Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

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

☐

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

(State or other jurisdiction

(I.R.S. Employer

incorporation or

organization)

	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

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 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, was approximately $3,256,000.

As of December 6, 2023, 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 project is permitted for over 800,000 sq. ft. of cannabis cultivation and processing infrastructure which is being developed in phases to support both the existing medical cannabis and the newly emerging adult-use cannabis marketplace.

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 company. AmeriCann generates revenue through lease arrangements with the operators that includes base rent and turnover rent (i.e., a revenue participation fee).

AmeriCann, through a 100% owned subsidiary, AmeriCann Brands, Inc., has received two licenses from the Massachusetts Cannabis 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. AmeriCann Brands plans to operate in Building 2 at the MCC. 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 the state-of-the-art facility.

AmeriCann may replicate the brands, technology and innovations developed at its MCC project to additional markets.

See “Massachusetts Cannabis Center” below for more information.

Massachusetts Cannabis Center

On October 17, 2016, we 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. We are developing the property as the Massachusetts Cannabis Center (“MCC”).

As part of a simultaneous transaction, 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 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; 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. The lease payments will be adjusted up (but not down) every five (5) years by any increase in the Consumer Price Index.

Plans for the MCC include the construction of sustainable greenhouse cultivation and processing facilities that will be leased to Registered Marijuana Dispensaries under the Massachusetts Medical Marijuana and Adult Use Programs

The Town of Freetown Planning Board has approved our site plan application for the MCC, which includes 824,449 square feet of infrastructure for cannabis cultivation, processing, product manufacturing and associated administration in Freetown's Industrial Park.

We are developing MCC in phases that will consist of eight different building sites. The buildings have been approved for the following approximate sizes:

Building 1:

30,862 square feet

Building 2:

64,941 square feet

Building 3:

172,800 square feet

Building 4:

162,200 square feet

Building 5:

162,200 square feet

Building 6:

162,200 square feet

Building 7:

59,246 square feet

Building 8:

10,000 square feet.

Building 1 is a fully-constructed and operational, state-of-the-art greenhouse cultivation and product manufacturing facility.

On July 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 Building 1 in February of 2020 and is licensed by the Massachusetts Cannabis Control Commission to cultivate, process and sell cannabis.

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.

Building 2 is the next phase of the MCC development where we plan to occupy space for cannabis cultivation and product manufacturing. Designs for Building 2 include 64,941 square feet of GMP certified product manufacturing and extraction capabilities.

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.

For the remainder of the project, we intend to enter into agreements with other licensed cannabis businesses in Massachusetts to occupy space in the MCC. We will generate revenue through lease arrangements with the operators that include base rents and revenue participation fee payments up to 15% of gross revenue generated from products produced at the MCC. We plan to replicate the brands, technology and innovations developed at the MCC to new markets.

Market Conditions

While the industry is growing rapidly, the 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.

Government Regulation

Marijuana is a Schedule-I controlled substance and is illegal under federal law. Even in those states in which the use of marijuana has been legalized, its use remains a violation of federal law.

A 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 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, 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.

Although 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 level. 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.

Competition

Currently, there are a number of other companies that are involved in the cannabis industry, many of which we consider to be our competition. Many of these 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 our competitors.

General

We were incorporated in Delaware on June 25, 2010. The Company changed its corporate domicile to Colorado in 2022.

Our 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.

As 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. As of November 30, 2023, Mr. 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 Pandemic

The Company believes 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 resources.

ITEM 1A.

RISK FACTORS

We 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. However, our activities are subject to significant risks and uncertainties including failure to secure funding to properly fund our business plan.

ITEM 1B.

UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 2.

PROPERTIES.

See Item 1. Business.

ITEM 3.

LEGAL PROCEEDINGS.

None

ITEM 4.

MINE SAFETY DISCLOSURES.

Not applicable

PART II

ITEM 5.

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

Our common stock 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:

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

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.

Our Articles of 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.

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

ITEM 6.

SELECTED FINANCIAL DATA.

Not applicable.

ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Results of Operations

Year Ended September 30, 2023 compared to the Year Ended September 30, 2022

Total Revenues

During 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 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.

Cost of Revenues

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.

Advertising and Marketing Expenses

Advertising and marketing expenses were $9,743 for the year ended September 30, 2023, as compared to $37,731 for the year ended September 30, 2022. The decrease is due to a decrease in marketing and social media costs.

Professional Fees

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.

General and Administrative Expenses

General and administrative expenses were $1,554,948 for the year ended September 30, 2023, as compared to $2,017,582 for the year ended September 30, 2022. The decrease is primarily a result of a decrease in stock compensation costs.

Interest Income

Interest income was $3,440 for the year ended September 30, 2023, as compared to $11,504 for the year ended September 30, 2022.

Interest Expense

Interest expense was $709,865 for the year ended September 30, 2023, as compared to $667,475 for the year ended September 30, 2022. The increase is primarily attributable to amortization of debt discounts.

Net Loss

We had a net loss 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. The decrease in net loss is primarily the result of a decrease in stock compensation expense offset by a decrease in revenues.

LIQUIDITY AND CAPITAL RESOURCES

Loans

On August 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.

The 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.

Sale of Common Stock and Warrants

Currently the company has 2,148,000 warrants issued and outstanding with exercise prices ranging from $1.25 to $1.50 and expiration dates ranging from August 2, 2024 to December 31, 2024 associated with transactions prior to October 1, 2019.

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

During the year ended September 30, 2022, we issued 195,651 shares of stock for services valued $90,000.

Contractual obligations

The Company leases land under an operating lease commencing October 17, 2016, 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, with the Company paying all real estate taxes, repairs, maintenance and insurance. The lease 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; 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. The Company received a credit for the $925,000 paid towards the purchase price of the land in the form of discounted lease payments. For the initial fifty (50) year term of the lease, the lease payments are reduced by $1,542 each month.

Analysis of Cash Flows

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.

Cash flows used in investing activities were $635,981 for the year ended September 30, 2023, consisting primarily of a new note receivable, additions to property and equipment and construction in progress, offset by payments received on notes receivable. Cash flows used in investing activities was $204,013 for the year ended September 30, 2022, consisting primarily of additions to construction in progress.

