Pineapple, Inc.
0.1234+0.00 (+0%)
Oct 29, 4:00:00 PM EDT · OTC Markets OTCPK · PNPL · USD
Key Stats
Market Cap
9.02MP/E (TTM)
-Basic EPS (TTM)
0.00Dividend Yield
0%Recent Filings
8-K
Suspends SEC filings for OTC reporting
Pineapple, Inc. filed Form 15 with the SEC on May 7, 2024, voluntarily suspending its Exchange Act reporting obligations after its former auditor, BF Borgers, faced a regulatory bar unrelated to the company. It will now provide quarterly and annual reports via OTC Markets' alternative standard to maintain public stock quotations. This cautious shift, driven by counsel's advice, preserves transparency while the firm secures a new PCAOB-registered auditor for eventual SEC refiling in 2025. Forward-looking plans hinge on regulatory and audit uncertainties.
8-K
Auditor switch and director exit
Pineapple Inc. saw its independent auditor Reliant CPA PC resign on January 16, 2024, after just five months on the job, with no disagreements on accounting or auditing matters. The board quickly tapped M.S. Madhava Rao as the new firm on January 22, 2024, following clean consultations. Earlier, on November 7, 2023, director Marco Rullo stepped down without disputes. Clean transitions signal steady governance.
10-Q
Q3 FY2023 results
Pineapple swung to a Q3 operating loss of $516,510, up 310% y/y, as sublease revenue hit $105,000 from two related-party deals while lease expenses climbed to $475,000 across ten properties—yet net loss narrowed sharply to $517,000 from $9.8M, dodging last year's massive $10.8M equity investment impairment. For the nine-month YTD, revenue edged up 13,568% y/y to $158,000 on subleases, but a $640,540 gross loss emerged from $798,130 in lease costs, driving a $1.0M net loss versus $9.3M last year; CBD sales stayed negligible at $90. Liquidity stays razor-thin with zero cash, $4,710 inventory, and $3.9M current liabilities including $1.6M lease obligations, offset by $910,000 due to affiliates and $66,000 related-party notes at 0%—no FCF disclosed. Acquired Pineapple Wellness in June for 1M shares, folding in its CBD e-commerce and retail lease under common control. Ongoing litigation over old revenue shares poses settlement risks.
10-Q
Q2 FY2023 results
Pineapple swung to a net loss of $439,581 in Q2 2023 ended June 30, from $136,756 income a year earlier, as sublease revenue of $6,900 trailed lease expenses of $287,134 on new office properties, while CBD sales dried up. Y/Y, six-month revenue jumped to $52,500 from $822, but gross loss hit $270,634 amid $323,134 costs; operating loss widened 85% to $479,764, with net loss of $507,100 versus $512,003 profit, the gap driven by absent equity-method income from a prior PVI stake. Lease deals ramped up, including a June 12 acquisition of Pineapple Wellness for 1,000,000 common shares, adding e-commerce and retail CBD potential. Cash ticked to $1,509 on $59,559 financing inflows, yet $3.0M current liabilities dwarf assets, signaling tight liquidity. Inventory impairment of $27,336 stung. Ongoing litigation risks linger.
8-K
Board appointment and COO exit
Pineapple, Inc. appointed Marco Rullo to its board on August 21, 2023, adding his 20 years of experience in strategy, team-building, and P&L management from cannabis and SaaS sectors. Rullo's compensation includes quarterly 10,000 restricted shares starting January 2024 and $1,500 monthly cash from September 2023. Meanwhile, COO Joshua Eisenberg resigned effective September 1, 2023, with no details disclosed. This shift bolsters strategic oversight amid leadership change.
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