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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarter ended November 30, 2023

 

TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _________ to ________

 

Commission file number: 333-213009

 

CANNABIS SUISSE CORP.

(Exact name of registrant as specified in its charter)

 

Nevada

 

6510

 

38-3993849

(State or other jurisdiction of

incorporation or organization)

 

(Primary Standard Industrial

Classification Code Number)

 

(I.R.S. Employer

Identification No.)

 

10 North Newnan Street, Suite A

Jacksonville, FL 32202

Phone: (904) 595 5820

(Address, including zip code, and telephone number,

including area code, of registrant’s principal executive offices)

 

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

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer”, “non-accelerated filer”, “emerging growth company” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one).

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

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

 

January 12, 2024 there were 46,254,938 shares outstanding of the registrant’s common stock.


i


 

TABLE OF CONTENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


ii


PART I - FINANCIAL INFORMATION

 

Item 1. Financial statements.

 

The accompanying condensed interim financial statements of Cannabis Suisse Corp. (the “Company”) should be read in conjunction with the 10-K that was filed with the United States Securities and Exchange Commission (the “SEC”). The accompanying Condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, since they are interim statements, the accompanying condensed financial statements do not include all the information and notes required by GAAP for complete financial statement presentation. In the opinion of management, the condensed interim financial statements reflect all adjustments (consisting of normal, recurring adjustments) that are necessary for a fair presentation of the financial position, results of operations, and cash flows for the interim periods presented. Interim results are not necessarily indicative of results for a full year.

 

In the opinion of management, the condensed financial statements contain all material adjustments, consisting only of normal adjustments considered necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


1


 

CANNABIS SUISSE CORP.

BALANCE SHEETS

 

November 30,

2023

 

May 31,

2023

 

(Unaudited)

 

 

ASSETS

 

 

 

 

 

Current Assets

 

 

 

 

 

Cash in Escrow Account

$

5,444

 

$

199

Prepaid Expenses

 

1,500

 

 

4,500

Total Current Assets

 

6,944

 

 

4,699

 

 

 

 

 

 

Property and Equipment, net

 

26,734

 

 

28,856

Operating Leases Right of Use Assets

 

261,432

 

 

312,748

 

 

 

 

 

 

TOTAL ASSETS

$

295,110

 

$

346,303

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ DEFICIT

 

 

 

 

 

Current Liabilities

 

 

 

 

 

Accounts Payable

$

8,900

 

$

10,770

Accrued Expenses

 

58,462

 

 

8,865

Advances From Related Parties

 

36,159

 

 

29,159

Convertible Notes Payable

 

135,000

 

 

135,000

Lease Liabilities - Short-term

 

181,456

 

 

149,997

Total Current Liabilities

 

419,977

 

 

333,791

 

 

 

 

 

 

Convertible Note Payable - Related Party

 

135,000

 

 

135,000

Lease Liabilities - Long-term

 

149,134

 

 

206,959

Total Liabilities

 

704,111

 

 

675,750

 

 

 

 

 

 

Commitments and Contingencies (Note 5)

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Deficit

 

 

 

 

 

Preferred Stock, par value $0.001; 20,000,000 shares

authorized, 5,000,000 shares issued and outstanding

 

5,000

 

 

5,000

Common Stock, par value $0.001; 250,000,000 shares

authorized, 46,254,938 and 44,254,938 shares issued and

outstanding as of Nov 30 and May 31, 2023, respectively

 

46,255

 

 

44,255

Additional Paid-In-Capital

 

1,073,589

 

 

1,055,589

Unearned Compensation

 

-

 

 

(20,000)

Accumulated Deficit

 

(1,533,845)

 

 

(1,414,291)

Total Stockholders’ Deficit

 

(409,001)

 

 

(329,447)

 

 

 

 

 

 

TOTAL LIABILITIES & STOCKHOLDERS’ DEFICIT

$

295,110

 

$

346,303

 

 

 

 

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


2


 

CANNABIS SUISSE CORP.

STATEMENTS OF OPERATIONS

(unaudited)

 

 

For the three months ended

November 30,

 

For the six months ended

November 30,

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

Rental income

$

7,500

 

$

-

 

$

15,000

 

$

-

Total Revenues

 

7,500

 

 

-

 

 

15,000

 

 

-

Cost of goods sold

 

6,874

 

 

-

 

 

13,749

 

 

-

Gross Profit

 

626

 

 

-

 

 

1,251

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

28,267

 

 

3,114

 

 

56,448

 

 

21,571

Professional fees

 

22,000

 

 

25,200

 

 

54,000

 

 

99,861

Depreciation

 

1,061

 

 

1,061

 

 

2,122

 

 

2,122

TOTAL OPERATING EXPENSES

 

51,328

 

 

29,375

 

 

112,570

 

 

123,554

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING LOSS

 

(50,702)

 

 

(29,375)

 

 

(111,319)

 

 

(123,554)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(4,095)

 

 

(675)

 

 

(8,235)

 

 

(675)

 

 

 

 

 

 

 

 

 

 

 

 

LOSS BEFORE INCOME TAXES

 

(54,797)

 

 

(30,050)

 

 

(119,554)

 

 

(124,229)

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

-

 

 

-

 

 

-

 

 

-

NET LOSS

$

(54,797)

 

$

(30,050)

 

$

(119,554)

 

$

(124,229)

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS PER SHARE: BASIC AND DILUTED

$

(0.00)

 

$

(0.00)

 

$

(0.00)

 

$

(0.00)

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF SHARES

OUTSTANDING:  BASIC AND DILUTED

 

45,837,356

 

 

40,654,938

 

 

45,041,823

 

 

40,654,938

 

 

 

 

 

 

 

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


3


CANNABIS SUISSE CORP.

STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

(unaudited)

 

 

Preferred Stock

Common Stock

 

 

 

 

Shares

Amount

Shares

Amount

Additional

Paid-In-

Capital

Unearned

Compensation

Accumulated

Deficit

Total

Stockholders’

Deficit

 

 

 

 

 

 

 

 

 

Balance, May 31, 2022

5,000,000

$

5,000

40,654,938

$

40,655

$

742,997

$

-

$

(1,062,744)

$

(274,092)

Conversion of Accrued Wages

to Equity

-

 

-

-

 

-

 

139,092

 

-

 

-

 

139,092

Contribution of Assets

-

 

-

-

 

-

 

33,100

 

-

 

-

 

33,100

Net loss

-

 

-

-

 

-

 

-

 

-

 

(94,179)

 

(94,179)

Balance, August 31, 2022

5,000,000

 

5,000

40,654,938

 

40,655

 

915,189

 

-

 

(1,156,923)

 

(196,079)

Net loss

-

 

-

-

 

-

 

-

 

-

 

(30,050)

 

(30,050)

Balance, November 30, 2022

5,000,000

$

5,000

40,654,938

$

40,655

$

915,189

$

-

$

(1,186,973)

$

(226,129)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, May 31, 2023

5,000,000

$

5,000

44,254,938

$

44,255

$

1,055,589

$

(20,000)

$

(1,414,291)

$

(329,447)

Amortization of unearned

compensation

-

 

-

-

 

-

 

-

 

10,000

 

-

 

10,000

Net loss

-

 

-

-

 

-

 

-

 

-

 

(64,757)

 

(64,757)

Balance, August 31, 2023

5,000,000

 

5,000

44,254,938

 

44,255

 

1,055,589

 

(10,000)

 

(1,479,048)

 

(384,204)

Cash for common stock

-

 

-

2,000,000

 

2,000

 

18,000

 

-

 

-

 

20,000

Amortization of unearned

compensation

-

 

-

-

 

-

 

-

 

10,000

 

-

 

10,000

Net loss

-

 

-

-

 

-

 

-

 

-

 

(54,797)

 

(54,797)

Balance, November 30, 2023

5,000,000

$

5,000

46,254,938

$

46,255

$

1,073,589

$

-

$

(1,533,845)

$

(409,001)

 

 

 

 

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


4


CANNABIS SUISSE CORP.

