM~~have been eliminated in the consolidated unaudited financial statements.

ToUse ~~the Shareholders and Board~~ of ~~Directors of~~Estimates

~~AmeriCann~~The preparation of consolidated unaudited financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant estimates and assumptions made by management are valuation of equity instruments, ~~Inc~~deferred tax asset valuation and allowance and collectability of accounts receivable and long-lived assets. Actual results could differ from those estimates as the current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions.

~~Denver,~~The COCompany's activities are subject to significant risks and uncertainties including failure to secure funding to expand its operations.

~~Opinion~~Certain onprior ~~the~~period ~~Financial~~amounts ~~Statements~~have been reclassified to conform with current period presentation. These reclassifications have no impact on net loss.

WeCash ~~have audited the accompanying consolidated balance sheets of AmeriCann, Inc.~~ and ~~its~~Cash subsidiaries (collectively, the “Company”) as of September 30, 2023 and 2022, and the related consolidated statements of operations, stockholders’ equity, and cash flows for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2023 and 2022, and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.Equivalents

~~Going~~Cash ~~Concern~~and ~~Matter~~cash equivalents include cash on hand, demand deposit accounts and temporary cash investments with maturities of ninety days or less at the date of purchase.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.F-5

~~Basis~~Income ~~for Opinion~~Taxes

~~These~~The ~~financial~~Company ~~statements~~follows FASB Codification Topic 740-10-25 (ASC 740-10-25) for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the ~~responsibility~~difference between the financial statement and income tax basis of assets and liabilities using the ~~Company’s~~enacted ~~management.~~marginal ~~Our~~tax ~~responsibility~~rate applicable when the related asset or liability is expected to ~~express~~be anrealized ~~opinion~~or onsettled. ~~the~~Deferred ~~Company’s~~income ~~financial~~tax ~~statements~~expenses or benefits are based on ~~our~~the ~~audits~~changes in the asset or liability each period. WeIf ~~are~~available aevidence ~~public~~suggests ~~accounting~~that ~~firm~~it ~~registered~~is ~~with~~more likely than not that some portion or all of the ~~Public~~deferred ~~Company~~tax ~~Accounting~~assets ~~Oversight~~will ~~Board~~not ~~(United~~be ~~States)~~realized, ~~("PCAOB")~~a ~~and~~valuation ~~are~~allowance is required to bereduce ~~independent~~the ~~with~~deferred ~~respect~~tax assets to the ~~Company~~amount inthat ~~accordance~~is ~~with~~more ~~the~~likely ~~U.S.~~than ~~federal~~not ~~securities~~to ~~laws~~be ~~and~~realized. ~~the~~Future ~~applicable~~changes ~~rules~~in ~~and~~such ~~regulations~~valuation ofallowance are included in the ~~Securities~~provision ~~and~~for ~~Exchange~~deferred ~~Commission~~income ~~and~~taxes in the ~~PCAOB~~period of change.

We ~~conducted~~expect ~~our~~to ~~audits~~recognize inthe ~~accordance~~financial ~~with~~statement benefit of an uncertain tax position only after considering the ~~standards~~probability ofthat a tax authority would sustain the ~~PCAOB.~~position ~~Those~~in ~~standards~~an ~~require~~examination. ~~that~~For wetax ~~plan~~positions ~~and~~meeting ~~perform~~a "more-likely-than-not" threshold, the ~~audit~~amount to ~~obtain~~be ~~reasonable~~recognized ~~assurance~~in ~~about~~the ~~whether~~consolidated ~~the~~unaudited financial statements ~~are~~will ~~free~~be ofthe ~~material~~benefit ~~misstatement,~~expected ~~whether~~to ~~due~~be torealized ~~error~~upon orsettlement ~~fraud~~with the tax authority. ~~The~~For ~~Company~~tax ispositions not ~~required~~meeting tothe ~~have~~threshold, ~~nor~~no ~~were~~financial westatement ~~engaged~~benefit tois ~~perform~~recognized. As of September 30, an2024 ~~audit~~and of2023, ~~its~~we ~~internal~~had ~~control~~no ~~over~~uncertain ~~financial~~tax ~~reporting~~positions. AsWe ~~part~~recognize ofinterest ~~our~~and ~~audits~~penalties, weif ~~are~~any, ~~required~~related to ~~obtain~~uncertain antax ~~understanding~~positions ofas ~~internal~~general ~~control~~and ~~over~~administrative ~~financial~~expenses. ~~reporting~~We ~~but~~currently ~~not~~have ~~for~~no ~~the~~federal ~~purpose~~or ofstate ~~expressing~~tax anexaminations ~~opinion~~nor onhave ~~the~~we ~~effectiveness~~had ofany ~~the~~federal ~~Company's~~or ~~internal~~state ~~control~~examinations ~~over~~since ~~financial~~our ~~reporting~~inception. ~~Accordingly~~To date, we ~~express~~have nonot ~~such~~incurred ~~opinion~~any interest or tax penalties.

~~Our~~For ~~audits~~federal ~~included~~tax ~~performing procedures to assess the risks of material misstatement of the financial statements~~purposes, ~~whether~~our ~~due~~2021 tothrough ~~error~~2023 ortax ~~fraud,~~years ~~and~~remain ~~performing~~open ~~procedures~~for ~~that~~examination ~~respond~~by ~~to those risks. Such procedures included examining, on a test basis, evidence regarding~~ the ~~amounts~~tax ~~and~~authorities ~~disclosures~~under in the ~~financial~~normal ~~statements.~~three-year ~~Our~~statute ~~audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation~~ of ~~the financial statements~~limitations. ~~We believe that our audits provide a reasonable basis for our opinion.~~

~~Critical~~Concentration ~~Audit~~of ~~Matters~~Credit Risks and Significant Customers

~~The~~Financial ~~critical~~instruments ~~audit~~that ~~matters~~potentially ~~are~~subject ~~matters~~us ~~arising~~to ~~from~~concentrations ~~the~~of ~~current~~credit ~~period~~risk ~~audit~~consist principally of ~~the~~cash, ~~financial~~notes ~~statements~~receivable, ~~that~~deposits ~~were~~tenant ~~communicated~~receivables orand ~~required~~notes toreceivable. beWe ~~communicated~~place toour ~~the~~cash ~~audit~~with ~~committee~~high ~~and~~credit ~~that:~~quality ~~(1)~~financial ~~relate~~institutions. toAs ~~accounts~~of orSeptember ~~disclosures~~30, ~~that~~2024 ~~are~~and ~~material~~2023, towe ~~the~~had ~~financial~~outstanding ~~statements~~notes ~~and~~receivable ~~(2)~~of ~~involved~~$315,143 ~~our~~and ~~especially challenging~~$400, ~~subjective~~000, orrespectively ~~complex~~and ~~judgments.~~tenant Wereceivables ~~determined~~of ~~that~~$57,588 ~~there~~and ~~are~~$103,450, norespectively, ~~critical~~with ~~audit~~BASK, ~~matters~~Inc. ("BASK").

/For the year ended September 30, 2024, all of the Company’s/ ~~MaloneBailey~~revenue was earned from one customer, ~~LLP~~BASK (which was a related party prior to December 2021, see (Note 6).

~~www.malonebailey.com~~Financial Instruments and Fair Value of Financial Instruments

We ~~have~~adopted ~~served~~ASC asTopic 820, Fair Value Measurement, for assets and liabilities measured at fair value on a recurring basis. ASC Topic 820 establishes a common definition for fair value to be applied to existing US GAAP that requires the ~~Company's~~use ~~auditor~~of ~~since~~fair ~~2016~~value measurements that establishes a framework for measuring fair value and expands disclosure of fair value measurements.

~~Houston~~ASC Topic 820 defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ~~Texas~~ASC Topic 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

~~December~~Level ~~22,~~1: Observable ~~2023~~inputs such as quoted market prices in active markets for identical assets or liabilities

FLevel 2: Observable market-1based inputs or unobservable inputs that are corroborated by market data

~~AMERICANN~~Level 3: Unobservable inputs for which there is little or no market data, ~~INC~~which require the use of the reporting entity’s own assumptions.

~~CONSOLIDATED~~The ~~BALANCE~~carrying ~~SHEETS~~value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. We had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. We had no financial assets or liabilities carried and measured on a recurring basis during the reporting periods. The carrying value of short-term financial instruments, including cash and cash equivalents, tenant and notes receivable, accounts payable and accrued expenses, and short-term borrowings approximate fair value due to the relatively short period to maturity for these instruments. The long-term borrowings approximate fair value since the related rates of interest approximates current market rates.

	September 30, 2023			September 30, 2022
Assets
Current Assets:
Cash and cash equivalents	$	1,135,006		$	1,341,127
Restricted cash		9,967			9,967
Tenant receivable		103,450			251,462
Prepaid expenses and other current assets		23,415			62,766
Current potion of note receivable		62,116			43,185
Total current assets		1,333,954			1,708,507
Note receivable		337,884			-
Construction in progress		371,682			338,977
Property and Equipment, net		6,402,531			6,611,961
Operating lease - right-of-use asset		6,708,843			6,778,085
Total assets	$	15,154,894		$	15,437,530
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses	$	87,247		$	193,170
Accounts payable - related party		15,000			82,500
Interest payable (including $0 and $4,303 to related parties)		40,686			53,964
Other payables		6,365			8,612
Operating lease liability, short term		12,204			11,283
Notes payable		-			150,000
Note payable - related party		581,646			-
Notes payable (net of unamortized discounts of $0)		4,500,000			-
Total current liabilities		5,243,148			499,529
Notes payable (net of unamortized discounts of $0 and $162,353)		-			4,337,647
Note payable - related party		-			581,646
Operating lease liability, long term		4,204,389			4,216,596
Total liabilities		9,447,537			9,635,418
Commitments and contingencies - see Note 10
Stockholders' Equity:
Preferred stock, $0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding		-			-
Common stock, $0.0001 par value; 100,000,000 shares authorized; 24,391,961 shares issued and outstanding as of September 30, 2023 and 2022		2,439			2,439
Additional paid in capital		25,558,362			25,558,362
Accumulated deficit		(19,853,444	)		(19,758,689	)
Total stockholders' equity		5,707,357			5,802,112
Total liabilities and stockholders' equity	$	15,154,894		$	15,437,530

F-6

~~See~~Derivative ~~accompanying notes to consolidated financial statements.~~Liabilities

FWe evaluate stock options, stock warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-240, Derivative Instruments and Hedging: Contracts in Entity’s Own Equity. The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each consolidated unaudited balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the consolidated unaudited statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date. We determined that none of our financial instruments meet the criteria for derivative accounting as of September 30, 2024 and 2023.

~~AMERICANN,~~Operating ~~INC.~~leases

~~CONSOLIDATED~~Effective ~~STATEMENTS~~October OF1, ~~OPERATIONS~~2019, we adopted Topic 842 using the effective date method. Under this method, periods prior to adoption remain unchanged. We determine if an arrangement is a lease at inception.