Cash flows used in financing activities were $150,000 for the year ended September 30, 2023, consisting of payments on note payable. Cash flows provided by financing activities was $0 for the year ended September 30, 2022.

Going concern

Management 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 financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Trends

The factors that will most significantly affect our future operating results, liquidity and capital resources will be:

	●	Government regulation of the cannabis industry;
	●	Revision of Federal banking regulations for the cannabis industry; and
	●	Legalization of the use of cannabis for medical or recreational use in other states.

Other than the foregoing, we do not know of any trends, events or uncertainties that have had, or are reasonably expected to have, a material impact on:

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

RECENT ACCOUNTING PRONOUNCEMENTS

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.

SIGNIFICANT ACCOUNTING POLICIES

Our significant accounting policies are set forth below. We have consistently applied these policies in all material respects.

Use of Estimates

The preparation of 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.

Cash and Cash Equivalents

Cash and 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.

Income Taxes

The Company 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 difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the 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 not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. 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 "more-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.

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

Concentration of Credit Risks and Significant Customers

Financial 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.

Financial Instruments and Fair Value of Financial Instruments

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.

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, 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:

	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.

The carrying 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, 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 Liabilities

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.

Operating leases

Effective October 1, 2019, we adopted ASC 842 Lease Accounting using the effective date method. Under the method, periods prior to adoption remain unchanged. We determine if an arrangement is a lease at 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 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.

Under the 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 not apply the recognition requirements of this standard to short-term leases (i.e. leases with terms of 12 months or less).

Long-lived assets

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 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, 2023 and 2022.

Property, Plant and Equipment

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 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 Equity Transactions

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.

Stock-Based Compensation

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 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

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 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.

Revenue Recognition

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, 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 Expense

Advertising, promotional and selling expenses consist of sales and marketing expenses, and promotional activity expenses. Expenses are recognized when incurred.

General and Administrative Expense

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

Loss per 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.

Basic 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 2023 and 2022 because the inclusion would have been anti-dilutive.

OFF-BALANCE SHEET ARRANGEMENTS

As of September 30, 2023, we did not have any off-consolidated balance sheet arrangements.

ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Attached.

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

ITEM 9A.

CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures

An 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-K. Disclosure controls 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.

Management’s Report on Internal Control Over Financial Reporting

Our 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 financial statements in accordance with generally accepted accounting principles in the United States and includes those policies and procedures that:

	(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.

We 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.

Remediation of Material Weaknesses

A material weakness is a 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 more than a remote likelihood that a material misstatement of the annual or interim consolidated financial statements will not be prevented or detected. While management believes that the Company’s consolidated financial statements previously filed in the Company’s SEC reports have been properly recorded and disclosed in accordance with US GAAP, we have designed and plan to implement, or in some cases have already implemented, the specific remediation initiatives described below:

We plan to obtain and hire additional accounting personnel, and continue to enhance our internal finance and accounting organizational structure.

We have hired a third-party consultant who has the required background and experience in accounting principles generally accepted in the United States of America and with SEC rules and regulations.

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.

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.

While we have not yet remediated these material weaknesses, we will continue our remediation efforts during fiscal 2024.

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.

Changes in Internal Control over Financial Reporting

No changes in 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.

ITEM 9B.

OTHER INFORMATION.

None.

PART III

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

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

The following is a brief summary of the background of each officer and director including their principal occupations during the past several years. All directors will serve until their successors are elected and qualified or until they are removed.

Timothy Keogh was appointed our Chief Executive Officer and a director on March 25, 2014. As our Chief Executive Officer, Mr. Keogh has developed sustainable practices and traditional horticultural approaches to the production of cannabis to benefit patients and adults (21+) 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.

Between November 2010 and November 2013 Mr. Keogh owned and managed Dock Promotions, LLC, a company which provided consulting services to waterfront developments and marinas in the areas of design, construction, and operations. Between 2003 and 2010, Mr. Keogh was the Director of Business Services for Marina Management Services, Inc., a corporation which provided management and consulting solutions to waterfront developments, marinas and boatyards throughout the Americas and the Caribbean.

Mr. Keogh was recognized by Marijuana Business Daily as one of the top entrepreneurs in the cannabis industry and continues to be an invited speaker at investment and cannabis industry events throughout the United States. 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.

J. Tyler Opel was appointed a director in January of 2019. Prior to joining AmeriCann, Mr. 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.

In March 25, 2014, we entered into an employment agreement with Mr. Keogh. The agreement with Mr. Keogh has since expired. Pursuant to the employment agreement, Strategic Capital Partners, LLC, our largest shareholder, sold 1,200,000 shares of our common stock to Mr. Keogh at a price of $0.001 per share.

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

Our directors serve until the next annual meeting of our shareholders and until their successors have been duly elected and qualified. Our officers serve at the discretion of our directors.

We believe our directors are qualified to act as such for the following reasons:

Timothy Keogh – experience in cannabis industry

Benjamin J. Barton – experience in the capital markets

J. Tyler Opel – experience in business and transaction law

Timothy Keogh and Benjamin J. Barton are not independent as that term is defined in Section 803 of the NYSE American Company Guide.

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

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.

Our Board of Directors believes that its current members have sufficient knowledge and experience to fulfill the duties and obligations of an audit committee. None of the current Board members is an “audit committee financial expert” within the meaning of the rules and regulations of the Securities and Exchange Commission. The Board has determined that each of its members is able to read and understand fundamental consolidated financial statements and has substantial business experience that results in that member’s financial sophistication.

Our 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.

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.

Security holder communications not sent to the Board of Directors as a whole or to specified board members will not be relayed to other board members.

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

				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	$	-	$	-

(1)	The fair value of stock issued for services computed on the date of grant.

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

ITEM 11.

EXECUTIVE COMPENSATION.

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

Name	Year	Salary		Bonus		Stock Awards (1)		Option Awards		All Other Compensation (2)		Total

Timothy Keogh	2023	$	180,000	$	-	$	-	$	-	$	-	$	180,000
Chief Executive Officer	2022	$	180,000	$	-	$	30,000	$	-	$	-	$	210,000

Benjamin J. Barton	2023	$	-	$	-	$	-	$	-	$	180,000	$	180,000
Chief Financial Officer	2022	$	-	$	-	$	30,000	$	-	$	180,000	$	210,000

(1)	The value of all stock awarded during the periods covered by the table calculated according to ASC 718-10-30-3, which represented the grant date fair value.

