gram-20240331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________

FORM 10-Q

__________________

(Mark One)


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

For the quarterly period ended March 31, 2024


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

For the transition period from ____ to _____.

Commission File Number 000-56348

__________________________________________________


(Exact name of registrant as specified in its charter)

___________________________________________________


Delaware						93-2261104
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


3165 Red Hill Avenue Costa Mesa, California						92626
(Address of principal executive offices)						(Zip Code)

(949) 252-1908

(Registrant’s telephone number, including area code)

_______________________________

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: Common Stock, par value $0.01 per share

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

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted 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 whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

As of May 13, 2024, there were 287,617,407 shares of common stock of the registrant outstanding.

Gold Flora Corporation

Form 10-Q

For the Quarter Ended March 31, 2024

TABLE OF CONTENTS


	PART I	Page
Item 1.	Financial Statements	2
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	33
	PART II
Item 1.	Legal Proceedings	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	35
Item 4.	Mine Safety Disclosures	35
Item 5.	Other Information	35
Item 6.	Exhibits	36

Unless otherwise noted or the context indicates otherwise, in this quarterly report on Form 10-Q (this “Quarterly Report”), references to (i) “Gold Flora Corporation”, the “Resulting Issuer,” the “Company”, "Gold Flora", “GFC”, “we”, “us” and “our”) refer to Gold Flora Corporation, the Delaware corporation resulting from the Business Combination (as defined herein) and (ii) “TPCO” or “The Parent Company” refer to TPCO Holding Corp. and its subsidiaries prior to the Business Combination.

References in this Quarterly Report to the Company’s websites, social media pages or mobile application or third party websites or applications does not constitute incorporation by reference of the information contained at or available through the Company’s websites, social media pages or mobile application or third party websites or applications, and you should not consider such information to be a part of this Quarterly Report.

This Quarterly Report contains references to our trademarks and trade names and to trademarks and trade names belonging to other entities. Solely for convenience, trademarks and trade names referred to in this report may appear without the ® or ™ symbols, but such references are not intended to indicate, in any way, that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend our use or display of other companies’ trademarks or trade names to imply a relationship with, or endorsement or sponsorship of us or our business by, any other companies.

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


Gold Flora Corporation Condensed Consolidated Balance Sheets (In USD, in thousands, except for share and per share data)

	March 31, 2024		December 31, 2023
Assets	Unaudited		Audited
Current assets:
Cash and cash equivalents	$	14,221	$	22,538
Accounts receivable, Net	2,845		1,773
Inventory	20,050		18,372
Current portion of notes receivable	488		459
Assets held for sale	322		362
Indemnification assets	3,194		3,194
Prepaid expenses and other current assets	10,290		6,165
Total current assets	51,410		52,863

Property and equipment, net	37,882		39,166
Finance lease asset	59,399		60,400
Notes receivable, net of current portion	208		208
Intangible assets, net	44,987		46,101
Operating lease right-of-use assets	22,488		23,655
Deposits and other long term assets	4,236		3,973
Total assets	$	220,610	$	226,366

Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	34,368	$	27,342
Accrued interest	1,505		1,365
Taxes payable	33,255		27,886
Due to related party	2,005		2,005
Consideration payable	4,068		4,342
Current portion of notes payable	15,785		18,952

Current portion of operating lease liabilities	2,776		2,562
Current portion of finance lease liabilities	3,149		2,990
Liabilities held for sale	241		282
Total current liabilities	97,152		87,726

Notes payable, net of current portion	9,340		9,189
Convertible notes payable	20,714		20,546
Operating lease liabilities, net of current portion	24,294		25,817
Finance lease liabilities, net of current portion	85,141		85,122
Deferred tax liability	4,670		5,150
Security deposits and other long term liabilities	64		64
Total liabilities	241,375		233,614