	Year Ended September 30,
	2023			2022
Rental income	$	2,552,200			2,520,555
Rental income - related party		-			407,264
Cost of revenues		16,170			45,950
Gross profit		2,536,030			2,881,869
Operating expenses:
Advertising and marketing		9,743			37,731
Professional fees		359,669			343,829
General and administrative expenses		1,554,948			2,017,582
Total operating expenses		1,924,360			2,399,142
Income from operations		611,670			482,727
Other income (expense):
Interest income		3,440			11,504
Interest expense		(657,517	)		(615,127	)
Interest expense - related party		(52,348	)		(52,348	)
Total other income (expense)		(706,425	)	$	(655,971	)
Net loss	$	(94,755	)	$	(173,244	)
Basic and diluted loss per common share		(0.00	)	$	(0.01	)
Weighted average common shares outstanding		24,391,961			24,333,911

Right of Use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Variable lease payments are not included in the calculation of the right-of-use asset and lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

~~See~~Under ~~accompanying~~the ~~notes~~available practical expedient, we account for the lease and non-lease components as a single lease component for all classes of underlying assets as both a lessee and lessor. Further, we elected a short-term lease exception policy on all classes of underlying assets, permitting us to ~~consolidated~~not ~~financial~~apply ~~statements~~the recognition requirements of this standard to short-term leases (i. e. leases with terms of 12 months or less).

FLong-3Lived Assets

~~AMERICANN~~Our long-lived assets consisted of property, ~~INC~~plant and equipment and are reviewed for impairment in accordance with the guidance of the Topic ASC Topic 360, Property, Plant, and Equipment. We test for impairment losses on long-lived assets used in operations whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Impairment evaluations involve management's estimates on asset useful lives and future cash flows. Actual useful lives and cash flows could be different from those estimated by management which could have a material effect on our reporting results and financial positions. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. There were no impairment losses recognized for the years ended September 30, 2024 and 2023.

~~CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY~~F-7

									Additional
	Preferred Stock				Common Stock				Paid In		Accumulated
	Shares		Amount		Shares		Amount		Capital		Deficit			Total
Balances, September 30, 2021		-	$	-		24,196,310	$	2,420	$	25,093,435	$	(19,585,445	)	$	5,510,410
Stock issued for services		-		-		195,651		19		89,981		-			90,000
Extension of warrants		-		-		-		-		374,946		-			374,946
Net loss		-		-		-		-		-		(173,244	)		(173,244	)
Balances, September 30, 2022		-	$	-		24,391,961		2,439		25,558,362		(19,758,689	)		5,802,112
Net loss		-		-		-		-		-		(94,755	)		(94,755	)
Balances, September 30, 2023		-	$	-		24,391,961	$	2,439	$	25,558,362	$	(19,853,444	)	$	5,707,357

Property, Plant and Equipment

~~See~~Property, ~~accompanying~~plant ~~notes~~and toequipment ~~consolidated~~are stated at cost. Depreciation of property, plant and equipment begins in the month following the month when the asset is placed into service and is provided using the straight-line method for financial ~~statements~~reporting purposes at rates based on the estimated useful lives of the assets. Estimated useful lives range from three to twenty years. Property, plant and equipment consist of:

F-4

	September 30, 2024			September 30, 2023


Buildings and improvements	$	7,854,548		$	7,854,548
Computer equipment		349,576			349,576
Furniture and equipment		2,764			2,764
Equipment		551,800			-
Total		8,758,688			8,206,888
Accumulated depreciation		(2,266,603	)		(1,804,357	)
Property and equipment, net	$	6,492,085		$	6,402,531

~~AMERICANN~~Depreciation expense for the years ended September 30, ~~INC~~2024 and 2023 amounted to $462,246 and $455,891, respectively.

~~CONSOLIDATED~~Equity ~~STATEMENTS~~Instruments OFIssued ~~CASH~~to ~~FLOWS~~Non-Employees for Acquiring Goods or Services

	Year Ended September 30,
	2023			2022
Cash flows from operating activities:
Net loss	$	(94,755	)	$	(173,244	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		455,891			449,923
Amortization of right of use assets		69,242			68,391
Stock based compensation and warrants revaluation expense		-			374,946
Stock issued for services		-			90,000
Amortization of debt discount		162,353			107,153
Changes in operating assets and liabilities:
Tenant receivable		148,012			258,854
Tenant receivable - related party		-			(251,462	)
Prepaid expenses		39,351			(49,796	)
Accounts payable and accrued expenses		(105,923	)		3,150
Operating lease liability		(11,286	)		(10,431	)
Accounts payable - related party		(67,500	)		(15,000	)
Interest payable		(13,278	)		(230	)
Other payables		(2,247	)		(3,516	)
Net cash flows provided by operations		579,860			848,738
Cash flows from investing activities:
Additions to construction in progress		(32,705	)		(245,577	)
Additions to property and equipment		(246,461	)		-
Payments received on notes receivable		43,185			41,564
Advances made on notes receivable		(400,000	)		-
Net cash flows (used in) investing activities		(635,981	)		(204,013	)
Cash flows from financing activities:
Principal payments on notes payable		(150,000	)		-
Net cash flows (used in) financing activities		(150,000	)		-
Net change in cash, cash equivalents, and restricted cash		(206,121	)		644,725
Cash, cash equivalents, and restricted cash at beginning of period		1,351,094			706,369
Cash, cash equivalents, and restricted cash at end of period	$	1,144,973		$	1,351,094
Supplementary Disclosure of Cash Flow Information:
Cash paid for interest	$	560,790		$	563,799
Cash paid for income taxes	$	-		$	-

Effective October 1, 2019, the Company adopted ASU 2018-07, Compensation – “Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting”, which addresses aspects of the accounting for nonemployee share-based payment transactions. Upon adoption, all of the issuances of stock to non-employees for goods and services are treated in the same matter as share based awards to employees. The adoption did not have an impact on the Company’s financial statements.

~~See~~Non-Cash ~~accompanying~~Equity ~~notes to consolidated financial statements.~~ Transactions

~~F-5~~Shares of equity instruments issued for noncash consideration are recorded at the estimated fair market value of the consideration granted based on the estimated fair market value of the equity instrument, or at the estimated fair market value of the goods or services received, whichever is more readily determinable.

~~AMERICANN,~~Stock-Based ~~INC.~~Compensation

~~NOTES~~The TOCompany ~~CONSOLIDATED~~accounts ~~FINANCIAL~~for ~~STATEMENTS~~share-based awards to employees in accordance with ASC Topic 718, Stock Compensation Under this guidance, stock compensation expense is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the estimated service period (generally the vesting period) on the straight-line attribute method. Effective October 1, 2019, the Company adopted ASU 2018-07, Compensation – “Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting”, which aligns the accounting for nonemployee share-based payments with accounting of share-based payments to employees.

~~NOTE~~Related ~~1. DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES~~Parties

~~Description~~A party is considered to be related to us if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include our principal owners, our management, members of ~~Business~~the immediate families of our principal owners and our management and other parties with which we may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties, or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests, is also a related party.

OnRevenue January 17, 2014, a privately held limited liability company acquired approximately 93% of the Company's outstanding shares of common stock from several of the Company's shareholders which resulted in a change in control of the Company.Recognition

~~The~~Effective ~~Company's~~October ~~business~~1, ~~plan~~2018, iswe toadopted ~~design~~ASU 2014-09, ~~develop~~Revenue from Contracts with Customers (Topic 606). Under the new standard, ~~lease~~we ~~and~~recognize ~~operate~~revenues ~~state-~~when the following criteria are met: (i) persuasive evidence of- a contract with a customer exists, (ii) identifiable performance obligations under the~~-art~~ ~~cultivation~~contract exist, ~~processing~~(iii) ~~and~~the ~~manufacturing~~transaction ~~facilities~~price is determinable for ~~licensed~~each ~~cannabis~~performance ~~businesses~~obligation, ~~throughout~~(iv) the ~~United~~transaction ~~States~~price is allocated to each performance obligation, and (v) when the performance obligations are satisfied. Currently, we derive all of our revenues from property leases. Property leases are not within the scope of ASC 606.

~~The~~Property ~~Company's~~lease revenue is earned through annual leases for facilities used in agricultural/manufacturing activities and the Company records revenues on a straight-line basis over the term of these leases. Property lease revenues from these sources are ~~subject~~recurring toon ~~significant~~an ~~risks~~annual basis. Unearned property lease revenues were $0 at both September 30, 2024 and ~~uncertainties~~2023. ~~including~~The ~~failure~~Company toalso ~~secure~~receives ~~funding~~a torevenue ~~expand~~participation ~~its~~fee ~~operations~~which is considered a variable payment and thus is recorded in the period earned in accordance with ASC 842.

~~Certain~~Advertising ~~prior period amounts have been reclassified to conform with current period presentation. These reclassifications have no impact on net loss.~~Expense

~~All~~Advertising, ~~significant~~promotional ~~intercompany~~and ~~balances~~selling expenses consist of sales and ~~transactions~~marketing ~~have~~expenses, ~~been~~and ~~eliminated~~promotional inactivity ~~the~~expenses. ~~consolidated~~Expenses ~~financial~~are ~~statements~~recognized when incurred.

~~Summary~~General ofand ~~Significant~~Administrative ~~Accounting Policies~~Expense

~~This~~General ~~summary~~and ofadministrative ~~significant~~expenses ~~accounting~~consist ~~policies~~ of ~~the~~professional ~~Company~~service isfees, ~~presented~~rent toand ~~assist~~utility inexpenses, ~~understanding~~meals, ~~the~~travel ~~Company’s consolidated financial statements. The consolidated financial statements~~ and ~~notes~~entertainment ~~are representations of the Company’s management~~expenses, ~~which is responsible for their integrity~~ and ~~objectivity.~~other ~~These~~general ~~accounting policies conform to accounting principles generally accepted in the United States~~ and ~~have~~administrative ~~been~~overhead ~~consistently~~costs. ~~applied~~Expenses inare ~~the~~recognized ~~preparation~~when ~~of the consolidated financial statements~~incurred.

~~Principles~~Loss ofper ~~Consolidation~~Share

~~The~~We ~~consolidated~~compute ~~financial~~net ~~statements~~loss ~~include~~per ~~the~~share ~~accounts~~in ofaccordance ~~AmeriCann,~~with ~~Inc.~~the ~~and~~ASC ~~its~~Topic ~~wholly-owned subsidiaries~~260. ~~All~~The ~~significant~~ASC ~~intercompany~~specifies ~~balances~~the computation, presentation and ~~transactions~~disclosure ~~have~~requirements ~~been~~for ~~eliminated~~loss inper ~~the~~share ~~consolidated~~for ~~financial~~entities ~~statements~~with publicly held common stock.