(2)	Consulting fees earned by Strategic Capital Partners, LLC, an entity controlled by Mr. Barton.

The following shows the amounts we expect to pay to our officers during the year ended September 30, 2024 and the amount of time these persons expect to devote to our business.

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	%

(1) represents amounts to be paid to Strategic Capital Partners, LLC, as consulting fees

Our executive officers are compensated through the following three components:

●

base salary;

●

long-term incentives (stock options and/or grants of stock); and

●

benefits.

These components provide a balanced mix of base compensation and compensation that is contingent upon the executive officer’s individual performance. A goal of the compensation program is to provide executive officers with a reasonable level of security through base salary and benefits. We want to ensure that our compensation program is 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 other publicly traded companies of comparable size. The executive officer’s responsibilities, experience, expertise and individual performance are also considered.

The Company has a Stock Incentive Plan (“the plan”) that provides for the grant of Incentive Stock Options, Non-Qualified Stock Options or Stock Bonuses to persons who are employees of the Company, employees of subsidiaries of the Company, directors, officers, and consultants. 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.

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.

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:

Plan

Total Shares

Reserved

Under the

Plan

Number of
Securities to

be Issued

Upon
Exercise

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 Company’s Stock Incentive Plan has not been approved by the Company’s shareholders.

The following shows certain information as of November 30, 2023 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.

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

ITEM 12.

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

The following table shows the ownership, as of November 30, 2023, of 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.

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	%

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

(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.

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

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

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

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 $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, 2016, we signed agreements with BASK (formerly Coastal Companion, 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 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.

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.

BASK has entered into a 15-Year NNN lease of Building 1 of the MCC. 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.

ITEM 14.

PRINCIPAL ACCOUNTING FEES AND SERVICES.

For the years ended September 30, 2023 and 2022, MaloneBailey, LLP served as our independent registered public accounting firm.

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.

	Year Ended September 30,
	2023		2022

Audit fees	$	88,310	$	67,000
Tax fees		-		-
Other		-		-
Total	$	88,310	$	67,000

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.

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

PART IV

ITEM 15.

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

Consolidated Financial Statements

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

Item 16.

Exhibits and Financial Statement Schedules

The following exhibits are filed with this Report:

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

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).

(1)	Incorporated by reference to Exhibit 3.1 filed with the Company’s Registration Statement on Form 10.

(2)	Incorporated by reference to same exhibit filed with Amendment No. 1 to the Company’s Registration Statement on Form S-1 (File #333-222207).

(3)	Incorporated by reference to same exhibit filed with the Company’s Registration Statement on Form S-1 (File #333-224256).

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

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of

AmeriCann, Inc.

Denver, CO

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of AmeriCann, Inc. and its 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.

Going Concern Matter

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.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our 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. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ MaloneBailey, LLP

www.malonebailey.com

We have served as the Company's auditor since 2016.

Houston, Texas

December 22, 2023

F-1

AMERICANN, INC.

CONSOLIDATED BALANCE SHEETS

	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

See accompanying notes to consolidated financial statements.

F-2

AMERICANN, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

	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

See accompanying notes to consolidated financial statements.

F-3

AMERICANN, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

									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

See accompanying notes to consolidated financial statements.

F-4

AMERICANN, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	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	$	-		$	-

See accompanying notes to consolidated financial statements.

F-5

AMERICANN, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1.

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

Description of Business

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.

On 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.

The Company's business plan is to design, develop, lease and operate state-of-the-art cultivation, processing and manufacturing facilities for licensed cannabis businesses throughout the United States.

The Company's activities are subject to significant risks and uncertainties including failure to secure funding to expand its operations.

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

All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.

Summary of Significant Accounting Policies

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s consolidated financial statements. The consolidated financial statements and notes are representations of the Company’s management, which is responsible for their 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 financial statements.

Principles of Consolidation

The consolidated 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 financial statements.

Use of Estimates

Cash and Cash Equivalents

Cash and 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.

Income Taxes

F-6

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

Concentration of Credit Risks and Significant Customers

Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash, notes receivable, deposits tenant receivables and notes receivable. We place our cash with high credit quality financial institutions. As of September 30, 2023 and 2022, we had outstanding notes receivable of $400,000 and $43,185, respectively and tenant receivables of $103,450 and $251,462, respectively, with BASK, Inc. ("BASK").

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

Financial Instruments and Fair Value of Financial Instruments

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.

	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.

The carrying 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.

Derivative Liabilities

F-7

Operating leases

Effective October 1, 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.

Long-Lived Assets

Our long-lived assets consisted of property, 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, 2023 and 2022.

Property, Plant and Equipment

	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

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

Equity Instruments Issued to Non-Employees for Acquiring Goods or Services

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.

F-8

Non-Cash Equity Transactions

Stock-Based Compensation

The Company 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.

Related Parties

Revenue Recognition

Effective October 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under the new standard, we recognize revenues when the following criteria are met: (i) persuasive evidence of a contract with a customer exists, (ii) identifiable performance obligations under the contract exist, (iii) the transaction price is determinable for each performance obligation, (iv) the transaction 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.

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, 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 Expense

Advertising, promotional and selling expenses consist of sales and marketing expenses, and promotional activity expenses. Expenses are recognized when incurred.

General and Administrative Expense

Loss per Share

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This may result in the earlier recognition of allowances for losses. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this standard on the financial statements.

Recently Issued Accounting Pronouncements

During the year ended September 30, 2023, there have been no new, or existing, recently issued accounting pronouncements that are of significance, or potential significance, that impact the Company’s consolidated financial statements.

F-9

NOTE 2.

GOING CONCERN

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.

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.

NOTE 3.

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

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

	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

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.

NOTE 4.

NOTES RECEIVABLE

Notes and other receivables as of September 30, 2023 and 2022, consisted of the following:

	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		$	-

F-10

NOTE 5.

NOTES PAYABLE

On 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”).

The 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 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 broker for the loan received a cash commission of $320,000 plus warrants to purchase 48,000 shares of the Company's common 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 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.

On 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.

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.

At September 30, 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.

February 2018 Convertible Note Offering

On February 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 6.

