Annual report [Section 13 and 15(d), not S-K Item 405]

Summary of Significant Accounting Policies (Tables)

v3.25.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Summary of Subsidiaries The Company’s subsidiaries and its interests in each are presented below as of December 31, 2024:

 

Name of Entity

 

 

Place of Incorporation

 

Interest

 

MPX Bioceutical ULC ("MPX ULC") (1)

 

 

Canada

 

 

100

%

MPX Luxembourg SARL (1)

 

 

Luxembourg

 

 

100

%

ABACA, Inc. (1)

 

 

Arizona, USA

 

 

100

%

Health For Life, Inc. (1)

 

 

Arizona, USA

 

 

100

%

iAnthus Arizona, LLC (“iA AZ”)

 

 

Arizona, USA

 

 

100

%

S8 Management, LLC (1)

 

 

Arizona, USA

 

 

100

%

S8 Rental Services, LLC (1)

 

 

Arizona, USA

 

 

100

%

Soothing Options, Inc. (1)

 

 

Arizona, USA

 

 

100

%

The Healing Center Wellness Center, Inc. (“THCWC”) (1)

 

 

Arizona, USA

 

 

100

%

Bergamot Properties, LLC

 

 

Colorado, USA

 

 

100

%

Scarlet Globemallow, LLC

 

 

Colorado, USA

 

 

100

%

iAnthus Capital Management, LLC (“ICM”)

 

 

Delaware, USA

 

 

100

%

GHHIA Management, Inc. (“GHHIA”)

 

 

Florida, USA

 

 

100

%

GrowHealthy Properties, LLC (“GHP”)

 

 

Florida, USA

 

 

100

%

iAnthus Holdings Florida, LLC (“IHF”)

 

 

Florida, USA

 

 

100

%

McCrory’s Sunny Hill Nursery, LLC (“McCrory’s”)

 

 

Florida, USA

 

 

100

%

iA IT, LLC

 

 

Illinois, USA

 

 

100

%

Budding Rose, Inc. (1)

 

 

Maryland, USA

 

 

100

%

GreenMart of Maryland, LLC (1)

 

 

Maryland, USA

 

 

100

%

LMS Wellness, Benefit, LLC (1)

 

 

Maryland, USA

 

 

100

%

Rosebud Organics, Inc. (1)

 

 

Maryland, USA

 

 

100

%

Fall River Development Company, LLC (1)

 

 

Massachusetts, USA

 

 

100

%

IMT, LLC (1)

 

 

Massachusetts, USA

 

 

100

%

Mayflower Medicinals, Inc. (2)

 

 

Massachusetts, USA

 

 

100

%

Pilgrim Rock Management, LLC

 

 

Massachusetts, USA

 

 

100

%

CGX Life Sciences, Inc. ("CGX") (1)

 

 

Nevada, USA

 

 

100

%

GreenMart of Nevada NLV, LLC (GMNV) (1)

 

 

Nevada, USA

 

 

100

%

GTL Holdings, LLC

 

 

New Jersey, USA

 

 

100

%

iA CBD, LLC (“iA CBD”)

 

 

New Jersey, USA

 

 

100

%

iAnthus New Jersey, LLC

 

 

New Jersey, USA

 

 

100

%

MPX New Jersey, LLC (1)

 

 

New Jersey, USA

 

 

100

%

Citiva Medical, LLC (“Citiva”)

 

 

New York, USA

 

 

100

%

iAnthus Empire Holdings, LLC

 

 

New York, USA

 

 

100

%

iAnthus Kentucky, LLC

 

 

Kentucky, USA

 

 

100

%

iAnthus Delaware, LLC

 

 

Delaware, USA

 

 

100

%

Cheetah Brand, LLC

 

 

Delaware, USA

 

 

100

%

 

(1)
Entities acquired as a part of the MPX Bioceutical Corporation (“MPX”) acquisition on February 5, 2019 (the “MPX Acquisition”).
(2)
Effective as of June 30, 2023, our two wholly-owned subsidiaries, Mayflower and Cannatech Medicinals, Inc. merged.
(3)
Formed as part of the Cheetah Acquisition (as defined in Note 4) on December 30, 2024.
Summary of Cash And Cash Equivalents Restricted Cash And Restricted Cash Equivalents

The following table summarizes a reconciliation of cash and restricted cash reported within the consolidated balance sheets to such amounts presented in the statements of cash flows:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

December 31, 2023

 

Cash

 

$

 

18,543

 

 

$

 

13,104

 

Restricted cash

 

 

 

556

 

 

 

 

71

 

Total cash and restricted cash presented in the statements of cash flows

 

$

 

19,099

 

 

$

 

13,175

 
Summary of Property Plant And Equipment Useful Life Depreciation is calculated on a straight-line basis over the estimated useful life as follows:

Buildings

20 - 25 years

Leasehold improvements

over the shorter of the initial term of the underlying lease plus any reasonably assured renewal terms, and the useful life of the asset

Production equipment

5 years

 

 

 

 

 

 

Processing equipment

5 years

 

 

 

 

 

 

Sales equipment

3 - 5 years

 

 

 

 

 

 

Office equipment

3 - 5 years

 

 

 

 

 

 

Land

not depreciated

 

 

 

 

 

 

Construction in progress

not depreciated
Schedule Of New Accounting Pronouncements AndChanges In Accounting Principles The effect of the adjustment on the line items within the Company’s consolidated statements of operations for the year ended December 31, 2023 is as follows:

Prior Year's Line item

Year Ended December 31, 2023

 

 

 

As Previously Restated

 

 

Amount Reclassified

 

 

As Adjusted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

$

 

78,326

 

 

$

 

(10,463

)

 

$

 

67,863

 

Income tax expense

 

$

 

16,700

 

 

$

 

10,463

 

 

$

 

27,163

 
Schedule of Effects of Reclassification Adjustment of Consolidated Statements of Operations and Cash Flows Line Items

The following table summarizes the effects of reclassification adjustments on the line items within the Company’s consolidated statements of operations:

Prior Year's Line item

Year Ended December 31, 2023

 

 

 

As Previously Restated

 

 

Amount Reclassified

 

 

As Reclassified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Recoveries), write-downs, and other charges, net

 

$

 

410

 

 

$

 

(512

)

 

$

 

(102

)

Interest and other income

 

$

 

(1,846

)

 

$

 

512

 

 

$

 

(1,334

)

The following table summarizes the effects of reclassification adjustments on the line items within the Company’s consolidated statements of cash flows:

 

Prior Year's Line item

Year Ended December 31, 2023

 

 

As Previously Restated

 

 

Amount Reclassified

 

 

As Reclassified

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

 

3,037

 

 

$

 

760

 

 

$

 

3,797

 

Change in operating assets and liabilities:

 

 

28,904

 

 

 

 

760

 

 

 

 

29,664

 

Investment in associates

 

 

—

 

 

 

 

(760

)

 

 

 

(760

)

Net cash used in investing activities

 

 

(3,630

)

 

 

 

(760

)

 

 

 

(4,390

)