Commitments and contingencies

Shareholders' deficit
Shares of common stock, par value $0.01 per share, 450,000,000 shares of common stock authorized 287,527,727 issued and outstanding at March 31, 2024 and 287,478,982 at December 31, 2023	2,875		2,874
Additional paid in capital	100,769		100,577
Accumulated deficit	(124,474)		(110,833)
Total shareholders' deficit attributable to the Company	(20,830)		(7,382)
Non-controlling interest	65		134
Total shareholders' deficit	(20,765)		(7,248)
Total liabilities and shareholders' deficit	$	220,610	$	226,366

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


Gold Flora Corporation Interim Condensed Consolidated Statements of Operations (Unaudited) (In USD, in thousands, except for share and per share data)
	Three Months Ended
	March 31, 2024		March 31, 2023
Revenues, net	$	32,153	$	15,652
Cost of goods sold	22,124		11,606
Gross profit	10,029		4,046

Selling, general, and administrative	18,966		8,933
Total operating expenses	18,966		8,933

Loss from operations	(8,937)		(4,887)

Other (income) expense
Notes payable and convertible notes payable interest expense, net	772		1,599
Finance lease liability interest expense, net	3,379		2,574
Amortization of debt discount interest expense, net	177		532


Other income, net	(548)		(1,016)
Total other (income) expense, net	3,780		3,689

Loss before income taxes	(12,717)		(8,576)
Income tax expense	(987)		(765)
Net loss	(13,704)		(9,341)

Net loss attributable to non-controlling interest	(69)		(19)
Net loss attributable to Gold Flora Corporation	$	(13,635)	$	(9,322)

Dividend on preferred stock	$	—	$	(395)
Net loss attributable to Gold Flora Corporation	$	(13,635)	$	(9,717)

Per share – basic and diluted
Net loss per share - basic and diluted	$	(0.05)	$	(0.10)

Weighted average number of shares outstanding - basic and diluted	287,515,421		94,346,683

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


Gold Flora Corporation Interim Condensed Consolidated Statements of Changes in Shareholders’ Deficit (Unaudited) (In USD, in thousands, except for share and per share data)

	Shares of Common Stock	Par Value		Additional Paid in Capital		Accumulated Deficit		Total Shareholders' Deficit Attributable to Gold Flora Corporation		Non-controlling Interest		Total Shareholders' Deficit
Balance December 31, 2022	94,797,102	$	948	$	42,687	$	(67,388)	$	(23,753)	$	174	$	(23,579)
Contributions, net	-	-		97		-		97		-		97
Cancellation of common stock related to participation units	(455,480)	(5)		5		-		-		-		-
Accrued preferred distribution to members	-	-		-		(395)		(395)		-		(395)
Share-based compensation	-	-		56		-		56		-		56
Net loss	-	-		-		(9,322)		(9,322)		(19)		(9,341)
Balance March 31, 2023	94,341,622	$	943	$	42,845	$	(77,105)	$	(33,317)	$	155	$	(33,162)




	Shares of Common Stock	Par Value		Additional Paid in Capital		Accumulated Deficit		Total Shareholders' Deficit Attributable to Gold Flora Corporation		Non-controlling Interest		Total Shareholders' Deficit
Balance December 31, 2023	287,478,982	$	2,874	$	100,577	$	(110,833)	$	(7,382)	$	134	$	(7,248)
Distributions, Net	-	-		-		(6)		(6)		-		(6)


Shares Issued for Option Exercises, Net	30,000	-		-		-		-		-		-
Cancellation of Common Shares	(10,074)	-		-		-		-		-		-
Shares Issued for Vesting of RSU's, Net	28,819	1		(1)		-		-		-		-







Share-Based Compensation	-	-		193		-		193		-		193
Net Loss	—	$	—	$	—	$	(13,635)	$	(13,635)	$	(69)	$	(13,704)
Balance March 31, 2024	287,527,727	$	2,875	$	100,769	$	(124,474)	$	(20,830)	$	65	$	(20,765)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


Gold Flora Corporation Interim Condensed Consolidated Statements of Cash Flows (Unaudited) (In USD, in thousands, except for share and per share data)

	Three Months Ended
	March 31, 2024		March 31, 2023
Operating activities:
Net loss	$	(13,704)	$	(9,341)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,050		2,117