RELATED PARTY TRANSACTIONS

BASK. On April 7, 2016, we signed agreements with BASK. BASK is one of a limited number of organizations that has received a provisional or final registration to cultivate, process and sell medical and adult use cannabis by the Massachusetts Cannabis Control Commission.

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.

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.

F-11

On July 26, 2019, the Company entered into a 15-Year 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, 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.

SCP. On 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.

Accrued interest on the note was $0 and $4,303 at September 30, 2023 and September 30, 2022, respectively.

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

During the year ended September 30, 2023, the Company incurred $180,000 of consulting expenses with SCP and paid $247,500. As of 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.

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

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

NOTE 7.

LOSS PER SHARE

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

	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	)

As of September 30, 2023, we have excluded 1,700,000 of stock options and 2,148,000 of warrants from the computation of diluted net loss per share since the effects are anti-dilutive. As of September 30, 2022, we have excluded 1,700,000 of stock options and 4,026,650 of warrants and 100,000 shares that would be issued from conversion of outstanding convertible notes from the computation of diluted net loss per share since the effects are anti-dilutive.

NOTE 8.

INCOME TAXES

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. The Company accounts for income taxes pursuant to ASC Topic 740. The Company has made an early adoption of ASU 2015-17 Balance Sheet Classification of Deferred Taxes.

Deferred income taxes 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.

F-12

The components of the deferred income tax assets and liabilities arising under ASC Topic 740 were as follows:

	September 30,
	2023			2022

Deferred tax assets	$	2,539,487		$	2,651,840
Deferred tax liabilities		-			-
Valuation allowance		(2,539,487	)		(2,651,840	)

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:

	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	$	-		$	-		$	-		$	-

At 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).

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

	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	%

The Company’s income tax filings are subject to audit by various taxing authorities. The 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.

We recorded a valuation allowance against all of our deferred tax assets as of both September 30, 2023, and September 30, 2022. 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 anticipated future earnings, 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 valuation allowance will no longer be needed.

F-13

NOTE 9.

EQUITY

Preferred Stock

The Company has authorized 20,000,000 shares of $.0001 par value preferred stock. No preferred shares were outstanding at September 30, 2023 and 2022.

Common Stock

During the year ended September 30, 2023, we did not issue any stock.

During the year ended September 30, 2022, we issued 195,651 shares of stock for services valued $90,000.

Stock Options

On August 18, 2017, our board of directors adopted a stock incentive plan (“the plan”) that provides for the grant of Incentive Stock Options, Non-Qualified Stock Options or Stock Bonuses to persons who are employees of the Company, employees of subsidiaries of the Company, directors, officers, and consultants. 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.

In December 2021, the Company extended the expiration date of some stock options and recorded an additional stock option-based compensation expense of $119,346 based on the fair value established using the Black Scholes option pricing model.

Options Issuances in 2023

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

Options Issuances in 2022

The Company did not issue any options during the year ended September 30, 2022.

The following table shows the stock option activity for the years ended September 30, 2023 and 2022:

					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	$	-

F-14

Warrants

In December 2021, the Company extended the expiration date of certain warrants to December 31, 2024 and recorded a warrants revaluation expense based on a Black Sholes model calculation of $255,600.

Warrant Issuances in 2023

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

Warrant Issuances in 2022

The Company did not issue any warrants during the year ended September 30, 2022.

The following table shows the warrant activity for the years ended September 30, 2023 and 2022:

						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	$	-

NOTE 10.

COMMITMENTS AND CONTINGENCIES

Operating Leases

Land

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.

As part of a simultaneous transaction, the Company 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 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 lease, with the Company paying all real estate taxes, repairs, maintenance and insurance.

The lease payments will be the greater of (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. The lease payments will be adjusted up (but not down) every five (5) years by any increase in the Consumer Price Index.

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

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.

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.

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

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO RULES 13a-14(a)AND 15a-14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934

I, Timothy Keogh, certify that:

1. I have reviewed this Annual Report on Form 10-K for the period ended September 30, 2023 of AmeriCann, Inc.;

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

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

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

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

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

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

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

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

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

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 22, 2023

/s/ Timothy Keogh

Timothy Keogh

Principal Executive Officer

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO RULES 13a-14(a) AND 15a-14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934

I, Benjamin Barton, certify that:

1. I have reviewed this Annual Report on Form 10-K for the period ended September 30, 2023, of AmeriCann, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 22, 2023

/s/ Benjamin Barton

Benjamin Barton

Principal Financial Officer

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of AmeriCann, Inc. (the “Company”), for the year ended September 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), each of the undersigned, Timothy Keogh, principal executive officer of the Company, and Benjamin Barton, principal financial officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of their knowledge:

(1)

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

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

By:	/s/ Timothy Keogh
	Timothy Keogh
	Principal Executive Officer

Dated December 22, 2023

By:	/s/ Benjamin Barton
	Benjamin Barton
	Principal Financial Officer

Dated December 22, 2023

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Sep. 30, 2023	Dec. 06, 2023	Mar. 31, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-54231
Entity Registrant Name	AMERICANN, INC
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	27-4336843
Entity Address, Address Line One	1555 Blake Street, Unit 502
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	862-9000
Title of 12(g) Security	Common Stock, ($0.001 Par Value)
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3,256,000
Entity Common Stock, Shares Outstanding (in shares)		24,391,961
Auditor Firm ID	206
Auditor Name	MaloneBailey, LLP
Auditor Location	Houston, Texas
Entity Central Index Key	0001508348
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Sep. 30, 2022
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
Financing Receivable, after Allowance for Credit Loss, Noncurrent	337,884	0
Operating lease - right-of-use asset	6,708,843	6,778,085
Total assets	15,154,894	15,437,530
Current Liabilities:
Accounts payable and accrued expenses	87,247	193,170
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
Total current liabilities	5,243,148	499,529
Operating lease liability, long term	4,204,389	4,216,596
Total liabilities	9,447,537	9,635,418
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding	0	0
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
February 2018 Convertible Notes [Member]
Current Liabilities:
Notes payable	0	150,000
Related Party [Member]
Current Liabilities:
Accounts payable - related party	15,000	82,500
Note payable - related party	581,646	0
Notes payable (net of unamortized discounts of $0 and $162,353)	0	581,646
Nonrelated Party [Member]
Current Liabilities:
Notes payable	4,500,000	0
Notes payable (net of unamortized discounts of $0 and $162,353)	0	4,337,647
Construction in Progress [Member]
Assets
Construction in progress	371,682	338,977
Property Plant and Equipment Excluding Construction in Progress [Member]
Assets
Construction in progress	$ 6,402,531	$ 6,611,961