STATEMENTS OF CASH FLOWS

(unaudited)

 

 

For the six months ended

November 30,

2023

 

2022

OPERATING ACTIVITIES

 

 

 

 

 

Net loss

$

(119,554)

 

$

(124,229)

Adjustments to reconcile net loss to net cash provided by operations:

 

 

 

 

 

Depreciation and amortization

 

2,122

 

 

2,122

Stock based compensation

 

20,000

 

 

 

Operating lease expense

 

24,950

 

 

-

Changes in assets and liabilities:

 

 

 

 

 

Prepaid expenses

 

3,000

 

 

-

Accounts payable

 

(1,870)

 

 

22,679

Accrued expenses

 

49,597

 

 

3,147

Net cash used in Operating Activities

 

(21,755)

 

 

(96,281)

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

Advances from related parties

 

7,000

 

 

-

Payments to related parties

 

-

 

 

(380)

Proceeds from issuance of stock

 

20,000

 

 

-

Proceeds from convertible notes payable

 

-

 

 

135,000

Net cash provided by Financing Activities

 

27,000

 

 

134,620

 

 

 

 

 

 

Net cash increase (decrease) for period

 

5,245

 

 

38,339

Cash at beginning of period

 

199

 

 

-

Cash at end of period

$

5,444

 

$

38,339

 

 

 

 

 

 

SUPPLEMENTAL

 

 

 

 

 

Cash paid for taxes

$

-

 

$

-

Cash paid for interest

$

-

 

$

-

 

 

 

 

 

 

Noncash Investing and Financing Information

 

 

 

 

 

Conversion of accrued wages to equity

$

-

 

$

139,092

Contribution of assets

$

-

 

$

33,100

 

 

 

 

 

 

 

 

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


5


CANNABIS SUISSE CORP.

NOTES TO FINANCIAL STATEMENTS

(unaudited)


NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS

 

Cannabis Suisse Corp. (“Company”) was incorporated in the State of Nevada on February 26, 2016 to start business operations connected with production of paper made from elephant dung for making various stationery products and subsequent selling thereof.

 

On February 20, 2019, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Nevada Secretary of State which changed the Company’s name from Geant Corp. to Cannabis Suisse Corp. The Company was engaged in the business of production of OTC (over-the-counter) products - for example CBD oils, retail branded cigarettes and also some health-related supplements.

 

In late May 2022, the former shareholder signed an agreement to sell all his stock to Mr. Scott McAlister. The stock purchase agreement was closed in early June 2022. Since the ownership change, the Company started its real estate business, and in February 2023, the Company leased two properties and one of them has been leased out for rental revenue.

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

The summary of significant accounting policies of the Company is presented to assist in understanding the Company’s interim financial statements. The interim financial statements and notes are representations of the Company’s management, who is responsible for integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the unaudited financial statements.

 

The financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the interim periods. The results of operations for the six months ended November 30, 2023 are not necessarily indicative of the results to be expected for the year ending May 31, 2024.

 

The information included in this Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended May 31, 2023.

 

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, (GAAP). The Company’s year-end is May 31.

 

Use of Estimates

The preparation of the unaudited financial statements in conformity with GAAP 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 financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and Cash Equivalents

The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company has $5,444 and $199 of cash and cash equivalents in its escrow account as of November 30 and May 31, 2023, respectively. The funds in the escrow account can be released for the Company’s operations without restriction.

 

Property and equipment

Property and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets’ estimated useful lives, using the straight-line method. Estimated useful lives of the property and equipment are as follows:

 

Equipment, Furniture and Fixtures

5-10 years

 


6


CANNABIS SUISSE CORP.

NOTES TO FINANCIAL STATEMENTS

(unaudited)


The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statements of operations. The cost of maintenance and repairs is charged to the statements of operations as incurred, whereas significant renewals and betterments are capitalized.

 

Leases

The Company adheres to the accounting for leases under Accounting Standards Codification (ASC) 842 Lease Accounting and determines if an arrangement is a lease or contains a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, and lease liabilities (short term and long term) on the Company’s balance sheets.

 

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the 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. The Company uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

 

Impairment of Long-Lived Assets

The Company evaluates the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Our evaluation is based on an assessment of potential indicators of impairment, such as an adverse change in the business climate that could affect the value of an asset, current or forecasted operating or cash flow losses that demonstrate continuing losses associated with the use of an asset, and a current expectation that, more likely than not, an asset will be disposed of before the end of its previously estimated useful life. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

 

During the three and six months ended November 30, 2023 and 2022, the Company recognized an impairment of long-lived assets in the amount of $0.

 

Fair Value of Financial Instruments

 

ASC 820 Fair Value Measurements and Disclosures establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

 

These tiers include:

 

·Level 1:  defined as observable inputs such as quoted prices in active markets; 

·Level 2:  defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and 

·Level 3:  defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. 

 

The carrying value of the Company’s cash, other current assets, accounts payable, accrued expenses and advances from related parties approximates its fair value due to their short-term maturity.

 

Income Taxes

The Company accounts for its income taxes in accordance with ASC 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases and tax credits and carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income


7


CANNABIS SUISSE CORP.

NOTES TO FINANCIAL STATEMENTS

(unaudited)


in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date.

 

Rent Revenue Recognition

The Company recognizes rent revenue from the lease of its sub-leased properties in accordance with ASC 842, Leases. The sub-lease is categorized as an operating lease according to ASC criteria for the lease definitions. Rent revenue is recognized on a straight-line basis over the lease term, reflecting the pattern of the economic benefits derived from the lease.

 

The Company’s leases generally have fixed rental payments over the lease term, with occasional escalations based on predetermined factors. Rent revenue is recognized monthly as the lease fulfills its obligations under the lease agreement.

 

Any lease incentives or concessions provided to lessees, such as rent-free periods or tenant improvement allowances, are recognized as a reduction of rent revenue over the lease term.

 

For the three and six months ended November 30, 2023, the Company recognized rent revenue of $7,500 and $15,000, respectively, from its lease agreement. This amount represents the portion of the total lease payments earned over the lease term. No rent revenue was recognized for the three and six months ended November 30, 2022.

 

Cost of Goods Sold

Cost of goods sold includes direct costs of selling items, direct labor cost, rent expense and electricity.

 

Basic Income (Loss) Per Share

The Company computes income (loss) per share in accordance with ASC 260 Earnings per Share. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of November 30 and May 31, 2023, there were no potentially dilutive debt or equity instruments issued or outstanding.

 

Recent Accounting Pronouncements

There have been no recent accounting pronouncements or changes in accounting pronouncements during the six months ended November 30, 2023, that are of significance or potential significance to the Company.

 

NOTE 3 - GOING CONCERN

 

The accompanying financial statements have been prepared in conformity with GAAP, which contemplate continuation of the Company as a going concern.  However, the Company had limited revenues and recurring losses as of November 30, 2023. The Company has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern.

 

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

 

NOTE 4 - PROPERTY AND EQUIPMENT

 

Property and Equipment:

 

November 30, 2023

 

May 31, 2023

Office equipment

$

1,400

 

$

1,400

Furniture

 

31,700

 

 

31,700

Accumulated depreciation

 

(6,366)

 

 

(4,244)

  

$

26,734

 

$

28,856


8


CANNABIS SUISSE CORP.

NOTES TO FINANCIAL STATEMENTS

(unaudited)


 

For the three months ended November 30, 2023 and 2022, the Company recognized depreciation expense in the amount of $1,061. For the six months ended November 30, 2023 and 2022, the Company recognized depreciation expense in the amount of $2,122.

 

NOTE 5 - COMMITMENTS AND CONTINGENCIES

 

During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with ASC 450-20-50, Contingencies. The Company evaluates its exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If the Company determines that an unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals. As of November 30, 2023, the Company is not aware of any contingent liabilities that should be reflected in the financial statements.

 

NOTE 6 - RELATED PARTY TRANSACTIONS

 

In June 2022, the ownership changed, and the current major shareholder took the position of the president. For the three months ended November 30, 2023 and 2022, the current president advanced to the Company $2,500 and $37,670, respectively. For the six months ended November 30, 2023 and 2022, the current president advanced to the Company $7,000 and $97,870, respectively, of which $96,661 was included in the amount converted to the note payable (see Note 7 below).

 

In November 2022, the Company issued a convertible note payable to the major shareholder in the amount of $135,000 to pay off the funds advanced from and the operating expenses paid by the shareholder. See Note 7 Convertible Notes Payable for terms and conditions.

 

As of November 30 and May 31, 2023, the balances of advances from related parties were $36,159 and $29,159, respectively.

 

In June 2022, the major stockholder made contributions of office equipment and furniture to the Company. The total value of the contributions was $33,100.

 

In September 2023, the major shareholder paid $20,000 to the Company for 2,000,000 shares of common stock.