Non-cash operating lease expense	(143)		219
Non-cash interest expense on finance leases added to principal	381		1,047

Gain on forgiveness of convertible debentures	—		(301)

Deferred income taxes	(480)		(104)
Reserve for inventory	16		519
Debt discount amortization	9		8
Debt issue cost amortization	168		524
Share-based compensation	193		56
Bad debt expense	—		(27)
Change in operating assets and liabilities:
Accounts receivable	(1,072)		(16)
Prepaid expenses and other current assets	(4,125)		646
Deposits and other long term assets	(263)		55
Inventory	(1,694)		(618)
Accounts payable and accrued liabilities	7,026		2,264
Accrued interest and taxes payable	5,279		1,895
Net cash used in operating activities	(4,359)		(1,057)

Investing activities:

Receipt of cash from notes receivable	—		48
Issuance of notes receivable	(29)		—
Purchase of property and equipment and construction costs	(651)		(113)

Net cash used in investing activities	(680)		(65)

Financing activities:



Repayment of notes	(3,069)		(1,089)
Proceeds from notes	—		2,500
Principal repayments of finance lease liability	(702)		(664)

Contributions, net	—		97
Distributions, net	(6)		—

Lease incentive payments received	499		—
Net cash provided by (used in) financing activities	(3,278)		844

Net decrease in cash and cash equivalents	(8,317)		(278)
Cash and cash equivalents, beginning of period	22,538		5,217
Cash and cash equivalents, end of period	$	14,221	$	4,939


	Three Months Ended
Supplemental cash flow disclosure:	March 31, 2024		March 31, 2023
Cash paid for interest	$	3,630	$	4,024
Cash paid for taxes	405		765

Non-cash investing and financing activities:

Obtaining property and equipment in exchange for finance lease liabilities	—		3,383
Other current assets reclassed to property, plant and equipment	—		2,175
Termination of leases	649		—


Reclass of equipment deposits to property and equipment	—		1,044

Recognition of right-of-use assets and lease liabilities for operating leases	—		1,945
Accretion of dividends payable	—		395


Accrued interest added to principle of notes payable	$	44	$	—

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.


Gold Flora Corporation Notes to Interim Condensed Consolidated Financial Statements (Unaudited) (In USD, in thousands, except for share and per share data)

1. NATURE OF OPERATIONS

Gold Flora Corporation, the “Company”, "Gold Flora", and “GFC”, refer to Gold Flora Corporation, a holding company domesticated in the State of Delaware by way of corporate continuance from British Columbia, Canada on July 7, 2023. The Company’s registered office is located at 3165 Red Hill Avenue, Costa Mesa, CA 92626.

Gold Flora, LLC is a California limited liability company that was formed on November 15, 2016 and is a vertically integrated single-state operator that, through various subsidiaries, has cultivation, manufacturing, distribution and retail operations in California. While the nature of it's operations is legalized and approved by the State of California, it is considered to be an illegal activity under the Controlled Substances Act of the United States of America (the “CSA”). Accordingly, certain additional risks and uncertainties are present as discussed in the following notes.

On July 7, 2023, the Company consummated a business combination involving TPCO Holding Corp., a publicly traded entity ("TPCO"), Gold Flora, LLC, Stately Capital Corporation, a newly formed British Columbia corporation and Golden Grizzly Bear LLC, which transaction resulted in the combination of TPCO and Gold Flora, LLC, in an all-stock transaction (the “Business Combination”). In connection with the Business Combination, the Company was deemed to be the accounting acquirer and TPCO was the legal acquirer, and for the purpose of facilitating the merger, a new entity, Gold Flora Corporation was formed. Pursuant to the merger, TPCO, Stately Capital Corporation and GFC, amalgamated. The surviving amalgamated company was named GFC and re-domiciled to Delaware, United States and serves as the parent entity for the Gold Flora group of companies.

GFC is a single state operator ("SSO") in California and operates as a vertically integrated, licensed, group of cannabis companies. The Company's long-term strategy is to continue to be one of the leading cannabis companies in California. The strategy is to build on the Company's strong integrated market position to pursue profitable organic and selective strategic opportunities with a focus on sustainable cash flow.