Consolidated Balance Sheets (Parentheticals) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Interest Payable, Related Party, Current	$ 0	$ 4,303
Debt Instrument, Unamortized Discount, Noncurrent	$ 0	$ 162,353
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized (in shares)	20,000,000	20,000,000
Preferred Stock, Shares Outstanding (in shares)	0	0
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized (in shares)	100,000,000	100,000,000
Common Stock, Shares, Issued (in shares)	24,391,961	24,391,961
Common Stock, Shares, Outstanding, Ending Balance (in shares)	24,391,961	24,391,961

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Rental income	$ 2,552,200	$ 2,520,555
Rental income - related party	0	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
Total other income (expense)	(706,425)	(655,971)
Net loss	$ (94,755)	$ (173,244)
Basic and diluted (loss) income per common share (in dollars per share)	$ (0)	$ (0.01)
Weighted average common shares outstanding (in shares)	24,391,961	24,333,911
Nonrelated Party [Member]
Other income (expense):
Interest expense	$ (657,517)	$ (615,127)
Related Party [Member]
Other income (expense):
Interest expense - related party	$ (52,348)	$ (52,348)

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balances at Sep. 30, 2021	$ 0	$ 2,420	$ 25,093,435
Balances (in shares) at Sep. 30, 2021		24,196,310		(19,585,445)	5,510,410
Stock Issued During Period, Value, Issued for Services	0		89,981	$ 0	$ 90,000
Stock Issued During Period, Shares, Issued for Services (in shares)		195,651			195,651
Warrants Extension	$ 0	$ 0	374,946	0	$ 374,946
Net loss				$ (173,244)	$ (173,244)
Shares, Outstanding (in shares) at Sep. 30, 2022		24,391,961		(19,758,689)	5,802,112
Balances at Sep. 30, 2022		$ 2,439	25,558,362		$ 5,802,112
Stock Issued During Period, Shares, Issued for Services (in shares)					0
Net loss				$ (94,755)	$ (94,755)
Shares, Outstanding (in shares) at Sep. 30, 2023	0	24,391,961
Balances at Sep. 30, 2023		$ 2,439	$ 25,558,362	$ (19,853,444)	$ 5,707,357

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2023	Sep. 30, 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	0	374,946
Stock issued for services	0	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	0	(251,462)
Prepaid expenses	39,351	(49,796)
Accounts payable and accrued expenses	(105,923)	3,150
Operating lease liability	(11,286)	(10,431)
Other payables	(2,247)	(3,516)
Net cash flows provided by (used in) 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)	0
Payments received on notes receivable - related party	43,185	41,564
Advances made on notes receivable	(400,000)	0
Net cash flows (used in) investing activities	(635,981)	(204,013)
Cash flows from financing activities:
Principal payments on notes payable	(150,000)	0
Net cash flows provided by financing activities	(150,000)	0
Net increase 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	0	0
Related Party [Member]
Changes in operating assets and liabilities:
Accounts payable - related party	(67,500)	(15,000)
Nonrelated Party [Member]
Changes in operating assets and liabilities:
Interest payable	$ (13,278)	$ (230)

Note 1 - Description of Business and Significant Accounting Policies

12 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

NOTE 1.

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

Description of Business

The Company's activities are subject to significant risks and uncertainties including failure to secure funding to expand its operations.

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

All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.

Summary of Significant Accounting Policies

Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Cash and 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.

Income Taxes

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

Concentration of Credit Risks and Significant Customers

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

Financial Instruments and Fair Value of Financial Instruments

	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.

The carrying 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.

Derivative Liabilities

Operating leases

Effective October 1, 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.

Long-Lived Assets

Property, Plant and Equipment

	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

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

Equity Instruments Issued to Non-Employees for Acquiring Goods or Services

Non-Cash Equity Transactions

Stock-Based Compensation

Related Parties

Revenue Recognition

Advertising Expense

Advertising, promotional and selling expenses consist of sales and marketing expenses, and promotional activity expenses. Expenses are recognized when incurred.

General and Administrative Expense

Loss per Share

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Note 2 - Going Concern

12 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Substantial Doubt about Going Concern [Text Block]

NOTE 2.

GOING CONCERN

Note 3 - Cash and Cash Equivalents and Restricted Cash

12 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Cash and Cash Equivalents Disclosure [Text Block]

NOTE 3.

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

	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

Note 4 - Notes Receivable

12 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 4.

NOTES RECEIVABLE

Notes and other receivables as of September 30, 2023 and 2022, consisted of the following:

	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 5 - Notes Payable

12 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 5.

NOTES PAYABLE

The 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 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.

February 2018 Convertible Note Offering

Note 6 - Related Party Transactions

12 Months Ended

Sep. 30, 2023

Notes to Financial Statements

NOTE 6.

RELATED PARTY TRANSACTIONS

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.

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.

Accrued interest on the note was $0 and $4,303 at September 30, 2023 and September 30, 2022, respectively.

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

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

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

Note 7 - Loss Per Share

12 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 7.

LOSS PER SHARE

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

	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	)

Note 8 - Income Taxes

12 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 8.

INCOME TAXES

The components of the deferred income tax assets and liabilities arising under ASC Topic 740 were as follows:

	September 30,
	2023			2022

Deferred tax assets	$	2,539,487		$	2,651,840
Deferred tax liabilities		-			-
Valuation allowance		(2,539,487	)		(2,651,840	)

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:

	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	$	-		$	-		$	-		$	-

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

	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	%

Note 9 - Equity

12 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Equity [Text Block]

NOTE 9.

EQUITY

Preferred Stock

The Company has authorized 20,000,000 shares of $.0001 par value preferred stock. No preferred shares were outstanding at September 30, 2023 and 2022.

Common Stock

During the year ended September 30, 2023, we did not issue any stock.

During the year ended September 30, 2022, we issued 195,651 shares of stock for services valued $90,000.

Stock Options

Options Issuances in 2023

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

Options Issuances in 2022

The Company did not issue any options during the year ended September 30, 2022.