 

NOTE 7 - CONVERTIBLE NOTES PAYABLE

 

On April 1, 2021, Suneetha Nandana Silva Sudusinghe assigned Serhii Cherniienko $60,000 of his loan to Cannabis Suisse Corp. The Agreement contains a provision that allows Serhii Cherniienko to convert the loan to common stock at a fixed price of $0.01 per share. Beneficial conversion feature was $60,000. Of the $60,000, $30,000 was converted to equity in December 2021, and the rest of $30,000 was assigned to Okie LLC. In November 2022, Okie LLC assigned the convertible note to Clifford Koschnick for consideration.

 

On April 15, 2021, Suneetha Nandana Silva Sudusinghe assigned Noi Tech LLC $30,000 of his loan to Cannabis Suisse Corp. The Agreement contains a provision that allows Noi Tech LLC to convert the loan to common stock at a fixed price of $0.01 per share. Beneficial conversion feature was $30,000. The note was assigned to Okie LLC with a $10,000 discount in May 2022. In November 2022, Okie LLC assigned the convertible note to Clifford Koschnick for consideration.

 

In May 2022, Alain Parrik assigned his convertible note of $85,000 the Company owed him to Okie LLC. According to the note terms and conditions, the note can be converted to shares at a fixed price of $0.005 per share. In November 2022, Okie LLC assigned the convertible note to Scott McAlister for consideration.

 

In November 2022, the Company issued a convertible promissory note in the principle of $135,000 to the Company’s CEO for funds he has advanced the Company for expenses. The Note has a term of four years, the interest rate is 12% and the conversion price is $0.04 per share.

 

NOTE 8 - LEASES


9


CANNABIS SUISSE CORP.

NOTES TO FINANCIAL STATEMENTS

(unaudited)


 

In February 2023, the Company signed a lease to rent the office at 10 Newnan Street, Jacksonville, FL 32202, with 10 N Newnan LLC, a related party owned by our CEO. The lease commencement date is February 1, 2023 and the lease term is thirty-six months. Based on the criteria and according to ASC 842, the Right-of-Use (ROU) asset is $194,758, and the lease liability and lease commitment is also the same amount. The monthly base rental payment is $6,469, and the Company has the option to pay all or a portion of the rent in shares of its common stock.

 

In February 2023, the Company signed a lease to rent the property at 2652 Blanding Blvd, Jacksonville, FL 32210, with 2600 Blanding Blvd., LLC, a related party owned by our CEO. The lease commencement date is February 1, 2023 and the lease term is thirty-six months. Based on the criteria and according to ASC 842, the Right-of-Use (ROU) asset is $135,833, and the lease liability and lease commitment is also the same amount. The monthly base rental payment is $5,000 with incentives of free-rent for the first three months, and the Company has the option to pay all or a portion of the rent in shares of its common stock.

 

In February 2023, the Company signed a sub-lease as the lessor to rent a portion of the property at 2652 Blanding Blvd to a third party private company. The monthly rent is $2,500 which will bring rental revenue of $30,000 annually. The term of the sub-lease is one year from February 2023 to January 2024.

 

The total lease expenses for the six months ended November 30, 2023 were $66,313, including $13,749 recorded as cost of goods sold and $52,564 in general and administrative expenses in the statements of operations. The total lease expenses for the three months ended November 30, 2023 were $33,156, including $6,874 recorded as cost of goods sold and $28,262 in general and administrative expenses in the statements of operations.

 

The following table summarizes the presentation in the Company’s balance sheet of its operating leases.

 

 

 

As of

November 30, 2023

 

As of

May 31, 2023

Assets

 

 

 

 

Right-of-Use

 

$

261,432

 

$

312,748

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Lease liabilities - Short-term

 

$

181,456

 

$

149,997

Lease liabilities - Long-term

 

 

149,134

 

 

206,959

Total operating lease liabilities

 

$

330,590

 

$

356,956

 

 

 

 

 

 

 

Future minimum lease payments as of November 30, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease commitments

 

 

 

 

 

 

Dec 2023 - Nov 2024

 

$

206,803

 

$

-

Dec 2024 - Nov 2025

 

 

137,625

 

 

-

Dec 2025 - Jan 2026

 

 

22,938

 

 

-

 

 

 

 

 

 

 

Total undiscounted lease payments

 

 

367,367

 

 

-

Imputed interest

 

 

(36,776)

 

 

-

 

 

 

 

 

 

 

Total operating lease liabilities

 

$

330,590

 

$

-

 

NOTE 9 - STOCKHOLDERS’ EQUITY

 

On January 11, 2023, the Company issued 3,600,000 restricted shares at $0.04 per share to a consultant for services. The value of the 3,600,000 shares issued is $144,400, of which $144,400 has been earned as of November 30, 2023.

 

In September 2023, the Company's CEO paid $20,000 to the Company for 2,000,000 shares of common stock at a price of $0.01 per share.

 

NOTE 10 - INCOME TAXES


10


CANNABIS SUISSE CORP.

NOTES TO FINANCIAL STATEMENTS

(unaudited)


 

The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. As a result of the implementation of ASC 740-10-65-1, the Company recognized no increase in the liability for unrecognized tax benefits.

 

The Company has no tax position at November 30, 2023 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at November 30, 2023. The Company’s utilization of any net operating loss carryforward may be unlikely as a result of its intended activities.

 

The valuation allowance at November 30, 2023 was $222,596. The net change in valuation allowance as of November 30 and May 31, 2023, was $9,451. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.

 

Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of November 30 and May 31, 2023. All tax years since inception remain open for examination only by taxing authorities of US Federal and state of Nevada.

 

The Company has a net operating loss carryforward for tax purposes totaling $1,059,981 at November 30, 2023. According to current tax laws, the losses prior to 2018 can carryforward 20 years, and the losses in 2018 or later can carryforward indefinitely. The Company had losses of $43,526 prior to 2018 which can carryforward through fiscal year 2036. The losses of $1,016,455 in years of 2018 and later will carryforward indefinitely. There is a limitation on the amount of taxable income that can be offset by carryforwards after a change in control (generally greater than a 50% change in ownership).

 

The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate of 21% to the income tax amount recorded as of November 30 and May 31, 2023 are as follows:

 

November 30, 2023

 

May 31, 2023

Net operating loss carryforward

$

(1,059,981)

 

$

(1,014,975)

Effective tax rate

 

21%

 

 

21%

Deferred tax asset

 

222,596

 

 

213,145

Less: Valuation allowance

 

(222,596)

 

 

(213,145)

Net deferred asset

$

-

 

$

-

 

NOTE 11 - SUBSEQUENT EVENTS

 

In accordance with FASB 165 (ASC 855), Subsequent Events, the Company has analyzed its operations subsequent to November 30, 2023 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements except the following:

 

The Company from which we lease our corporate offices, which is owned by our CEO, discounted our annual rent beginning in February 2024, by fifty percent in return for a two year pre-payment of the rent.

 

In January the Company entered into a ground lease for an out parcel from a company owned by the Company's CEO. The term of the lease is three years and the monthly rent is $3,000. The total three-year rent payments have been discounted by fifty percent in return for a three year prepayment of the rent totaling $54,000.


11



Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

This quarterly report and other reports filed by Cannabis Suisse Corp. (Formerly Geant Corp.)  (“we,” “us,” “our,” or the “Company”), from time to time contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, the Company’s management as well as estimates and assumptions made by Company’s management. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. When used in the filings, the words “anticipate”, “believe”, “estimate”, “expect”, “future”, “intend”, “plan” or the negative of these terms and similar expressions as they relate to the Company or the Company’s management identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions, and other factors. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.

 

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These accounting principles require us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments, and assumptions are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our financial statements would be affected to the extent there are material differences between these estimates.

 

In General

 

In May 2022, a change in control took place that was effective in June 2022. As a result we had no operations and were no longer in any aspect of the cannabis industry. Since the change in control we are continuing to lay the groundwork for our business operations.

 

In February 2023, the Company signed a lease to rent the office at 10 Newnan Street, Jacksonville, FL 32202, with 10 N Newnan LLC, a related party owned by our CEO. The lease commencement date is February 1, 2023 and the lease term is thirty-six months. Also in February 2023, the Company signed a lease to rent the property at 2652 Blanding Blvd, Jacksonville, FL 32210, with 2600 Blanding Blvd., LLC, a related party Owned by our CEO. The lease commencement date is February 1, 2023 and the lease term is thirty-six months. The Company signed a sub-lease as the lessor to rent a portion of the property at 2652 Blanding Blvd to a third party private company for one year from February 1, 2023 to January 31, 2024.