~~Use~~Basic loss per share amounts is computed by dividing the net loss by the weighted average number of ~~Estimates~~common shares outstanding. Shares issuable upon the exercise of equity instruments such as warrants and options were not included in the loss per share calculations for 2024 and 2023 because the inclusion would have been anti-dilutive.

~~The~~Recently ~~preparation~~Issued ofAccounting consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant estimates and assumptions made by management are valuation of equity instruments, deferred tax asset valuation and allowance and collectability of accounts receivable and long-lived assets. Actual results could differ from those estimates as the current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions.Pronouncements

~~Cash~~The Company has reviewed all the recently issued, but not yet effective, accounting pronouncements and ~~Cash~~do ~~Equivalents~~not believe any of these pronouncements will have a material impact on its unaudited consolidated unaudited financial statements.

~~Cash~~ASU ~~and cash equivalents include~~2024-03, ~~cash~~Income onStatement ~~hand,~~- ~~demand~~Reporting ~~deposit~~Comprehensive ~~accounts~~Income ~~and~~- ~~temporary~~Expense ~~cash~~Disaggregation ~~investments~~Disclosures ~~with~~(Subtopic ~~maturities~~220-40): Disaggregation of ~~ninety~~Income ~~days~~Statement ~~or less at the date of purchase~~Expenses.

~~Income~~In ~~Taxes~~November 2024, the FASB issued this ASU which requires a public entity to disclose additional information about specific expense categories in the notes to financial statements on an annual and interim basis. The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. A public entity should apply the amendments either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. We do not expect that this guidance will not have a significant impact on the Company's consolidated unaudited financial statements.

~~The~~Accounting ~~Company~~Standards ~~follows~~Updates ~~FASB~~("ASUs") ~~Codification~~2023-07, ~~Topic~~Segment ~~740-10-25~~Reporting (~~ASC~~Topic ~~740-10-25~~280): ~~for~~Improvements ~~recording~~to ~~the~~Reportable ~~provision~~Segment ~~for income taxes~~Disclosures. ~~Deferred~~In ~~tax~~November ~~assets~~2023, ~~and liabilities are computed based upon~~ the ~~difference~~FASB ~~between~~issued ~~the~~this ~~financial~~ASU ~~statement~~to ~~and~~update ~~income~~reportable ~~tax~~segment ~~basis~~disclosure ofrequirements, ~~assets~~primarily ~~and~~through ~~liabilities~~enhanced ~~using~~disclosures ~~the~~about ~~enacted~~significant ~~marginal~~segment ~~tax~~expenses ~~rate~~and ~~applicable~~information ~~when~~used ~~the related asset or liability is expected~~ to beassess ~~realized~~segment ~~or settled~~performance. ~~Deferred~~This ~~income~~ASU ~~tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it~~ is ~~more~~effective ~~likely~~for ~~than~~fiscal ~~not~~years ~~that~~beginning ~~some~~after ~~portion~~December or15, ~~all of the deferred tax assets will not be realized~~2023, aand ~~valuation~~interim ~~allowance~~periods iswithin ~~required~~fiscal toyears ~~reduce~~beginning ~~the~~after ~~deferred~~December ~~tax~~15, ~~assets~~2024, towith ~~the~~early ~~amount~~adoption ~~that~~permitted. isWe ~~more~~do ~~likely than~~ not toexpect bethat ~~realized.~~this ~~Future~~guidance ~~changes~~will inhave ~~such~~a ~~valuation~~material ~~allowance~~impact ~~are~~on ~~included~~our inconsolidated ~~the~~unaudited ~~provision~~financial ~~for~~statements ~~deferred~~and ~~income taxes in the period of change~~disclosures.

FASU 2023-609, Income Taxes (Topic 740): Improvements to Tax Disclosures. In December 2023, the FASB issued this ASU which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. We do not expect that this guidance will have a material impact on our consolidated unaudited financial statements and disclosures.

We expect to recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a "moreF-likely-than-not" threshold, the amount to be recognized in the consolidated financial statements will be the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. As of September 30, 2023 and 2022, we had no uncertain tax positions. We recognize interest and penalties, if any, related to uncertain tax positions as general and administrative expenses. We currently have no federal or state tax examinations nor have we had any federal or state examinations since our inception. To date, we have not incurred any interest or tax penalties.9

~~For~~NOTE ~~federal~~2. ~~tax~~GOING ~~purposes, our 2020 through 2022 tax years remain open for examination by the tax authorities under the normal three-year statute of limitations.~~CONCERN

~~Concentration~~The accompanying consolidated unaudited financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of ~~Credit~~assets ~~Risks~~and satisfaction of liabilities in the normal course of business. The Company had an accumulated deficit of $21,107,773 and ~~Significant~~$19,853,444 ~~Customers~~at September 30, 2024 and 2023, respectively, and had a net loss of $1,254,329 and $94,755 for the years ended September 30, 2024 and 2023, respectively. These matters, among others, raise substantial doubt about the Company’s ability to continue as a going concern. While the Company is attempting to increase operations and generate additional revenues, the Company's cash position may not be significant enough to support the Company's daily operations. Management intends to raise additional funds through the sale of its securities.

~~Financial~~Management ~~instruments~~believes that ~~potentially~~the ~~subject~~actions uspresently being taken to ~~concentrations~~further ofimplement ~~credit~~its ~~risk~~business ~~consist~~plan ~~principally~~and ofgenerate ~~cash,~~additional ~~notes~~revenues ~~receivable,~~provide ~~deposits~~the ~~tenant~~opportunity ~~receivables~~for ~~and~~the ~~notes~~Company ~~receivable.~~to Wecontinue ~~place~~as ~~our~~a ~~cash~~going ~~with~~concern. ~~high~~While ~~credit~~the ~~quality~~Company ~~financial~~believes ~~institutions.~~in Asthe viability of ~~September~~its ~~30,~~strategy ~~2023~~to generate additional revenues and ~~2022~~in its ability to raise additional funds, wethere ~~had~~can ~~outstanding~~be ~~notes~~no ~~receivable~~assurances to that effect. The ability of ~~$400,000~~the ~~and~~Company ~~$43,185,~~to ~~respectively~~continue ~~and~~as ~~tenant~~a ~~receivables~~going ofconcern ~~$103,450~~is ~~and~~dependent ~~$251,462,~~upon ~~respectively,~~the ~~with~~Company's ~~BASK,~~ability ~~Inc~~to further implement its business plan and generate additional revenues. ~~("BASK")~~The consolidated unaudited financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

~~For~~NOTE ~~the~~3. ~~year~~CASH ~~ended~~AND ~~September~~CASH ~~30,~~EQUIVALENTS ~~2023,~~AND ~~all~~RESTRICTED ~~of the Company’s revenue was earned from one customer, BASK (which was a related party prior to December 2021, see Note 6).~~CASH

~~Financial~~The ~~Instruments~~following table provides a reconciliation of cash, cash equivalents and ~~Fair~~restricted ~~Value~~cash reported within the consolidated unaudited balance sheets that sum to the total of ~~Financial~~the ~~Instruments~~same such amounts in the consolidated unaudited statements of cash flows:

We adopted ASC Topic 820, Fair Value Measurement, for assets and liabilities measured at fair value on a recurring basis. ASC Topic 820 establishes a common definition for fair value to be applied to existing US GAAP that requires the use of fair value measurements that establishes a framework for measuring fair value and expands disclosure of fair value measurements.

	September 30, 2024		September 30, 2023

Cash and cash equivalents	$	48,841	$	1,135,006
Restricted cash		9,967		9,967
Total cash, cash equivalents, and restricted cash shown in the cash flow statement	$	58,808	$	1,144,973

~~ASC~~Amounts ~~Topic~~included ~~820~~in ~~defines~~restricted ~~fair~~cash ~~value~~represent asthose ~~the~~required ~~price~~to ~~that would~~ be ~~received~~set ~~upon~~aside by the ~~sale~~Cannabis ofControl anCommission ~~asset or paid to transfer a liability~~ in anMassachusetts ~~orderly~~as ~~transaction~~well ~~between~~as ~~market~~by ~~participants~~a atcontractual ~~the~~agreement ~~measurement~~with ~~date.~~a ~~Additionally,~~lender ~~ASC~~for ~~Topic 820 requires~~ the ~~use~~payment of ~~valuation~~specific ~~techniques~~construction ~~that~~related ~~maximize~~expenditures ~~the~~as ~~use~~part of ~~observable inputs and minimize~~ the ~~use~~Company’s ofproperty ~~unobservable~~development ~~inputs.~~in ~~These inputs are prioritized below:~~Massachusetts.

	Level 1:	Observable inputs such as quoted market prices in active markets for identical assets or liabilities
	Level 2:	Observable market-based inputs or unobservable inputs that are corroborated by market data
	Level 3:	Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions.

F-10

~~The~~NOTE ~~carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis~~4. ~~Financial~~NOTES assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. We had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. We had no financial assets or liabilities carried and measured on a recurring basis during the reporting periods. The carrying value of short-term financial instruments, including cash and cash equivalents, tenant and notes receivable, accounts payable and accrued expenses, and short-term borrowings approximate fair value due to the relatively short period to maturity for these instruments. The long-term borrowings approximate fair value since the related rates of interest approximates current market rates.RECEIVABLE

~~Derivative~~Notes ~~Liabilities~~and other receivables as of September 30, 2024 and 2023, consisted of the following:

We evaluate stock options, stock warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, Derivative Instruments and Hedging: Contracts in Entity’s Own Equity. The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each consolidated balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the consolidated statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date. We determined that none of our financial instruments meet the criteria for derivative accounting as of September 30, 2023 and 2022.

	September 30, 2024			September 30, 2023


Note receivable from BASK, interest rate of 0%; monthly principal and interest payments of $14,325, maturing in 2026.		315,143			-
Note receivable from BASK, interest rate of 12.0%; monthly principal and interest payments of $8,898, maturing in 2028.		-			400,000

		315,143			400,000

Less: Current portion		(171,896	)		(62,116	)

	$	143,247		$	337,884

~~F-7~~NOTE 5. NOTES PAYABLE

~~Operating~~On ~~leases~~August 2, 2019 the Company secured a $4,000,000 investment from an unrelated third party in the form of a loan. The loan was evidenced by a note which bore interest at the rate of 11% per year, was originally due and payable on August 2, 2022 and was secured by a first lien on Building 1 at the Massachusetts Cannabis Center (“MCC”).

~~Effective~~The ~~October~~note 1,holder ~~2019,~~also wereceived ~~adopted~~a ~~Topic~~warrant ~~842~~which ~~using~~allows the ~~effective~~holder ~~date~~to ~~method~~purchase 600,000 shares of the Company’s common stock at a price of $1.50 ~~Under~~per ~~this~~share. ~~method~~The warrant will expire on the earlier of (i) August 2, ~~periods~~2024 ~~prior~~or to(ii) ~~adoption~~twenty ~~remain~~days ~~unchanged~~after written notice of the holder that the daily Volume Weighted Average Price of the Company’s common stock was at least $4.00 Wefor ~~determine~~twenty ifconsecutive antrading ~~arrangement~~days isand athe ~~lease~~average daily volume of trades of the Company’s common stock during the twenty trading days was at ~~inception~~least 150,000 shares. The warrant expired on August 2, 2024.