The following table shows the stock option activity for the years ended September 30, 2023 and 2022:

					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	$	-

Warrants

In December 2021, the Company extended the expiration date of certain warrants to December 31, 2024 and recorded a warrants revaluation expense based on a Black Sholes model calculation of $255,600.

Warrant Issuances in 2023

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

Warrant Issuances in 2022

The Company did not issue any warrants during the year ended September 30, 2022.

The following table shows the warrant activity for the years ended September 30, 2023 and 2022:

						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	$	-

Note 10 - Commitments and Contingencies

12 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 10.

COMMITMENTS AND CONTINGENCIES

Operating Leases

Land

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

12 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

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.

Significant Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Cash and 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.

Income Tax, Policy [Policy Text Block]

Income Taxes

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

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risks and Significant Customers

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

Fair Value of Financial Instruments, Policy [Policy Text Block]

Financial Instruments and Fair Value of Financial Instruments

	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.

The carrying 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.

Derivatives, Policy [Policy Text Block]

Derivative Liabilities

Lessee, Leases [Policy Text Block]

Operating leases

Effective October 1, 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.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Long-Lived Assets

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment

	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

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

Commissions Expense, Policy [Policy Text Block]

Equity Instruments Issued to Non-Employees for Acquiring Goods or Services

Business Combinations and Other Purchase of Business Transactions, Policy [Policy Text Block]

Non-Cash Equity Transactions

Stock-Based Compensation

Collaborative Arrangement, Accounting Policy [Policy Text Block]

Related Parties

Revenue [Policy Text Block]

Revenue Recognition

Advertising Cost [Policy Text Block]

Advertising Expense

Advertising, promotional and selling expenses consist of sales and marketing expenses, and promotional activity expenses. Expenses are recognized when incurred.

Selling, General and Administrative Expenses, Policy [Policy Text Block]

General and Administrative Expense

Earnings Per Share, Policy [Policy Text Block]

Loss per Share

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Pronouncements

Note 1 - Description of Business and Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2023

Notes Tables

Property, Plant and Equipment [Table Text Block]

	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

Note 3 - Cash and Cash Equivalents and Restricted Cash (Tables)

12 Months Ended

Sep. 30, 2023

Notes Tables

Reconciliation of Cash, Cash Equivalents and Restricted Cash [Table Text Block]

	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

Note 4 - Notes Receivable (Tables)

12 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	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 7 - Loss Per Share (Tables)

12 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	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	)

Note 8 - Income Taxes (Tables)

12 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	September 30,
	2023			2022

Deferred tax assets	$	2,539,487		$	2,651,840
Deferred tax liabilities		-			-
Valuation allowance		(2,539,487	)		(2,651,840	)

Net deferred tax assets/(liabilities)		-			-

Schedule of Temporary Differences of Deferred Tax Assets and Liabilities [Table Text Block]

	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	$	-		$	-		$	-		$	-

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	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	%

Note 9 - Equity (Tables)

12 Months Ended

Sep. 30, 2023

Notes Tables

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

					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	$	-

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

						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	$	-

Note 10 - Commitments and Contingencies (Tables)

12 Months Ended

Sep. 30, 2023

Notes Tables

	As of September 30, 2023

Weighted average remaining lease term
Operating leases		43.00
Weighted average discount rate
Operating leases		7.9	%

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

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

Note 1 - Description of Business and Significant Accounting Policies (Details Textual)	12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jan. 17, 2014
Ownership Percentage, Transfered				93.00%
Unrecognized Tax Benefits, Ending Balance	$ 0	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total			$ 0
Financing Receivable, after Allowance for Credit Loss, Noncurrent	337,884	0
Tenant Receivable, Current	103,450	251,462
Impairment of Long-Lived Assets to be Disposed of	0	0
Depreciation	455,891	449,923
Property Lease, Unearned Revenue	$ 0	0
Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member]
Property, Plant and Equipment, Useful Life	20 years
Fair Value, Nonrecurring [Member]
Assets, Fair Value Disclosure, Total	$ 0
Fair Value, Recurring [Member]
Assets, Fair Value Disclosure, Total	$ 0	0
Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Number of Major Customers	1
BASK [Member]
Financing Receivable, after Allowance for Credit Loss, Noncurrent		400,000	43,185
Tenant Receivable, Current		$ 103,450	$ 251,462
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Open Tax Year			2018 2019 2020

Note 1 - Description of Business and Significant Accounting Policies - Property, Plant and Equipment, Net (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Buildings and improvements	$ 8,206,888	$ 7,960,427
Building and Building Improvements [Member]
Buildings and improvements	7,854,548	7,608,087
Computer Equipment [Member]
Buildings and improvements	349,576	349,576
Furniture and Equipment 1[Member]
Buildings and improvements	2,764	2,764
Property Plant and Equipment Excluding Construction in Progress [Member]
Accumulated depreciation	(1,804,357)	(1,348,466)
Construction in progress	$ 6,402,531	$ 6,611,961

Note 2 - Going Concern (Details Textual) - USD ($)	12 Months Ended
Note 2 - Going Concern (Details Textual) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Retained Earnings (Accumulated Deficit)	$ 19,853,444	$ 19,758,689
Net Income (Loss) Attributable to Parent	94,755	173,244
Net loss	$ (94,755)	$ (173,244)

Note 3 - Cash and Cash Equivalents and Restricted Cash - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Sep. 30, 2023	Sep. 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

Note 4 - Notes Receivable - Schedule of Notes Receivable (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Aug. 15, 2018
Note receivable from BASK, interest rate of 18.0%; monthly principal and interest payments of $4,422, maturing in 2023.	$ 337,884	$ 0
Note receivable from BASK, interest rate of 12.0%; monthly principal and interest payments of $8,898, maturing in 2028.	337,884	0
Notes and Other Receivables, Net	400,000	43,185
Less: Current portion	(62,116)	(43,185)
BASK [Member]
Note receivable from BASK, interest rate of 18.0%; monthly principal and interest payments of $4,422, maturing in 2023.	0	43,185	$ 129,634
Note receivable from BASK, interest rate of 12.0%; monthly principal and interest payments of $8,898, maturing in 2028.	0	43,185	$ 129,634
BASK [Member] \| Notes Receivable, Interest Maturity 2023 [Member]
Note receivable from BASK, interest rate of 18.0%; monthly principal and interest payments of $4,422, maturing in 2023.	0	43,185
Note receivable from BASK, interest rate of 12.0%; monthly principal and interest payments of $8,898, maturing in 2028.	0	43,185
BASK [Member] \| Notes Receivable, Interest Receivable 2028 [Member]
Note receivable from BASK, interest rate of 18.0%; monthly principal and interest payments of $4,422, maturing in 2023.	400,000	0
Note receivable from BASK, interest rate of 12.0%; monthly principal and interest payments of $8,898, maturing in 2028.	$ 400,000	$ 0