 

Research and Development Expenditures

 

We have not incurred any research expenditures since our incorporation.

 

Bankruptcy or Similar Proceedings

 

There has been no bankruptcy, receivership or similar proceeding.

 

Employees; Identification of Certain Significant Employees

 

We currently do not have any employees. Our CEO/CFO acts as a consultant to the Company.

 

Results of Operations for the three months ended November 30, 2023 and 2022:

 

Revenue and Cost of Goods Sold

 

For the three months ended November 30, 2023, the Company generated total revenue of $7,500 from renting. The cost of goods sold for the three months ended November 30, 2023 was $6,874.

 

For the three months ended November 30, 2022, the Company generated total revenue of $0. The cost of goods sold for the three months ended November 30, 2022 was $0.


12



For the six months ended November 30, 2023, the Company generated total revenue of $15,000 from renting. The cost of goods sold for the six months ended November 30, 2023 was $13,749.

 

For the six months ended November 30, 2022, the Company generated total revenue of $0 from selling products to the customers. The cost of goods sold for the six months ended November 30, 2022 was $0.

 

The increase in revenues and cost of goods sold is due to the fact that the Company started its renting business in February 2023.

 

Operating expenses

 

Total operating expenses for the three months ended November 30, 2023, were $51,328. The operating expenses for the three months ended November 30, 2023, included professional fees of $22,000; depreciation expense of $1,061; and general and administrative expenses of $28,267.

 

Total operating expenses for the three months ended November 30, 2022, were $29,375. The operating expenses for the three months ended November 30, 2022, included professional fees of $25,200; depreciation expense of $1,061 and general and administrative expenses of $3,114.

 

The increase of $21,953 in operating expenses was mainly due to the increase of $26,828 of rent expenses.

 

Total operating expenses for the six months ended November 30, 2023, were $112,570. The operating expenses for the six months ended November 30, 2023, included professional fees of $54,000; depreciation expense of $2,122; and general and administrative expenses of $56,448.

 

Total operating expenses for the six months ended November 30, 2022, were $123,554. The operating expenses for the six months ended November 30, 2022, included professional fees of $99,861; depreciation expense of $2,122 and general and administrative expenses of $21,571.

 

The decrease of $10,984 in operating expenses is mainly related to the decrease of professional fees of $45,861, although there was an increase of renting expenses of $52,563. The decrease of the professional fees for the six months ended November 30, 2023 was due to the ownership change in June 2022 with more professional services needed for the increase of regulatory filings and related legal services.

 

Other expenses

 

Total other expenses for the three months ended November 30, 2023 and 2022 were $4,095 and $675, respectively. The other expenses were interest expenses.

 

The increase in other expenses for the three months ended November 30, 2023 was due to the increase of the interest expenses. The Company started to pay interest from November 2022, when the Company issued a convertible promissory note.

 

Total other expenses for the six months ended November 30, 2023 and 2022 were $8,235 and $675, respectively. The other expenses were interest expenses.

 

The increase in other expenses was due to the same reason as explained above.

 

Net Loss

 

The net loss for the three months ended November 30, 2023 and 2022 was $54,797 and $30,050, respectively.

The increase of $24,747 was due to the increase of rent expense.

 

The net loss for the six months ended November 30, 2023 and 2022 was $119,554 and $124,229, respectively.

 

The loss decrease of $4,675 was due to the reduction of professional fees of $45,861, although there was an increase of rent expense of $52,563.


13



Liquidity and Capital Resources and Cash Requirements

 

As of November 30, 2023, the Company had cash in escrow of $5,444. Furthermore, the Company had a working capital deficit of $413,033.

 

During the six months ended November 30, 2023 and 2022, the Company used $21,755 and $96,281 of cash in operating activities respectively. The change in cash used in operating activities is mainly related to the accrual of lease expenses of $24,950.

 

During the six months ended November 30, 2023 and 2022, the Company had no investing activities.

 

During the six months ended November 30, 2023 and 2022, the Company was provided $27,000 and $134,620 of cash in financing activities respectively, which mainly came from advances from related party and proceeds from the issuance of common stock.

 

Subsequent to the period, the company from which we lease our corporate offices, which is owned by our CEO, discounted our annual rent beginning in February 2024, by fifty percent in return for a two year pre-payment of the rent.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.

 

Item 4. Controls and Procedures.

 

Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures, as defined in Rule 13a‐15(e) promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

 

We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of November 30, 2023. Based on the evaluation of these disclosure controls and procedures, and in light of the material weaknesses found in our internal controls over financial reporting, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective.

 

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of November 30, 2023, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.

 

1.We do not have an Audit Committee - While not being legally obligated to have an audit committee, it is the management’s view that such a committee, including a financial expert member, is an utmost important entity level control over the Company’s financial statement. Currently the Board of Directors acts in the capacity of the Audit Committee and does not include a member that is considered to be independent of management to provide the necessary oversight over management’s activities. 

 

2.We did not implement appropriate information technology controls - As of November 30, 2023, the Company retains copies of all financial data and material agreements; however, there is no formal procedure or evidence of normal backup of the Company’s data or off-site storage of data in the event of theft, misplacement, or loss due to unmitigated factors. 


14



Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company’s internal controls.

 

As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of November 30, 2023, based on criteria established in Internal Control- Integrated Framework issued by COSO-2013.

 

Changes in Internal Controls over Financial Reporting

 

There has been no change in our internal control over financial reporting occurred during our third fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


15



PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

We know of no legal proceedings to which we are a party or to which any of our property is the subject which are pending, threatened or contemplated or any unsatisfied judgments against us.

 

Item 1A. Risk Factors.

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosure.

 

Not applicable to our Company.

 

Item 5. Other Information.

 

There is no other information required to be disclosed under this item which was not previously disclosed.

 

Item 6. Exhibits.

 

The following exhibits are included as part of this report by reference:

 

Exhibit

 

 

Number

 

Exhibit Description

 

 

 

31.1

 

Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

31.2

 

Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

32.1

 

Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

32.2

 

Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

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)

 


16



SIGNATURES

 

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on January 12, 2024.

 

 

 

CANNABIS SUISSE CORP.

 

 

 

 

By:

/s/ Scott McAlister

 

Name:

Scott McAlister

 

Title:

Chief Executive Officer

 

 

In accordance with the Exchange Act, this report has been signed by the following person on behalf of the registrant in the capacities and on the date indicated.

 

January 12, 2024

By:/s/ Scott McAlister

Name Scott McAlister

Chief Executive Officer, Chief Financial Offer (principal accounting officer)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


17

EXHIBIT 31.1

 

CANNIBUS SUISSE CORP.

CERTIFICATIONS

 

I, Scott McAlister, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Cannabis Suisse Corp.; 

 

2.Based on my knowledge, this quarterly 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 quarterly report; 

 

3.Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly report; 

 

4.I am 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 my supervision, to ensure that material information relating to registrant, including its subsidiaries, is made known to me by others within those entities, particularly during the period in which this quarterly report is being prepared; 

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my 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 quarterly report my 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 that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 

 

5.I have disclosed, based on my 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. 

 

January 12, 2024

By:

/s/ Scott McAlister

 

 

Scott McAlister

 

 

Chief Executive Officer

 

EXHIBIT 31.2

 

CANNIBUS SUISSE CORP.

CERTIFICATIONS

 

I, Scott McAlister, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Cannabis Suisse Corp.; 

 

2.Based on my knowledge, this quarterly 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 quarterly report; 

 

3.Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly report; 

 

4.I am 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 my supervision, to ensure that material information relating to registrant, including its subsidiaries, is made known to me by others within those entities, particularly during the period in which this quarterly report is being prepared; 

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my 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 quarterly report my 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 that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 

 

5.I have disclosed, based on my 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. 

 

January 12, 2024

By:

/s/ Scott McAlister

 

 

Scott McAlister

 

 

Chief Financial Officer, Principal Accounting Officer

 

EXHIBIT 32.1

 

CERTIFICATION REQUIRED BY

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Cannabis Suisse Corp. (the “Company”) on Form 10-Q for the quarterly period ended November 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(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 results of operations of the Company. 

 

 

January 12, 2024

By:

/s/ Scott McAlister

 

 

Scott McAlister

 

 

Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT 32.2

 

CERTIFICATION REQUIRED BY

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Cannabis Suisse Corp. (the “Company”) on Form 10-Q for the quarterly period ended November 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(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 results of operations of the Company. 