~~Right~~The ofbroker ~~Use (“ROU”) assets represent our right to use an underlying asset~~ for the ~~lease~~loan ~~term~~received ~~and~~a ~~lease~~cash ~~liabilities~~commission ~~represent~~of ~~our~~$320,000 ~~obligation~~plus warrants to ~~make~~purchase ~~lease~~48,000 ~~payments~~shares ~~arising~~of ~~from~~ the ~~lease.~~Company's ~~Operating~~common ~~lease~~stock. ~~ROU~~The ~~assets~~warrants ~~and liabilities~~ are ~~recognized~~exercisable at ~~commencement~~a ~~date~~price ~~based on the present value~~ of ~~lease payments over the lease term~~$1.50 ~~Variable~~per ~~lease~~share ~~payments are not included in the calculation of the right-of-use asset~~ and ~~lease~~expired ~~liability~~on ~~due~~August to2, ~~uncertainty~~2024. ofThe ~~the~~cash ~~payment~~commission ~~amount~~ and ~~are recorded as lease expense in~~ the ~~period~~fair ~~incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present~~ value of ~~lease payments. We use~~ the ~~implicit~~warrants ~~rate~~amounting ~~when readily determinable. Our lease terms may include options~~ to ~~extend~~$52,392 orwere ~~terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is~~ recognized onas a ~~straight-line~~discount ~~basis~~to ~~over~~ the ~~lease term~~note.

~~Under~~The ~~the~~Company ~~available~~allocated ~~practical~~the ~~expedient,~~proceeds webetween ~~account for~~ the ~~lease~~note and ~~non-lease~~the ~~components~~warrants asbased aon ~~single~~their ~~lease~~relative ~~component~~fair ~~for all classes of underlying assets as both a lessee and lessor~~values. ~~Further,~~The werelative ~~elected~~fair avalue ~~short-term lease exception policy on all classes~~ of ~~underlying~~the ~~assets~~600,000 ~~permitting~~warrants uswas to$562,762 ~~not~~which ~~apply~~was ~~the~~recognized ~~recognition~~as ~~requirements~~additional ofpaid ~~this~~in ~~standard~~capital toand ~~short-term~~a ~~leases~~corresponding ~~(i.e.~~debt ~~leases with terms of 12 months or less)~~discount.

~~Long-Lived~~On ~~Assets~~December 4, 2020, the loan was modified and increased by $500,000 and the maturity of the loan was extended to August 1, 2023. All other provisions of the original loan remain the same. The debt modification was deemed not substantial and was accounted for as a debt modification. The broker for the loan received a cash commission of $40,000 which was expensed when incurred.

~~Our~~On ~~long-lived~~July ~~assets~~31, ~~consisted~~2023, ofthe ~~property,~~maturity ~~plant~~date ~~and~~was ~~equipment~~further ~~and~~extended ~~are~~to ~~reviewed~~December ~~for~~1, ~~impairment~~2023. inOn ~~accordance~~November ~~with~~30, 2023, the ~~guidance~~maturity of the ~~Topic~~loan ~~ASC~~was ~~Topic~~extended ~~360,~~to ~~Property,~~January ~~Plant~~31, ~~and Equipment~~2024. WeAll ~~test~~other ~~for~~provisions ~~impairment~~of ~~losses~~the onpreviously ~~long-lived~~modified ~~assets~~loan ~~used~~remain ~~in operations whenever events or changes in circumstances indicate that~~ the ~~carrying~~same. ~~amount~~The ofdebt ~~the~~modification ~~asset~~was ~~may~~deemed not besubstantial ~~recoverable. Recoverability of an asset to be held~~ and ~~used~~was isaccounted ~~measured~~for byas a ~~comparison~~debt ofmodification. ~~the~~The ~~carrying~~broker ~~amount~~for ~~of an asset to~~ the ~~future~~loan ~~undiscounted~~received a cash ~~flows~~commission ~~expected~~of to$7,500 bewhich ~~generated~~was byexpensed ~~the~~when ~~asset~~incurred. IfOn ~~such~~January ~~asset~~31, ~~is considered to be impaired~~2024, the ~~impairment~~maturity todate beof ~~recognized is measured by~~ the ~~amount~~loan bywas ~~which~~further ~~the~~extended ~~carrying~~until ~~amount~~April of15, ~~the asset exceeds its fair value~~2024. ~~Impairment~~All ~~evaluations~~other ~~involve~~provisions ~~management's~~of ~~estimates~~the onpreviously ~~asset~~modified ~~useful~~loan ~~lives~~remain ~~and~~the ~~future cash flows~~same. ~~Actual~~On ~~useful~~April ~~lives~~12, ~~and~~2024, ~~cash~~the ~~flows~~maturity ~~could~~of bethe ~~different~~loan ~~from~~was ~~those~~further ~~estimated~~extended byuntil ~~management~~August ~~which~~31, ~~could~~2024. ~~have~~All aother ~~material~~provisions ~~effect~~of onthe ~~our~~previously ~~reporting~~modified ~~results~~loan ~~and~~remain ~~financial~~the ~~positions~~same. ~~Fair~~On ~~value~~August is31, ~~determined~~2024, ~~through~~the ~~various~~maturity ~~valuation~~of ~~techniques~~the ~~including~~loan ~~discounted~~for ~~cash~~further ~~flow~~extended ~~models,~~until ~~quoted~~December ~~market~~1, ~~values and third-party independent appraisals~~2024, asall ~~considered~~other ~~necessary.~~provision ~~There~~of ~~were~~the nopreviously ~~impairment~~modified ~~losses~~loan ~~recognized~~remain ~~for~~ the ~~years ended September 30, 2023 and 2022~~same.

~~Property~~At September 30, ~~Plant~~2024, the outstanding principal on this note was $4,500,000 and ~~Equipment~~the unamortized debt discount was $0. All debt discounts are being amortized on a straight-line basis over the term of the modified note. Amortization expense related to the debt discounts was $0 and $162,353 for the years ended September 30, 2024 and 2023, respectively.

Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment begins in the month following the month when the asset is placed into service and is provided using the straightF-line method for financial reporting purposes at rates based on the estimated useful lives of the assets. Estimated useful lives range from three to twenty years. Property, plant and equipment consist of:11

	September 30, 2023			September 30, 2022
Buildings and improvements	$	7,854,548		$	7,608,087
Computer equipment		349,576			349,576
Furniture and equipment		2,764			2,764
Total		8,206,888			7,960,427
Accumulated depreciation		(1,804,357	)		(1,348,466	)
Property and equipment, net	$	6,402,531		$	6,611,961

The modified note is secured by a first lien on Building 1 at the Company’s Massachusetts Cannabis Center (“MCC”).

~~Depreciation expense for the years ended September 30, 2023 and 2022 amounted to $455,891 and $449,923, respectively~~BASK.

~~Equity~~On ~~Instruments~~April ~~Issued~~7, to2016, ~~Non-Employees~~we ~~for~~signed ~~Acquiring~~agreements ~~Goods~~with BASK. BASK is one of a limited number of organizations that has received a provisional or ~~Services~~final registration to cultivate, process and sell medical and adult use cannabis by the Massachusetts Cannabis Control Commission.

~~Effective~~Pursuant ~~October~~to ~~1, 2019,~~ the ~~Company adopted ASU 2018-07~~agreements, ~~Compensation~~we –agreed ~~“Stock Compensation (Topic 718): Improvements~~ to ~~Nonemployee~~provide ~~Share-based~~BASK ~~Payment~~with ~~Accounting”,~~financing ~~which~~for ~~addresses~~construction ~~aspects~~and ofworking ~~the~~capital ~~accounting~~required for ~~nonemployee~~BASK’s ~~share-based~~approved ~~payment~~dispensary ~~transactions. Upon adoption, all of the issuances of stock to non-employees for goods~~ and ~~services~~cultivation ~~are~~center ~~treated~~ in ~~the~~Fairhaven, ~~same matter as share based awards to employees~~MA. ~~The adoption did not have an impact on the Company’s financial statements.~~

FOn July 26, 2019, the Company entered into a 15-8Year Triple Net lease of Building 1 of the MCC with BASK. The lease commenced on September 1, 2019 and includes an annual base rent of $138,762 and a revenue participation fee equivalent to 15% of BASK's gross revenues. As of September 30, 2024, the BASK tenant receivable balance was $57,588.

~~Non-Cash~~On ~~Equity~~May ~~Transactions~~13, 2024, the Company and BASK mutually agreed to modify the lease effective August 31, 2024. During the last five months of the lease effective April 1, 2024 the new monthly payment by BASK will be $57,588 per month.

~~Shares~~Tim ofKeogh, ~~equity~~our ~~instruments~~Chief ~~issued~~Executive ~~for~~Officer, ~~noncash~~was ~~consideration~~a ~~are~~Board ~~recorded~~Member ~~at the estimated fair market value~~ of ~~the~~BASK ~~consideration~~between ~~granted~~August ~~based~~2013 onand ~~the~~November ~~estimated~~2021. ~~fair~~Effective ~~market~~December ~~value~~1, ~~of the equity instrument~~2021, orBASK atwas ~~the~~no ~~estimated~~longer ~~fair~~classified ~~market~~as ~~value~~a ofrelated ~~the goods or services received, whichever is more readily determinable~~party.

~~Stock-Based~~NOTE ~~Compensation~~6. RELATED PARTY TRANSACTIONS

~~The~~Strategic ~~Company~~Capital accounts for share-based awards to employees in accordance with ASC Topic 718, Stock Compensation Under this guidance, stock compensation expense is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the estimated service period (generally the vesting period) on the straight-line attribute method. Effective October 1, 2019, the Company adopted ASU 2018-07, Compensation – “Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting”, which aligns the accounting for nonemployee share-based payments with accounting of share-based payments to employees.Partners

~~Related~~On ~~Parties~~September 30, 2019, we entered into an amended note with Strategic Capital Partners, LLC (“SCP”), in the principal amount of $1,756,646, bearing interest of 9% per year and maturing on December 31, 2022. During the year ended September 30, 2022, the maturity of the note was extended to December 31, 2023. In December 2023, the note was further extended to March 31, 2024. In March 2024, the note was further extended to August 15, 2024. On August 14, 2024, the note was further extended to April 15, 2025.

AAccrued ~~party~~interest ison ~~considered to be related to us if~~ the ~~party~~note ~~directly~~was ~~or indirectly or through one or more intermediaries~~$8,749 ~~controls,~~and is$0 ~~controlled~~at ~~by,~~September ~~or is under common control with us. Related parties also include our principal owners~~30, ~~our~~2024 ~~management, members of the immediate families of our principal owners~~ and ~~our~~September management and other parties with which we may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties30, or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests2023, ~~is also a related party~~respectively.