Note 4 - Notes Receivable - Schedule of Notes Receivable (Details) (Parentheticals) - BASK [Member] - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Aug. 15, 2018
Note Receivable, Interest Rate			18.00%
Notes Receivable, Interest Maturity 2023 [Member]
Note Receivable, Interest Rate		18.00%
Note Receivable, Periodic Payment		$ 4,422
Notes Receivable, Interest Maturity 2028 [Member]
Note Receivable, Interest Rate	12.00%
Note Receivable, Periodic Payment	$ 8,898

Note 5 - Notes Payable (Details Textual) - USD ($)				12 Months Ended
Note 5 - Notes Payable (Details Textual) - USD ($)	Oct. 05, 2022	Dec. 04, 2020	Aug. 02, 2019	Sep. 30, 2023	Sep. 30, 2022	Jul. 31, 2023	Dec. 31, 2022	Sep. 30, 2021	Feb. 12, 2018
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 1.33			$ 1.4
Class of Warrant or Right, Outstanding					2,148,000			4,026,650
Amortization of Debt Discount (Premium)				$ 162,353	$ 107,153
Interest Payable, Current				40,686	53,964
Promissory Notes [Member] \| Unrelated Party [Member]
Average Closing Price per Share			$ 4
Average Daily Volume Of Shares Trades			150,000
Payments of Debt Issuance Costs			$ 320,000
February 2018 Convertible Notes [Member]
Notes Payable, Current				0	150,000
Warrants Issued to Unrelated Parties Lenders [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			600,000
Warrants Issued to Unrelated Parties Lenders [Member] \| Promissory Notes [Member]
Class of Warrant or Right, Outstanding			600,000
Warrants and Rights Outstanding			$ 562,762
Warrants to Purchase Additional Shares [Member]
Debt Instrument, Convertible, Conversion Price			$ 1.5
Warrants Issued to Placement Agent [Member] \| Promissory Notes [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			48,000
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 1.5
Unrelated Party [Member]
Proceeds from Issuance of Long-Term Debt			$ 4,000,000
Debt Instrument, Interest Rate, Stated Percentage			11.00%
Unrelated Party [Member] \| Promissory Notes [Member]
Proceeds from Issuance of Long-Term Debt		$ 500,000
Debt Instrument, Unamortized Discount			$ 52,392	0
Notes Payable, Noncurrent				4,500,000
Amortization of Debt Discount (Premium)				162,353	107,153
Unrelated Party [Member] \| Promissory Notes [Member] \| Broker [Member]
Debt Instrument, Fee Amount		$ 40,000				$ 7,500
Accredited Investors [Member] \| February 2018 Convertible Notes [Member] \| Convertible Debt [Member]
Debt Instrument, Interest Rate, Stated Percentage									8.00%
Debt Instrument, Face Amount									$ 810,000
Repayments of Debt	$ 159,140
Notes Payable, Current				$ 0	$ 150,000		$ 150,000
Interest Payable, Current	$ 9,140

Note 6 - Related Party Transactions (Details Textual) - USD ($)			12 Months Ended
	Jul. 26, 2019	Aug. 15, 2018	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2019
Note receivable from BASK, interest rate of 18.0%; monthly principal and interest payments of $4,422, maturing in 2023.			$ 337,884	$ 0	$ 0
Lessee, Operating Lease, Term of Contract (Year)			43 years
Tenant Receivable, Current			$ 103,450	251,462	251,462
Interest Payable, Current			40,686	53,964	53,964
Operating Expenses			1,924,360		2,399,142
Operating Lease, Expense			481,375		475,249
Office Space in Denver, CO [Member]
Operating Lease, Expense			30,000	30,000
BASK [Member]
Note receivable from BASK, interest rate of 18.0%; monthly principal and interest payments of $4,422, maturing in 2023.		$ 129,634	0	43,185	43,185
Interest Receivable		$ 44,517
Note Receivable, Term		5 years
Note Receivable, Interest Rate		18.00%
Tenant Receivable, Current				103,450	103,450	$ 251,462
BASK [Member] \| Lease Agreement [Member]
Lessee, Operating Lease, Term of Contract (Year)	15 years
Annual Base Rent	$ 138,762
Operating Lease, Percentage of Leassee's Gross Revenue	15.00%
Tenant Receivable, Current			103,450
Strategic Capital Partners [Member]
Notes Payable, Current							$ 1,756,646
Strategic Capital Partners [Member] \| Promissory Note Two [Member]
Debt Instrument, Interest Rate, Stated Percentage							9.00%
Strategic Capital Partners [Member] \| Promissory Notes [Member]
Interest Payable, Current			0	4,303	4,303
Notes Payable			581,646
Strategic Capital Partners [Member] \| Consulting Services [Member]
Operating Expenses			180,000
Related Party Transaction, Amounts of Transaction			247,500
Accounts Payable			$ 15,000	$ 82,500	$ 82,500

Note 7 - Loss Per Share (Details Textual) - shares	12 Months Ended
Note 7 - Loss Per Share (Details Textual) - shares	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,700,000	1,700,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,148,000	4,026,650
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		100,000

Note 7 - Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Net loss attributable to common stockholders	$ (94,755)	$ (173,244)
Basic weighted average outstanding shares of common stock (in shares)	24,391,961	24,333,911
Dilutive effects of common share equivalents (in shares)	0	0
Dilutive weighted average outstanding shares of common stock (in shares)	24,391,961	24,333,911
Basic and diluted (loss) income per common share (in dollars per share)	$ (0)	$ (0.01)

