In the June update, following the 1st quarter numbers, we committed to provide management updates on a regular basis following the posting of our quarterly reports.
The mid-year report demonstrates that the company has maintained consistent revenue and has stabilized operations following the pandemic. Debt has been paid off in the last six months and no new loans or credit lines have been required to maintain operations.
During the six months ended June 30, 2022, the Company determined that certain items accounted for on its Balance Sheet were items that had been either fully amortized or were transactions that had been abandoned and were not impaired at the time of abandonment prior to December 31, 2020, when the Company began to focus on its consulting operations in the cannabis industry. As a result, these items have been impaired for their full value and the impairments taken to retained earnings. Management is continuing to research these issues to determine the final accounting treatments of these items.
We continue to focus and work on BLDV’s Four Strategic Pillars.
Enhance Investor Appeal, during the first half of 2022 we have focused on building the financial processes and reporting fundamentals as part of the foundation of BLDV. We have engaged additional third party accounting support during this important transition period. This will provide greater transparency to our investors and move us closer to audited statements using GAAP principles.
We continue to Strengthen the Business Model by using the investment in Technology Platforms to deliver client application solutions for Education and Licensing Support in multiple markets. This work will continue to include internal systems that will facilitate the ability to increase internal efficiency and scale operations.
Expanding the Portfolio The addition of ICS Consulting Service LLC as a wholly owned operating company of BLDV on August 1st 2022. marks a milestone in our portfolio expansion. As part of the acquisition, Jenny Germano, the President and Founder of ICS joins the BLDV family. Jenny brings 12 years of cannabis compliance experience to the team. Expanding the group with synergistic companies is an important part of the BLDV strategy.
Compliance is a critical activity for all cannabis operators. Adding these capabilities to the team expands our reach in existing and new markets. The combination of Harvest 360 and ICS Consulting provides synergistic value that we look forward to capitalizing on.
In addition we are continuing further talks with another potential acquisition with complementary core capabilities.
Advocating for Veterans Access and Social Fairness in the Cannabis Industry continues at BLDV with the expansion of the NEXTGEN by GrowGen social fairness accelerator program that is serving 25 micro-cultivation teams in New Jersey. NEXTGEN will now include workforce development efforts that will help Veterans in Missouri learn how to cultivate cannabis as
We are optimistic about both the direction the company is heading and in the company’s future.
Yale Peebles – Chief Executive Officer, Blue Diamond Ventures Inc.