 

 

January 12, 2024

By:

/s/ Scott McAlister

 

 

Scott McAlister

 

 

Chief Financial Officer, Principal Accounting Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

v3.23.4
Document and Entity Information - shares
6 Months Ended
Nov. 30, 2023
Jan. 12, 2024
Details    
Registrant CIK 0001680132  
Fiscal Year End --05-31  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Nov. 30, 2023  
Document Transition Report false  
Entity File Number 333-213009  
Entity Registrant Name CANNABIS SUISSE CORP.  
Entity Incorporation, State or Country Code NV  
Entity Tax Identification Number 38-3993849  
Entity Address, Address Line One 10 North Newnan Street, Suite A  
Entity Address, City or Town Jacksonville  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 32202  
City Area Code 904  
Local Phone Number 595 5820  
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  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   46,254,938
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
v3.23.4
BALANCE SHEETS - USD ($)
Nov. 30, 2023
May 31, 2023
Current Assets    
Cash in Escrow Account $ 5,444 $ 199
Prepaid Expenses 1,500 4,500
Total Current Assets 6,944 4,699
Property and Equipment, net 26,734 28,856
Operating Leases Right of Use Assets 261,432 312,748
TOTAL ASSETS 295,110 346,303
Current Liabilities    
Accounts Payable 8,900 10,770
Accrued Expenses 58,462 8,865
Advances From Related Parties 36,159 29,159
Convertible Notes Payable 135,000 135,000
Lease Liabilities - Short-term 181,456 149,997
Total Current Liabilities 419,977 333,791
Convertible Note Payable - Related Party 135,000 135,000
Operating Lease Liabilities - Long-term 149,134 206,959
Total Liabilities 704,111 675,750
Stockholders' Deficit    
Preferred Stock Value 5,000 5,000
Common Stock, par value $0.001; 250,000,000 shares authorized, 46,254,938 and 44,254,938 shares issued and outstanding as of Nov 30 and May 31, 2023, respectively 46,255 44,255
Additional Paid-In-Capital 1,073,589 1,055,589
Unearned Compensations 0 (20,000)
Accumulated Deficit (1,533,845) (1,414,291)
Total Stockholders' Deficit (409,001) (329,447)
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT $ 295,110 $ 346,303
v3.23.4
BALANCE SHEETS - Parenthetical - $ / shares
Nov. 30, 2023
May 31, 2023
BALANCE SHEETS    
Preferred Stock, Par or Stated Value Per Share $ 0.001 $ 0.001
Preferred Stock, Shares Authorized 20,000,000 20,000,000
Preferred Stock, Shares Issued 5,000,000  
Common Stock, Par or Stated Value Per Share $ 0.001 $ 0.001
Common Stock, Shares Authorized 250,000,000 250,000,000
Common Stock, Shares, Issued 46,254,938 44,254,938
v3.23.4
STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Nov. 30, 2023
Nov. 30, 2022
REVENUES        
Revenue $ 7,500 $ 0 $ 15,000 $ 0
Cost of Revenues 6,874 0 13,749 0
Gross Profit 626 0 1,251 0
OPERATING EXPENSES        
General and administrative expenses 28,267 3,114 56,448 21,571
Professional fees 22,000 25,200 54,000 99,861
Depreciation 1,061 1,061 2,122 2,122
TOTAL OPERATING EXPENSES 51,328 29,375 112,570 123,554
OPERATING LOSS (50,702) (29,375) (111,319) (123,554)
Interest expense, net (4,095) (675) (8,235) (675)
LOSS BEFORE INCOME TAXES (54,797) (30,050) (119,554) (124,229)
Provision for income taxes 0 0 0 0
NET LOSS $ (54,797) $ (30,050) $ (119,554) $ (124,229)
NET LOSS PER SHARE: BASIC AND DILUTED $ (0.00) $ (0.00) $ (0.00) $ (0.00)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED 45,837,356 40,654,938 45,041,823 40,654,938
Rental Income        
REVENUES        
Revenue $ 7,500 $ 0 $ 15,000 $ 0
v3.23.4
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
Preferred Stock
Common Stock
Additional Paid-in Capital
Deferred Compensation, Share-Based Payments
Retained Earnings
Total
Equity Balance at May. 31, 2022 $ 5,000 $ 40,655 $ 742,997 $ 0 $ (1,062,744) $ (274,092)
Equity Balance, Shares at May. 31, 2022 5,000,000 40,654,938        
Conversion of Accrued Wages to Equity $ 0 $ 0 139,092 0 0 139,092
Contribution of assets 0 0 33,100 0 0 33,100
Net income (loss) for the period 0 0 0 0 (94,179) (94,179)
Equity Balance at Aug. 31, 2022 $ 5,000 $ 40,655 915,189 0 (1,156,923) (196,079)
Equity Balance, Shares at Aug. 31, 2022 5,000,000 40,654,938        
Equity Balance at May. 31, 2022 $ 5,000 $ 40,655 742,997 0 (1,062,744) (274,092)
Equity Balance, Shares at May. 31, 2022 5,000,000 40,654,938        
Contribution of assets           33,100
Net income (loss) for the period           (124,229)
Equity Balance at Nov. 30, 2022 $ 5,000 $ 40,655 915,189 0 (1,186,973) (226,129)
Equity Balance, Shares at Nov. 30, 2022 5,000,000 40,654,938        
Equity Balance at Aug. 31, 2022 $ 5,000 $ 40,655 915,189 0 (1,156,923) (196,079)
Equity Balance, Shares at Aug. 31, 2022 5,000,000 40,654,938        
Net income (loss) for the period $ 0 $ 0 0 0 (30,050) (30,050)
Equity Balance at Nov. 30, 2022 $ 5,000 $ 40,655 915,189 0 (1,186,973) (226,129)
Equity Balance, Shares at Nov. 30, 2022 5,000,000 40,654,938        
Equity Balance at May. 31, 2023 $ 5,000 $ 44,255 1,055,589 (20,000) (1,414,291) (329,447)
Equity Balance, Shares at May. 31, 2023 5,000,000 44,254,938        
Net income (loss) for the period $ 0 $ 0 0 0 (64,757) (64,757)
Equity Balance at Aug. 31, 2023 $ 5,000 $ 44,255 1,055,589 (10,000) (1,479,048) (384,204)
Equity Balance, Shares at Aug. 31, 2023 5,000,000 44,254,938        
Amortization of unearned compensation $ 0 $ 0 0 10,000 0 10,000
Equity Balance at May. 31, 2023 $ 5,000 $ 44,255 1,055,589 (20,000) (1,414,291) (329,447)
Equity Balance, Shares at May. 31, 2023 5,000,000 44,254,938        
Contribution of assets           0
Net income (loss) for the period           (119,554)
Equity Balance at Nov. 30, 2023 $ 5,000 $ 46,255 1,073,589 0 (1,533,845) (409,001)
Equity Balance, Shares at Nov. 30, 2023 5,000,000 46,254,938        
Equity Balance at Aug. 31, 2023 $ 5,000 $ 44,255 1,055,589 (10,000) (1,479,048) (384,204)
Equity Balance, Shares at Aug. 31, 2023 5,000,000 44,254,938        
Net income (loss) for the period $ 0 $ 0 0 0 (54,797) (54,797)
Equity Balance at Nov. 30, 2023 $ 5,000 $ 46,255 1,073,589 0 (1,533,845) (409,001)
Equity Balance, Shares at Nov. 30, 2023 5,000,000 46,254,938        
Amortization of unearned compensation $ 0 $ 0 0 10,000 0 10,000
Issuance of common stock, value $ 0 $ 2,000 $ 18,000 $ 0 $ 0 $ 20,000
Issuance of common stock, shares 0 2,000,000       2,000,000
v3.23.4
STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Nov. 30, 2023
Aug. 31, 2023
Nov. 30, 2022
Aug. 31, 2022
Nov. 30, 2023
Nov. 30, 2022
May 31, 2023
Cash Flows from Operating Activities              
Net Income (Loss) $ (54,797) $ (64,757) $ (30,050) $ (94,179) $ (119,554) $ (124,229)  
Adjustments to reconcile net loss to net cash provided by operations              
Depreciation and amortization, cash flows         2,122 2,122  
Stock Payment for Services         20,000    
Operating lease liabilities, cash flows         24,950 0  
Increase (decrease) in prepaid expenses         3,000 0  
Increase (decrease) in accounts payable         (1,870) 22,679  
Increase (decrease) in accrued expenses         49,597 3,147  
Net cash used in Operating Activities         (21,755) (96,281)  
Net Cash Flows from Financing Activities              
Proceeds from related party advances         7,000 0  
Payments to related parties         0 (380)  
Proceeds from issuance of stock         20,000 0  
Proceeds from convertible debt         0 135,000  
Net cash provided by Financing Activities         27,000 134,620  
Net cash increase (decrease) for period         5,245 38,339  
Cash at beginning of period   $ 199   0 199 0 $ 0
Cash at end of period $ 5,444   $ 38,339   5,444 38,339 $ 199
SUPPLEMENTAL              
Cash paid for taxes         0 0  
Cash paid for interest         0 0  
Noncash Investing and Financing Information              
Conversion of accrued wages to equity         0 139,092  
Contribution of assets       $ 33,100 $ 0 $ 33,100  
v3.23.4
ORGANIZATION AND NATURE OF BUSINESS DISCLOSURE
6 Months Ended
Nov. 30, 2023
Notes  
ORGANIZATION AND NATURE OF BUSINESS DISCLOSURE

NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS

 

Cannabis Suisse Corp. (“Company”) was incorporated in the State of Nevada on February 26, 2016 to start business operations connected with production of paper made from elephant dung for making various stationery products and subsequent selling thereof.

 

On February 20, 2019, the Company filed a Certificate of Amendment to its Articles of Incorporation with the Nevada Secretary of State which changed the Company’s name from Geant Corp. to Cannabis Suisse Corp. The Company was engaged in the business of production of OTC (over-the-counter) products - for example CBD oils, retail branded cigarettes and also some health-related supplements.

 

In late May 2022, the former shareholder signed an agreement to sell all his stock to Mr. Scott McAlister. The stock purchase agreement was closed in early June 2022. Since the ownership change, the Company started its real estate business, and in February 2023, the Company leased two properties and one of them has been leased out for rental revenue.

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Nov. 30, 2023
Notes  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

The summary of significant accounting policies of the Company is presented to assist in understanding the Company’s interim financial statements. The interim financial statements and notes are representations of the Company’s management, who is responsible for integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the unaudited financial statements.

 

The financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the interim periods. The results of operations for the six months ended November 30, 2023 are not necessarily indicative of the results to be expected for the year ending May 31, 2024.

 

The information included in this Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended May 31, 2023.

 

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, (GAAP). The Company’s year-end is May 31.

 

Use of Estimates

The preparation of the unaudited financial statements in conformity with GAAP 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 financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and Cash Equivalents

The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company has $5,444 and $199 of cash and cash equivalents in its escrow account as of November 30 and May 31, 2023, respectively. The funds in the escrow account can be released for the Company’s operations without restriction.

 

Property and equipment

Property and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets’ estimated useful lives, using the straight-line method. Estimated useful lives of the property and equipment are as follows:

 

Equipment, Furniture and Fixtures

5-10 years

 

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statements of operations. The cost of maintenance and repairs is charged to the statements of operations as incurred, whereas significant renewals and betterments are capitalized.

 

Leases

The Company adheres to the accounting for leases under Accounting Standards Codification (ASC) 842 Lease Accounting and determines if an arrangement is a lease or contains a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, and lease liabilities (short term and long term) on the Company’s balance sheets.

 

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the 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. The Company uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

 

Impairment of Long-Lived Assets

The Company evaluates the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Our evaluation is based on an assessment of potential indicators of impairment, such as an adverse change in the business climate that could affect the value of an asset, current or forecasted operating or cash flow losses that demonstrate continuing losses associated with the use of an asset, and a current expectation that, more likely than not, an asset will be disposed of before the end of its previously estimated useful life. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

 

During the three and six months ended November 30, 2023 and 2022, the Company recognized an impairment of long-lived assets in the amount of $0.

 

Fair Value of Financial Instruments

 

ASC 820 Fair Value Measurements and Disclosures establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

 

These tiers include:

 

·Level 1:  defined as observable inputs such as quoted prices in active markets; 

·Level 2:  defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and 

·Level 3:  defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. 

 

The carrying value of the Company’s cash, other current assets, accounts payable, accrued expenses and advances from related parties approximates its fair value due to their short-term maturity.

 

Income Taxes

The Company accounts for its income taxes in accordance with ASC 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases and tax credits and carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income

in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date.

 

Rent Revenue Recognition

The Company recognizes rent revenue from the lease of its sub-leased properties in accordance with ASC 842, Leases. The sub-lease is categorized as an operating lease according to ASC criteria for the lease definitions. Rent revenue is recognized on a straight-line basis over the lease term, reflecting the pattern of the economic benefits derived from the lease.

 

The Company’s leases generally have fixed rental payments over the lease term, with occasional escalations based on predetermined factors. Rent revenue is recognized monthly as the lease fulfills its obligations under the lease agreement.

 

Any lease incentives or concessions provided to lessees, such as rent-free periods or tenant improvement allowances, are recognized as a reduction of rent revenue over the lease term.

 

For the three and six months ended November 30, 2023, the Company recognized rent revenue of $7,500 and $15,000, respectively, from its lease agreement. This amount represents the portion of the total lease payments earned over the lease term. No rent revenue was recognized for the three and six months ended November 30, 2022.

 

Cost of Goods Sold

Cost of goods sold includes direct costs of selling items, direct labor cost, rent expense and electricity.

 

Basic Income (Loss) Per Share

The Company computes income (loss) per share in accordance with ASC 260 Earnings per Share. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of November 30 and May 31, 2023, there were no potentially dilutive debt or equity instruments issued or outstanding.

 

Recent Accounting Pronouncements

There have been no recent accounting pronouncements or changes in accounting pronouncements during the six months ended November 30, 2023, that are of significance or potential significance to the Company.

v3.23.4
Going Concern Disclosure
6 Months Ended
Nov. 30, 2023
Notes  
Going Concern Disclosure

NOTE 3 - GOING CONCERN

 

The accompanying financial statements have been prepared in conformity with GAAP, which contemplate continuation of the Company as a going concern.  However, the Company had limited revenues and recurring losses as of November 30, 2023. The Company has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern.

 

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

v3.23.4
Property and Equipment Disclosure
6 Months Ended
Nov. 30, 2023
Notes  
Property and Equipment Disclosure

NOTE 4 - PROPERTY AND EQUIPMENT

 

Property and Equipment:

 

November 30, 2023

 

May 31, 2023

Office equipment

$

1,400

 

$

1,400

Furniture

 

31,700

 

 

31,700

Accumulated depreciation

 

(6,366)

 

 

(4,244)

  

$

26,734

 

$

28,856

 

For the three months ended November 30, 2023 and 2022, the Company recognized depreciation expense in the amount of $1,061. For the six months ended November 30, 2023 and 2022, the Company recognized depreciation expense in the amount of $2,122.

v3.23.4
Commitments and Contingencies Disclosure
6 Months Ended
Nov. 30, 2023
Notes  
Commitments and Contingencies Disclosure

NOTE 5 - COMMITMENTS AND CONTINGENCIES

 

During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with ASC 450-20-50, Contingencies. The Company evaluates its exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If the Company determines that an unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals. As of November 30, 2023, the Company is not aware of any contingent liabilities that should be reflected in the financial statements.

v3.23.4
Related Party Transactions Disclosure
6 Months Ended
Nov. 30, 2023
Notes  
Related Party Transactions Disclosure

NOTE 6 - RELATED PARTY TRANSACTIONS

 

In June 2022, the ownership changed, and the current major shareholder took the position of the president. For the three months ended November 30, 2023 and 2022, the current president advanced to the Company $2,500 and $37,670, respectively. For the six months ended November 30, 2023 and 2022, the current president advanced to the Company $7,000 and $97,870, respectively, of which $96,661 was included in the amount converted to the note payable (see Note 7 below).

 

In November 2022, the Company issued a convertible note payable to the major shareholder in the amount of $135,000 to pay off the funds advanced from and the operating expenses paid by the shareholder. See Note 7 Convertible Notes Payable for terms and conditions.

 

As of November 30 and May 31, 2023, the balances of advances from related parties were $36,159 and $29,159, respectively.

 

In June 2022, the major stockholder made contributions of office equipment and furniture to the Company. The total value of the contributions was $33,100.