~~Revenue~~At ~~Recognition~~September 30, 2024 and 2023, the outstanding principal on this note was $581,646.

~~Effective~~During ~~October~~the 1,year ~~2018,~~ended weSeptember ~~adopted ASU 2014-09~~30, ~~Revenue from Contracts with Customers (Topic 606). Under the new standard~~2024, ~~we recognize revenues when~~ the ~~following~~Company ~~criteria~~incurred ~~are~~$180,000 ~~met: (i) persuasive evidence~~ of aconsulting ~~contract~~expenses with aSCP ~~customer~~and ~~exists,~~paid ~~(ii) identifiable performance obligations under the contract exist~~$195,000. ~~(iii)~~As ~~the~~of ~~transaction~~September ~~price is determinable for each performance obligation~~30, ~~(iv) the transaction price is allocated to each performance obligation~~2024, ~~and~~$0 ~~(v)~~remains ~~when the performance obligations are satisfied~~unpaid. ~~Currently,~~During ~~we derive all of our revenues from property leases. Property leases are not within~~ the ~~scope~~year ofended ~~ASC~~September ~~606. Property~~30, ~~lease~~2023 ~~revenue is earned through annual leases for facilities used in agricultural/manufacturing activities and~~ the Company ~~records~~incurred ~~revenues~~$180,000 onof aconsulting ~~straight-line~~expenses ~~basis~~with ~~over~~SCP ~~the term~~ of ~~these~~which ~~leases.~~$15,000 ~~Property~~remained ~~lease~~outstanding ~~revenues from these sources are recurring on an annual basis. Unearned property lease revenues were $0~~ at ~~both~~ September 30, 2023 ~~and 2022~~. ~~The Company also receives a revenue participation fee which is considered a variable payment and thus is recorded in the period earned in accordance with ASC 842.~~

~~Advertising~~The ~~Expense~~Company leases office space from SCP. Lease expense for office space was $30,000 for the years ended September 30, 2024 and 2023.

~~Advertising,~~SCP ~~promotional~~is ~~and~~controlled ~~selling~~by ~~expenses~~Benjamin ~~consist~~J. ofBarton, ~~sales~~one ~~and~~of ~~marketing~~our ~~expenses,~~officers and ~~promotional~~directors ~~activity~~and ~~expenses.~~principal ~~Expenses are recognized when incurred~~shareholders.

~~General and Administrative Expense~~F-12

~~General~~NOTE ~~and administrative expenses consist of professional service fees, rent and utility expenses, meals, travel and entertainment expenses, and other general and administrative overhead costs~~7. ~~Expenses~~LOSS ~~are~~PER ~~recognized when incurred.~~SHARE

~~Loss~~The following table sets forth the computation of basic and diluted net loss per ~~Share~~share:

We compute net loss per share in accordance with the ASC Topic 260. The ASC specifies the computation, presentation and disclosure requirements for loss per share for entities with publicly held common stock.

	Year ended
	September 30,
	2024			2023


Net loss attributable to common stockholders	$	(1,254,329	)	$	(94,755	)

Basic weighted average outstanding shares of common stock		24,391,961			24,391,961
Dilutive effects of common share equivalents		-			-
Dilutive weighted average outstanding shares of common stock		24,391,961			24,391,961

Basic and diluted net loss per share of common stock	$	(0.05	)		(0.00	)

~~Basic~~As ~~loss~~of ~~per~~September ~~share~~30, ~~amounts~~2024, iswe ~~computed~~excluded by1,000,000 ~~dividing~~of ~~the~~stock ~~net~~options ~~loss~~and by1,500,000 ~~the~~of ~~weighted~~warrants ~~average~~from ~~number~~the computation of ~~common~~diluted ~~shares~~net ~~outstanding.~~loss ~~Shares~~per ~~issuable~~share ~~upon~~since the ~~exercise~~effects are anti-dilutive. As of ~~equity~~September ~~instruments~~30, ~~such~~2023, aswe ~~warrants~~excluded ~~and~~1,700,000 of stock options ~~were~~and ~~not~~2,148,000 ~~included~~of inwarrants from the ~~loss~~computation ~~per~~of ~~share~~diluted ~~calculations~~net ~~for~~loss ~~2023~~per ~~and~~share ~~2022~~since ~~because~~ the ~~inclusion~~effects ~~would~~are ~~have been~~ anti-dilutive.

~~Recently~~NOTE ~~Adopted~~8. ~~Accounting~~INCOME ~~Pronouncements~~TAXES

InDeferred ~~June~~income ~~2016,~~taxes ~~the~~arise ~~FASB~~from ~~issued~~the ~~ASU~~temporary ~~No.~~differences ~~2016-13,~~between ~~Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for~~ financial ~~assets~~statement ~~held~~and atincome ~~the~~tax ~~reporting~~recognition ~~date~~of ~~based~~net onoperating ~~historical experience, current conditions, and reasonable and supportable forecasts~~losses. ~~This~~These ~~replaces the existing incurred~~ loss ~~model~~carryovers ~~and~~are islimited ~~applicable~~under to the ~~measurement~~Internal ofRevenue ~~credit~~Code ~~losses~~should ona ~~financial~~significant ~~assets~~change ~~measured at amortized cost. This may result~~ in ~~the~~ownership ~~earlier recognition of allowances for losses~~occur. The ~~guidance~~Company isaccounts ~~effective~~ for ~~fiscal~~income ~~years~~taxes ~~beginning~~pursuant ~~after~~to ~~December~~ASC ~~15,~~Topic ~~2022,~~740. ~~including~~The ~~interim~~Company ~~periods~~has ~~within~~made ~~those~~an ~~fiscal years, with~~ early adoption ~~permitted.~~of ~~The~~ASU ~~Company~~2015-17 isBalance ~~currently~~Sheet ~~evaluating~~Classification ~~the impact~~ of ~~this~~Deferred ~~standard on the financial statements~~Taxes.

~~Recently~~Deferred ~~Issued~~income ~~Accounting~~taxes ~~Pronouncements~~arise from the temporary differences between financial statement and income tax recognition of net operating losses and other items. Loss carryovers are limited under the Internal Revenue Code should a significant change in ownership occur.

~~During~~The ~~the~~components ~~year~~of ~~ended~~the ~~September~~deferred ~~30,~~income ~~2023,~~tax ~~there~~assets ~~have~~and ~~been~~liabilities noarising ~~new,~~under orASC ~~existing,~~Topic ~~recently~~740 ~~issued~~were ~~accounting~~as ~~pronouncements that are of significance, or potential significance, that impact the Company’s consolidated financial statements.~~follows:

F-9

	September 30,
	2024			2023

Deferred tax assets	$	2,811,204		$	2,539,487
Deferred tax liabilities		-			-
Valuation allowance		(2,811,204	)		(2,539,487	)

Net deferred tax assets/(liabilities)		-			-

~~NOTE~~The 2.types ~~GOING~~of ~~CONCERN~~temporary differences between the tax basis of assets and their financial reporting amounts that give rise to a significant portion of the deferred assets and liabilities are as follows:

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company had an accumulated deficit of $19,853,444 and $19,758,689 at September 30, 2023 and 2022, respectively, and had a net loss of $94,755 and $173,244 for the years ended September 30, 2023 and 2022, respectively. These matters, among others, raise substantial doubt about the Company’s ability to continue as a going concern. While the Company is attempting to increase operations and generate additional revenues, the Company's cash position may not be significant enough to support the Company's daily operations. Management intends to raise additional funds through the sale of its securities.

	September 30,
	2024						2023
	Temporary Difference			Tax Effect			Temporary Difference			Tax Effect

Deferred tax assets
Net operating loss	$	(1,254,329	)	$	(230,797	)	$	94,755		$	29,185
Tax impact true up		-			-			-			-
Other temporary differences		220,902		$	40,646			(438,313	)	$	(135,000	)
Net deferred tax assets		(1,033,427	)		(190,151	)		(343,558	)		(105,815	)
Valuation allowance		1,033,427			190,151			343,558			105,815
Total deferred tax asset		-			-			-			-

Deferred tax liabilities
Total deferred liability		-			-			-			-
Total net deferred tax asset	$	-		$	-		$	-		$	-

Management believes that the actions presently being taken to further implement its business plan and generate additional revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate additional revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company's ability to further implement its business plan and generate additional revenues. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.F-13

~~NOTE~~Deferred 3income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses. ~~CASH~~These ~~AND~~loss ~~CASH~~carryovers ~~EQUIVALENTS~~are ~~AND~~limited ~~RESTRICTED~~under ~~CASH~~the Internal Revenue Code should a significant change in ownership occur.

~~The~~At ~~following~~September ~~table~~30, ~~provides~~2024 aand ~~reconciliation~~September of30, ~~cash~~2023, ~~cash~~the ~~equivalents~~Company had approximately $12,073,338 and ~~restricted~~$11,037,777 ~~cash~~respectively, ~~reported~~in ~~within~~unused ~~the~~federal ~~consolidated~~net ~~balance~~operating ~~sheets~~loss ~~that~~carryforwards, ~~sum~~which will begin to expire principally in the ~~total~~year 2036. A deferred tax (liability)/asset at each date of approximately $2,811,204 and $2,539,487 resulting from the ~~same~~loss ~~such~~carryforwards ~~amounts~~and other temporary differences has been offset by a 100% valuation allowance. The change in the ~~consolidated~~valuation ~~statements~~allowance offor ~~cash~~the ~~flows:~~years ended September 30, 2024 and September 30, 2023 was approximately $271,717 and $(112,353).

	September 30, 2023		September 30, 2022
Cash and cash equivalents	$	1,135,006	$	1,341,127
Restricted cash		9,967		9,967
Total cash, cash equivalents, and restricted cash shown in the cash flow statement	$	1,144,973	$	1,351,094

A reconciliation of the U.S. statutory federal income tax rate to the effective tax rate is as follows:

Amounts included in restricted cash represent those required to be set aside by the Cannabis Control Commission in Massachusetts as well as by a contractual agreement with a lender for the payment of specific construction related expenditures as part of the Company’s property development in Massachusetts.

	September 30,
	2024			2023

U.S. Federal statutory graduated rate		21.00	%		21.00	%
State income tax rate, net of federal benefit		9.80	%		9.80	%
Total rate		30.80	%		30.80	%

Less: Net operating loss for which no benefit is currently available		(30.80	)%		(30.80	)%

Net effective rate		0.00	%		0.00	%

~~NOTE~~The 4Company’s income tax filings are subject to audit by various taxing authorities. ~~NOTES~~The ~~RECEIVABLE~~Company’s open audit periods are September 30, 2021, 2022, and 2023. In evaluating the Company’s provisions and accruals, future taxable income, and reversal of temporary differences, interpretations and tax planning strategies are considered. The Company believes its estimates are appropriate based on current facts and circumstances.