The Company reports its financial accounts and operations in three segments: retail, wholesale, and management. The retail segment consists of the sixteen operating dispensaries in California. The wholesale segment consists of our bulk flower cultivation operations and cannabis products manufacturing which are both sold to third parties. Our management segment represents our corporate office and central costs supporting both the retail and wholesale segments.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation and Statement of Compliance

The accompanying interim condensed consolidated financial statements have been prepared on a going concern basis in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and reflect the accounts and operations of the Company and those of the Company’s subsidiaries in which the Company has a controlling financial interest. Investments in entities in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method.

All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the interim condensed consolidated financial position of the Company as of March 31, 2024 and December 31, 2023, the interim condensed consolidated results of operations and cash flows for the three months ended March 31, 2024 and 2023 have been included.

The accompanying interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements (and notes thereto) in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “Annual Report”), as filed with the United States Securities and Exchange Commission (“SEC”) and with the relevant Canadian securities regulatory authorities under its profile on the System for Electronic Document Analysis and Retrieval Plus (“SEDAR+”). Except as noted below, there have been no material changes to the Company’s significant accounting policies and estimates during the three months ended March 31, 2024.

Basis of Measurement

These consolidated financial statements have been prepared on the going concern basis, under the historical cost convention, except for certain financial instruments that are measured at fair value as described herein.


Gold Flora Corporation Notes to Interim Condensed Consolidated Financial Statements (Unaudited) (In USD, in thousands, except for share and per share data)

Going Concern

Historically, the Company’s primary source of liquidity has been its operations, capital contributions made by members and debt financing. The Company is currently meeting its current operational obligations as they become due from its current working capital and from operations. However, the Company has sustained annual losses since inception and may require additional capital in the future. As of March 31, 2024 and December 31, 2023, the Company had a total shareholders’ deficit attributable to the Company of $20,765 and $7,248 and for the three months ended March 31, 2024 and 2023 a net loss attributable to the Company of $13,635 and $9,322, and net cash used in operating activities of $4,359 and $1,057, respectively. Because of these factors, there is substantial doubt about the Company’s ability to continue as a going concern.

As of March 31, 2024 and 2023, the accompanying interim condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The accompanying interim condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from uncertainty related to substantial doubt about the Company’s ability to continue as a going concern.

As described in Note 1, the Company consummated a merger with TPCO on July 7, 2023, forming GFC. GFC anticipates realizing synergies from this acquisition, as well as plans to reduce operating expenses through various strategic initiatives and aggressive cost-cutting measures which the Company believes will allow it to operate for at least the next twelve months. In addition, GFC plans to raise additional financing if needed to help fund operations. However, there can be no assurance that the Company will be successful in achieving its objectives. These interim condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from uncertainty related to substantial doubt about the Company’s ability to continue as a going concern.

Emerging Growth Company

The Company is an “Emerging Growth Company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it has taken advantage of certain exemptions from various reporting requirements that are not applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a Company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

Revenue Recognition

Revenue is recognized by the Company in accordance with ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Through application of the standard, the Company recognizes revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

In order to recognize revenue under ASU 2014-09, the Company applies the following five (5) steps:

a.Identify a customer along with a corresponding contract;

b.Identify the performance obligation(s) in the contract to transfer goods or provide distinct services to a customer;

c.Determine the transaction price the Company expects to be entitled to in exchange for transferring promised goods or services to a customer;

d.Allocate the transaction price to the performance obligation(s) in the contract; and

e.Recognize revenue when or as the Company satisfies the performance obligation(s).


Gold Flora Corporation Notes to Interim Condensed Consolidated Financial Statements (Unaudited) (In USD, in thousands, except for share and per share data)

Revenues consist of wholesale and retail operations of cannabis, which are generally recognized at a point in time when control over the goods have been transferred to the customer and is recorded net of sales discounts. Payment is typically due upon transferring the goods to the customer or within a specified time period permitted under the Company’s credit policy.