 

In September 2023, the major shareholder paid $20,000 to the Company for 2,000,000 shares of common stock.

v3.23.4
CONVERTIBLE DEBT DISCLOSURE
6 Months Ended
Nov. 30, 2023
Notes  
CONVERTIBLE DEBT DISCLOSURE

NOTE 7 - CONVERTIBLE NOTES PAYABLE

 

On April 1, 2021, Suneetha Nandana Silva Sudusinghe assigned Serhii Cherniienko $60,000 of his loan to Cannabis Suisse Corp. The Agreement contains a provision that allows Serhii Cherniienko to convert the loan to common stock at a fixed price of $0.01 per share. Beneficial conversion feature was $60,000. Of the $60,000, $30,000 was converted to equity in December 2021, and the rest of $30,000 was assigned to Okie LLC. In November 2022, Okie LLC assigned the convertible note to Clifford Koschnick for consideration.

 

On April 15, 2021, Suneetha Nandana Silva Sudusinghe assigned Noi Tech LLC $30,000 of his loan to Cannabis Suisse Corp. The Agreement contains a provision that allows Noi Tech LLC to convert the loan to common stock at a fixed price of $0.01 per share. Beneficial conversion feature was $30,000. The note was assigned to Okie LLC with a $10,000 discount in May 2022. In November 2022, Okie LLC assigned the convertible note to Clifford Koschnick for consideration.

 

In May 2022, Alain Parrik assigned his convertible note of $85,000 the Company owed him to Okie LLC. According to the note terms and conditions, the note can be converted to shares at a fixed price of $0.005 per share. In November 2022, Okie LLC assigned the convertible note to Scott McAlister for consideration.

 

In November 2022, the Company issued a convertible promissory note in the principle of $135,000 to the Company’s CEO for funds he has advanced the Company for expenses. The Note has a term of four years, the interest rate is 12% and the conversion price is $0.04 per share.

v3.23.4
Operating Leases Disclosure
6 Months Ended
Nov. 30, 2023
Notes  
Operating Leases Disclosure

NOTE 8 - LEASES

 

In February 2023, the Company signed a lease to rent the office at 10 Newnan Street, Jacksonville, FL 32202, with 10 N Newnan LLC, a related party owned by our CEO. The lease commencement date is February 1, 2023 and the lease term is thirty-six months. Based on the criteria and according to ASC 842, the Right-of-Use (ROU) asset is $194,758, and the lease liability and lease commitment is also the same amount. The monthly base rental payment is $6,469, and the Company has the option to pay all or a portion of the rent in shares of its common stock.

 

In February 2023, the Company signed a lease to rent the property at 2652 Blanding Blvd, Jacksonville, FL 32210, with 2600 Blanding Blvd., LLC, a related party owned by our CEO. The lease commencement date is February 1, 2023 and the lease term is thirty-six months. Based on the criteria and according to ASC 842, the Right-of-Use (ROU) asset is $135,833, and the lease liability and lease commitment is also the same amount. The monthly base rental payment is $5,000 with incentives of free-rent for the first three months, and the Company has the option to pay all or a portion of the rent in shares of its common stock.

 

In February 2023, the Company signed a sub-lease as the lessor to rent a portion of the property at 2652 Blanding Blvd to a third party private company. The monthly rent is $2,500 which will bring rental revenue of $30,000 annually. The term of the sub-lease is one year from February 2023 to January 2024.

 

The total lease expenses for the six months ended November 30, 2023 were $66,313, including $13,749 recorded as cost of goods sold and $52,564 in general and administrative expenses in the statements of operations. The total lease expenses for the three months ended November 30, 2023 were $33,156, including $6,874 recorded as cost of goods sold and $28,262 in general and administrative expenses in the statements of operations.

 

The following table summarizes the presentation in the Company’s balance sheet of its operating leases.

 

 

 

As of

November 30, 2023

 

As of

May 31, 2023

Assets

 

 

 

 

Right-of-Use

 

$

261,432

 

$

312,748

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Lease liabilities - Short-term

 

$

181,456

 

$

149,997

Lease liabilities - Long-term

 

 

149,134

 

 

206,959

Total operating lease liabilities

 

$

330,590

 

$

356,956

 

 

 

 

 

 

 

Future minimum lease payments as of November 30, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease commitments

 

 

 

 

 

 

Dec 2023 - Nov 2024

 

$

206,803

 

$

-

Dec 2024 - Nov 2025

 

 

137,625

 

 

-

Dec 2025 - Jan 2026

 

 

22,938

 

 

-

 

 

 

 

 

 

 

Total undiscounted lease payments

 

 

367,367

 

 

-

Imputed interest

 

 

(36,776)

 

 

-

 

 

 

 

 

 

 

Total operating lease liabilities

 

$

330,590

 

$

-

v3.23.4
STOCKHOLDERS' EQUITY (DEFICIT) DISCLOSURE
6 Months Ended
Nov. 30, 2023
Notes  
STOCKHOLDERS' EQUITY (DEFICIT) DISCLOSURE

NOTE 9 - STOCKHOLDERS’ EQUITY

 

On January 11, 2023, the Company issued 3,600,000 restricted shares at $0.04 per share to a consultant for services. The value of the 3,600,000 shares issued is $144,400, of which $144,400 has been earned as of November 30, 2023.

 

In September 2023, the Company's CEO paid $20,000 to the Company for 2,000,000 shares of common stock at a price of $0.01 per share.

v3.23.4
Income Tax Disclosure
6 Months Ended
Nov. 30, 2023
Notes  
Income Tax Disclosure

NOTE 10 - INCOME TAXES

 

The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. As a result of the implementation of ASC 740-10-65-1, the Company recognized no increase in the liability for unrecognized tax benefits.

 

The Company has no tax position at November 30, 2023 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at November 30, 2023. The Company’s utilization of any net operating loss carryforward may be unlikely as a result of its intended activities.

 

The valuation allowance at November 30, 2023 was $222,596. The net change in valuation allowance as of November 30 and May 31, 2023, was $9,451. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.

 

Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of November 30 and May 31, 2023. All tax years since inception remain open for examination only by taxing authorities of US Federal and state of Nevada.

 

The Company has a net operating loss carryforward for tax purposes totaling $1,059,981 at November 30, 2023. According to current tax laws, the losses prior to 2018 can carryforward 20 years, and the losses in 2018 or later can carryforward indefinitely. The Company had losses of $43,526 prior to 2018 which can carryforward through fiscal year 2036. The losses of $1,016,455 in years of 2018 and later will carryforward indefinitely. There is a limitation on the amount of taxable income that can be offset by carryforwards after a change in control (generally greater than a 50% change in ownership).

 

The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate of 21% to the income tax amount recorded as of November 30 and May 31, 2023 are as follows:

 

November 30, 2023

 

May 31, 2023

Net operating loss carryforward

$

(1,059,981)

 

$

(1,014,975)

Effective tax rate

 

21%

 

 

21%

Deferred tax asset

 

222,596

 

 

213,145

Less: Valuation allowance

 

(222,596)

 

 

(213,145)

Net deferred asset

$

-

 

$

-

v3.23.4
SUBSEQUENT EVENTS DISCLOSURE
6 Months Ended
Nov. 30, 2023
Notes  
SUBSEQUENT EVENTS DISCLOSURE

NOTE 11 - SUBSEQUENT EVENTS

 

In accordance with FASB 165 (ASC 855), Subsequent Events, the Company has analyzed its operations subsequent to November 30, 2023 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements except the following:

 

The Company from which we lease our corporate offices, which is owned by our CEO, discounted our annual rent beginning in February 2024, by fifty percent in return for a two year pre-payment of the rent.

 

In January the Company entered into a ground lease for an out parcel from a company owned by the Company's CEO. The term of the lease is three years and the monthly rent is $3,000. The total three-year rent payments have been discounted by fifty percent in return for a three year prepayment of the rent totaling $54,000.

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of Accounting, Policy (Policies)
6 Months Ended
Nov. 30, 2023
Policies  
Basis of Accounting, Policy

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, (GAAP). The Company’s year-end is May 31.

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates, Policy (Policies)
6 Months Ended
Nov. 30, 2023
Policies  
Use of Estimates, Policy

Use of Estimates

The preparation of the unaudited financial statements in conformity with GAAP 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 financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents, Policy (Policies)
6 Months Ended
Nov. 30, 2023
Policies  
Cash and Cash Equivalents, Policy

Cash and Cash Equivalents

The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company has $5,444 and $199 of cash and cash equivalents in its escrow account as of November 30 and May 31, 2023, respectively. The funds in the escrow account can be released for the Company’s operations without restriction.