~~Notes~~We ~~and~~recorded ~~other~~a ~~receivables~~valuation allowance against all of our deferred tax assets as of both September 30, 2024, and September 30, 2023. We intend to continue maintaining a full valuation allowance on our deferred tax assets until there is sufficient evidence to support the reversal of all or some portion of these allowances. However, given our current earnings and ~~2022~~anticipated future earnings, ~~consisted~~we believe that there is a reasonable possibility that within the near future, sufficient positive evidence may become available to allow us to reach a conclusion that a significant portion of the ~~following:~~ valuation allowance will no longer be needed.

	September 30, 2023			September 30, 2022
Note receivable from BASK, interest rate of 18.0%; monthly principal and interest payments of $4,422, maturing in 2023.	$	-		$	43,185
Note receivable from BASK, interest rate of 12.0%; monthly principal and interest payments of $8,898, maturing in 2028.		400,000			-
		400,000			43,185
Less: Current portion		(62,116	)		(43,185	)
	$	337,884		$	-

NOTE 9.

EQUITY

~~F-10~~Preferred Stock

~~NOTE~~The 5Company has authorized 20,000,000 shares of $.0001 ~~NOTES~~par ~~PAYABLE~~value preferred stock. No preferred shares were outstanding at September 30, 2024 and 2023.

OnCommon August 2, 2019 the Company secured a $4,000,000 investment from an unrelated third party in the form of a loan. The loan was evidenced by a note which bore interest at the rate of 11% per year, was originally due and payable on August 2, 2022 and was secured by a first lien on Building 1 at the Massachusetts Cannabis Center (“MCC”).Stock

~~The~~During ~~note holder also received a warrant which allows~~ the ~~holder~~year toended ~~purchase~~September ~~600~~30,~~000~~ ~~shares of the Company’s common stock at a price of $1.50 per share. The warrant will expire on the earlier of (i) August 2~~2024, ~~2024~~we ordid ~~(ii)~~not ~~twenty~~issue ~~days~~any ~~after written notice of the holder that the daily Volume Weighted Average Price of the Company’s common~~ stock ~~was at least $4~~.~~00 for twenty consecutive trading days and the average daily volume of trades of the Company’s common stock during the twenty trading days was at least 150,000 shares.~~

~~The~~During ~~broker for~~ the ~~loan~~year ~~received~~ended aSeptember ~~cash commission of $320~~30,~~000~~ ~~plus warrants to purchase 48~~2023,~~000~~ ~~shares~~we ofdid ~~the~~not ~~Company's~~issue ~~common~~any stock. The warrants are exercisable at a price of $1.50 per share and expire on August 2, 2024. The cash commission and the fair value of the warrants amounting to $52,392 were recognized as a discount to the note.

~~The~~Stock Company allocated the proceeds between the note and the warrants based on their relative fair values. The relative fair value of the 600,000 warrants was $562,762 which was recognized as additional paid in capital and a corresponding debt discount.Options

On ~~December~~August 418, ~~2020~~2017, ~~the~~our ~~loan~~board ~~was~~of ~~modified~~directors ~~and~~adopted ~~increased~~a bystock ~~$500,000~~incentive ~~and~~plan (“the ~~maturity~~plan”) ofthat ~~the~~provides ~~loan~~for ~~was~~the ~~extended~~grant toof ~~August~~Incentive 1Stock Options, ~~2023.~~Non-Qualified ~~All~~Stock ~~other~~Options ~~provisions~~or Stock Bonuses to persons who are employees of the ~~original~~Company, ~~loan~~employees ~~remain~~of subsidiaries of the ~~same~~Company, directors, officers, and consultants. ~~The~~Under ~~debt~~the ~~modification~~plan, ~~was~~the ~~deemed~~Company ~~not~~may ~~substantial~~grant ~~and~~stock ~~was~~bonuses ~~accounted~~or ~~for~~options as(up to a ~~debt~~combined ~~modification~~maximum of 2,500,000 shares or options). ~~The~~Each ~~broker~~option allows for the ~~loan~~purchase ~~received~~of aone ~~cash~~share ~~commission~~ of ~~$40~~common stock,~~000~~ ~~which~~subject ~~was~~to ~~expensed~~an ~~when~~exercise ~~incurred~~price and vesting schedule to be established by the board of directors at the time of the grant.

On July 31, 2023, the loan was modified and the maturity of the loan was extended to December 1, 2023. On November 30, 2023, the maturity of the loan was extended to January 31, 2024. All other provisions of the previously modified loan remain the same. The debt modification was deemed not substantial and was accounted for as a debt modification. The broker for the loan received a cash commission of $7,500 which was expensed when incurred.F-14

AtOptions ~~September~~Issuances ~~30,~~in 2023, the outstanding principal on this note was $4,500,000 and the unamortized debt discount was $0. All debt discounts are being amortized on a straight-line basis over the terms of the note. Amortization expense related to the debt discounts was $162,353 and $107,153 for the years ended September 30, 2023 and 2022, respectively.2024

~~February~~The ~~2018~~Company ~~Convertible~~did ~~Note~~not ~~Offering~~issue any options during the year ended September 30, 2024.

OnOptions ~~February~~Issuances ~~12, 2018 the Company sold convertible notes~~ in the principal amount of $810,000 to a group of accredited investors. The notes were unsecured and bore interest at 8% per year. On October 12, 2020, the remaining note was extended to mature on June 30, 2022. On December 15, 2021, the remaining note was extended to mature on December 31, 2022. On October 5, 2022, the Company paid $159,140 to fully repay the $150,000 note including $9,140 of interest. At September 30, 2023 ~~and September 30, 2022, the outstanding principal on these notes was $0 and $150,000, respectively.~~

~~NOTE~~The 6.Company ~~RELATED~~did ~~PARTY~~not ~~TRANSACTIONS~~issue any options during the year ended September 30, 2023.

~~BASK.~~The Onfollowing ~~April~~table 7,shows ~~2016,~~the westock ~~signed~~option ~~agreements~~activity ~~with~~for ~~BASK.~~the ~~BASK~~years isended ~~one~~September ~~of a limited number of organizations that has received a provisional or final registration to cultivate~~30, ~~process~~2024 and ~~sell medical and adult use cannabis by the Massachusetts Cannabis Control Commission.~~2023:

Pursuant to the agreements, we agreed to provide BASK with financing for construction and working capital required for BASK’s approved dispensary and cultivation center in Fairhaven, MA.

						Weighted
				Weighted		Average
				Average		Contractual		Aggregate
	Number of			Exercise		Term		Intrinsic
	Shares			Price		(Years)		Value
Exercisable at September 30, 2023		1,700,000		$	1.94		3.4	$	-
Expired		(700,000	)
Outstanding as of September 30, 2024		1,000,000		$	2.25		3.0	$	-
Vested and expected to vest at September 30, 2024		1,000,000		$	2.25		3.0	$	-
Exercisable at September 30, 2024		1,000,000		$	2.25		3.0	$	-

On August 15, 2018, the Company combined the construction and working capital advances of $129,634 and accrued interest of $44,517 and setup a new loan with payments over 5 years with 18% interest. At September 30, 2023 and 2022, the outstanding balance on the note receivable was $0 and $43,185, respectively.Warrants

~~F-11~~Warrant Issuances in 2024

OnThe ~~July 26, 2019, the~~ Company ~~entered~~did ~~into~~not aissue ~~15-Year~~any ~~Triple~~warrants ~~Net~~during ~~lease of Building 1 of~~ the ~~MCC~~year ~~with~~ended ~~BASK. The lease commenced on~~ September ~~1, 2019 and includes an annual base rent of $138,762 and a revenue participation fee equivalent to 15% of BASK's gross revenues. As of September~~ 30, ~~2023, the BASK tenant receivable balance was $103,450~~2024.

~~Tim~~Warrant ~~Keogh,~~Issuances ~~our~~in ~~Chief Executive Officer, was a Board Member of BASK between August 2013 and November 2021. Effective December 1, 2021, BASK was no longer classified as a related party.~~2023

~~SCP.~~The OnCompany ~~September~~did ~~30,~~not ~~2019,~~issue weany ~~entered~~warrants ~~into~~during ~~an amended note with Strategic Capital Partners, LLC (“SCP”), in~~ the ~~principal amount of $1,756,646, bearing interest of 9% per~~ year ~~and maturing on December 31, 2022. During the year~~ ended September 30, ~~2022, the maturity of the note was extended to December 31,~~ 2023.

~~Accrued~~The ~~interest~~following ontable shows the ~~note~~warrant ~~was~~activity $0for ~~and~~the ~~$4,303~~years atended September 30, ~~2023~~2024 and ~~September 30, 2022, respectively.~~2023:

At September 30, 2023 and 2022, the outstanding principal on this note was $581,646.

						Weighted
				Weighted		Average
				Average		Contractual		Aggregate
	Number of			Exercise		Term		Intrinsic
	Shares			Price		(Years)		Value
Outstanding as of September 30, 2023		2,148,000			1.33		1.13	$	-
Expired		(648,000	)
Outstanding as of September 30, 2024		1,500,000			1.25		0.25	$	-
Exercisable at September 30, 2024		1,500,000			1.25		0.25	$	-

~~During~~NOTE ~~the year ended September 30, 2023, the Company incurred $180,000 of consulting expenses with SCP and paid $247,500~~10. AsCOMMITMENTS ofAND September 30, 2023, $15,000 remains unpaid. During the year ended September 30, 2022 the Company incurred $180,000 of consulting expenses with SCP of which $82,500 remained outstanding at September 30, 2022.CONTINGENCIES

~~The~~Operating ~~Company leases office space from SCP. Lease expense for office space was $30,000 for the years ended September 30, 2023 and 2022.~~Leases

~~SCP is controlled by Benjamin J. Barton, one of our officers and directors and principal shareholders.~~Land

~~NOTE~~On 7October 17, 2016, the Company closed on the acquisition of the 52.6-acre ~~LOSS~~parcel ~~PER~~of ~~SHARE~~undeveloped land in Freetown, Massachusetts. The property is located approximately 47 miles southeast of Boston. The Company is developing the property as the MCC. Plans for the property may include the construction of sustainable greenhouse cultivation and processing facilities that will be leased or sold to Registered Marijuana Dispensaries under the Massachusetts Medical Marijuana Program.

~~The~~As ~~following~~part ~~table~~of ~~sets~~a ~~forth~~simultaneous transaction, the ~~computation~~Company ofassigned ~~basic~~the property rights to Massachusetts Medical Properties, LLC (“MMP”) for a nominal fee and ~~diluted~~entered a lease agreement pursuant to which MMP agreed to lease the property to the Company for an initial term of fifty (50) years. We have the option to extend the term of the lease for four (4) additional ten (10) year periods. The lease is a triple net ~~loss~~lease, ~~per~~with ~~share:~~ the Company paying all real estate taxes, repairs, maintenance and insurance.