Revenue is recognized upon the satisfaction of the performance obligation. The Company satisfies its performance obligation and transfers control upon delivery and acceptance by the customer. Revenues, net, are disaggregated for the period ended March 31, 2024 and 2023 as follows:


	March 31, 2024		March 31, 2023
Wholesale	$	5,236	$	3,078
Retail	26,917		12,574
Total revenues, net	$	32,153	$	15,652

The Company has a customer loyalty program whereby customers are awarded points with in store and online delivery purchases. Once a customer achieves a certain point level, points can be used to pay for the purchase of product, up to a maximum number of points per transaction. Points expire after six months of no activity in a customer’s account.

Unredeemed awards are recorded as deferred revenue. At the time customers redeem points, the redemption is recorded as an increase to revenue. Deferred revenue is included in other accrued expenses within accounts payable and accrued liabilities.

The Company’s return policy conforms to the Medicinal and Adult-Use Cannabis Regulation and Safety Act (“MAUCRSA”), which was signed into law in September 2017 and creates the general framework for the regulation of commercial medicinal and adult-use cannabis in California. The Company determined that no provision for returns or refunds was necessary at March 31, 2024 and 2023.

Earnings (Loss) Per Share

Basic earnings (loss) per share (“Basic EPS”) is calculated by dividing the net earnings available to shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per shares is calculated using the treasury method of calculating the weighted average number of shares outstanding. The treasury method assumes that outstanding options with an average exercise price below the market price of the underlying units are exercised, and the assumed proceeds are used to repurchase shares of the Company at the average price of the shares for the period. After adjustments as defined in ASC 260, if the Company is in a net loss position, diluted loss per share is the same as basic loss per share when the issuance of shares on the exercise of convertible debentures, warrants, and share options are anti-dilutive.

Recently Issued Accounting Pronouncements Not Yet Adopted

Segment Reporting

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the impact on the consolidated financial statements and expects to adopt this guidance for our fiscal year ending December 31, 2024.

Income Taxes

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances income tax disclosures, primarily through changes to the rate reconciliation and disaggregation of income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact on the consolidated financial statements and expects to implement the provisions of ASU 2023-09 for our fiscal year ending December 31, 2025.


Gold Flora Corporation Notes to Interim Condensed Consolidated Financial Statements (Unaudited) (In USD, in thousands, except for share and per share data)

3. INVENTORY


	March 31, 2024		December 31, 2023
Raw materials	$	1,519	$	1,882
Work in progress	12,205		10,928
Finished goods	6,326		5,562
Total inventory	$	20,050	$	18,372

4. PREPAID AND OTHER CURRENT ASSETS


	March 31, 2024		December 31, 2023
Prepaid expenses	$	4,534	$	1,131
Prepaid rent	2,033		—
Prepaid insurance	967		1,808
Prepaid inventory	—		515
Prepaid deposits	2,756		2,711
Total prepaid expenses and other current assets	$	10,290	$	6,165

5. PROPERTY AND EQUIPMENT


	March 31, 2024		December 31, 2023
Machinery and equipment	$	15,426	$	15,290
IT equipment	3,765		3,753
Vehicles	824		824
Leasehold improvements	33,401		32,902
Furniture and fixtures	971		971
Assets under construction	110		106
Total property and equipment, gross	54,497		53,846
Less: Accumulated depreciation and amortization	(16,615)		(14,680)
Total property and equipment, net	$	37,882	$	39,166

Assets under construction represent construction in progress related to both cultivation, distribution and extraction facilities not yet completed or otherwise not ready for use.

Depreciation and amortization expense for the three months ended March 31, 2024 and 2023 totaled $1,935 and $861, of which $892 and $433, respectively, is included in cost of goods sold.


Gold Flora Corporation Notes to Interim Condensed Consolidated Financial Statements (Unaudited) (In USD, in thousands, except for share and per share data)

6. INTANGIBLE ASSETS

SEC Form 10-Q filed by Grana y Montero S.A.A.