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Property, Plant and Equipment, Policy (Policies)
6 Months Ended
Nov. 30, 2023
Policies  
Property, Plant and Equipment, Policy

Property and equipment

Property and equipment are carried at cost less accumulated depreciation. Depreciation is provided over the assets’ estimated useful lives, using the straight-line method. Estimated useful lives of the property and equipment are as follows:

 

Equipment, Furniture and Fixtures

5-10 years

 

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the statements of operations. The cost of maintenance and repairs is charged to the statements of operations as incurred, whereas significant renewals and betterments are capitalized.

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Leases Policy (Policies)
6 Months Ended
Nov. 30, 2023
Policies  
Leases Policy

Leases

The Company adheres to the accounting for leases under Accounting Standards Codification (ASC) 842 Lease Accounting and determines if an arrangement is a lease or contains a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, and lease liabilities (short term and long term) on the Company’s balance sheets.

 

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the 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. The Company uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Inventory Impairment, Policy (Policies)
6 Months Ended
Nov. 30, 2023
Policies  
Inventory Impairment, Policy

Impairment of Long-Lived Assets

The Company evaluates the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Our evaluation is based on an assessment of potential indicators of impairment, such as an adverse change in the business climate that could affect the value of an asset, current or forecasted operating or cash flow losses that demonstrate continuing losses associated with the use of an asset, and a current expectation that, more likely than not, an asset will be disposed of before the end of its previously estimated useful life. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

 

During the three and six months ended November 30, 2023 and 2022, the Company recognized an impairment of long-lived assets in the amount of $0.

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair Value of Financial Instruments, Policy (Policies)
6 Months Ended
Nov. 30, 2023
Policies  
Fair Value of Financial Instruments, Policy

Fair Value of Financial Instruments

 

ASC 820 Fair Value Measurements and Disclosures establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

 

These tiers include:

 

·Level 1:  defined as observable inputs such as quoted prices in active markets; 

·Level 2:  defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and 

·Level 3:  defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. 

 

The carrying value of the Company’s cash, other current assets, accounts payable, accrued expenses and advances from related parties approximates its fair value due to their short-term maturity.

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income Tax, Policy (Policies)
6 Months Ended
Nov. 30, 2023
Policies  
Income Tax, Policy

Income Taxes

The Company accounts for its income taxes in accordance with ASC 740, Income Taxes, which requires recognition of deferred tax assets and liabilities for future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases and tax credits and carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income

in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date.

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition Policy (Policies)
6 Months Ended
Nov. 30, 2023
Policies  
Revenue Recognition Policy

Rent Revenue Recognition

The Company recognizes rent revenue from the lease of its sub-leased properties in accordance with ASC 842, Leases. The sub-lease is categorized as an operating lease according to ASC criteria for the lease definitions. Rent revenue is recognized on a straight-line basis over the lease term, reflecting the pattern of the economic benefits derived from the lease.

 

The Company’s leases generally have fixed rental payments over the lease term, with occasional escalations based on predetermined factors. Rent revenue is recognized monthly as the lease fulfills its obligations under the lease agreement.

 

Any lease incentives or concessions provided to lessees, such as rent-free periods or tenant improvement allowances, are recognized as a reduction of rent revenue over the lease term.

 

For the three and six months ended November 30, 2023, the Company recognized rent revenue of $7,500 and $15,000, respectively, from its lease agreement. This amount represents the portion of the total lease payments earned over the lease term. No rent revenue was recognized for the three and six months ended November 30, 2022.

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cost of Goods Sold Policy (Policies)
6 Months Ended
Nov. 30, 2023
Policies  
Cost of Goods Sold Policy

Cost of Goods Sold

Cost of goods sold includes direct costs of selling items, direct labor cost, rent expense and electricity.

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Earnings Per Share, Policy (Policies)
6 Months Ended
Nov. 30, 2023
Policies  
Earnings Per Share, Policy

Basic Income (Loss) Per Share

The Company computes income (loss) per share in accordance with ASC 260 Earnings per Share. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of November 30 and May 31, 2023, there were no potentially dilutive debt or equity instruments issued or outstanding.

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: New Accounting Pronouncements, Policy (Policies)
6 Months Ended
Nov. 30, 2023
Policies  
New Accounting Pronouncements, Policy

Recent Accounting Pronouncements

There have been no recent accounting pronouncements or changes in accounting pronouncements during the six months ended November 30, 2023, that are of significance or potential significance to the Company.

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Property, Plant and Equipment, Policy: Schedule of Property and Equipment useful lives (Tables)
6 Months Ended
Nov. 30, 2023
Tables/Schedules  
Schedule of Property and Equipment useful lives

 

Equipment, Furniture and Fixtures

5-10 years

v3.23.4
Property and Equipment Disclosure: Schedule of Property and Equipment (Tables)
6 Months Ended
Nov. 30, 2023
Tables/Schedules  
Schedule of Property and Equipment

 

November 30, 2023

 

May 31, 2023

Office equipment

$

1,400

 

$

1,400

Furniture

 

31,700

 

 

31,700

Accumulated depreciation

 

(6,366)

 

 

(4,244)

  

$

26,734

 

$

28,856

v3.23.4
Operating Leases Disclosure: Schedule of Operating Leases (Tables)
6 Months Ended
Nov. 30, 2023
Tables/Schedules  
Schedule of Operating Leases

 

 

 

As of

November 30, 2023

 

As of

May 31, 2023

Assets

 

 

 

 

Right-of-Use

 

$

261,432

 

$

312,748

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Lease liabilities - Short-term

 

$

181,456

 

$

149,997

Lease liabilities - Long-term

 

 

149,134

 

 

206,959

Total operating lease liabilities

 

$

330,590

 

$

356,956

 

 

 

 

 

 

 

Future minimum lease payments as of November 30, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease commitments

 

 

 

 

 

 

Dec 2023 - Nov 2024

 

$

206,803

 

$

-

Dec 2024 - Nov 2025

 

 

137,625

 

 

-

Dec 2025 - Jan 2026

 

 

22,938

 

 

-

 

 

 

 

 

 

 

Total undiscounted lease payments

 

 

367,367

 

 

-

Imputed interest

 

 

(36,776)

 

 

-

 

 

 

 

 

 

 

Total operating lease liabilities

 

$

330,590

 

$

-

v3.23.4
Income Tax Disclosure: Schedule of Deferred Tax Assets and Liabilities (Tables)
6 Months Ended
Nov. 30, 2023
Tables/Schedules  
Schedule of Deferred Tax Assets and Liabilities

 

November 30, 2023

 

May 31, 2023

Net operating loss carryforward

$

(1,059,981)

 

$

(1,014,975)

Effective tax rate

 

21%

 

 

21%

Deferred tax asset

 

222,596

 

 

213,145

Less: Valuation allowance

 

(222,596)

 

 

(213,145)

Net deferred asset

$

-

 

$

-

v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents, Policy (Details) - USD ($)
Nov. 30, 2023
May 31, 2023
Details    
Cash in Escrow Account $ 5,444 $ 199
v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Property, Plant and Equipment, Policy: Schedule of Property and Equipment useful lives (Details)
Nov. 30, 2023
Equipment, Furniture and fixtures  
Estimated useful lives of the plant and equipment 5 years
v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Inventory Impairment, Policy (Details)
6 Months Ended
Nov. 30, 2023
USD ($)
Details  
Impairment of long lived assets $ 0
v3.23.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Revenue Recognition Policy (Details) - USD ($)
3 Months Ended 6 Months Ended
Nov. 30, 2023
Nov. 30, 2022
Nov. 30, 2023
Nov. 30, 2022
Revenue $ 7,500 $ 0 $ 15,000 $ 0
Rental Income        
Revenue $ 7,500 $ 0 $ 15,000 $ 0
v3.23.4
Property and Equipment Disclosure: Schedule of Property and Equipment (Details) - USD ($)
Nov. 30, 2023
May 31, 2023
Accumulated depreciation, property and equipment $ (6,366) $ (4,244)
Property and Equipment, net 26,734 28,856
Office Equipment    
Property and equipment, gross 1,400 1,400
Furniture and Fixtures    
Property and equipment, gross $ 31,700 $ 31,700