Note 8 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
Note 8 - Income Taxes (Details Textual) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Operating Loss Carryforwards	$ 11,037,777	$ 11,383,482
Deferred Tax Assets, Tax Effect, Net Operating Loss and Other Temporary Differences	$ 2,539,487	2,651,840
Deferred Tax Assets, Valuation Allowance, Percent Offset	100.00%
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ (112,353)	$ (92,833)

Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Deferred tax assets	$ 2,539,487	$ 2,651,840
Deferred tax liabilities	0	0
Valuation allowance	(2,539,487)	(2,651,840)
Net deferred tax assets/(liabilities)	$ 0	$ 0

Note 8 - Income Taxes - Temporary Differences Between Basis and Reported Deferred Tax Assets (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Net operating loss	$ 94,755	$ 173,244
Net operating loss, tax effect	29,185	53,550
Net operating loss, tax effect	29,185	53,550
Tax impact true up, temporary difference	0	0
Tax impact true up, tax effect	0	0
Other temporary differences, temporary difference	(438,313)	(721,657)
Other temporary differences, tax effect	(135,000)	(223,064)
Net deferred tax assets, temporary difference	(343,558)	(548,413)
Net deferred tax assets, tax effect	(105,815)	(169,514)
Valuation allowance, temporary difference	343,558	548,413
Valuation allowance, tax effect	105,815	169,514
Total deferred tax asset	0	0
Deferred tax liabilities	0	0
Total net deferred tax asset	$ 0	$ 0

Note 8 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 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%

Note 9 - Equity (Details Textual) - USD ($)		12 Months Ended
Note 9 - Equity (Details Textual) - USD ($)	Dec. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Aug. 18, 2017
Preferred Stock, Shares Authorized		20,000,000	20,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Preferred Stock, Shares Outstanding (in shares)		0	0
Stock Issued During Period, Shares, Issued for Services (in shares)		0	195,651
Stock Issued During Period, Value, Issued for Services			$ 90,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)					0
Warrants Issued for Notes Amendment [Member]
Warrants Revaluation Expense				$ 255,600
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense	$ 119,346
Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized						2,500,000

Note 9 - Equity - Stock Option Activity (Details)	12 Months Ended
Note 9 - Equity - Stock Option Activity (Details)	Sep. 30, 2023 $ / shares shares
Shares Exercisable (in shares) \| shares	1,700,000
Exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 1.94
Exercisable, weighted average contractual term (Year)	4 years 8 months 12 days
Shares Outstanding (in shares) \| shares	1,700,000
Outstanding, weighted average exercise price (in dollars per share) \| $ / shares	$ 1.94
Outstanding, weighted average contractual term (Year)	3 years 4 months 24 days
Shares Vested and expected to vest (in shares) \| shares	1,700,000
Vested and expected to vest, weighted average exercise price (in dollars per share) \| $ / shares	$ 1.94
Vested and expected to vest, weighted average contractual term (Year)	3 years 4 months 24 days
Exercisable, weighted average contractual term (Year)	3 years 4 months 24 days

Note 9 - Equity - Warrant Activity (Details) - $ / shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Outstanding, warrants (in shares)	2,148,000	4,026,650
Outstanding, warrants, weighted average exercise price (in dollars per share)	$ 1.33	$ 1.4
Outstanding, warrants, weighted average remaining contract term (Year)	1 year 1 month 17 days	1 year 2 months 12 days
Expired, warrants (in shares)	(1,878,650)
Expired, warrants, weighted average exercise price (in dollars per share)	$ 1.48
Outstanding, warrants (in shares)		2,148,000
Outstanding, warrants, weighted average exercise price (in dollars per share)		$ 1.33
Exercisable, warrants (in shares)		2,148,000
Exercisable, warrants, weighted average exercise price (in dollars per share)		$ 1.33
Exercisable, warrants, weighted average remaining contract term (Year)	1 year 1 month 17 days

Note 10 - Commitments and Contingencies (Details Textual)			12 Months Ended
	Sep. 01, 2019	Oct. 17, 2016 USD ($) a	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Oct. 01, 2019 USD ($)
Lessee, Operating Lease, Term of Contract (Year)			43 years
Operating Lease, Right-of-Use Asset			$ 6,708,843	$ 6,778,085	$ 6,778,085	$ 6,980,957
Operating Lease, Liability			4,216,593			4,256,869
Operating Lease, Liability, Current			12,204	11,283	11,283
Operating Lease, Liability, Noncurrent			4,204,389	4,216,596	4,216,596
Operating Lease, Expense			481,375		$ 475,249
Office Space in Denver, CO [Member]
Operating Cash Flows from Operating Leases			341,450
Operating Leases, Monthly Payment			2,500
Operating Lease, Expense			$ 30,000	$ 30,000
BASK [Member]
Lessee, Operating Sublease, Term (Year)	15 years
Lessee, Operating Sublease, Percentage of Gross Revenues	15.00%
Sale Leaseback to MMP [Member]
Lessee, Operating Lease, Term of Contract (Year)		50 years
Lessee Leasing Arrangements, Operating Leases, Number of Renewal Periods		4
Lessee, Operating Lease, Renewal Term (Year)		10 years
Sale Leaseback Transaction, Monthly Rental Payments		$ 30,000
Sale Leaseback Transaction, Monthly Rental Payments, Per Square Foot		0.38
Sale Leaseback Transaction, Monthly Rental Payments, Percentage of Gross Monthly Sales		1.50%
Sale Leaseback Transaction, Monthly Rental Payments, Adjustment Period		5 years
Sale Leaseback to MMP [Member] \| Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset						2,724,088
Operating Lease, Liability, Total						$ 2,724,088
Massachusetts Land Purchase [Member]
Area of Land (Acre) \| a		52.6

Note 10 - Commitments and Contingencies - Lease Related Terms and Discount Rates (Details)	Sep. 30, 2023
Operating leases (Year)	43 years
Operating leases	7.90%

Note 10 - Commitments and Contingencies - Future Rental Payments Under Operating Leases (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Oct. 01, 2019
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)
Operating Lease, Liability	4,216,593		$ 4,256,869
Less: operating lease liability, current portion	(12,204)	$ (11,283)
Operating lease liability, long term	$ 4,204,389	$ 4,216,596

Note 11 - Subsequent Events (Details Textual)	Nov. 30, 2023 USD ($)
Subsequent Event [Member]
Loans Payable	$ 4,500,000

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