	Year ended
	September 30,
	2023			2022
Net loss attributable to common stockholders	$	(94,755	)	$	(173,244	)
Basic weighted average outstanding shares of common stock		24,391,961			24,333,911
Dilutive effects of common share equivalents		-			-
Dilutive weighted average outstanding shares of common stock		24,391,961			24,333,911
Basic and diluted net loss per share of common stock	$	(0.00	)	$	(0.01	)

F-15

AsThe oflease ~~September~~payments ~~30,~~will ~~2023,~~be wethe ~~have~~greater ~~excluded~~of 1(a) $30,~~700,~~000 ofper ~~stock~~month; ~~options~~(b) ~~and~~$0.38 ~~2,148,000~~per ofsquare ~~warrants~~foot ~~from~~per ~~the~~month ~~computation~~ of ~~diluted~~any ~~net~~structure ~~loss~~built ~~per~~on ~~share since~~ the ~~effects~~property; ~~are~~or ~~anti-dilutive~~(c) 1.5% As of ~~September~~all ~~30,~~gross ~~2022,~~monthly wesales ~~have~~of ~~excluded~~products ~~1,700,000~~sold ofby ~~stock~~the ~~options~~Company, ~~and~~any ~~4,026,650~~assignee of ~~warrants~~the ~~and 100~~Company,~~000~~ ~~shares~~or ~~that~~any ~~would~~subtenant beof ~~issued~~the ~~from~~Company. ~~conversion~~The oflease ~~outstanding~~payments ~~convertible~~will ~~notes~~be ~~from~~adjusted ~~the~~up ~~computation~~(but ofnot ~~diluted~~down) ~~net~~every ~~loss~~five ~~per~~(5) ~~share~~years ~~since~~by any increase in the ~~effects~~Consumer ~~are~~Price ~~anti-dilutive~~Index.

~~NOTE~~Effective 8October 1, 2019, the Company adopted Topic 842 and recorded ROU assets and lease liabilities of $6,980,957 and $4,256,869, respectively. ~~INCOME~~As ~~TAXES~~part of the adoption, prepaid land lease balance of $2,724,088 was classified as a component of the Company’s ROU assets. (See Note 11)

~~Deferred~~The ~~income~~Company ~~taxes~~completed ~~arise from~~ the ~~temporary~~construction ~~differences between financial statement and income tax recognition~~ of ~~net~~Building ~~operating~~1 ~~losses.~~on ~~These loss carryovers are limited under~~ the ~~Internal~~leased ~~Revenue~~land ~~Code~~and ~~should~~on aSeptember ~~significant~~1, ~~change~~2019, inBASK, ~~ownership~~commenced ~~occur.~~its ~~The~~15-year ~~Company~~sublease ~~accounts~~of ~~for~~Building ~~income~~1 ~~taxes~~which ~~pursuant~~includes toa ~~ASC~~base ~~Topic~~rent ~~740.~~plus ~~The~~15% ~~Company has made an early adoption~~ of ~~ASU~~BASK’s ~~2015-17~~gross ~~Balance Sheet Classification of Deferred Taxes~~revenues.

~~Deferred~~On ~~income~~May 13, 2024, the Company and BASK mutually agreed to modify the lease effective August 31, 2024. AmeriCann and BASK have agreed that, for the last five months of the lease effective April 1 2024, the new monthly payment by BASK will be $57,588 per month, inclusive of property taxes ~~arise~~and ~~from~~Host Community Agreement fees. After August 31, 2024, AmeriCann intends to operate the ~~temporary~~building ~~differences~~as ~~between~~a ~~financial~~regulated ~~statement~~cannabis cultivation and ~~income~~manufacturing ~~tax~~operator. ~~recognition~~Bask agreed to transfer to the Company its provisional Cultivation and provisional Product Manufacturing licenses. BASK will receive a credit of ~~net~~$40,000 ~~operating~~for ~~losses~~each license transferred. Any transfer of licenses is contingent upon approval from the Massachusetts Cannabis Control Commission. An application for the Change of Ownership and ~~other~~Control of the licenses was filed on June 19, 2024. BASK granted the Company the option to purchase any furniture and equipment located in the space currently occupied by BASK. A third-party valuation of the items to be purchased was completed and valued the assets at $551,800. ~~Loss~~Additionally, ~~carryovers~~the ~~are~~remaining ~~limited~~balance ~~under~~due and the ~~Internal~~existing ~~Revenue~~promissory ~~Code~~note ~~should~~from BASK were converted to a ~~significant~~new ~~change~~promissory note which will be paid in ~~ownership~~24 ~~occur~~equal monthly installments without interest.

FAs of September 30, 2024, the Company’s right-12of-use assets were $6,638,679, the Company’s current maturities of operating lease liabilities were $13,201 and the Company’s noncurrent lease liabilities were $4,191,188. During the year ended September 30, 2024, the Company had operating cash flows from operating leases of $341,450.

The ~~components~~table ofbelow ~~the~~presents ~~deferred~~lease ~~income~~related ~~tax~~terms ~~assets~~ and ~~liabilities~~discount ~~arising~~rates ~~under~~as ~~ASC~~of ~~Topic~~September ~~740~~30, ~~were as follows:~~2024.

	September 30,
	As of September 30, 2024
	2023			2022
Weighted average remaining lease term
Deferred tax assets	$	2,539,487		$	2,651,840
Operating leases		42.00
Deferred tax liabilities		-			-
Weighted average discount rate
Valuation allowance		(2,539,487	)		(2,651,840	)
Operating leases		7.9	%
Net deferred tax assets/(liabilities)		-			-

~~The types of temporary differences between the tax basis of assets and their financial reporting amounts that give rise to a significant portion of the deferred assets and liabilities are as follows:~~F-16

	September 30,
	2023						2022
	Temporary Difference			Tax Effect			Temporary Difference			Tax Effect
Deferred tax assets
Net operating loss	$	94,755		$	29,185		$	173,244		$	53,550
Tax impact true up		-			-			-			-
Other temporary differences		(438,313	)	$	(135,000	)		(721,657	)	$	(223,064	)
Net deferred tax assets		(343,558	)		(105,815	)		(548,413	)		(169,514
Valuation allowance		343,558			105,815			548,413			169,514	)
Total deferred tax asset		-			-			-			-
Deferred tax liabilities
Total deferred liability		-			-			-			-
Total net deferred tax asset	$	-		$	-		$	-		$	-

The reconciliation of the maturities of the operating leases to the lease liabilities recorded in the Consolidated Unaudited Balance Sheet as of September 30, 2024 are as follows:

Deferred income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses. These loss carryovers are limited under the Internal Revenue Code should a significant change in ownership occur.

2025		341,500
2026		341,500
2027		341,500
2028		341,500
2029		341,500
Thereafter		12,635,501
Total lease payments		14,343,001
Less: Interest		(10,138,612	)
	$	4,204,389
Less: operating lease liability, current portion		(13,201	)
Operating lease liability, long term	$	4,191,188

AtOffice September 30, 2023 and September 30, 2022, the Company had approximately $11,037,777 and $11,383,482 respectively, in unused federal net operating loss carryforwards, which will begin to expire principally in the year 2035. A deferred tax (liability)/asset at each date of approximately $2,539,487 and $2,651,840 resulting from the loss carryforwards and other temporary differences has been offset by a 100% valuation allowance. The change in the valuation allowance for the years ended September 30, 2023 and September 30, 2022 was approximately $(112,353) and $(92,833).space

AThe ~~reconciliation~~Company ofleases ~~the~~its Uoffice space located at 1555 Blake St.S., ~~statutory~~Unit ~~federal~~502, ~~income~~Denver, ~~tax~~CO ~~rate~~80202 tofor ~~the~~$2,500 ~~effective~~per ~~tax~~month ~~rate~~with isa aslease ~~follows:~~term of less than 12 months from SCP, a related party. See Note 6.

	September 30,
	2023			2022
U.S. Federal statutory graduated rate		21.00	%		21.00	%
State income tax rate, net of federal benefit		9.80	%		9.91	%
Total rate		30.80	%		30.91	%
Less: Net operating loss for which no benefit is currently available		(30.80	)%		(30.91	)%
Net effective rate		0.00	%		0.00	%

Aggregate rental expense under all leases totaled $481,375 and $481,375 for the years ended September 30, 2024 and 2023, respectively.

~~The~~NOTE ~~Company’s income tax filings are subject to audit by various taxing authorities~~11. ~~The~~SUBSEQUENT Company’s open audit periods are September 30, 2020, 2021, and 2022. In evaluating the Company’s provisions and accruals, future taxable income, and reversal of temporary differences, interpretations and tax planning strategies are considered. The Company believes its estimates are appropriate based on current facts and circumstances.EVENTS

WeOn ~~recorded~~November a19, ~~valuation~~2024, ~~allowance~~the ~~against~~Company ~~all~~transferred ofthe ~~our~~development ~~deferred~~rights ~~tax~~and ~~assets~~control as of ~~both~~the ~~September~~undeveloped ~~30,~~portion ~~2023,~~of ~~and~~the ~~September~~MCC 30property, ~~2022~~approximately 48.3 Weacres, ~~intend~~ to ~~continue~~MMP. ~~maintaining~~The aCompany ~~full~~maintains ~~valuation~~sole ~~allowance~~discretion on ~~our~~how ~~deferred~~the ~~tax~~undeveloped ~~assets~~portion ~~until~~of ~~there~~the isproperty ~~sufficient~~can ~~evidence~~be todeveloped ~~support~~by ~~the~~MMP. ~~reversal~~If ofthe ~~all~~undeveloped orland ~~some~~is ~~portion of these allowances. However~~sold, ~~given~~the ~~our~~Company ~~current~~would ~~earnings~~receive ~~and~~20% ~~anticipated~~of ~~future~~the ~~earnings,~~net wesales ~~believe~~price. ~~that~~In ~~there~~November isof a2024 ~~reasonable~~the ~~possibility~~Company ~~that~~received ~~within~~an ~~the~~initial ~~near~~deposit ~~future~~of $650,000 ~~sufficient~~from ~~positive~~MMP. ~~evidence~~The ~~may~~Agreement ~~become~~provides ~~available~~the toCompany ~~allow~~the usopportunity to ~~reach~~purchase, afee ~~conclusion~~simple, ~~that~~the adeveloped ~~significant~~ portion of the ~~valuation~~property, ~~allowance~~approximately ~~will~~4.3 noacres, ~~longer~~from beMMP ~~needed~~at a predetermined purchase price.

~~F-13~~On December 1, 2024, the maturity of the $4,500,000 (Note 5) loan for further extended until April 30, 2025, all other provision of the previously modified loan remained the same.

