Cannabis Bioscience Files Q2 2024 Amendment
Ticker: CBIH · Form: 10-Q/A · Filed: Jan 24, 2025 · CIK: 1411057
Sentiment: neutral
Topics: 10-Q/A, amendment, financials, preferred-stock
TL;DR
CBIH filed 10-Q/A for Nov 2024. Updated financials for preferred stock.
AI Summary
Cannabis Bioscience International Holdings, Inc. filed an amendment (10-Q/A) on January 24, 2025, for their quarterly report ending November 30, 2024. The filing covers the period from June 1, 2024, to November 30, 2024, and includes financial data for their Series A and Series B convertible preferred stock.
Why It Matters
This amendment provides updated financial information for Cannabis Bioscience International Holdings, Inc., crucial for investors assessing the company's performance and financial health as of November 30, 2024.
Risk Assessment
Risk Level: medium — The company has undergone name changes and operates in the cannabis sector, which carries inherent regulatory and market risks.
Key Numbers
- 20241130 — Reporting Period End Date (Indicates the end of the financial quarter being reported on.)
- 20250124 — Filing Date (The date the amendment was officially submitted to the SEC.)
Key Players & Entities
- Cannabis Bioscience International Holdings, Inc. (company) — Filer of the 10-Q/A
- 0001683168-25-000520 (filing_id) — Accession number for the filing
- 20250124 (date) — Filing date of the amendment
- 20241130 (date) — End of the reporting period
- CBIH:SeriesAConvertiblePreferredStockMember (financial_instrument) — Financial data related to Series A Convertible Preferred Stock
- us-gaap:SeriesBPreferredStockMember (financial_instrument) — Financial data related to Series B Preferred Stock
FAQ
What is the purpose of this 10-Q/A filing?
This filing is an amendment to the quarterly report (10-Q) for the period ending November 30, 2024, for Cannabis Bioscience International Holdings, Inc.
What is the reporting period covered by this filing?
The reporting period covered is from June 1, 2024, to November 30, 2024.
When was this amendment filed with the SEC?
This amendment was filed on January 24, 2025.
What specific financial instruments are mentioned in relation to the reporting period?
The filing references financial data for CBIH:SeriesAConvertiblePreferredStockMember and us-gaap:SeriesBPreferredStockMember for the periods ending November 30, 2024, and May 31, 2024.
What was the company's previous name?
The company was formerly known as CHINA INFRASTRUCTURE CONSTRUCTION Corp and FIDELITY AVIATION CORP.
Filing Stats: 4,512 words · 18 min read · ~15 pages · Grade level 15.8 · Accepted 2025-01-24 12:33:15
Filing Documents
- cannabisbio_i10qa1-113024.htm (10-Q/A) — 562KB
- cannabis_ex31.htm (EX-31) — 11KB
- cannabis_ex32.htm (EX-32) — 4KB
- 0001683168-25-000520.txt ( ) — 3230KB
- cbih-20241130.xsd (EX-101.SCH) — 27KB
- cbih-20241130_cal.xml (EX-101.CAL) — 38KB
- cbih-20241130_def.xml (EX-101.DEF) — 80KB
- cbih-20241130_lab.xml (EX-101.LAB) — 242KB
- cbih-20241130_pre.xml (EX-101.PRE) — 195KB
- cannabisbio_i10qa1-113024_htm.xml (XML) — 329KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 3 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.
Controls and Procedures
Controls and Procedures 22
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 23 Item 1A.
Risk Factors
Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 24
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. CANNABIS BIOSCIENCE INTERNATIONAL HOLDINGS, INC. (formerly named China Infrastructure Construction Corp.) CONSOLIDATED BALANCE SHEETS November 30, 2024 May 31, 2024 (Unaudited) (Audited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,002 $ 755 Accounts receivable 13,819 20,139 Other current assets 598 598 TOTAL CURRENT ASSETS 15,419 21,492 Right-of-use asset 19,347 35,670 TOTAL ASSETS $ 34,766 $ 57,162 LIABILITIES AND STOCKHOLDERS' DEFICIENCY CURRENT LIABILITIES Accounts payable and accrued expenses $ 166,119 $ 196,088 Bank overdraft 2,236 2,408 Related party payables 559,488 503,214 Short-term loans (net of amortization of loan fees) 112,629 151,267 SBA loan - current 14,592 7,054 Lease liabilities - current 17,610 21,877 TOTAL CURRENT LIABILITIES 872,674 881,908 LONG-TERM LIABILITIES Notes payable 77,437 – SBA loan 249,500 249,361 Lease liabilities – 4,906 TOTAL LONG-TERM LIABILITIES 326,937 254,267 TOTAL LIABILITIES 1,199,611 1,136,175 STOCKHOLDERS' DEFICIENCY Authorized 10,000,000 shares of preferred stock, without par value, of which 2,500,000 shares have been designated Series A Convertible Preferred Stock and 2,000 shares have been designated Series B Preferred Stock ( 2,000 and 1,000 shares outstanding at November 30, 2024, and May 31, 2024, respectively – – Common Stock, without par value: 20,000,000,000 shares authorized; 10,506,749,347 and 10,431,749,347 shares issued and outstanding at November 30, 2024, and May 31, 2024, respectively. – – Additional paid-in capital 4,325,068 4,255,068 Accumulated deficit ( 5,489,913 ) ( 5,334,081 ) TOTAL STOCKHOLDERS' DEFICIENCY ( 1,164,845 ) ( 1,079,013 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY $ 34,766 $ 57,162 The accompanying notes are an integral part of these consolidated financial statements. 4 CANNABIS BIOSCIENCE INTERNATIONAL HOLDINGS, INC. (form
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS November 30, 2024 (Unaudited) Note 1 – Organization and Business Organization and Operations Cannabis Bioscience International Holdings, Inc., a Colorado corporation (the "Company"), was formed on February 28, 2003, as a limited liability company under the name Fidelity Aircraft Partners LLC. On December 16, 2009, it converted to a corporation under the name Fidelity Aviation Corporation, and on August 24, 2009, it changed its name to China Infrastructure Construction Corp. On February 28, 2018, the Company changed its name to Hippocrates Direct Healthcare, Inc.; on July 4, 2018, it resumed the name China Infrastructure Construction Corp. On December 6, 2022, it changed its name to its present name. The Company provides educational systems focused on medical cannabis in cities throughout the United States and six countries in Latin America. The Company provides services to third parties in therapeutic areas of clinical trials and conducts clinical trials relating to cannabinoids for its own account. The Company has one non-operating subsidiary, Alpha Fertility and Sleep Center, LLC, a Texas limited liability company, through which it conducted its sleep center business until April 30, 2023. Note 2 – Summary of Significant Accounting Policies Accounting Principles The accompanying unaudited consolidated financial accepted in the United States of America ("U.S. GAAP") for interim financial statements and with the instructions to Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, they do not contain all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of the Company's management, the accompanying unaudited consolidated financial statements contain all the adjustments necessary (c