~~NOTE 9. EQUITY~~F-17

~~Preferred~~PART ~~Stock~~IV

~~The~~ITEM ~~Company has authorized 20,000,000 shares of $~~15.~~0001~~ ~~par~~EXHIBITS ~~value~~AND ~~preferred~~FINANCIAL ~~stock.~~STATEMENT ~~No preferred shares were outstanding at September 30, 2023 and 2022.~~SCHEDULES

~~Common~~The ~~Stock~~following exhibits are filed with this Report:

~~During~~3.1.1 ~~the~~Certificate ~~year~~of ~~ended~~Incorporation ~~September 30, 2023, we did not issue any stock.~~(1)

~~During~~3.1.2 ~~the~~Certificate ~~year~~of ~~ended~~Ownership ~~September~~and ~~30,~~Merger ~~2022,~~(name wechange ~~issued~~to ~~195,651~~AmeriCann) ~~shares of stock for services valued $90,000.~~(2)

~~Stock~~3.2 ~~Options~~Bylaws (2)

On10.2 ~~August~~Loan ~~18,~~Modification ~~2017,~~Agreement ~~our~~with ~~board~~Strategic ofCapital ~~directors adopted a stock incentive plan (“the plan”) that provides for the grant of Incentive Stock Options~~Partners, ~~Non-Qualified Stock Options or Stock Bonuses to persons who are employees of the Company~~LLC,together ~~employees~~with ofWarrants ~~subsidiaries of the Company, directors, officers,~~ and ~~consultants.~~Promissory ~~Under~~Notes ~~the plan, the Company may grant stock bonuses or options~~ (~~up to a combined maximum of~~ 2~~,500,000 shares or options~~)~~. Each option allows for the purchase of one share of common stock, subject to an exercise price and vesting schedule to be established by the board of directors at the time of the grant.~~

In10.4 ~~December~~Share ~~2021,~~Purchase ~~the~~Agreement ~~Company~~with ~~extended~~Massachusetts ~~the~~Medical ~~expiration~~Properties, ~~date of some stock options and recorded an additional stock option-based compensation expense of $119~~LLC,~~346~~ ~~based~~together onwith ~~the~~Warrant ~~fair~~(Series ~~value~~IV) ~~established~~and ~~using~~Ground ~~the~~Lease ~~Black Scholes option pricing model.~~(2)

~~Options~~10.7 ~~Issuances~~Loan inAgreement, ~~2023~~including form of warrant (Series CL) ($800,000) (2)

~~The~~10.8 ~~Company~~Loan ~~did~~Agreement ~~not issue any options during the year ended September 30~~($128,000) ~~2023.~~(2)

~~Options~~10.9 ~~Issuances~~Loan inAgreement ~~2022~~($68,000) (2)

~~The~~10.14 ~~Company~~Promissory ~~did~~Note ~~not issue any options during the year ended September 30, 2022.~~(5)

~~The~~10.15 ~~following~~Mortgage ~~table~~and ~~shows~~Security ~~the~~Agreement ~~stock option activity for the years ended September 30, 2023 and 2022:~~(5)

					Weighted
			Weighted		Average
			Average		Contractual		Aggregate
	Number of		Exercise		Term		Intrinsic
	Shares		Price		(Years)		Value
Exercisable at September 30, 2022		1,700,000	$	1.94		4.7	$	-
Outstanding as of September 30, 2023		1,700,000	$	1.94		3.4	$	-
Vested and expected to vest at September 30, 2023		1,700,000	$	1.94		3.4	$	-
Exercisable at September 30, 2023		1,700,000	$	1.94		3.4	$	-

10.18

Real Estate Agreement (6)

~~F-14~~19 Insider Trading Policies and Procedures

~~Warrants~~31.1 Rule 13a-14(a) Certifications

~~In December 2021, the Company extended the expiration date of certain warrants to December~~ 31,.2 ~~2024~~Rule ~~and recorded~~ 13a-14(a) ~~warrants revaluation expense based on a Black Sholes model calculation of $255,600.~~Certifications

~~Warrant~~32 ~~Issuances~~Section in1350 ~~2023~~Certifications

The Company did not issue any warrants during the year ended September 30, 2023.

101.INS	Inline XBRL Instance Document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

~~Warrant~~(1) ~~Issuances~~Incorporated inby ~~2022~~reference to Exhibit 3.1 filed with the Company’s Registration Statement on Form 10.

~~The~~(2) ~~Company~~Incorporated ~~did~~by ~~not~~reference ~~issue~~to ~~any~~same ~~warrants~~exhibit ~~during~~filed with Amendment No. 1 to the ~~year~~Company’s ~~ended~~Registration ~~September~~Statement ~~30,~~on ~~2022~~Form S-1 (File #333-222207).

~~The~~(3) ~~following~~Incorporated ~~table~~by ~~shows~~reference ~~the~~to ~~warrant~~same ~~activity~~exhibit ~~for~~filed with the ~~years~~Company’s ~~ended~~Registration ~~September~~Statement ~~30,~~on ~~2023~~Form ~~and~~S-1 ~~2022:~~(File #333-224256).

						Weighted
				Weighted		Average
				Average		Contractual		Aggregate
	Number of			Exercise		Term		Intrinsic
	Shares			Price		(Years)		Value
Outstanding as of September 30, 2022		4,026,650			1.40		1.20	$	-
Expired		(1,878,650	)		1.48
Outstanding as of September 30, 2023		2,148,000			1.33		1.13	$	-
Exercisable at September 30, 2023		2,148,000			1.33		1.13	$	-

(4)	Incorporated by reference to the same exhibit filed with the Company’s Registration Statement on Form S-1 (File #333-227388).

~~NOTE~~(5) ~~10.~~Incorporated ~~COMMITMENTS~~by ~~AND~~reference ~~CONTINGENCIES~~to the same exhibit filed with the Company’s Registration Statement on Form S-1 (File # 333-233981).

~~Operating~~(6) ~~Leases~~Incorporated by reference to the same exhibit filed with the Company’s 8-K report on December 13, 2024. Portions of this Exhibit have been omitted pursuant to Item 601(b)(10) of Regulation S-K since the omitted portions are not material and would likely cause competitive harm to the Company if publicly disclosed.

~~Land~~21

On October 17, 2016, the Company closed on the acquisition of the 52.6-acre parcel of undeveloped land in Freetown, Massachusetts. The property is located approximately 47 miles southeast of Boston. The Company is developing the property as the MCC. Plans for the property may include the construction of sustainable greenhouse cultivation and processing facilities that will be leased or sold to Registered Marijuana Dispensaries under the Massachusetts Medical Marijuana Program.SIGNATURES

AsIn ~~part~~accordance ofwith aSection ~~simultaneous~~13 ~~transaction,~~or ~~the~~15(d) ~~Company~~of ~~assigned~~ the ~~property~~Exchange ~~rights to Massachusetts Medical Properties~~Act, ~~LLC~~the ~~(“MMP”)~~Registrant ~~for~~has acaused ~~nominal~~this ~~fee~~Report ~~and entered a lease agreement pursuant~~ to ~~which~~be ~~MMP~~signed ~~agreed~~on toits ~~lease~~behalf ~~the~~by ~~property to~~ the ~~Company~~undersigned, ~~for~~thereunto anduly ~~initial~~authorized ~~term~~on ~~of fifty (50) years. We have~~ the ~~option~~14th today ~~extend the term~~ of ~~the lease for four (4) additional ten (10) year periods. The lease is a triple net lease~~January, ~~with the Company paying all real estate taxes, repairs, maintenance and insurance.~~2025

~~The lease payments will be the greater of (a) $30~~AMERICANN,~~000~~ ~~per month; (b) $0~~INC.38 ~~per~~By: ~~square~~/s/ ~~foot~~Timothy ~~per~~Keogh ~~month~~Timothy ~~of any structure built on the property; or (c) 1.5% of all gross monthly sales of products sold by the Company~~Keogh, ~~any~~Chief ~~assignee~~Executive ~~of the Company, or any subtenant of the Company. The lease payments will be adjusted up (but not down) every five (5) years by any increase in the Consumer Price Index.~~Officer

~~Effective~~Pursuant ~~October~~to ~~1, 2019,~~ the ~~Company~~requirements ~~adopted~~of ~~Topic~~the ~~842~~Securities ~~and~~Exchange ~~recorded~~Act ~~ROU assets and lease liabilities~~ of $6l934,~~980,957~~ ~~and~~this ~~$4,256,869,~~Report ~~respectively.~~has Asbeen ~~part~~signed ofbelow by the ~~adoption,~~following ~~prepaid~~persons ~~land~~on ~~lease~~behalf ~~balance~~ of ~~$2,724,088~~the ~~was~~Registrant ~~classified~~and asin athe ~~component~~capacities ofand on the ~~Company’s~~dates ~~ROU assets~~indicated.

The Company completed the construction of Building 1 on the leased land and on September 1, 2019, BASK, commenced its 15-year sublease of Building 1 which includes a base rent plus 15% of BASK’s gross revenues. This sublease income is recorded as Rental income and Rental income – related party through November 2021 and as Rental income between December 2021 and through September 2023 on the Company’s consolidated statements of operations.

Signature	Title	Date


/s/ Timothy Keogh	Chief Executive Officer and a Director	January 14, 2025
Timothy Keogh


/s/ Benjamin J. Barton	Chief Financial and Accounting Officer and a	January 14, 2025
Benjamin J. Barton	Director

As of September 30, 2023, the Company’s right-of-use assets were $6,708,843, the Company’s current maturities of operating lease liabilities were $12,204, and the Company’s noncurrent lease liabilities were $4,204,389. During the year ended September 30, 2023, the Company had operating cash flows from operating leases of $341,450.22

F-15

The table below presents lease related terms and discount rates as of September 30, 2023.

	As of September 30, 2023
Weighted average remaining lease term
Operating leases		43.00
Weighted average discount rate
Operating leases		7.9	%

The reconciliation of the maturities of the operating leases to the lease liabilities recorded in the Consolidated Balance Sheet as of September 30, 2023 are as follows:

2023		341,500
2024		341,500
2025		341,500
2026		341,500
2027		341,500
Thereafter		12,977,000
Total lease payments		14,684,500
Less: Interest		(10,467,907	)
	$	4,216,593
Less: operating lease liability, current portion		(12,204	)
Operating lease liability, long term	$	4,204,389

Office space

The Company leases its office space located at 1555 Blake St., Unit 502, Denver, CO 80202 for $2,500 per month with a lease term of less than 12 months from SCP, a related party. See Note 6.

Aggregate rental expense under all leases totaled $481,375 and $475,249 for the years ended September 30, 2023 and 2022, respectively.

NOTE 11. SUBSEQUENT EVENTS

On November 30, 2023, the maturity date of the $4,500,000 loan was extended to January 31, 2024 while all other provisions of the note remained the same.

F-16

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant has caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized on the 22nd day of December, 2023.

AMERICANN, INC. By: /s/ Timothy Keogh Timothy Keogh, Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of l934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Timothy Keogh
Timothy Keogh	Chief Executive Officer and a Director	December 22, 2023
/s/ Benjamin J. Barton
Benjamin J. Barton	Chief Financial and Accounting Officer and a Director	December 22, 2023
/s/ J. Tyler Opel
J. Tyler Opel	Director	December 22, 2023

Filing Compare · AmeriCann, Inc.